Attached files
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| 8-K - 8-K - Skyline Champion Corp | d610384d8k.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: FIRST QUARTER REPORT | Approved by: JON S. PILARSKI |
ELKHART, INDIANA — OCTOBER 11, 2013
SKYLINE REPORTS RESULTS FOR FIRST QUARTER
Skyline’s net sales for the first quarter of fiscal year 2014 were $48,994,000 as compared to $49,920,000 in the first quarter of fiscal 2013.
Net sales for Skyline’s housing segment were $36,434,000 in the first quarter of fiscal 2014 as compared to $30,912,000 in the first quarter of fiscal 2013.
Net sales for Skyline’s recreational vehicle segment were $12,560,000 in fiscal 2014’s first quarter as compared to $19,008,000 for the first quarter of fiscal 2013.
Skyline reported a net loss of $1,379,000, or $.16 per share, in the first quarter of fiscal 2014 as compared to a net loss of $3,468,000, or $.41 per share, in the first quarter of fiscal 2013.
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 should assist the Corporation in meeting challenges as they 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 per share and per share data)
| Three Months Ended | ||||||||
| August 31, (Unaudited) | ||||||||
| 2013 | 2012 | |||||||
| Net sales |
$ | 48,994 | $ | 49,920 | ||||
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| Loss before income taxes |
(1,379 | ) | (3,468 | ) | ||||
| Benefit from income taxes |
— | — | ||||||
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| Net loss |
$ | (1,379 | ) | $ | (3,468 | ) | ||
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| Basic loss per share |
$ | (.16 | ) | $ | (.41 | ) | ||
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| Number of weighted average common shares outstanding |
8,391,244 | 8,391,244 | ||||||
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SKYLINE CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATED CONDENSED BALANCE SHEETS
(Dollars in thousands)
| August 31, (Unaudited) | ||||||||
| 2013 | 2012 | |||||||
| ASSETS |
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| Cash, restricted cash and temporary cash investments |
$ | 16,732 | $ | 25,010 | ||||
| Accounts receivable |
12,993 | 11,011 | ||||||
| Note receivable, current |
47 | — | ||||||
| Inventories |
9,851 | 9,750 | ||||||
| Workers’ compensation security deposit |
2,597 | 2,402 | ||||||
| Other current assets |
464 | 1,549 | ||||||
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| Total Current Assets |
42,684 | 49,722 | ||||||
| Note receivable, long-term |
1,619 | — | ||||||
| Property, Plant and Equipment, net |
17,772 | 20,662 | ||||||
| Other Assets |
6,326 | 6,242 | ||||||
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| Total Assets |
$ | 68,401 | $ | 76,626 | ||||
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| LIABILITIES AND SHAREHOLDERS’ EQUITY |
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| Accounts payable, trade |
$ | 3,721 | $ | 4,260 | ||||
| Accrued liabilities |
12,536 | 11,621 | ||||||
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| Total Current Liabilities |
16,257 | 15,881 | ||||||
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| Other Deferred Liabilities |
7,872 | 8,049 | ||||||
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| Common stock |
312 | 312 | ||||||
| Additional paid-in capital |
4,928 | 4,928 | ||||||
| Retained earnings |
104,776 | 113,200 | ||||||
| Treasury stock, at cost |
(65,744 | ) | (65,744 | ) | ||||
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| Total Shareholders’ Equity |
44,272 | 52,696 | ||||||
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| Total Liabilities and Shareholders’ Equity |
$ | 68,401 | $ | 76,626 | ||||
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