Exhibit 99.1
     
(SKYLINE LOGO)   NEWS RELEASE
Skyline Corporation
2520 By-Pass Road
P.O. Box 743
Elkhart, Indiana 46515-0743
(574) 294-6521
     
Subject: FOURTH QUARTER REPORT   Approved by: JON S. PILARSKI
ELKHART, INDIANA — AUGUST 6, 2010
SKYLINE REPORTS FOURTH QUARTER AND YEAR-END RESULTS
Sales for Skyline’s fiscal 2010 fourth quarter were $40,695,000 compared to $32,483,000 for the fourth quarter of fiscal 2009. For fiscal 2010, sales were $136,230,000 versus $166,676,000 for fiscal 2009.
For Skyline’s manufactured housing segment, sales for the fourth quarter of fiscal 2010 were $24,496,000 compared to $22,578,000 for the fourth quarter of fiscal 2009. For fiscal 2010, sales were $90,551,000 versus $123,930,000 for fiscal 2009.
For the recreational vehicle (RV) segment, sales were $16,199,000 for fiscal 2010’s fourth quarter compared to $9,905,000 for the fourth quarter of fiscal 2009. For fiscal 2010, sales were $45,679,000 versus $42,746,000 for the same period a year ago.
Fiscal 2010’s fourth quarter loss before income taxes was $1,562,000 compared to fiscal 2009’s loss before income taxes of $4,332,000. For fiscal 2010, loss before income taxes was $19,351,000 versus a loss before income taxes of $24,994,000 for a year ago. Loss before income taxes for fiscal 2010 and 2009 includes a gain on the sale of idle property, plant and equipment of $1,544,000 and $3,396,000, respectively.
As a result of an increase in the valuation allowance for deferred tax assets, income tax provision (expense) was $16,019,000 in the fourth quarter of 2010, compared to benefit of $1,967,000 for the fourth quarter of fiscal 2009. Income tax provision (expense) was $9,642,000 for the year ended May 31, 2010 compared to a benefit of $9,560,000 for the year ended May 31, 2009. Skyline’s deferred tax assets consist primarily of federal and state net operating losses and tax credits that can be used to offset future tax liabilities. The federal net operating loss carry forward and tax credits have a life expectancy of twenty years, while the state net operating loss carry forwards have a life expectancy between five and twenty years. Consistent with generally accepted accounting principles, an additional valuation allowance of approximately $16,867,000 was recorded in the fourth quarter of fiscal 2010 based on Skyline having cumulative book taxable losses for the fiscal years 2008 to 2010. The increase results in a non-cash charge in the fourth quarter. When economic conditions improve Skyline may determine that a lesser valuation allowance is warranted; resulting in a reduction to income tax provision (expense) and the valuation allowance in the period of determination.
Bringing America Home. Bringing America Fun.

 

 


The following information was filed by Skyline Champion Corp (SKY) on Friday, August 6, 2010 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one year to another to evaluate Skyline Champion Corp's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Skyline Champion Corp.

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

Continue

Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

Continue

Get a Better Picture of a Company's Performance


Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years

Continue

Log in with your credentials

or    

Forgot your details?

Create Account