EX-99.1 2 c72881exv99w1.htm EXHIBIT 99.1 Filed by Bowne Pure Compliance
 

(SKYLINE NEWS RELEASE LETTERHEAD)
ELKHART, INDIANA -— APRIL 4, 2008
SKYLINE REPORTS THIRD QUARTER AND NINE MONTHS RESULTS
Sales for the third quarter of Skyline Corporation’s 2008 fiscal year were $57,314,000 compared to $66,345,000 last year. Net loss for the three-month period was $4,570,000 equal to $0.54 per share, compared to a net loss of $2,175,000, or $0.26 per share, for the same period a year ago.
Sales for the first nine months of fiscal 2008 were $230,906,000 compared to $276,937,000 for the first nine months of fiscal 2007. For the first nine months of fiscal 2008, net loss was $5,747,000, or $0.68 per share, compared to net earnings of $346,000, or $0.04 per share, for the first nine months of fiscal 2007. Net loss per share for the three and nine months ending February 29, 2008 includes a gain on the sale of idle property, plant and equipment of $0.05.
Sales of Skyline’s manufactured housing group for the third quarter of fiscal 2008 were $38,644,000 compared to the $51,247,000 of a year ago. For the first nine months of fiscal 2008, sales by the manufactured housing group were $169,355,000 compared to the $208,348,000 recorded for the first nine months of fiscal 2007.
For the recreational vehicle (RV) group, sales for the third quarter of fiscal 2008 were $18,670,000 compared to the $15,098,000 of the third quarter of fiscal 2007. For the first nine months of fiscal 2008, sales by the RV group were $61,551,000 compared to the $68,589,000 of the same period a year ago.
Skyline continues to maintain its traditionally strong balance sheet with no long-term debt and a healthy position in cash and temporary cash investments. This financial strength, along with a seasoned management team, should help the company meet the challenges ahead.
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(SKYLINE NEWS RELEASE LETTERHEAD)
NEWS RELEASE Skyline Corporation 2520 By-Pass Road P.O. Box 743 Elkhart, Indiana 46515-0743 (574) 294-6521 Subject: THIRD QUARTER REPORT Approved by: JON S. PILARSKI Bringing America Home. Bringing America Fun.

 

 


 

SKYLINE CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS
(Dollars in thousands except share and per share data)
                                 
    Three Months Ended     Nine Months Ended  
    (Unaudited)     (Unaudited)  
    February 29,     February 28,     February 29,     February 28,  
    2008     2007     2008     2007  
 
                               
Sales
  $ 57,314     $ 66,345     $ 230,906     $ 276,937  
 
                       
(Loss) earnings before income taxes
    (7,146 )     (3,519 )     (8,813 )     533  
(Benefit) provision for income taxes
    (2,576 )     (1,344 )     (3,066 )     187  
 
                       
Net (loss) earnings
  $ (4,570 )   $ (2,175 )   $ (5,747 )   $ 346  
 
                       
Basic (loss) earnings per share
  $ (.54 ) (A)   $ (.26 )   $ ( .68 ) (A)   $ .04  
 
                       
Number of weighted average common shares outstanding
    8,391,244       8,391,244       8,391,244       8,391,244  
 
                       
     
(A)   Includes an after-tax gain on sale of idle property, plant and equipment of $0.05 per share.
SKYLINE CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATED CONDENSED BALANCE SHEETS
(Dollars in thousands)
                 
    (Unaudited)  
    February 29,     February 28,  
    2008     2007  
ASSETS
               
 
               
Cash and temporary investments
  $ 116,227     $ 125,549  
Accounts receivable
    16,929       21,418  
Inventories
    10,642       12,076  
Other current assets
    13,970       11,412  
 
           
 
               
Total Current Assets
    157,768       170,455  
 
               
Property, Plant and Equipment, net
    32,876       35,643  
 
               
Other Assets
    10,491       10,353  
 
           
 
               
Total Assets
  $ 201,135     $ 216,451  
 
           
 
               
LIABILITIES AND SHAREHOLDERS’ EQUITY
               
 
               
Accounts payable, trade
  $ 2,949     $ 3,917  
Accrued liabilities
    20,919       25,199  
 
           
 
               
Total Current Liabilities
    23,868       29,116  
 
               
Other Deferred Liabilities
    9,730       10,549  
 
               
Common stock
    312       312  
Additional paid-in capital
    4,928       4,928  
Retained earnings
    228,041       237,290  
Treasury stock, at cost
    (65,744 )     (65,744 )
 
           
 
               
Total Shareholders’ Equity
    167,537       176,786  
 
           
 
               
Total Liabilities and Shareholders’ Equity
  $ 201,135     $ 216,451