SECURITIES AND EXCHANGE COMMISSION
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) June 18, 2004
SKYLINE CORPORATION
INDIANA (State of Incorporation) |
1-4714 (Commission File Number) |
35-1038277
P. O. Box 743, 2520 By-Pass Road Elkhart, IN 46515
(574) 294-6521
Item 5. Other Events
ELKHART, INDIANA - JUNE 18, 2004
SKYLINE REPORTS YEAR-END, FOURTH QUARTER RESULTS
Net earnings for Skyline Corporations 2004 fiscal year were $6,141,000 compared to $6,193,000 in fiscal 2003. On a per share basis, fiscal 2004 net earnings were $0.73 versus $0.74 in the 2003 fiscal year.
For the fourth quarter which ended May 31, 2004, net earnings were $2,754,000 compared to $3,247,000 of the fourth quarter of fiscal 2003. Net earnings per share for fiscal 2004s fourth quarter were $0.33 versus $0.39 of the fourth quarter of fiscal 2003. It should be noted that the fourth quarter of fiscal 2004 was a period of unprecedented increases in the cost of lumber, lumber-related materials and steel.
Sales for fiscal 2004 were $432,381,000 compared to $419,817,000 of a year earlier. Sales for the fourth quarter of fiscal 2004 were $117,124,000 compared to $103,149,000 of fiscal 2003s fourth quarter.
Sales for Skylines manufactured housing group for fiscal 2004 were $310,367,000 compared to $293,448,000 of fiscal 2003. The groups sales for the fiscal 2004 fourth quarter totaled $82,005,000, compared to $71,387,000 of the comparable period of fiscal 2003.
For Skylines RV group, sales for fiscal 2004 were $122,014,000 compared to $126,369,000 of fiscal 2003. The RV groups sales for fiscal 2004s fourth quarter were $35,119,000 compared to $31,762,000 of the fourth quarter of fiscal 2003.
SKYLINE CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATED STATEMENTS OF EARNINGS
(Dollars in thousands except per share)
Three Months Ended | Year Ended | |||||||||||||||
May 31, (Unaudited) |
May 31, |
|||||||||||||||
2004 |
2003 |
2004 |
2003 |
|||||||||||||
Sales |
$ | 117,124 | $ | 103,149 | $ | 432,381 | $ | 419,817 | ||||||||
Earnings before income taxes |
4,410 | 5,408 | 10,106 | 10,336 | ||||||||||||
Provision for income taxes |
1,656 | 2,161 | 3,965 | 4,143 | ||||||||||||
Net earnings |
$ | 2,754 | $ | 3,247 | $ | 6,141 | $ | 6,193 | ||||||||
Basic earnings per share |
$ | .33 | $ | .39 | $ | .73 | $ | .74 | ||||||||
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) | |||||||||
May 31, |
|||||||||
ASSETS | 2004 |
2003 |
|||||||
Cash and temporary cash investments |
$ | 150,449 | $ | 154,457 | |||||
Accounts receivable |
26,090 | 22,292 | |||||||
Inventories |
9,895 | 9,414 | |||||||
Other current assets |
11,240 | 8,808 | |||||||
Total Current Assets |
197,674 | 194,971 | |||||||
Property, Plant and Equipment, net |
36,930 | 39,131 | |||||||
Other Assets |
5,311 | 5,039 | |||||||
$ | 239,915 | $ | 239,141 | ||||||
LIABILITIES
AND SHAREHOLDERS EQUITY |
|||||||||
Accounts payable, trade | $ | 7,776 | $ | 5,990 | |||||
Accrued liabilities |
27,747 | 28,400 | |||||||
Income taxes payable |
166 | 1,786 | |||||||
Total Current Liabilities |
35,689 | 36,176 | |||||||
Other Deferred Liabilities |
5,742 | 4,580 | |||||||
Common stock |
312 | 312 | |||||||
Additional paid-in capital |
4,928 | 4,928 | |||||||
Retained earnings |
258,988 | 258,889 | |||||||
Treasury stock, at cost, 2,825,900 shares in 2004 and 2003 |
(65,744 | ) | (65,744 | ) | |||||
Total Shareholders Equity |
198,484 | 198,385 | |||||||
$ | 239,915 | $ | 239,141 | ||||||