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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) June 18, 2004

SKYLINE CORPORATION


(Exact name of registrant as specified in its charter)
     
INDIANA

(State of Incorporation)
  1-4714

(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 -— JUNE 18, 2004

SKYLINE REPORTS YEAR-END, FOURTH QUARTER RESULTS

          Net earnings for Skyline Corporation’s 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 2004’s 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 2003’s fourth quarter.

          Sales for Skyline’s manufactured housing group for fiscal 2004 were $310,367,000 compared to $293,448,000 of fiscal 2003. The group’s sales for the fiscal 2004 fourth quarter totaled $82,005,000, compared to $71,387,000 of the comparable period of fiscal 2003.

          For Skyline’s RV group, sales for fiscal 2004 were $122,014,000 compared to $126,369,000 of fiscal 2003. The RV group’s sales for fiscal 2004’s 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