Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - Skyline Champion Corp | c23065e8vk.htm |
Exhibit 99.1
|
NEWS RELEASE |
Skyline
Corporation
2520 By-Pass Road
P.O. Box 743
Elkhart, Indiana 46515-0743
(574) 294-6521
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 7, 2011
SKYLINE REPORTS FIRST QUARTER RESULTS
Skyline’s net sales for the first quarter of fiscal year 2012 were $50,284,000 as
compared to $45,827,000 in the first quarter of fiscal 2011.
Net sales for Skyline’s housing segment were $29,143,000 in the first quarter of
fiscal 2012 as compared to $30,629,000 in the first quarter of fiscal 2011.
Net sales for Skyline’s recreational vehicle segment were $21,141,000 in fiscal
2012’s first quarter as compared to $15,198,000 for the first quarter of fiscal 2011.
Fiscal
2012’s first quarter loss before income taxes was $6,845,000 as compared to
fiscal 2011’s first quarter loss before income taxes of $6,065,000.
The Corporation continues to maintain a full valuation allowance for deferred tax assets,
and as a result had no benefit from income taxes from its current period loss.
Skyline
reported a net loss of $6,845,000 in the first quarter of fiscal 2012 as
compared to a net loss of $6,065,000 in the first quarter of fiscal 2011. On a per share
basis, net loss was $.82 as compared to a net loss of $.72 for the same period a year ago.
With a significant position in cash and U.S. Treasury Bills, no bank debt and
experienced employees, Skyline is prepared to 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 per share and per share data)
| Three Months Ended | ||||||||
| August 31, (Unaudited) | ||||||||
| 2011 | 2010 | |||||||
Net sales |
$ | 50,284 | $ | 45,827 | ||||
Loss before income taxes |
(6,845 | ) | (6,065 | ) | ||||
Benefit from income taxes |
— | — | ||||||
Net loss |
$ | (6,845 | ) | $ | (6,065 | ) | ||
Basic loss per share |
$ | (.82 | ) | $ | (.72 | ) | ||
Number of weighted average common shares outstanding |
8,391,244 | 8,391,244 | ||||||
SKYLINE CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATED CONDENSED BALANCE SHEETS
CONSOLIDATED CONDENSED BALANCE SHEETS
(Dollars in thousands)
| August 31, (Unaudited) | ||||||||
| 2011 | 2010 | |||||||
ASSETS |
||||||||
Cash and temporary cash investments |
$ | 38,412 | $ | 72,073 | ||||
Accounts receivable |
10,593 | 8,976 | ||||||
Inventories |
10,274 | 6,833 | ||||||
Other current assets |
3,280 | 4,472 | ||||||
Total Current Assets |
62,559 | 92,354 | ||||||
Property, Plant and Equipment, net |
24,540 | 26,160 | ||||||
Other Assets |
5,969 | 5,712 | ||||||
Total Assets |
$ | 93,068 | $ | 124,226 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY |
||||||||
Accounts payable, trade |
$ | 3,318 | $ | 3,231 | ||||
Accrued liabilities |
12,964 | 11,240 | ||||||
Total Current Liabilities |
16,282 | 14,471 | ||||||
Other Deferred Liabilities |
7,347 | 7,623 | ||||||
Common stock |
312 | 312 | ||||||
Additional paid-in capital |
4,928 | 4,928 | ||||||
Retained earnings |
129,943 | 162,636 | ||||||
Treasury stock, at cost |
(65,744 | ) | (65,744 | ) | ||||
Total Shareholders’ Equity |
69,439 | 102,132 | ||||||
Total Liabilities and Shareholders’ Equity |
$ | 93,068 | $ | 124,226 | ||||