EX-99.1 2 d120634dex991.htm EX-99.1

EX-99.1

Exhibit 99.1

ELKHART, INDIANA —- JANUARY 14, 2016

SKYLINE REPORTS FISCAL 2016 SECOND QUARTER AND FIRST HALF RESULTS

• Quarterly Net Income of $1,706,000 or $0.20 Per Share Marks the Most Profitable Quarter Since the Fourth Quarter of Fiscal 2007.

In the second quarter of fiscal 2016, Skyline Corporation (NYSE MKT: SKY) (“Skyline” or the “Corporation”) reported the following results:

• Net sales from continuing operations of $58,684,000, an increase of 18% over net sales of $49,667,000 from continuing operations in the year ago quarter.

• Net income from continuing operations of $1,748,000 as compared to net income of $81,000 from continuing operations in the second quarter of fiscal 2015.

• Net loss from discontinued operations of $42,000 as compared to a net loss of $3,525,000 from discontinued operations in the second quarter of fiscal 2015.

• Net income of $1,706,000 or $0.20 per share as compared to a net loss of $3,444,000 or $0.41 per share in the second quarter of fiscal 2015.

In the first half of fiscal 2016, the Corporation reported the following results:

• Net sales from continuing operations of $107,426,000, an increase of 8% over net sales of $99,271,000 from continuing operations in the year ago quarter.

• Net income from continuing operations of $853,000 as compared to a net loss of $1,128,000 from continuing operations in the first half of fiscal 2015.

• Net income from discontinued operations of $19,000 as compared to a net loss of $6,089,000 from discontinued operations in the first half of fiscal 2015.

• Net income of $872,000 or $0.10 per share as compared to a net loss of $7,217,000 or $0.86 per share in the first half of fiscal 2015.

Commenting on the quarter, Richard W. Florea, Chief Executive Officer, said, “We continue our focus on driving profitable sales in our business and we are pleased with the profitability we achieved in the quarter. At the same time, we remain fully committed to building long-term shareholder value through increasingly profitable sales.”

SKYLINE CORPORATION AND SUBSIDIARY COMPANIES

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS

(Dollars in thousands, except share and per share data)

		Three Months Ended November 30, (Unaudited)								Six Months Ended November 30, (Unaudited)
		2015				2014				2015				2014
Net sales from continuing operations		$	58,684			$	49,667			$	107,426			$	99,271
Income (loss) from continuing operations, net of taxes			1,748				81				853				(1,128	)
Income (loss) from discontinued operations, net of taxes			(42	)			(3,525	)			19				(6,089	)
Net income (loss)		$	1,706			$	(3,444	)		$	872			$	(7,217	)
Basic income (loss) per share		$	.20			$	(.41	)		$	.10			$	(.86	)
Number of weighted average common shares outstanding			8,391,244				8,391,244				8,391,244				8,391,244

SKYLINE CORPORATION AND SUBSIDIARY COMPANIES

CONSOLIDATED CONDENSED BALANCE SHEETS

(Dollars in thousands)

		November 30, 2015				May 31, 2015
ASSETS			(Unaudited)
Cash		$	6,804			$	4,995
Accounts receivable			14,309				15,288
Inventories			10,759				9,119
Workers’ compensation security deposit			792				1,732
Other current assets			1,370				447
Total Current Assets			34,034				31,581
Property, Plant and Equipment, net			11,296				11,569
Other Assets			7,319				7,289
Total Assets		$	52,649			$	50,439
LIABILITIES AND SHAREHOLDERS’ EQUITY
Accounts payable, trade		$	3,144			$	3,033
Accrued liabilities			13,413				12,084
Total Current Liabilities			16,557				15,117
Total Non-Current Liabilities			11,812				11,949
Common stock			312				312
Additional paid-in capital			4,963				4,928
Retained earnings			84,749				83,877
Treasury stock, at cost			(65,744	)			(65,744	)
Total Shareholders’ Equity			24,280				23,373
Total Liabilities and Shareholders’ Equity		$	52,649			$	50,439