8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15 (d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) October 13, 2016

SKYLINE CORPORATION

(Exact name of registrant as specified in its charter)

Indiana	1-4714	35-1038277
(State or other jurisdiction	(Commission	(IRS Employer
of incorporation)	File Number)	Identification No.)

P. O. Box 743, 2520 By-Pass Road Elkhart, IN 46515

(Address of principal executive offices) (Zip Code)

(574) 294-6521

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under Exchange Act (17 CFR 240.13e-4(c))

Item 2.02     Results of Operations and Financial Condition.

On October 13, 2016, Skyline Corporation issued a news release reporting its financial results for the first quarter ended on August 31, 2016. A copy of the news release is attached to this Current Report as Exhibit 99.1.

Item 9.01     Financial Statements and Exhibits.

(d)     Exhibits:

99.1     News release of Skyline Corporation dated October 13, 2016

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this current report to be signed on its behalf by the undersigned hereunto duly authorized.

	SKYLINE CORPORATION
Date: October 13, 2016
	By:	/s/ Jon S. Pilarski
		Jon S. Pilarski
		Chief Financial Officer

Index to Exhibits

99.1     News release of Skyline Corporation dated October 13, 2016

EX-99.1

Exhibit 99.1

ELKHART, INDIANA — OCTOBER 13, 2016

SKYLINE REPORTS FIRST QUARTER RESULTS

For the first quarter of fiscal 2017, Skyline Corporation (NYSE MKT: SKY) (“Skyline” or the “Corporation”) reported the following results:

• Net sales from continuing operations of $61,176,000, an increase of approximately 26% over net sales of $48,742,000 from continuing operations in the year ago quarter.

• Income from continuing operations of $744,000 as compared to a loss of $895,000 from continuing operations in the first quarter of fiscal 2016.

• No income or loss from discontinued operations as compared to income of $61,000 from discontinued operations in the first quarter of fiscal 2016.

• Net income of $744,000 or $0.09 per share as compared to a net loss of $834,000 or $0.10 per share in the first quarter of fiscal 2016.

“Our continued focus on growing sales and improving margins through disciplined operations generated favorable year-over-year results in the quarter,” commented President and Chief Executive Officer, Richard Florea. “While we are pleased with the progress we are making, we are committed to capitalizing on the opportunities we have.”

SKYLINE CORPORATION AND SUBSIDIARY COMPANIES

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS

(Dollars in thousands, except share and per share data)
	Three Months Ended August 31, (Unaudited)
	2016		2015
Net sales from continuing operations	$	61,176	$	48,742
Income (loss) from continuing operations, net of taxes		744		(895	)
Income from discontinued operations, net of taxes	$	—	$	61
Net income (loss)	$	744	$	(834	)
Basic income (loss) per share	$	.09	$	(.10	)
Number of weighted average common shares outstanding		8,391,244		8,391,244

SKYLINE CORPORATION AND SUBSIDIARY COMPANIES

CONSOLIDATED CONDENSED BALANCE SHEETS

(Dollars in thousands)	August 31, 2016			May 31, 2016
	(Unaudited)
ASSETS
Cash	$	8,450		$	7,659
Accounts receivable		14,834			15,153
Inventories		11,816			11,381
Worker’s compensation security deposit		1,038			1,294
Other current assets		965			331
Total Current Assets		37,103			35,818
Property, Plant and Equipment, net		11,963			11,645
Other Assets		7,493			7,515
Total Assets	$	56,559		$	54,978
LIABILITIES AND SHAREHOLDERS’ EQUITY
Accounts payable, trade	$	4,148		$	3,921
Accrued liabilities		14,732			14,110
Total Current Liabilities		18,880			18,031
Total Non-Current Liabilities		11,771			11,814
Common stock		312			312
Additional paid-in capital		5,041			5,010
Retained earnings		86,299			85,555
Treasury stock, at cost		(65,744	)		(65,744	)
Total Shareholders’ Equity		25,908			25,133
Total Liabilities and Shareholders’ Equity	$	56,559		$	54,978