Attached files
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| 8-K - FORM 8-K - Skyline Champion Corp | d571938d8k.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 26, 2013
SKYLINE REPORTS RESULTS FOR FOURTH QUARTER AND YEAR END
Skyline’s net sales for the fourth quarter of fiscal year 2013 were $48,832,000 as compared to $50,461,000 in the fourth quarter of fiscal 2012. For fiscal 2013, net sales were $177,574,000 as compared to $182,846,000 for fiscal 2012.
Net sales for Skyline’s housing segment were $29,533,000 in the fourth quarter of fiscal 2013 as compared to $28,789,000 in the fourth quarter of fiscal 2012. For fiscal 2013, net sales were $111,104,000 as compared to $109,157,000 in fiscal 2012.
Net sales for Skyline’s recreational vehicle segment were $19,299,000 in fiscal 2013’s fourth quarter as compared to $21,672,000 for the fourth quarter of fiscal 2012. For fiscal 2013, net sales were $66,470,000 as compared to $73,689,000 for the same period a year ago.
Skyline reported net income of $45,000, or $.01 per share, in the fourth quarter of fiscal 2013 as compared to a net loss of $1,711,000, or $.21 per share, in the fourth quarter of fiscal 2012. Included in pretax income for the current year’s fourth quarter was a $230,000 gain on the sale of idle property, plant and equipment. Likewise, prior year’s pretax loss for the fourth quarter included a $684,000 gain on the sale of idle property, plant and equipment.
For fiscal 2013, net loss was $10,513,000, or $1.25 per share as compared to a net loss of $19,365,000, or $2.31 per share, for a year ago. Included in current year’s pretax loss was a $1,641,000 gain on the sale of idle property, plant and equipment. Likewise, prior year’s pretax loss included a $3,184,000 gain on the sale of idle property, plant and equipment.
Skyline continues to maintain a 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 assist the Corporation in meeting challenges as they occur.
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SKYLINE CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
| (Dollars in thousands, except share and per share data) | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| Three Months Ended | Year Ended | |||||||||||||||
| May 31, | May 31, | |||||||||||||||
| 2013 | 2012 | 2013 | 2012 | |||||||||||||
| Net sales |
$ | 48,832 | $ | 50,461 | $ | 177,574 | $ | 182,846 | ||||||||
| Income (loss) before income taxes |
45 | (A) | (1,711 | ) (B) | (10,513 | ) (C) | (19,365 | ) (D) | ||||||||
| Benefit from income taxes |
— | — | — | — | ||||||||||||
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| Net income (loss) |
$ | 45 | $ | (1,711 | ) | $ | (10,513 | ) | $ | (19,365 | ) | |||||
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| Basic income (loss) per share |
$ | .01 | $ | (.21 | ) | $ | (1.25 | ) | $ | (2.31 | ) | |||||
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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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Includes gain on sale of idle property, plant and equipment: (A) $230 (B) $684 (C) $1,641 (D) $3,184
SKYLINE CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATED CONDENSED BALANCE SHEETS
| (Dollars in thousands) | ||||||||
| May 31, | ||||||||
| 2013 | 2012 | |||||||
| ASSETS |
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| Cash, restricted cash and temporary investments |
$ | 16,438 | $ | 29,009 | ||||
| Accounts receivable |
13,472 | 11,199 | ||||||
| Note receivable, current |
47 | — | ||||||
| Inventories |
8,732 | 8,359 | ||||||
| Workers’ compensation security deposit |
2,597 | 2,402 | ||||||
| Other current assets |
351 | 501 | ||||||
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| Total Current Assets |
41,637 | 51,470 | ||||||
| Note receivable, long-term |
1,631 | — | ||||||
| Property, Plant and Equipment, net |
18,342 | 21,196 | ||||||
| Other Assets |
6,317 | 6,190 | ||||||
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| Total Assets |
$ | 67,927 | $ | 78,856 | ||||
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| LIABILITIES AND SHAREHOLDERS’ EQUITY |
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| Accounts payable, trade |
$ | 3,675 | $ | 3,296 | ||||
| Accrued liabilities |
10,532 | 11,385 | ||||||
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| Total Current Liabilities |
14,207 | 14,681 | ||||||
| Other Deferred Liabilities |
8,069 | 8,011 | ||||||
| Common stock |
312 | 312 | ||||||
| Additional paid-in capital |
4,928 | 4,928 | ||||||
| Retained earnings |
106,155 | 116,668 | ||||||
| Treasury stock, at cost |
(65,744 | ) | (65,744 | ) | ||||
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| Total Shareholders’ Equity |
45,651 | 56,164 | ||||||
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| Total Liabilities and Shareholders’ Equity |
$ | 67,927 | $ | 78,856 | ||||
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