ELKHART, INDIANA -- OCTOBER 5, 2007
-- Net earnings for the first quarter of Skyline Corporation’s
2008 fiscal year were $709,000 compared to $1,896,000 of the
first quarter of fiscal 2007. On a per share basis, net earnings
for the first quarter of fiscal 2008 were $0.08 versus $0.23 for
the first quarter a year ago.
Sales for the quarter which ended August 31, 2007 were
$96,394,000 compared to $115,806,000 for the first quarter of
fiscal 2007.
For Skyline’s manufactured housing group, sales for the first
quarter of fiscal 2008 were $72,328,000 compared to $84,483,000
for the first quarter a year ago.
Skyline’s RV group recorded sales of $24,066,000 for the first
three months of fiscal 2008 compared to $31,323,000 recorded for
the first quarter of fiscal 2007.
Skyline continues to maintain its traditionally strong balance
sheet with no long-term debt and a healthy position in cash and
temporary cash investments.
**************
Skyline Corporation
2520 By-Pass Road
P.O. Box 743
Elkhart, Indiana 46515-0743
(574) 294-6521
SKYLINE CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS
(Dollars in thousands except per share)
| |
|
|
|
|
|
|
|
|
| |
|
Three
Months Ended |
|
| |
|
August 31, (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
| |
|
2007 |
|
|
2006 |
|
|
|
|
|
|
|
|
|
|
|
|
Sales
|
|
$ |
96,394 |
|
|
$ |
115,806 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings before income taxes
|
|
|
1,099 |
|
|
|
3,046 |
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income taxes
|
|
|
390 |
|
|
|
1,150 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings
|
|
$ |
709 |
|
|
$ |
1,896 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share
|
|
$ |
.08 |
|
|
$ |
.23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of weighted average common shares outstanding
|
|
|
8,391,244 |
|
|
|
8,391,244 |
|
|
|
|
|
|
|
|
|
SKYLINE CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATED CONDENSED BALANCE SHEETS
(Dollars in thousands)
| |
|
|
|
|
|
|
|
|
| |
|
August 31, (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS |
|
2007 |
|
|
2006 |
|
|
|
|
|
|
|
|
|
|
|
|
Cash and temporary cash investments
|
|
$ |
121,376 |
|
|
$ |
131,587 |
|
|
Accounts receivable
|
|
|
24,252 |
|
|
|
26,252 |
|
|
Inventories
|
|
|
10,618 |
|
|
|
12,723 |
|
|
Other current assets
|
|
|
11,240 |
|
|
|
10,410 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Current Assets
|
|
|
167,486 |
|
|
|
180,972 |
|
|
|
|
|
|
|
|
|
|
|
|
Property, Plant and Equipment, net
|
|
|
35,686 |
|
|
|
34,974 |
|
|
|
|
|
|
|
|
|
|
|
|
Other Assets
|
|
|
10,280 |
|
|
|
10,013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
213,452 |
|
|
$ |
225,959 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable, trade
|
|
$ |
5,395 |
|
|
$ |
6,016 |
|
|
Accrued liabilities
|
|
|
21,054 |
|
|
|
28,106 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Current Liabilities
|
|
|
26,449 |
|
|
|
34,122 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Deferred Liabilities
|
|
|
9,989 |
|
|
|
10,481 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock
|
|
|
312 |
|
|
|
312 |
|
|
Additional paid-in capital
|
|
|
4,928 |
|
|
|
4,928 |
|
|
Retained earnings
|
|
|
237,518 |
|
|
|
241,860 |
|
|
Treasury stock, at cost
|
|
|
(65,744 |
) |
|
|
(65,744 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Shareholders’ Equity
|
|
|
177,014 |
|
|
|
181,356 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
213,452 |
|
|
$ |
225,959 |
|
|
|
|
