SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) September 17, 2003 SKYLINE CORPORATION (Exact name of registrant as specified in its charter) INDIANA 1-4714 (State of Incorporation) (Commission File Number) 35-1038277 (IRS Employee Identification No.) P. O. Box 743, 2520 By-Pass Road Elkhart, IN 46515 (Address of principal executive offices) (Zip) (574) 294-6521 (Registrant's telephone number, including area code) Item 5. Other Events ELKHART, INDIANA --- SEPTEMBER 17, 2003 SKYLINE REPORTS FISCAL 2004 FIRST QUARTER RESULTS Net earnings for the first quarter of Skyline Corporation's 2004 fiscal year were $2,037,000, an increase from the $1,822,000 of the first quarter of fiscal 2003. On a per share basis, net earnings for the first quarter of fiscal 2004 were $0.24 versus $0.22 for the first quarter a year ago. Sales for the quarter which ended August 31, 2003 were $109,679,000, a decrease from the $116,492,000 for the first quarter of fiscal 2003. For Skyline's manufactured housing group, sales for the first quarter of fiscal 2004 were $78,547,000, compared to $81,107,000 for the first quarter a year ago. Skyline's RV group recorded sales of $31,132,000 for the first three months of fiscal 2004, compared to $35,385,000 recorded for the first quarter of fiscal 2003. 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 AND SUBSIDIARY COMPANIES CONSOLIDATED STATEMENTS OF EARNINGS (Dollars in thousands except per share) Three Months Ended August 31, (Unaudited) 2003 2002 Sales $ 109,679 $ 116,492 Earnings before income taxes 3,359 3,036 Provision for income taxes 1,322 1,214 Net earnings $ 2,037 $ 1,822 Basic earnings per share $ .24 $ .22 Weighted average common shares outstanding 8,391,244 8,391,244 SKYLINE CORPORATION AND SUBSIDIARY COMPANIES CONSOLIDATED BALANCE SHEETS (Dollars in thousands) August 31, (Unaudited) ASSETS 2003 2002 Cash and temporary cash investments $ 149,527 $ 146,294 Accounts receivable 28,409 29,416 Inventories 10,035 10,198 Other current assets 9,542 8,280 Total Current Assets 197,513 194,188 Property, Plant and Equipment, net 38,726 41,053 Other Assets 5,053 4,475 $ 241,292 $ 239,716 LIABILITIES AND SHAREHOLDERS' EQUITY Accounts payable, trade $ 7,341 $ 6,177 Accrued liabilities 29,041 29,494 Income taxes payable 1,378 1,445 Total Current Liabilities 37,760 37,116 Other Deferred Liabilities 4,620 4,055 Common stock 312 312 Additional paid-in capital 4,928 4,928 Retained earnings 259,416 259,049 Treasury stock, at cost, 2,825,900 shares in 2003 and 2002 (65,744) (65,744) Total Shareholders' Equity 198,912 198,545 $ 241,292 $ 239,716