Attached files
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| 8-K - FORM 8-K - Skyline Champion Corp | d656324d8k.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: SECOND QUARTER REPORT | Approved by: JON S. PILARSKI |
ELKHART, INDIANA — JANUARY 10, 2014
SKYLINE REPORTS RESULTS FOR SECOND QUARTER AND FIRST HALF
Skyline’s net sales for the second quarter of fiscal year 2014 were $46,263,000 as compared to $41,836,000 in the second quarter of fiscal 2013. For the first half of fiscal 2014, net sales were $95,257,000 as compared to $91,756,000 in the first half of fiscal 2013.
Net sales for Skyline’s housing segment were $38,160,000 in the second quarter of fiscal 2014 as compared to $28,545,000 in the second quarter of fiscal 2013. For the first half of fiscal 2014, net sales were $74,594,000 as compared to $59,457,000 in the first half of fiscal 2013.
Net sales for Skyline’s recreational vehicle segment were $8,103,000 in fiscal 2014’s second quarter as compared to $13,291,000 for the second quarter of fiscal 2013. For the first half of fiscal 2014, net sales were $20,663,000 as compared to $32,299,000 for the same period a year ago.
Skyline reported a net loss of $2,213,000 in the second quarter of fiscal 2014 as compared to a net loss of $1,725,000 in the second quarter of fiscal 2013. On a per share basis, net loss was $.27 as compared to a net loss of $.21 for the same period a year ago. For the first half of fiscal 2014, net loss was $3,592,000 compared to a net loss of $5,193,000 for a year ago. Net loss per share was $.43 as compared to a net loss per share of $.62 for the same period a year ago. Included in current year’s pretax loss for the second quarter and first half was a $162,000 gain on the sale of idle property, plant and equipment. Likewise, prior year’s pretax loss for the second quarter and first half included a $1,411,000 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 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
| Three Months Ended | Six Months Ended | |||||||||||||||
| November 30, | November 30, | |||||||||||||||
| (Unaudited) | (Unaudited) | |||||||||||||||
| (Dollars in thousands, except share and per share data) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
| Net sales |
$ | 46,263 | $ | 41,836 | $ | 95,257 | $ | 91,756 | ||||||||
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| Loss before income taxes |
(2,213 | )(A) | (1,725 | )(B) | (3,592 | )(A) | (5,193 | )(B) | ||||||||
| Benefit from income taxes |
— | — | — | — | ||||||||||||
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| Net loss |
$ | (2,213 | ) | $ | (1,725 | ) | $ | (3,592 | ) | $ | (5,193 | ) | ||||
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| Basic loss per share |
$ | (.27 | ) | $ | (.21 | ) | $ | (.43 | ) | $ | (.62 | ) | ||||
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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 $162 gain on sale of idle property, plant and equipment |
| (B) | Includes $1,411 gain on sale of idle property, plant and equipment |
SKYLINE CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATED CONDENSED BALANCE SHEETS
| November 30, (Unaudited) | ||||||||
| (Dollars in thousands) | 2013 | 2012 | ||||||
| ASSETS |
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| Cash, restricted cash and temporary cash investments |
$ | 15,239 | $ | 24,268 | ||||
| Accounts receivable |
12,114 | 8,356 | ||||||
| Note receivable, current |
48 | 45 | ||||||
| Inventories |
9,965 | 10,711 | ||||||
| Workers’compensation security deposit |
2,597 | 2,402 | ||||||
| Other current assets |
632 | 1,568 | ||||||
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| Total Current Assets |
40,595 | 47,350 | ||||||
| Note receivable, long-term |
1,606 | 1,655 | ||||||
| Property, Plant and Equipment, net |
17,434 | 19,508 | ||||||
| Other Assets |
6,347 | 6,121 | ||||||
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| Total Assets |
$ | 65,982 | $ | 74,634 | ||||
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| LIABILITIES AND SHAREHOLDERS’ EQUITY |
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| Accounts payable, trade |
$ | 2,094 | $ | 2,914 | ||||
| Accrued liabilities |
14,088 | 12,759 | ||||||
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| Total Current Liabilities |
16,182 | 15,673 | ||||||
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| Other Deferred Liabilities |
7,741 | 7,990 | ||||||
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| Common stock |
312 | 312 | ||||||
| Additional paid-in capital |
4,928 | 4,928 | ||||||
| Retained earnings |
102,563 | 111,475 | ||||||
| Treasury stock, at cost |
(65,744 | ) | (65,744 | ) | ||||
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| Total Shareholders’ Equity |
42,059 | 50,971 | ||||||
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| Total Liabilities and Shareholders’ Equity |
$ | 65,982 | $ | 74,634 | ||||
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