EX-99.1 2 c75861exv99w1.htm EXHIBIT 99.1 Filed by Bowne Pure Compliance
Exhibit 99.1
(LETTERHEAD)
ELKHART, INDIANA — OCTOBER 10, 2008
SKYLINE REPORTS FISCAL 2009 FIRST QUARTER RESULTS
Sales for the first quarter of Skyline Corporation’s 2009 fiscal year were $62,597,000 compared to $96,394,000 last year. Net loss for the three month period was $4,146,000 equal to $0.49 per share, compared to net earnings of $709,000, or $0.08 per share, for the same period a year ago.
For Skyline’s manufactured housing group, sales for the first quarter of fiscal 2009 were $45,258,000 compared to $72,328,000 for the first quarter a year ago.
Skyline’s RV group recorded sales of $17,339,000 for the first three months of fiscal 2009 compared to $24,066,000 recorded for the first quarter of fiscal 2008.
Skyline continues to maintain its traditionally strong balance sheet with no 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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(LETTERHEAD)

 

 

 

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)  
    2008     2007  
Sales
   $ 62,597     $ 96,394  
 
            
(Loss) earnings before income taxes
     (6,471 )     1,099  
(Benefit) provision for income taxes
     (2,325 )     390  
 
            
Net (loss) earnings
   $ (4,146 )   $ 709  
 
            
Basic (loss) earnings per share
   $ (.49 )   $ .08  
 
            
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, (Unaudited)  
ASSETS   2008     2007  
 
            
Cash and temporary cash investments
   $ 106,127     $ 121,376  
Accounts receivable
     15,700       24,252  
Inventories
     9,683       10,618  
Other current assets
     16,509       11,240  
 
            
 
                
Total Current Assets
     148,019       167,486  
 
                
Property, Plant and Equipment, net
     32,041       35,686  
 
                
Other Assets
     10,313       10,280  
 
            
 
                
Total Assets
   $ 190,373     $ 213,452  
 
            
 
                
LIABILITIES AND SHAREHOLDERS’ EQUITY
                
 
                
Accounts payable, trade
   $ 3,709     $ 5,395  
Accrued liabilities
     17,180       21,054  
 
            
 
                
Total Current Liabilities
     20,889       26,449  
 
            
 
                
Other Deferred Liabilities
     8,923       9,989  
 
            
 
                
Common stock
     312       312  
Additional paid-in capital
     4,928       4,928  
Retained earnings
     221,065       237,518  
Treasury stock, at cost
     (65,744 )     (65,744 )
 
            
 
                
Total Shareholders’ Equity
     160,561       177,014  
 
            
 
                
Total Liabilities and Shareholders’ Equity
   $ 190,373     $ 213,452