Attached files
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| 8-K - FORM 8-K - Skyline Champion Corp | d383751d8k.htm |
Exhibit 99.1
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NEWS RELEASE |
Skyline Corporation
2520 By-Pass Road
P.O. Box 743
Elkhart, Indiana 46515-0743
(574) 294-6521
| Subject: FOURTH QUARTER REPORT | Approved by: JON S. PILARSKI |
ELKHART, INDIANA — JULY 27, 2012
SKYLINE REPORTS FOURTH QUARTER AND YEAR-END RESULTS
Skyline’s net sales for the fourth quarter of fiscal year 2012 were $50,461,000 as compared to $48,103,000 in the fourth quarter of fiscal 2011. For fiscal 2012, net sales were $182,846,000 as compared to $162,327,000 in fiscal 2011.
Net sales for Skyline’s housing segment were $28,789,000 in the fourth quarter of fiscal 2012 as compared to $24,239,000 in the fourth quarter of fiscal 2011. For fiscal 2012, net sales for this segment were $109,157,000 as compared to $97,922,000 in fiscal 2011.
Net sales for Skyline’s recreational vehicle segment were $21,672,000 in fiscal 2012’s fourth quarter as compared to $23,864,000 for the fourth quarter of fiscal 2011. For fiscal 2012, net sales for this segment were $73,689,000 as compared to $64,405,000 for the same period a year ago.
Fiscal 2012’s fourth quarter net loss was $1,711,000 as compared to fiscal 2011’s fourth quarter net loss of $4,064,000. Included in current year’s fourth quarter net loss was a $684,000 gain on the sale of idle property, plant and equipment. On a per share basis, net loss was $.21 as compared to a net loss of $.48 for the same period a year ago.
The net loss for fiscal 2012 was $19,365,000 as compared to $26,627,000 in fiscal 2011. Included in current year’s net loss was a $3,184,000 gain on the sale of idle property, plant and equipment. Net loss per share was $2.31 as compared to a net loss per share of $3.17 for the same period a year ago.
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 and initiatives to increase revenues and reduce costs, should help the Corporation remain diligent for any challenges that may occur.
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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)
| (Unaudited) Three Months Ended May 31, |
Year Ended May 31, |
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| 2012 | 2011 | 2012 | 2011 | |||||||||||||
| Net sales |
$ | 50,461 | $ | 48,103 | $ | 182,846 | $ | 162,327 | ||||||||
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| Loss before income taxes |
(1,711 | )(A) | (4,064 | ) | (19,365 | )(B) | (26,627 | ) | ||||||||
| Benefit from income taxes |
— | — | — | — | ||||||||||||
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| Net loss |
$ | (1,711 | ) | $ | (4,064 | ) | $ | (19,365 | ) | $ | (26,627 | ) | ||||
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| Basic loss per share |
$ | (.21 | ) | $ | (.48 | ) | $ | (2.31 | ) | $ | (3.17 | ) | ||||
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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 $684 gain on sale of idle property, plant and equipment |
| (B) | Includes $3,184 gain on sale of idle property, plant and equipment |
SKYLINE CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATED CONDENSED BALANCE SHEETS
(Dollars in thousands)
| May 31, | ||||||||
| 2012 | 2011 | |||||||
| ASSETS |
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| Cash and temporary investments |
$ | 29,009 | $ | 44,721 | ||||
| Accounts receivable |
11,199 | 11,477 | ||||||
| Inventories |
8,359 | 8,720 | ||||||
| Other current assets |
2,903 | 3,463 | ||||||
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| Total Current Assets |
51,470 | 68,381 | ||||||
| Property, Plant and Equipment, net |
21,196 | 24,802 | ||||||
| Other Assets |
6,190 | 5,916 | ||||||
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| Total Assets |
$ | 78,856 | $ | 99,099 | ||||
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| LIABILITIES AND SHAREHOLDERS’ EQUITY |
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| Accounts payable, trade |
$ | 3,296 | $ | 3,392 | ||||
| Accrued liabilities |
11,385 | 11,324 | ||||||
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| Total Current Liabilities |
14,681 | 14,716 | ||||||
| Other Deferred Liabilities |
8,011 | 7,344 | ||||||
| Common stock |
312 | 312 | ||||||
| Additional paid-in capital |
4,928 | 4,928 | ||||||
| Retained earnings |
116,668 | 137,543 | ||||||
| Treasury stock, at cost |
(65,744 | ) | (65,744 | ) | ||||
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| Total Shareholders’ Equity |
56,164 | 77,039 | ||||||
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| Total Liabilities and Shareholders’ Equity |
$ | 78,856 | $ | 99,099 | ||||
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