Attached files
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| 8-K - FORM 8-K - Skyline Champion Corp | d804331d8k.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 15, 2014
SKYLINE REPORTS RESULTS FOR FIRST QUARTER
Skyline’s net sales for the first quarter of fiscal year 2015 were $57,429,000 as compared to $48,994,000 in the first quarter of fiscal 2014.
Net sales for Skyline’s housing segment were $47,740,000 in the first quarter of fiscal 2015 as compared to $36,434,000 in the first quarter of fiscal 2014.
Net sales for Skyline’s recreational vehicle segment were $9,689,000 in fiscal 2015’s first quarter as compared to $12,560,000 in the first quarter of fiscal 2014.
Skyline reported a net loss of $3,773,000 in the first quarter of fiscal 2015 as compared to net loss of $1,379,000 in the first quarter of fiscal 2014. On a per share basis, net loss was $.45 as compared to net loss of $.16 for the same period a year ago.
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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) | ||||||||
| 2014 | 2013 | |||||||
| Net sales |
$ | 57,429 | $ | 48,994 | ||||
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| Loss before income taxes |
(3,773 | ) | (1,379 | ) | ||||
| Benefit from income taxes |
— | — | ||||||
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| Net loss |
$ | (3,773 | ) | $ | (1,379 | ) | ||
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| Basic loss per share |
$ | (.45 | ) | $ | (.16 | ) | ||
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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) | ||||||||
| 2014 | 2013 | |||||||
| ASSETS |
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| Cash, restricted cash and temporary cash investments |
$ | 2,995 | $ | 16,732 | ||||
| Accounts receivable |
17,172 | 12,993 | ||||||
| Note receivable, current |
50 | 47 | ||||||
| Inventories |
12,952 | 9,851 | ||||||
| Workers’ compensation security deposit |
2,688 | 2,597 | ||||||
| Other current assets |
897 | 464 | ||||||
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| Total Current Assets |
36,754 | 42,684 | ||||||
| Note receivable, long-term |
1,568 | 1,619 | ||||||
| Property, Plant and Equipment, net |
15,580 | 17,772 | ||||||
| Other Assets |
6,560 | 6,326 | ||||||
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| Total Assets |
$ | 60,462 | $ | 68,401 | ||||
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| LIABILITIES AND SHAREHOLDERS’ EQUITY |
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| Accounts payable, trade |
$ | 3,856 | $ | 3,721 | ||||
| Accrued liabilities |
12,937 | 12,536 | ||||||
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| Total Current Liabilities |
16,793 | 16,257 | ||||||
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| Long-Term Liabilities |
13,655 | 7,872 | ||||||
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| Common stock |
312 | 312 | ||||||
| Additional paid-in capital |
4,928 | 4,928 | ||||||
| Retained earnings |
90,518 | 104,776 | ||||||
| Treasury stock, at cost |
(65,744 | ) | (65,744 | ) | ||||
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| Total Shareholders’ Equity |
30,014 | 44,272 | ||||||
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| Total Liabilities and Shareholders’ Equity |
$ | 60,462 | $ | 68,401 | ||||
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