Attached files
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| 8-K - 8-K - Skyline Champion Corp | d778629d8k.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 — AUGUST 22, 2014
SKYLINE REPORTS RESULTS FOR FOURTH QUARTER AND YEAR END
Skyline’s net sales for the fourth quarter of fiscal year 2014 were $57,701,000 as compared to $48,832,000 in the fourth quarter of fiscal 2013. For fiscal 2014, net sales were $191,730,000 as compared to $177,574,000 for fiscal 2013.
Net sales for Skyline’s housing segment were $43,629,000 in the fourth quarter of fiscal 2014 as compared to $29,533,000 in the fourth quarter of fiscal 2013. For fiscal 2014, net sales were $145,864,000 as compared to $111,104,000 in fiscal 2013.
Net sales for Skyline’s recreational vehicle segment were $14,072,000 in fiscal 2014’s fourth quarter as compared to $19,299,000 in the fourth quarter of fiscal 2013. For fiscal 2014, net sales were $45,866,000 as compared to $66,470,000 for the same period a year ago.
Skyline reported a net loss of $2,560,000 in the fourth quarter of fiscal 2014 as compared to net income of $45,000 in the fourth quarter of fiscal 2013. On a per share basis, net loss was $.30 as compared to net income of $.01 for the same period a year ago. For fiscal 2014, net loss was $11,864,000 as compared to a net loss of $10,513,000 for a year ago. Net loss per share was $1.41 as compared to a net loss per share of $1.25 for the same period a year ago. Included in current year’s pretax loss was a gain on the sale of idle property, plant and equipment of $244,000 and $706,000 for the fourth quarter and year, respectively. Likewise, prior year’s pretax loss for the fourth quarter and year included a $230,000 and $1,641,000 gain on the sale of idle property, plant and equipment, respectively.
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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 May 31, |
Year Ended May 31, |
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| (Unaudited) |
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| 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
| Net sales |
$ | 57,701 | $ | 48,832 | $ | 191,730 | $ | 177,574 | ||||||||||||||||||||||||
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| (Loss) net income before income taxes |
(2,560 | ) | (A | ) | 45 | (B | ) | (11,864 | ) | (C | ) | (10,513 | ) | (D | ) | |||||||||||||||||
| Benefit from income taxes |
— | — | — | — | ||||||||||||||||||||||||||||
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| Net (loss) income |
$ | (2,560 | ) | $ | 45 | $ | (11,864 | ) | $ | (10,513 | ) | |||||||||||||||||||||
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| Basic (loss) income per share |
$ | (.30 | ) | $ | .01 | $ | (1.41 | ) | $ | (1.25 | ) | |||||||||||||||||||||
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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 $244 gain on sale of idle property, plant and equipment |
| (B) | Includes $230 gain on sale of idle property, plant and equipment |
| (C) | Includes $706 gain on sale of idle property, plant and equipment |
| (D) | Includes $1,641 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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| May 31, | ||||||||
| 2014 | 2013 | |||||||
| ASSETS |
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| Cash, restricted cash and temporary cash investments |
$ | 6,031 | $ | 16,438 | ||||
| Accounts receivable |
21,029 | 13,472 | ||||||
| Note receivable, current |
50 | 47 | ||||||
| Inventories |
11,330 | 8,732 | ||||||
| Worker’s compensation security deposit |
2,688 | 2,597 | ||||||
| Other current assets |
542 | 351 | ||||||
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| Total Current Assets |
41,670 | 41,637 | ||||||
| Note receivable, long-term |
1,581 | 1,631 | ||||||
| Property, Plant and Equipment, net |
15,953 | 18,342 | ||||||
| Other Assets |
6,550 | 6,317 | ||||||
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| Total Assets |
$ | 65,754 | $ | 67,927 | ||||
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| LIABILITIES AND SHAREHOLDERS’ EQUITY |
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| Accounts payable, trade |
$ | 5,139 | $ | 3,675 | ||||
| Accrued liabilities |
13,108 | 10,532 | ||||||
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| Total Current Liabilities |
18,247 | 14,207 | ||||||
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| Long-Term Liabilities |
13,720 | 8,069 | ||||||
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| Common stock |
312 | 312 | ||||||
| Additional paid-in capital |
4,928 | 4,928 | ||||||
| Retained earnings |
94,291 | 106,155 | ||||||
| Treasury stock, at cost |
(65,744 | ) | (65,744 | ) | ||||
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| Total Shareholders’ Equity |
33,787 | 45,651 | ||||||
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| Total Liabilities and Shareholders’ Equity |
$ | 65,754 | $ | 67,927 | ||||
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