Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - Skyline Champion Corp | c15104e8vk.htm |
Exhibit 99.1
|
NEWS RELEASE | |
| Skyline Corporation | ||
| 2520 By-Pass Road | ||
| P.O. Box 743 | ||
| Elkhart, Indiana 46515-0743 | ||
| (574) 294-6521 |
Subject: THIRD QUARTER REPORT
|
Approved by: JON S. PILARSKI |
ELKHART, INDIANA — APRIL 8, 2011
SKYLINE REPORTS RESULTS FOR THIRD QUARTER AND FIRST NINE MONTHS
Skyline’s sales for the third quarter of fiscal year 2011 were $31,776,000 as compared
to $25,415,000 in the third quarter of fiscal 2010. For the first nine months of fiscal
2011, sales were $114,224,000 as compared to $95,535,000 in the first nine months of fiscal
2010.
Sales for Skyline’s manufactured and modular housing segment were $18,497,000 in the
third quarter of fiscal 2011 as compared to $15,352,000 in the third quarter of fiscal
2010. For the first three quarters of fiscal 2011, sales were $73,683,000 as compared to
$66,055,000 for the first three quarters of fiscal 2010.
Sales for Skyline’s recreational vehicle segment were $13,279,000 in fiscal 2011’s
third quarter as compared to $10,063,000 for the third quarter of fiscal 2010. For the
nine months ending February 28, 2011, sales were $40,541,000 as compared to $29,480,000 for
the same period a year ago.
Fiscal 2011’s third quarter loss before income taxes was $8,742,000 as compared to
fiscal 2010’s third quarter loss before income taxes of $5,554,000. The loss before income
taxes for the first nine months of fiscal 2011 was $22,563,000 as compared to $17,789,000
in the first nine months of fiscal 2010. Included in prior year’s pretax loss for the
third quarter and first nine months was a $1,544,000 gain on the sale of idle property,
plant and equipment. In addition, prior year’s pretax loss for the first nine months
included $412,000 of income from life insurance proceeds.
Skyline established in the fourth quarter of fiscal 2010 a full valuation allowance against
its deferred tax assets, and continued to maintain a full valuation allowance during the third
quarter of fiscal 2011. As a result, Skyline has not recognized any benefit from income taxes
in fiscal 2011. Skyline, however, did recognize in prior year’s third quarter and first nine
months a benefit from income taxes of $1,857,000 and $6,377,000, respectively. If the
Corporation, after considering future negative and positive evidence regarding the realization
of deferred tax assets, determines that a lesser valuation allowance is warranted, it would
record a reduction to income tax expense and the valuation allowance in the period of
determination.
Bringing America Home. Bringing America Fun.
|
|
NEWS RELEASE | |
| Skyline Corporation | ||
| 2520 By-Pass Road | ||
| P.O. Box 743 | ||
| Elkhart, Indiana 46515-0743 | ||
| (574) 294-6521 |
Subject: THIRD QUARTER REPORT
|
Approved by: JON S. PILARSKI |
Skyline reported a net loss of $8,742,000 in the third quarter of fiscal 2011 as
compared to a net loss of $3,697,000 in the third quarter of fiscal 2010. On a per share
basis, net loss was $1.04 as compared to a net loss of $.44 for the same period a year ago.
For the first three quarters of fiscal 2011, net loss was $22,563,000 compared to a
net loss of $11,412,000 for a year ago. Net loss per share was $2.69 as compared to a net
loss per share of $1.36 for the same period a year ago.
Skyline continues to maintain its traditionally strong balance sheet with no bank debt
and a significant position in cash and U.S. Treasury Bills. This financial strength, along
with a seasoned management team, should help the corporation meet the challenges ahead.
**************
Bringing America Home. Bringing America Fun.
SKYLINE CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(Dollars in thousands, except share and per share data)
| Three Months Ended | Nine Months Ended | |||||||||||||||
| February 28, | February 28, | |||||||||||||||
| (Unaudited) | (Unaudited) | |||||||||||||||
| 2011 | 2010 | 2011 | 2010 | |||||||||||||
Sales |
$ | 31,776 | $ | 25,415 | $ | 114,224 | $ | 95,535 | ||||||||
Loss before income taxes |
(8,742 | ) | (5,554 | ) (A) | (22,563 | ) | (17,789 | ) (A) (B) | ||||||||
Benefit from income taxes |
— | 1,857 | — | 6,377 | ||||||||||||
Net loss |
$ | (8,742 | ) | $ | (3,697 | ) | $ | (22,563 | ) | $ | (11,412 | ) | ||||
Basic loss per share |
$ | (1.04 | ) | $ | (.44 | ) | $ | (2.69 | ) | $ | (1.36 | ) | ||||
Number of weighted
average common shares
outstanding |
8,391,244 | 8,391,244 | 8,391,244 | 8,391,244 | ||||||||||||
| (A) | Includes gain on sale of idle property, plant and equipment of $1,544. |
|
| (B) | Includes $412 of income from life insurance proceeds. |
SKYLINE CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATED CONDENSED BALANCE SHEETS
CONSOLIDATED CONDENSED BALANCE SHEETS
| February 28, (Unaudited) | ||||||||
| (Dollars in thousands) | 2011 | 2010 | ||||||
ASSETS |
||||||||
Cash and temporary cash investments |
$ | 53,398 | $ | 76,411 | ||||
Accounts receivable |
9,788 | 7,061 | ||||||
Inventories |
8,090 | 5,900 | ||||||
Other current assets |
3,071 | 18,615 | ||||||
Total Current Assets |
74,347 | 107,987 | ||||||
Property, Plant and Equipment, net |
25,195 | 26,917 | ||||||
Noncurrent Deferred Tax Assets |
— | 11,237 | ||||||
Other Assets |
5,774 | 5,496 | ||||||
Total Assets |
$ | 105,316 | $ | 151,637 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY |
||||||||
Accounts payable, trade |
$ | 3,357 | $ | 2,480 | ||||
Accrued liabilities |
11,735 | 11,778 | ||||||
Total Current Liabilities |
15,092 | 14,258 | ||||||
Other Deferred Liabilities |
7,611 | 8,580 | ||||||
Common stock |
312 | 312 | ||||||
Additional paid-in capital |
4,928 | 4,928 | ||||||
Retained earnings |
143,117 | 189,303 | ||||||
Treasury stock, at cost |
(65,744 | ) | (65,744 | ) | ||||
Total Shareholders’ Equity |
82,613 | 128,799 | ||||||
Total Liabilities and Shareholders’ Equity |
$ | 105,316 | $ | 151,637 | ||||