EX-99.1 2 c06710exv99w1.htm EXHIBIT 99.1 Exhibit 99.1
Exhibit 99.1
     
(SKYLINE LOGO)   NEWS RELEASE
Skyline Corporation
2520 By-Pass Road
P.O. Box 743
Elkhart, Indiana 46515-0743
(574) 294-6521
     
Subject: FIRST QUARTER REPORT
  Approved by: JON S. PILARSKI
ELKHART, INDIANA — OCTOBER 8, 2010
SKYLINE REPORTS FISCAL 2011 FIRST QUARTER RESULTS
Skyline’s sales for the first quarter of fiscal year 2011 were $45,827,000 as compared to $35,874,000 in the first quarter of fiscal 2010.
Sales for Skyline’s manufactured housing segment were $30,629,000 as compared to $25,782,000 for the first quarter a year ago. Sales for Skyline’s recreational vehicle segment were $15,198,000 for the first three months of fiscal 2011 as compared to prior year’s total of $10,092,000.
Fiscal 2011’s first quarter loss before income taxes was $6,065,000 as compared to fiscal 2010’s first quarter loss before income taxes of $6,113,000. Included in prior year’s pretax loss is $412,000 of income from life insurance proceeds.
Skyline established in the fourth quarter of fiscal 2010 a full valuation allowance against its deferred tax assets, and continued to maintain a full valuation allowance during the first quarter of fiscal 2011. As a result, Skyline did not recognize any benefit for income taxes. Skyline, however, did recognize in prior year a benefit for income taxes of $2,206,000. If the Corporation, after considering future negative and positive evidence regarding the realization of deferred tax assets, determines that a lesser valuation allowance is warranted, it would record a reduction to income tax expense and the valuation allowance in the period of determination.
Net loss for fiscal 2011’s first quarter was $6,065,000 as compared to prior year’s net loss of $3,907,000. On a per share basis, net loss for the first quarter was $.72 versus a net loss of $.47 for a year ago.
Bringing America Home. Bringing America Fun.

 

 


 

     
(SKYLINE LOGO)   NEWS RELEASE
Skyline Corporation
2520 By-Pass Road
P.O. Box 743
Elkhart, Indiana 46515-0743
(574) 294-6521
     
Subject: FIRST QUARTER REPORT
  Approved by: JON S. PILARSKI
Skyline continues to maintain its traditionally strong balance sheet with no bank debt and a healthy position in cash and U.S. Treasury Bills. This financial strength, along with a seasoned management team, should help the corporation meet the challenges ahead.
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Bringing America Home. Bringing America Fun.

 

 


 

SKYLINE CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per share and per share data)
                 
    Three Months Ended  
    August 31, (Unaudited)  
    2010     2009  
 
               
Sales
  $ 45,827     $ 35,874  
 
           
 
               
Loss before income taxes
    (6,065 )     (6,113 ) (A)
 
               
Benefit for income taxes
          2,206  
 
           
 
               
Net loss
  $ (6,065 )   $ (3,907 )
 
           
 
               
Basic loss per share
  $ (.72 )   $ (.47 )
 
           
 
               
Number of weighted average common shares outstanding
    8,391,244       8,391,244  
 
           
     
(A)   Includes $412,000 of income from life insurance proceeds.
SKYLINE CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATED CONDENSED BALANCE SHEETS
(Dollars in thousands)
                 
    August 31, (Unaudited)  
    2010     2009  
 
               
ASSETS
               
 
               
Cash and temporary cash investments
  $ 72,073     $ 89,081  
Accounts receivable
    8,976       5,887  
Inventories
    6,833       6,306  
Other current assets
    4,472       13,840  
 
           
 
               
Total Current Assets
    92,354       115,114  
 
               
Property, Plant and Equipment, net
    26,160       30,220  
 
               
Noncurrent Deferred Tax Assets
          12,171  
 
               
Other Assets
    5,712       5,459  
 
           
 
               
Total Assets
  $ 124,226     $ 162,964  
 
           
 
               
LIABILITIES AND SHAREHOLDERS’ EQUITY
               
 
               
Accounts payable, trade
  $ 3,231     $ 1,669  
Accrued liabilities
    11,240       13,980  
 
           
 
               
Total Current Liabilities
    14,471       15,649  
 
           
 
               
Other Deferred Liabilities
    7,623       7,991  
 
           
 
               
Common stock
    312       312  
Additional paid-in capital
    4,928       4,928  
Retained earnings
    162,636       199,828  
Treasury stock, at cost
    (65,744 )     (65,744 )
 
           
 
               
Total Shareholders’ Equity
    102,132       139,324  
 
           
 
               
Total Liabilities and Shareholders’ Equity
  $ 124,226     $ 162,964