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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) March 19, 2004

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 -— MARCH 19, 2004

SKYLINE REPORTS THIRD QUARTER AND NINE MONTHS RESULTS

         Sales for the third quarter of Skyline Corporation’s 2004 fiscal year were $90,995,000 compared to $87,709,000 last year. The net loss for the three month period was $718,000, equal to $0.09 per share compared to a net loss of $827,000, or $0.10 per share for the same period a year ago.

         Sales for the first nine months of fiscal 2004 were $315,257,000 compared to $316,668,000 for the first nine months of fiscal 2003. For the first nine months of fiscal 2004 net earnings were $3,387,000, or $0.40 per share compared to $2,946,000, or $0.35 per share for the first nine months of fiscal 2003.

         Sales of Skyline’s manufactured housing group for the third quarter of fiscal 2004 were $64,895,000, up from the $62,355,000 of a year ago. For the first nine months of fiscal 2004, sales by the manufactured housing group were $228,362,000, an increase from the $222,061,000 recorded for the first nine months of fiscal 2003.

         For the recreational vehicle (RV) group, sales for the third quarter of fiscal 2004 were $26,100,000, up from the $25,354,000 of the third quarter of fiscal 2003. For the first nine months of fiscal 2004 sales by the RV group were $86,895,000, a decrease from the $94,607,000 of the same period a year ago.

         Skyline continues to maintain its traditionally strong balance sheet with no long-term debt and a healthy position in cash and temporary cash investments. This financial strength, along with a seasoned management team, should help the company meet the challenges ahead.

 

 

SKYLINE CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATED STATEMENTS OF EARNINGS

(Dollars in thousands except per share)

                                 
    Three Months Ended   Nine Months Ended
    (Unaudited)
   (Unaudited)
    February 29,   February 28,   February 29,   February 28,
    2004
   2003
   2004
   2003
Sales
   $ 90,995     $ 87,709     $ 315,257     $ 316,668  
 
    
 		      
 		      
 		      
 		  
(Loss) earnings before income taxes
     (1,144 )     (1,347 )     5,696       4,928  
(Benefit) provision for income taxes
     (426 )     (520 )     2,309       1,982  
 
    
 		      
 		      
 		      
 		  
Net (loss) earnings
   $ (718 )   $ (827 )   $ 3,387     $ 2,946  
 
    
 		      
 		      
 		      
 		  
Basic (loss) earnings per share
   $ (.09 )   $ (.10 )   $ .40     $ .35  
 
    
 		      
 		      
 		      
 		  
Weighted average common shares outstanding
     8,391,244       8,391,244       8,391,244       8,391,244  
 
    
 		      
 		      
 		      
 		  

SKYLINE CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)

                 
    February 29,   February 28,
    2004
   2003
ASSETS
                
Cash and temporary investments
   $ 155,057     $ 152,504  
Accounts receivable
     23,222       23,237  
Inventories
     9,766       9,514  
Other current assets
     9,912       8,635  
 
    
 		      
 		  
Total Current Assets
     197,957       193,890  
Property, Plant and Equipment, net
     37,374       39,883  
Other Assets
     5,199       4,653  
 
    
 		      
 		  
 
   $ 240,530     $ 238,426  
 
    
 		      
 		  
LIABILITIES
                
Accounts payable, trade
   $ 6,038     $ 4,736  
Accrued liabilities
     32,544       32,916  
 
    
 		      
 		  
Total Current Liabilities
     38,582       37,652  
Other Deferred Liabilities
     4,708       4,126  
Common stock
     312       312  
Additional paid-in capital
     4,928       4,928  
Retained earnings
     257,744       257,152  
Treasury stock, at cost, 2,825,900 shares in 2004 and 2003
     (65,744 )     (65,744 )
 
    
 		      
 		  
Total Shareholders’ Equity
     197,240       196,648  
 
    
 		      
 		  
 
   $ 240,530     $ 238,426