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8-K - FORM 8-K - Skyline Champion Corp | c15104e8vk.htm |
Exhibit 99.1
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 |
ELKHART, INDIANA APRIL 8, 2011
SKYLINE REPORTS RESULTS FOR THIRD QUARTER AND FIRST NINE MONTHS
Skylines sales for the third quarter of fiscal year 2011 were $31,776,000 as compared
to $25,415,000 in the third quarter of fiscal 2010. For the first nine months of fiscal
2011, sales were $114,224,000 as compared to $95,535,000 in the first nine months of fiscal
2010.
Sales for Skylines manufactured and modular housing segment were $18,497,000 in the
third quarter of fiscal 2011 as compared to $15,352,000 in the third quarter of fiscal
2010. For the first three quarters of fiscal 2011, sales were $73,683,000 as compared to
$66,055,000 for the first three quarters of fiscal 2010.
Sales for Skylines recreational vehicle segment were $13,279,000 in fiscal 2011s
third quarter as compared to $10,063,000 for the third quarter of fiscal 2010. For the
nine months ending February 28, 2011, sales were $40,541,000 as compared to $29,480,000 for
the same period a year ago.
Fiscal 2011s third quarter loss before income taxes was $8,742,000 as compared to
fiscal 2010s third quarter loss before income taxes of $5,554,000. The loss before income
taxes for the first nine months of fiscal 2011 was $22,563,000 as compared to $17,789,000
in the first nine months of fiscal 2010. Included in prior years pretax loss for the
third quarter and first nine months was a $1,544,000 gain on the sale of idle property,
plant and equipment. In addition, prior years pretax loss for the first nine months
included $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 third
quarter of fiscal 2011. As a result, Skyline has not recognized any benefit from income taxes
in fiscal 2011. Skyline, however, did recognize in prior years third quarter and first nine
months a benefit from income taxes of $1,857,000 and $6,377,000, respectively. 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.
Bringing America Home. Bringing America Fun.
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 |
Skyline reported a net loss of $8,742,000 in the third quarter of fiscal 2011 as
compared to a net loss of $3,697,000 in the third quarter of fiscal 2010. On a per share
basis, net loss was $1.04 as compared to a net loss of $.44 for the same period a year ago.
For the first three quarters of fiscal 2011, net loss was $22,563,000 compared to a
net loss of $11,412,000 for a year ago. Net loss per share was $2.69 as compared to a net
loss per share of $1.36 for the same period a year ago.
Skyline continues to maintain its traditionally strong balance sheet with no bank debt
and a significant 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.
**************
Bringing America Home. Bringing America Fun.
SKYLINE CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(Dollars in thousands, except share and per share data)
Three Months Ended | Nine Months Ended | |||||||||||||||
February 28, | February 28, | |||||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Sales |
$ | 31,776 | $ | 25,415 | $ | 114,224 | $ | 95,535 | ||||||||
Loss before income taxes |
(8,742 | ) | (5,554 | ) (A) | (22,563 | ) | (17,789 | ) (A) (B) | ||||||||
Benefit from income taxes |
| 1,857 | | 6,377 | ||||||||||||
Net loss |
$ | (8,742 | ) | $ | (3,697 | ) | $ | (22,563 | ) | $ | (11,412 | ) | ||||
Basic loss per share |
$ | (1.04 | ) | $ | (.44 | ) | $ | (2.69 | ) | $ | (1.36 | ) | ||||
Number of weighted
average common shares
outstanding |
8,391,244 | 8,391,244 | 8,391,244 | 8,391,244 | ||||||||||||
(A) | Includes gain on sale of idle property, plant and equipment of $1,544. |
|
(B) | Includes $412 of income from life insurance proceeds. |
SKYLINE CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATED CONDENSED BALANCE SHEETS
CONSOLIDATED CONDENSED BALANCE SHEETS
February 28, (Unaudited) | ||||||||
(Dollars in thousands) | 2011 | 2010 | ||||||
ASSETS |
||||||||
Cash and temporary cash investments |
$ | 53,398 | $ | 76,411 | ||||
Accounts receivable |
9,788 | 7,061 | ||||||
Inventories |
8,090 | 5,900 | ||||||
Other current assets |
3,071 | 18,615 | ||||||
Total Current Assets |
74,347 | 107,987 | ||||||
Property, Plant and Equipment, net |
25,195 | 26,917 | ||||||
Noncurrent Deferred Tax Assets |
| 11,237 | ||||||
Other Assets |
5,774 | 5,496 | ||||||
Total Assets |
$ | 105,316 | $ | 151,637 | ||||
LIABILITIES AND SHAREHOLDERS EQUITY |
||||||||
Accounts payable, trade |
$ | 3,357 | $ | 2,480 | ||||
Accrued liabilities |
11,735 | 11,778 | ||||||
Total Current Liabilities |
15,092 | 14,258 | ||||||
Other Deferred Liabilities |
7,611 | 8,580 | ||||||
Common stock |
312 | 312 | ||||||
Additional paid-in capital |
4,928 | 4,928 | ||||||
Retained earnings |
143,117 | 189,303 | ||||||
Treasury stock, at cost |
(65,744 | ) | (65,744 | ) | ||||
Total Shareholders Equity |
82,613 | 128,799 | ||||||
Total Liabilities and Shareholders Equity |
$ | 105,316 | $ | 151,637 | ||||