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Exhibit 99.1

 

LOGO    NEWS RELEASE

Skyline Corporation

2520 By-Pass Road

P.O. Box 743

Elkhart, Indiana 46515-0743

(574) 294-6521

 

Subject:    SECOND QUARTER REPORT    Approved by:    JON S. PILARSKI

ELKHART, INDIANA — JANUARY 11, 2013

SKYLINE REPORTS RESULTS FOR SECOND QUARTER AND FIRST HALF

Skyline’s net sales for the second quarter of fiscal year 2013 were $41,836,000 as compared to $45,296,000 in the second quarter of fiscal 2012. For the first half of fiscal 2013, net sales were $91,756,000 as compared to $95,580,000 in the first half of fiscal 2012.

Net sales for Skyline’s housing segment were $28,545,000 in the second quarter of fiscal 2013 as compared to $32,160,000 in the second quarter of fiscal 2012. For the first half of fiscal 2013, net sales were $59,457,000 as compared to $61,303,000 in the first half of fiscal 2012.

Net sales for Skyline’s recreational vehicle segment were $13,291,000 in fiscal 2013’s second quarter as compared to $13,136,000 for the second quarter of fiscal 2012. For the first half of fiscal 2013, net sales were $32,299,000 as compared to $34,277,000 for the same period a year ago.

Skyline reported a net loss of $1,725,000 in the second quarter of fiscal 2013 as compared to a net loss of $3,422,000 in the second quarter of fiscal 2012. On a per share basis, net loss was $.21 as compared to a net loss of $.40 for the same period a year ago. For the first half of fiscal 2013, net loss was $5,193,000 compared to a net loss of $10,267,000 for a year ago. Net loss per share was $.62 as compared to a net loss per share of $1.22 for the same period a year ago. Included in current year’s pretax loss for the second quarter and first half was a $1,411,000 gain on the sale of idle property, plant and equipment. Likewise, prior year’s pretax loss for the second quarter and first half was a $2,500,000 gain on the sale of idle property, plant and equipment.

As Skyline begins its third quarter, historically the slowest period in its fiscal year, it continues to maintain its traditionally strong 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 revenue and reduce costs, should assist the Corporation meet 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 share and per share data)

 

     Three Months Ended     Six Months Ended  
     November 30,     November 30,  
     (Unaudited)     (Unaudited)  
     2012     2011     2012     2011  

Net sales

   $ 41,836      $ 45,296      $ 91,756      $ 95,580   
  

 

 

   

 

 

   

 

 

   

 

 

 

Loss before income taxes

     (1,725 )(A)      (3,422 )(B)      (5,193 )(A)      (10,267 )(B) 

Benefit from income taxes

     —          —          —          —     
  

 

 

   

 

 

   

 

 

   

 

 

 

Net loss

   $ (1,725 )    $ (3,422   $ (5,193 )    $ (10,267
  

 

 

   

 

 

   

 

 

   

 

 

 

Basic loss per share

   $ (.21 )    $ (.40   $ (.62 )    $ (1.22
  

 

 

   

 

 

   

 

 

   

 

 

 

Number of weighted average common shares outstanding

     8,391,244        8,391,244        8,391,244        8,391,244   
  

 

 

   

 

 

   

 

 

   

 

 

 

 

(A) Includes $1,411 gain on sale of idle property, plant and equipment.
(B) Includes $2,500 gain on sale of idle property, plant and equipment.

SKYLINE CORPORATION AND SUBSIDIARY COMPANIES

CONSOLIDATED CONDENSED BALANCE SHEETS

(Dollars in thousands)

 

     November 30, (Unaudited)  
     2012     2011  

ASSETS

    

Cash, restricted cash and temporary cash investments

   $ 24,268      $ 39,051   

Accounts receivable

     8,356        7,944   

Note receivable, current

     45        —     

Inventories

     10,711        10,034   

Other current assets

     3,970        3,103   
  

 

 

   

 

 

 

Total Current Assets

     47,350        60,132   

Note receivable, long-term

     1,655        —     

Property, Plant and Equipment, net

     19,508        22,523   

Other Assets

     6,121        5,993   
  

 

 

   

 

 

 

Total Assets

   $ 74,634      $ 88,648   
  

 

 

   

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

    

Accounts payable, trade

   $ 2,914      $ 2,664   

Accrued liabilities

     12,759        13,287   
  

 

 

   

 

 

 

Total Current Liabilities

     15,673        15,951   
  

 

 

   

 

 

 

Other Deferred Liabilities

     7,990        7,436   
  

 

 

   

 

 

 

Common stock

     312        312   

Additional paid-in capital

     4,928        4,928   

Retained earnings

     111,475        125,765   

Treasury stock, at cost

     (65,744 )      (65,744
  

 

 

   

 

 

 

Total Shareholders’ Equity

     50,971        65,261   
  

 

 

   

 

 

 

Total Liabilities and Shareholders’ Equity

   $ 74,634      $ 88,648