Attached files
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| 8-K - FORM 8-K - Skyline Champion Corp | d329781d8k.htm |
Exhibit 99.1
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NEWS RELEASE
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| 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 6, 2012
SKYLINE REPORTS RESULTS FOR THIRD QUARTER AND FIRST NINE MONTHS
Skyline’s net sales for the third quarter of fiscal year 2012 were $36,805,000 as compared to $31,776,000 in the third quarter of fiscal 2011. For the first nine months of fiscal 2012, net sales were $132,385,000 as compared to $114,224,000 in the first nine months of fiscal 2011.
Net sales for Skyline’s housing segment were $19,065,000 in the third quarter of fiscal 2012 as compared to $18,497,000 in the third quarter of fiscal 2011. For the first nine months of fiscal 2012, net sales for this segment were $80,368,000 as compared to $73,683,000 in the first nine months of fiscal 2011.
Net sales for Skyline’s recreational vehicle segment were $17,740,000 in fiscal 2012’s third quarter as compared to $13,279,000 for the third quarter of fiscal 2011. For the first nine months of fiscal 2012, net sales for this segment were $52,017,000 as compared to $40,541,000 for the same period a year ago.
Fiscal 2012’s third quarter loss before income taxes was $7,387,000 as compared to fiscal 2011’s third quarter loss before income taxes of $8,742,000. The loss before income taxes for the first nine months of fiscal 2012 was $17,654,000 as compared to $22,563,000 in the first nine months of fiscal 2011. Included in current year’s pretax loss for the first nine months was a $2,500,000 gain on the sale of idle property, plant and equipment.
Skyline 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 $7,387,000 in the third quarter of fiscal 2012 as compared to a net loss of $8,742,000 in the third quarter of fiscal 2011. On a per share basis, net loss was $.88 as compared to a net loss of $1.04 for the same period a year ago.
For the first nine months of fiscal 2012, net loss was $17,654,000 compared to a net loss of $22,563,000 for a year ago. Net loss per share was $2.10 as compared to a net loss per share of $2.69 for the same period a year ago.
BRINGING AMERICA HOME. BRINGING AMERICA FUN.
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NEWS RELEASE
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| 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 continues to maintain its traditionally strong balance sheet with no debt and a significant position of its working capital in cash and U.S. Treasury Bills. This financial strength, along with experienced employees, should help the Corporation meet the challenges ahead.
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BRINGING AMERICA HOME. BRINGING AMERICA FUN.
SKYLINE CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(Dollars in thousands, except share and per share data)
| Three Months Ended (Unaudited) |
Nine Months Ended (Unaudited) |
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| February 29, 2012 |
February 28, 2011 |
February 29, 2012 |
February 28, 2011 |
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| Net sales |
$ | 36,805 | $ | 31,776 | $ | 132,385 | $ | 114,224 | ||||||||
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| Loss before income taxes |
(7,387 | ) | (8,742 | ) | (17,654 | )(A) | (22,563 | ) | ||||||||
| Benefit from income taxes |
— | — | — | — | ||||||||||||
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| Net loss |
$ | (7,387 | ) | $ | (8,742 | ) | $ | (17,654 | ) | $ | (22,563 | ) | ||||
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| Basic loss per share |
$ | (.88 | ) | $ | (1.04 | ) | $ | (2.10 | ) | $ | (2.69 | ) | ||||
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| Number of weighted average common shares outstanding |
8,391,244 | 8,391,244 | 8,391,244 | 8,391,244 | ||||||||||||
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| (A) | Includes $2,500 gain on sale of idle property, plant and equipment. |
SKYLINE CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATED CONDENSED BALANCE SHEETS
(Dollars in thousands)
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| February 29, 2012 |
February 28, 2011 |
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| ASSETS |
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| Cash and temporary cash investments |
$ | 30,744 | $ | 53,398 | ||||
| Accounts receivable |
11,716 | 9,788 | ||||||
| Inventories |
9,170 | 8,090 | ||||||
| Other current assets |
2,614 | 3,071 | ||||||
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| Total Current Assets |
54,244 | 74,347 | ||||||
| Property, Plant and Equipment, net |
21,947 | 25,195 | ||||||
| Other Assets |
6,019 | 5,774 | ||||||
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| Total Assets |
$ | 82,210 | $ | 105,316 | ||||
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| LIABILITIES AND SHAREHOLDERS’ EQUITY |
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| Accounts payable, trade |
$ | 3,093 | $ | 3,357 | ||||
| Accrued liabilities |
13,611 | 11,735 | ||||||
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| Total Current Liabilities |
16,704 | 15,092 | ||||||
| Other Deferred Liabilities |
7,632 | 7,611 | ||||||
| Common stock |
312 | 312 | ||||||
| Additional paid-in capital |
4,928 | 4,928 | ||||||
| Retained earnings |
118,378 | 143,117 | ||||||
| Treasury stock, at cost |
(65,744 | ) | (65,744 | ) | ||||
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| Total Shareholders’ Equity |
57,874 | 82,613 | ||||||
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| Total Liabilities and Shareholders’ Equity |
$ | 82,210 | $ | 105,316 | ||||
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