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 — JULY 29, 2011
SKYLINE REPORTS FOURTH QUARTER AND YEAR-END RESULTS
Skyline’s net sales for the fourth quarter of fiscal year 2011 were $48,103,000 as compared to $40,695,000 in the fourth quarter of fiscal 2010. For fiscal 2011, net sales were $162,327,000 as compared to $136,230,000 in fiscal 2010.
Net sales for Skyline’s housing segment were $24,239,000 in the fourth quarter of fiscal 2011 as compared to $24,496,000 in the fourth quarter of fiscal 2010. For fiscal 2011, net sales were $97,922,000 as compared to $90,551,000 for the fiscal 2010.
Net sales for Skyline’s recreational vehicle segment were $23,864,000 in fiscal 2011’s fourth quarter as compared to $16,199,000 for the fourth quarter of fiscal 2010. For the year ended May 31, 2011, net sales were $64,405,000 as compared to $45,679,000 for the same period a year ago.
Fiscal 2011’s fourth quarter loss before income taxes was $4,064,000 as compared to fiscal 2010’s fourth quarter loss before income taxes of $1,562,000. The loss before income taxes for fiscal 2011 was $26,627,000 as compared to $19,351,000 for fiscal 2010. Included in prior year’s pretax loss was a $1,544,000 gain on the sale of idle property, plant and equipment, and $412,000 of income from life insurance proceeds.
In the fourth quarter of fiscal 2010, Skyline established a full valuation allowance against its deferred tax assets, which consisted principally of net operating loss carryforwards, and continued to maintain a full valuation allowance during fiscal 2011. In fiscal 2010, Skyline recognized a provision for income taxes of $9,642,000 eliminating then existing net deferred tax assets of $16,867,000. During fiscal 2011 no tax benefit was recognized from current year operating losses. If the Corporation, after considering future negative and positive evidence regarding the realization of deferred tax assets, determines that a lesser valuation allowance is warranted, it would record a reduction to income tax expense and the valuation allowance in the period of determination.
Skyline reported a net loss of $4,064,000 in the fourth quarter of fiscal 2011 as compared to a net loss of $17,581,000 in the fourth quarter of fiscal 2010. On a per share basis, net loss was $.48 as compared to a net loss of $2.10 for the same period a year ago.
Bringing America Home. Bringing America Fun.

 

 


The following information was filed by Skyline Champion Corp (SKY) on Friday, July 29, 2011 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.

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