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) December 17, 2003
SKYLINE CORPORATION
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(Exact name of registrant as specified in its charter)
INDIANA 1-4714
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(State of Incorporation) (Commission File Number)
35-1038277
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(IRS Employee Identification No.)
P. O. Box 743, 2520 By-Pass Road Elkhart, IN 46515
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(Address of principal executive offices) (Zip)
(574) 294-6521
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(Registrant's telephone number, including area code)
Item 5. Other Events
ELKHART, INDIANA --- DECEMBER 17, 2003
SKYLINE REPORTS RESULTS FOR SECOND QUARTER AND FIRST HALF
Skyline Corporation's net earnings for the second quarter of
its fiscal 2004 year were $2,068,000, an increase from the $1,951,000 of
the second quarter of fiscal 2003. On a per share basis, net earnings for
the quarter which ended November 30, 2003, were $0.25, an increase from the
$0.23 of a year ago.
For the first half of fiscal 2004, net earnings were
$4,105,000, an increase from the $3,773,000 of a year ago. Net earnings per
share for the first half of fiscal 2004 were $0.49, an increase from the
$0.45 of the first half of fiscal 2003.
Sales for Skyline's fiscal 2004 second quarter were
$114,583,000, an increase from the $112,467,000 of the second quarter of
fiscal 2003. For the first six months of fiscal 2004, sales were
$224,262,000, a decrease from the $228,959,000 of fiscal 2003.
For Skyline's manufactured housing group, sales for the second
quarter of fiscal 2004 were $84,919,000 compared to $78,599,000 for the
second quarter of fiscal 2003. For the first six months of fiscal 2004,
sales by the manufactured housing group were $163,466,000, an increase from
the $159,706,000 recorded for the first six months of fiscal 2003.
For the recreational vehicle (RV) group, sales amounted to
$29,664,000 for fiscal 2004's second quarter, a decrease from the
$33,868,000 of the second quarter of fiscal 2003. For the first six months
of fiscal 2004, sales by the RV group were $60,796,000, a decrease from the
$69,253,000 of the same period a year ago.
As Skyline begins its third quarter, historically the slowest
period in its fiscal year, the company 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
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 Six Months Ended
November 30, November 30,
(Unaudited) (Unaudited)
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2003 2002 2003 2002
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Sales $ 114,583 $ 112,467 $ 224,262 $ 228,959
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Earnings before income taxes 3,481 3,239 6,840 6,275
Provision for income taxes 1,413 1,288 2,735 2,502
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Net earnings $ 2,068 $ 1,951 $ 4,105 $ 3,773
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Basic earnings per share $ .25 $ .23 $ .49 $ .45
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Weighted average common shares 8,391,244 8,391,244 8,391,244 8,391,244
outstanding ========== ========== ========== ==========
SKYLINE CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
November 30, (Unaudited)
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ASSETS 2003 2002
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Cash and temporary investments $ 156,593 $ 152,474
Accounts receivable 24,086 24,021
Inventories 10,039 10,115
Other current assets 9,051 8,258
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Total Current Assets 199,769 194,868
Property, Plant and Equipment, net 38,029 40,467
Other Assets 5,039 4,476
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$ 242,837 $ 239,811
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable, trade $ 6,704 $ 4,400
Accrued liabilities 32,000 32,049
Income taxes payable - 282
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Total Current Liabilities 38,704 36,731
Other Deferred Liabilities 4,664 4,095
Common stock 312 312
Additional paid-in capital 4,928 4,928
Retained earnings 259,973 259,489
Treasury stock, at cost, 2,825,900 shares in 2003 and 2002 (65,744) (65,744)
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Total Shareholders' Equity 199,469 198,985
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$ 242,837 $ 239,811
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