Form 10-Q
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
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þ |
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended August 31, 2011
or
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o |
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission file number: 1-4714
SKYLINE CORPORATION
(Exact name of registrant as specified in its charter)
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Indiana
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35-1038277 |
(State or other jurisdiction of
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(I.R.S. Employer |
incorporation or organization)
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Identification No.) |
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P. O. Box 743, 2520 By-Pass Road |
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46515 |
Elkhart, Indiana
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(Zip Code) |
(Address of principal executive offices)
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Registrants telephone number, including area code:
(574) 294-6521
Indicate by check mark whether the registrant (1) has filed all reports required to be filed
by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or
for such shorter period that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days. þ Yes
o No
Indicate by check mark whether the registrant has submitted electronically and posted on its
corporate Web site, if any, every Interactive Data File required to be submitted and posted
pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months
(or for such shorter period that the registrant was required to submit and post such files).
þ Yes o No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated
filer, a non-accelerated filer, or a smaller reporting company. See definitions of large
accelerated filer, accelerated filer and smaller reporting company in Rule 12b-2 of the
Exchange Act. (Check one):
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Large accelerated filer o
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Accelerated filer þ
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Non-accelerated filer o
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Smaller reporting company o |
Indicate by check mark whether the registrant is a shell company (as defined in Rule
12b-2 of the Act). o Yes þ No
Indicate the number of shares outstanding of each of the registrants classes of common
stock, as of the latest practicable date.
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Shares Outstanding |
Title of Class |
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October 7, 2011 |
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Common Stock
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8,391,244 |
PART I FINANCIAL INFORMATION
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Item 1. |
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Financial Statements. |
Skyline Corporation and Subsidiary Companies
Consolidated Balance Sheets
(Dollars in thousands)
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August 31, 2011 |
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May 31, 2011 |
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(Unaudited) |
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ASSETS |
Current Assets: |
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Cash |
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$ |
7,417 |
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$ |
9,727 |
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U.S. Treasury Bills, at cost plus accrued interest |
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30,995 |
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34,994 |
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Accounts receivable |
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10,593 |
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11,477 |
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Inventories |
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10,274 |
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8,720 |
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Other current assets |
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3,280 |
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3,463 |
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Total Current Assets |
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62,559 |
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68,381 |
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Property, Plant and Equipment, at Cost: |
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Land |
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4,063 |
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4,063 |
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Buildings and improvements |
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45,824 |
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45,760 |
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Machinery and equipment |
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23,641 |
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23,300 |
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73,528 |
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73,123 |
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Less accumulated depreciation |
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53,565 |
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52,998 |
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19,963 |
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20,125 |
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Idle property, net of accumulated depreciation |
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4,577 |
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4,677 |
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Net Property, Plant and Equipment |
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24,540 |
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24,802 |
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Other Assets |
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5,969 |
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5,916 |
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Total Assets |
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$ |
93,068 |
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$ |
99,099 |
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The accompanying notes are an integral part of the consolidated financial statements.
1
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Item 1. |
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Financial Statements (Continued). |
Skyline Corporation and Subsidiary Companies
Consolidated Balance Sheets
(continued)
(Dollars in thousands, except share and per share amounts)
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August 31, 2011 |
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May 31, 2011 |
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(Unaudited) |
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LIABILITIES AND SHAREHOLDERS EQUITY |
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Current Liabilities: |
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Accounts payable, trade |
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$ |
3,318 |
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$ |
3,392 |
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Accrued salaries and wages |
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3,636 |
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3,089 |
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Accrued marketing programs |
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2,555 |
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1,573 |
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Accrued warranty and related expenses |
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3,391 |
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3,366 |
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Accrued workers compensation |
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1,389 |
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822 |
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Other accrued liabilities |
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1,993 |
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2,474 |
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Total Current Liabilities |
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16,282 |
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14,716 |
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Other Deferred Liabilities |
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7,347 |
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7,344 |
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Commitments and Contingencies See Note 6 |
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Shareholders Equity: |
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Common stock, $.0277 par value, 15,000,000
shares authorized; issued 11,217,144 shares |
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312 |
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312 |
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Additional paid-in capital |
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4,928 |
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4,928 |
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Retained earnings |
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129,943 |
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137,543 |
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Treasury stock, at cost, 2,825,900 shares |
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(65,744 |
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(65,744 |
) |
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Total Shareholders Equity |
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69,439 |
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77,039 |
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Total Liabilities and Shareholders Equity |
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$ |
93,068 |
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$ |
99,099 |
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The accompanying notes are an integral part of the consolidated financial statements.
2
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Item 1. |
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Financial Statements (Continued). |
Skyline Corporation and Subsidiary Companies
Consolidated Statements of Operations and Retained Earnings
For the Three-Month Periods Ended August 31, 2011 and 2010
(Dollars in thousands, except share and per share amounts)
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2011 |
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2010 |
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(Unaudited) |
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OPERATIONS |
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Net sales |
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$ |
50,284 |
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$ |
45,827 |
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Cost of sales |
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49,240 |
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44,080 |
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Gross profit |
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1,044 |
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1,747 |
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Selling and administrative expenses |
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7,896 |
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7,830 |
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Operating loss |
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(6,852 |
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(6,083 |
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Interest income |
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7 |
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18 |
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Loss before income taxes |
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(6,845 |
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(6,065 |
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Benefit from income taxes |
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Net loss |
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$ |
(6,845 |
) |
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$ |
(6,065 |
) |
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Basic loss per share |
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$ |
(.82 |
) |
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$ |
(.72 |
) |
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Cash dividends per share |
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$ |
.09 |
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$ |
.18 |
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Weighted average number of common
shares outstanding |
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8,391,244 |
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8,391,244 |
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RETAINED EARNINGS |
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Balance at beginning of period |
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$ |
137,543 |
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$ |
170,211 |
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Net loss |
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(6,845 |
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(6,065 |
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Cash dividends paid |
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(755 |
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(1,510 |
) |
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Balance at end of period |
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$ |
129,943 |
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$ |
162,636 |
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The accompanying notes are an integral part of the consolidated financial statements.
3
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Item 1. |
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Financial Statements (Continued). |
Skyline Corporation and Subsidiary Companies
Consolidated Statements of Cash Flows
For the Three-Month Periods Ended August 31, 2011 and 2010
(Dollars in thousands)
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2011 |
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2010 |
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(Unaudited) |
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CASH FLOWS FROM OPERATING ACTIVITIES: |
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Net loss |
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$ |
(6,845 |
) |
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$ |
(6,065 |
) |
Adjustments to reconcile net loss to net cash used in
operating activities: |
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Depreciation |
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615 |
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685 |
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Changes in assets and liabilities: |
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Accrued interest receivable |
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7 |
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(1 |
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Accounts receivable |
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884 |
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802 |
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Inventories |
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(1,554 |
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(77 |
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Other current assets |
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183 |
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68 |
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Accounts payable, trade |
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(74 |
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95 |
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Accrued liabilities |
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1,640 |
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993 |
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Other, net |
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(2 |
) |
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8 |
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Net cash used in operating activities |
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(5,146 |
) |
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(3,492 |
) |
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CASH FROM INVESTING ACTIVITIES: |
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Proceeds from principal payments of U.S. Treasury Bills |
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26,986 |
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66,983 |
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Purchase of U.S. Treasury Bills |
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(22,994 |
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(62,981 |
) |
Purchase of property, plant and equipment |
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(353 |
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(131 |
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Other, net |
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(48 |
) |
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(52 |
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Net cash provided by investing activities |
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3,591 |
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3,819 |
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CASH FLOWS FROM FINANCING ACTIVITIES: |
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Cash dividends paid |
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(755 |
) |
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(1,510 |
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Net cash used in financing activities |
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(755 |
) |
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(1,510 |
) |
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Net decrease in cash |
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(2,310 |
) |
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(1,183 |
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Cash at beginning of period |
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9,727 |
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9,268 |
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Cash at end of period |
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$ |
7,417 |
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$ |
8,085 |
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The accompanying notes are an integral part of the consolidated financial statements.
4
Item 1. Financial Statements (Continued).
Skyline Corporation and Subsidiary Companies
Notes to the Consolidated Financial Statements (Unaudited)
NOTE 1 Nature of Operations, Accounting Policies of Consolidated Financial Statements
The accompanying unaudited interim consolidated financial statements contain all adjustments
(consisting of only normal recurring adjustments) necessary to present fairly the consolidated
financial position as of August 31, 2011, in addition to the consolidated results of operations and
consolidated cash flows for the three-month periods ended August 31, 2011 and 2010. Due to the
seasonal nature of the Corporations business, interim results are not necessarily indicative of
results for the entire year.
The unaudited interim consolidated financial statements included herein have been prepared
pursuant to the rules and regulations for reporting on Form 10-Q. Accordingly, certain information
and footnote disclosures normally accompanying the annual consolidated financial statements have
been omitted. The audited consolidated balance sheet as of May 31, 2011 and the unaudited interim
consolidated financial statements should be read in conjunction with the consolidated financial
statements and notes thereto included in the Corporations latest annual report on Form 10-K.
The following is a summary of the accounting policies that have a significant effect on the
Consolidated Financial Statements.
Investments The Corporation invests in United States Government securities, which are
typically held until maturity and are therefore classified as held-to-maturity and carried at
amortized cost.
Accounts Receivable Trade receivables are based on the amounts billed to dealers and
communities. The Corporation does not accrue interest on any of its trade receivables, nor does it
have an allowance for credit losses due to favorable collections experience. If a loss occurs, the
Corporations policy is to recognize it in the period when collectability cannot be reasonably
assured.
Inventories Inventories are stated at the lower of cost or market. Cost is determined
under the first-in, first-out method. Physical inventory counts are taken at the end of each
reporting quarter.
Warranty The Corporation provides the retail purchaser of its manufactured homes with a
full fifteen-month warranty against defects in design, materials and workmanship. Recreational
vehicles are covered by a one-year warranty. The warranties are backed by service departments
located at the Corporations manufacturing facilities and an extensive field service system.
Estimated warranty costs are accrued at the time of sale based upon current sales, historical
experience and managements judgment regarding anticipated rates of warranty claims. The adequacy
of the recorded warranty liability is periodically assessed and the amount is adjusted as
necessary.
Property, Plant and Equipment Property, plant and equipment are stated at cost.
Depreciation is computed over the estimated useful lives of the assets using the straight-line
method for financial statement reporting and accelerated methods for income tax reporting purposes.
5
Item 1. Financial Statements (Continued).
Skyline Corporation and Subsidiary Companies
Notes to the Consolidated Financial Statements (Unaudited) (Continued)
NOTE 1 Nature of Operations, Accounting Policies of Consolidated Financial Statements
(Continued)
Property, Plant and Equipment Continued
Estimated useful lives for significant classes of property, plant and equipment, including idle
property, are as follows: Building and improvements 10 to 30 years; machinery and equipment 5 to 8
years. Idle property, net of accumulated depreciation represents the net book value of idle
manufacturing facilities in the following locations: Hemet, California; Ocala, Florida; Halstead,
Kansas; Mocksville, North Carolina and Ephrata, Pennsylvania.
Income Taxes The Corporation recognizes deferred tax assets based on differences between
the carrying values of assets for financial and tax reporting purposes. The realization of the
deferred tax assets is dependent upon the generation of sufficient future taxable income.
Generally accepted accounting principles require that an entity consider both negative and positive
evidence in determining whether a valuation allowance is warranted. In comparing negative and
positive evidence, continual losses in recent years is considered significant, negative, objective
evidence that deferred tax assets may not be realized in the future, and generally is assigned more
weight than subjective positive evidence of the realizability of deferred tax assets. As a result
of its extensive evaluation of both positive and negative evidence, management recorded a full
valuation allowance against its deferred tax assets in fiscal 2010 and continued to maintain a full
valuation allowance through the first quarter of fiscal 2012.
NOTE 2 Investments
The following is a summary of investments (dollars in thousands):
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Gross |
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Gross |
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Unrealized |
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Amortized |
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(Losses) |
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Fair |
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Costs |
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Gains |
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Value |
|
August 31, 2011 |
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U. S. Treasury Bills |
|
$ |
30,995 |
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$ |
5 |
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$ |
31,000 |
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May 31, 2011 |
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U. S. Treasury Bills |
|
$ |
34,994 |
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$ |
11 |
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$ |
35,005 |
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The fair value is determined by a secondary market for U.S. Government Securities. At August
31, 2011 and May 31, 2011, the U.S. Treasury Bills mature within eight and five months,
respectively.
6
Item 1. Financial Statements (Continued).
Skyline Corporation and Subsidiary Companies
Notes to the Consolidated Financial Statements (Unaudited) (Continued)
NOTE 3 Inventories
Total inventories consist of the following:
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August 31, 2011 |
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May 31, 2011 |
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(Dollars in thousands) |
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Raw materials |
|
$ |
5,361 |
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$ |
5,016 |
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Work in process |
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2,844 |
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|
3,300 |
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Finished goods |
|
|
2,069 |
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|
404 |
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|
$ |
10,274 |
|
|
$ |
8,720 |
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NOTE 4 Warranty
A reconciliation of accrued warranty and related expenses is as follows:
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Three-Months Ended |
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August 31, |
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2011 |
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2010 |
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(Dollars in thousands) |
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Balance at the beginning of the period |
|
$ |
4,966 |
|
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$ |
4,839 |
|
Accruals for warranties |
|
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1,355 |
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|
1,311 |
|
Settlements made during the period |
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(1,330 |
) |
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(1,300 |
) |
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Balance at the end of the period |
|
|
4,991 |
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|
4,850 |
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Non-current balance included in other deferred liabilities |
|
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1,600 |
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|
1,500 |
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|
|
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Accrued warranty and related expenses |
|
$ |
3,391 |
|
|
$ |
3,350 |
|
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NOTE 5 Income Taxes
The Corporations gross deferred tax assets of approximately $33 million consist of
approximately $20 million in federal net operating loss and tax credit carryforwards, $6 million in
state net operating loss carryforwards, and $7 million resulting from temporary differences between
financial and tax reporting. The federal net operating loss and tax credit carryforwards have a
life expectancy of twenty years. The state net operating loss carryforwards have a life
expectancy, depending on the state where a loss was incurred, between five and twenty years. 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.
7
Item 1. Financial Statements (Continued).
Skyline Corporation and Subsidiary Companies
Notes to the Consolidated Financial Statements (Unaudited) (Continued)
NOTE 6 Commitments and Contingencies
The Corporation was contingently liable at August 31, 2011 under repurchase agreements with
certain financial institutions providing inventory financing for dealers of its products. Under
these arrangements, which are customary in the manufactured housing and recreational vehicle
industries, the Corporation agrees to repurchase units in the event of default by the dealer at
declining prices over the term of the agreement. The period to potentially repurchase units is
between 12 to 24 months.
The maximum repurchase liability is the total amount that would be paid upon the default of
the Corporations independent dealers. The maximum potential repurchase liability, without
reduction for the resale value of the repurchased units, was approximately $58 million at August
31, 2011 and approximately $52 million at May 31, 2011.
The risk of loss under these agreements is spread over many dealers and financial
institutions. The loss, if any, under these agreements is the difference between the repurchase
cost and the resale value of the units. The Corporation estimates the fair value of this
commitment considering both the contingent losses and the value of the guarantee. This amount has
historically been insignificant. The Corporation believes that any potential loss under the
agreements in effect at August 31, 2011 will not be material to its financial position or results
of operations.
The amounts of obligations from repurchased units and incurred net losses for the periods
presented are as follows:
|
|
|
|
|
|
|
|
|
|
|
Three-Months Ended |
|
|
|
August 31, |
|
|
|
2011 |
|
|
2010 |
|
|
|
|
|
|
|
|
|
|
Number of units repurchased |
|
|
|
|
|
|
|
|
Obligations from units repurchased |
|
$ |
|
|
|
$ |
|
|
Net losses on repurchased units |
|
$ |
|
|
|
$ |
|
|
The Corporation is a party to various pending legal proceedings in the normal course of
business. Management believes that any losses resulting from such proceedings would not have a
material adverse effect on the Corporations results of operations or financial position.
8
Item 1. Financial Statements (Continued).
Skyline Corporation and Subsidiary Companies
Notes to the Consolidated Financial Statements (Unaudited) (Continued)
NOTE 7 Industry Segment Information
The Corporation designs, produces and markets manufactured housing, modular housing and
recreational vehicles (travel trailers, fifth wheels and park models). Manufactured housing
represents homes built according to a national building code; modular housing represents homes
built to a local building code. The percentage allocation of manufactured housing and recreational
vehicle net sales is:
|
|
|
|
|
|
|
|
|
|
|
Three-Months Ended |
|
|
|
August 31, |
|
|
|
2011 |
|
|
2010 |
|
Housing |
|
|
|
|
|
|
|
|
Manufactured Housing |
|
|
|
|
|
|
|
|
Domestic |
|
|
47 |
% |
|
|
56 |
% |
Canadian |
|
|
|
|
|
|
1 |
|
|
|
|
|
|
|
|
|
|
|
47 |
|
|
|
57 |
|
Modular Housing |
|
|
|
|
|
|
|
|
Domestic |
|
|
8 |
|
|
|
9 |
|
Canadian |
|
|
3 |
|
|
|
1 |
|
|
|
|
|
|
|
|
|
|
|
11 |
|
|
|
10 |
|
|
|
|
|
|
|
|
Total Housing |
|
|
58 |
|
|
|
67 |
|
|
|
|
|
|
|
|
|
|
Recreational Vehicles |
|
|
|
|
|
|
|
|
Domestic |
|
|
32 |
|
|
|
25 |
|
Canadian |
|
|
10 |
|
|
|
8 |
|
|
|
|
|
|
|
|
Total Recreational Vehicles |
|
|
42 |
|
|
|
33 |
|
|
|
|
|
|
|
|
|
|
|
100 |
% |
|
|
100 |
% |
|
|
|
|
|
|
|
9
Item 1. Financial Statements (Continued).
Skyline Corporation and Subsidiary Companies
Notes to the Consolidated Financial Statements (Unaudited) (Continued)
NOTE 7 Industry Segment Information (Continued)
|
|
|
|
|
|
|
|
|
|
|
Three-Months Ended |
|
|
|
August 31, |
|
|
|
2011 |
|
|
2010 |
|
|
|
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
NET SALES |
|
|
|
|
|
|
|
|
Housing |
|
|
|
|
|
|
|
|
Domestic |
|
$ |
23,676 |
|
|
$ |
25,673 |
|
Canadian |
|
|
|
|
|
|
486 |
|
|
|
|
|
|
|
|
|
|
|
23,676 |
|
|
|
26,159 |
|
Modular Housing |
|
|
|
|
|
|
|
|
Domestic |
|
|
4,213 |
|
|
|
3,877 |
|
Canadian |
|
|
1,254 |
|
|
|
593 |
|
|
|
|
|
|
|
|
|
|
|
5,467 |
|
|
|
4,470 |
|
|
|
|
|
|
|
|
Total Housing |
|
|
29,143 |
|
|
|
30,629 |
|
|
|
|
|
|
|
|
|
|
Recreational Vehicles |
|
|
|
|
|
|
|
|
Domestic |
|
|
16,162 |
|
|
|
11,301 |
|
Canadian |
|
|
4,979 |
|
|
|
3,897 |
|
|
|
|
|
|
|
|
Total Recreational Vehicles |
|
|
21,141 |
|
|
|
15,198 |
|
|
|
|
|
|
|
|
Total Net sales |
|
$ |
50,284 |
|
|
$ |
45,827 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LOSS BEFORE INCOME TAXES |
|
|
|
|
|
|
|
|
Operating Loss |
|
|
|
|
|
|
|
|
Housing |
|
$ |
(4,406 |
) |
|
$ |
(3,828 |
) |
Recreational vehicles |
|
|
(1,875 |
) |
|
|
(1,633 |
) |
General corporate expense |
|
|
(571 |
) |
|
|
(622 |
) |
|
|
|
|
|
|
|
Total operating loss |
|
|
(6,852 |
) |
|
|
(6,083 |
) |
Interest income |
|
|
7 |
|
|
|
18 |
|
|
|
|
|
|
|
|
Loss before income taxes |
|
$ |
(6,845 |
) |
|
$ |
(6,065 |
) |
|
|
|
|
|
|
|
Total operating loss represents operating losses before interest income and provision for
income taxes with non-traceable operating expenses being allocated to industry segments based on
percentages of sales. General corporate expenses are not allocated to the industry segments.
NOTE 8 Subsequent Event
Subsequent to August 31, 2011, the Corporation sold an idle housing facility located in Ocala,
Florida. The gain on the sale of this facility is expected to be approximately $1,000,000.
10
|
|
|
Item 2. |
|
Managements Discussion and Analysis of Financial Condition and Results of Operations |
Overview
The Corporation designs, produces and markets manufactured housing, modular housing and
towable recreational vehicles (travel trailers, fifth wheels and park models) to independent
dealers and manufactured housing communities located throughout the United States and Canada. To
better serve the needs of its dealers and communities, the Corporation has thirteen manufacturing
facilities in ten states. Manufactured housing, modular housing and recreational vehicles are sold
to dealers and communities either through floor plan financing with various financial institutions
or on a cash basis. While the Corporation maintains production of manufactured housing, modular
homes and recreational vehicles throughout the year, seasonal fluctuations in sales do occur. Sales
and production of manufactured housing and modular housing are affected by winter weather
conditions at the Corporations northern plants. Recreational vehicle sales are generally higher in
the spring and summer months than in the fall and winter months.
Manufactured and modular housing are marketed under a number of trademarks, and are available
in a variety of dimensions. Manufactured housing products are built according to standards
established by the U.S. Department of Housing and Urban Development. Modular homes are built
according to state, provincial or local building codes. Recreational vehicles include travel
trailers, fifth wheels and park models. Travel trailers and fifth wheels are marketed under the
following trademarks: Aljo; Bobcat; Koala; Layton; Mountain View; Nomad; Texan;
Wagoneer; Walkabout; and Weekender. Park models are marketed under the following trademarks:
Cedar Cove; Cutlass; Cutlass Elite; Deerfield; Forest Brook; Shore Park Homes; and
Vacation Villa. The Corporations recreational vehicles are intended to provide temporary living
accommodations for individuals seeking leisure travel and outdoor recreation.
Manufactured Housing, Modular Housing and Recreational Vehicle Industry Conditions
Sales of manufactured housing, modular housing and recreational vehicles are affected by the
strength of the U.S. economy, interest rate and employment levels, consumer confidence and the
availability of wholesale and retail financing. The manufactured housing industry has been
affected by a continuing decline in sales. This decline, caused primarily by adverse economic
conditions, tightening retail and wholesale credit markets and a depressed site-built housing
market, is resulting in historically low industry shipments. From January to August 2011, total
shipments were approximately 32,000 units, an approximately 10 percent decrease from the same
period a year ago.
Tight credit markets for retail and wholesale financing have become a significant challenge
for the manufactured housing industry. According to the Manufactured Housing Institute, a lack of
retail financing options and restrictive credit standards has negatively affected manufactured home
buyers. In addition, a significant decline has occurred in wholesale financing, especially as
national floor plan lenders have decreased lending to industry dealers.
11
|
|
|
Item 2. |
|
Managements Discussion and Analysis of Financial Condition and Results of Operation
(Continued). |
Manufactured Housing, Modular Housing and Recreational Vehicle Industry Conditions (Continued)
The domestic modular housing industry has challenges similar to the manufactured housing
industry, such as restrictive retail and wholesale financing, and a depressed site-built housing
market. From calendar 2004 to 2010, total shipments decreased from approximately 43,000 to 13,000
units, a decline of 70 percent. Information related to the Canadian modular housing industry is
not available.
Sales of recreational vehicles are influenced by changes in consumer confidence, employment
levels, the availability of retail and wholesale financing and gasoline prices. Industry unit
sales of travel trailers and fifth wheels have varied in recent years. From calendar 2007 to the
first half of 2009 unit sales decreased as a result of recessionary conditions, decreased household
wealth, tightening credit markets for retail and wholesale financing, and excess inventory of new
recreational vehicles. Unit sales, however, started increasing in the last half of calendar 2009
and continue to date. The Recreational Vehicle Industry Association (RVIA), notes that uncertainty
about job and income prospects, stagnating wages, depressed home values and the likelihood of
rising taxes will adversely affects recreational vehicle sales.
First Quarter Fiscal 2012 Results
The Corporation experienced the following results during the first quarter of fiscal 2012:
|
|
|
Total net sales were $50,284,000, an approximate 10 percent increase from the
$45,827,000 reported in the same period a year ago. |
|
|
|
|
Housing net sales were $29,143,000, an approximate 5 percent decrease from the
$30,629,000 realized in the first quarter of fiscal 2011. |
|
|
|
|
Recreational vehicle net sales were $21,141,000 in the first quarter of fiscal 2012,
an approximate 39 percent increase from $15,198,000 in the first quarter of fiscal 2011. |
|
|
|
|
Net loss for the first quarter of fiscal 2012 was $6,845,000 as compared to $6,065,000
for the first quarter of fiscal 2011. On a per share basis, net loss was $.82 as
compared to $.72 for the same period a year ago. |
|
|
|
|
The Corporation continues to maintain a full valuation allowance for deferred tax
assets, and as a result recognized no benefit from income taxes from its current period loss. |
|
|
|
|
At May 31, 2011, the Corporation ceased housing production at its Bristol, Indiana
facility. This facility is being converted to produce recreational vehicles in order to address
increased demand for these products, and to address capacity limitations at one of the recreational
vehicles facilities in Elkhart, Indiana. The conversion of the Bristol facility is expected to be
completed by October 31, 2011, and the cost of the conversion is not expected to exceed $325,000.
Independent dealers and communities that purchased homes from the Bristol facility now have their
product and service needs met by the Corporations facilities in Sugarcreek, Ohio; Lancaster,
Wisconsin; and Leola, Pennsylvania. |
12
|
|
|
Item 2. |
|
Managements Discussion and Analysis of Financial Condition and Results of Operation
(Continued). |
First Quarter Fiscal 2012 Results (Continued)
|
|
|
On June 1, 2011, the Corporations Board of Directors declared a dividend of $.09 per
share payable July 1, 2011 to shareholders of record at the close of business on June 14, 2011. On
July 25, 2011, the Board also declared a quarterly dividend of $.09 per share payable October 3,
2011 to shareholders of record at the close of business on September 16, 2011. The quarterly
dividends were reduced from $.18 per share paid in prior years to preserve cash. |
|
|
|
|
The Corporation announced the closing of its housing facility in Fair Haven, Vermont
due to weak demand in the New England market. Production is expected to cease in October.
Independent dealers and communities that purchased homes from the Fair Haven facility will have
their product and service needs met by the Corporations facility in Leola, Pennsylvania. |
|
|
|
|
Subsequent to August 31, 2011, the Corporation sold an idle housing facility located
in Ocala, Florida. |
The Corporations housing segment experienced decreased net sales in first quarter of fiscal
2012 as compared to the first quarter of fiscal 2011, and management cannot determine with
certainty if this trend will continue. This uncertainty is based on continuing negative economic
conditions previously referenced.
The recreational vehicle segment experienced increased net sales in first quarter fiscal 2012
as compared to the first quarter of fiscal 2011. Regarding the business environment for the
remaining quarters of fiscal 2012, the RVIA forecasts calendar 2011 travel trailer and fifth wheel
shipments of approximately 209,000 units; a 5 percent increase from calendar 2010s total of
approximately 199,000 units. The RVIA also forecasts calendar 2012 travel trailer and fifth wheel
shipments of approximately 207,000 units; a 1 percent decrease from calendar year 2011s total.
Given this trend, business conditions in fiscal 2012 could be negatively impacted by adverse
factors previously referenced by the RVIA.
With a significant position in cash and U.S. Treasury Bills, no bank debt, and experienced
employees, the Corporation is prepared to meet the challenges ahead by continuing to evaluate its
cost structure and seeking opportunities for revenue growth.
13
|
|
|
Item 2. |
|
Managements Discussion and Analysis of Financial Condition and Results of Operations
(Continued). |
Results of Operations Three-Month Period Ended August 31, 2011 Compared to
Three-Month Period Ended August 31, 2010 (Unaudited)
Net Sales and Unit Shipments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
August 31, |
|
|
|
|
|
|
August 31, |
|
|
|
|
|
|
Increase |
|
|
|
2011 |
|
|
Percent |
|
|
2010 |
|
|
Percent |
|
|
(Decrease) |
|
|
|
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Housing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Manufactured Housing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic |
|
$ |
23,676 |
|
|
|
47 |
|
|
$ |
25,673 |
|
|
|
56 |
|
|
$ |
(1,997 |
) |
Canadian |
|
|
|
|
|
|
|
|
|
|
486 |
|
|
|
1 |
|
|
|
(486 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23,676 |
|
|
|
47 |
|
|
|
26,159 |
|
|
|
57 |
|
|
|
(2,483 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Modular Housing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic |
|
|
4,213 |
|
|
|
8 |
|
|
|
3,877 |
|
|
|
9 |
|
|
|
336 |
|
Canadian |
|
|
1,254 |
|
|
|
3 |
|
|
|
593 |
|
|
|
1 |
|
|
|
661 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,467 |
|
|
|
11 |
|
|
|
4,470 |
|
|
|
10 |
|
|
|
997 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Housing |
|
|
29,143 |
|
|
|
58 |
|
|
|
30,629 |
|
|
|
67 |
|
|
|
(1,486 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Recreational Vehicles |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic |
|
|
16,162 |
|
|
|
32 |
|
|
|
11,301 |
|
|
|
25 |
|
|
|
4,861 |
|
Canadian |
|
|
4,979 |
|
|
|
10 |
|
|
|
3,897 |
|
|
|
8 |
|
|
|
1,082 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Recreational Vehicles |
|
|
21,141 |
|
|
|
42 |
|
|
|
15,198 |
|
|
|
33 |
|
|
|
5,943 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Net Sales |
|
$ |
50,284 |
|
|
|
100 |
|
|
$ |
45,827 |
|
|
|
100 |
|
|
$ |
4,457 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unit Shipments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Housing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Manufactured Housing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic |
|
|
519 |
|
|
|
25 |
|
|
|
596 |
|
|
|
34 |
|
|
|
(77 |
) |
Canadian |
|
|
|
|
|
|
|
|
|
|
19 |
|
|
|
1 |
|
|
|
(19 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
519 |
|
|
|
25 |
|
|
|
615 |
|
|
|
35 |
|
|
|
(96 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Modular Housing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic |
|
|
72 |
|
|
|
3 |
|
|
|
70 |
|
|
|
4 |
|
|
|
2 |
|
Canadian |
|
|
22 |
|
|
|
1 |
|
|
|
11 |
|
|
|
1 |
|
|
|
11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
94 |
|
|
|
4 |
|
|
|
81 |
|
|
|
5 |
|
|
|
13 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Housing |
|
|
613 |
|
|
|
29 |
|
|
|
696 |
|
|
|
40 |
|
|
|
(83 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Recreational Vehicles |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic |
|
|
1,173 |
|
|
|
56 |
|
|
|
798 |
|
|
|
46 |
|
|
|
375 |
|
Canadian |
|
|
312 |
|
|
|
15 |
|
|
|
244 |
|
|
|
14 |
|
|
|
68 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Recreational Vehicles |
|
|
1,485 |
|
|
|
71 |
|
|
|
1,042 |
|
|
|
60 |
|
|
|
443 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Unit Shipments |
|
|
2,098 |
|
|
|
100 |
|
|
|
1,738 |
|
|
|
100 |
|
|
|
360 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14
|
|
|
Item 2. |
|
Managements Discussion and Analysis of Financial Condition and Results of Operations
(Continued). |
Results of Operations Three-Month Period Ended August 31, 2011 Compared to
Three-Month Period Ended August 31, 2010 (Unaudited) (Continued)
Net Sales and Unit Shipments (Continued)
Housing net sales decreased approximately 5 percent. The decrease was the result of:
|
|
|
Domestic manufactured housing net sales decreasing approximately 8 percent |
|
|
|
|
Canadian manufactured housing net sales decreasing 100 percent |
|
|
|
|
Domestic modular housing net sales increasing approximately 9 percent |
|
|
|
|
Canadian modular housing net sales increasing approximately 111 percent. |
Housing unit shipments decreased approximately 12 percent. The decrease was the result of:
|
|
|
Domestic manufactured housing shipments decreasing approximately 13 percent |
|
|
|
|
Canadian manufactured housing shipments decreasing 100 percent |
|
|
|
|
Domestic modular shipments increasing approximately 3 percent |
|
|
|
|
Canadian modular shipments increasing 100 percent. |
Total domestic manufactured housing unit shipments decreased approximately 13 percent.
Industry unit shipments for these products decreased approximately 5 percent during the first
quarter of fiscal 2012 as compared to the same period a year ago. Current industry unit shipment
data for modular housing is not available.
Compared to prior years first quarter, the average net sales price for domestic housing
products and Canadian modular housing products increased approximately 6 percent due to price
adjustments.
Recreational vehicle net sales increased approximately 39 percent. The increase was the
result of:
|
|
|
Domestic recreational vehicle net sales increasing approximately 43 percent |
|
|
|
|
Canadian recreational vehicle net sales increasing approximately 28 percent |
Recreational vehicle unit shipments increased approximately 43 percent. The increase was the
result of:
|
|
|
Domestic recreational vehicle shipments increasing approximately 47 percent |
|
|
|
|
Canadian recreational vehicle shipments increasing approximately 28 percent. |
Unit shipments for travel trailers and fifth wheels increased approximately 44 percent while
industry shipments for these products during the first quarter of fiscal year 2012 as compared to
the first quarter of fiscal 2011 decreased approximately 2 percent. Current industry unit shipment
data for park models is not available.
15
|
|
|
Item 2. |
|
Managements Discussion and Analysis of Financial Condition and Results of Operations
(Continued). |
Results of Operations Three-Month Period Ended August 31, 2011 Compared to
Three-Month Period Ended August 31, 2010 (Unaudited) (Continued)
Net Sales and Unit Shipments (Continued)
The average net sales price per unit for recreational vehicle products in the first quarter of
fiscal year 2012 as compared to the first quarter of fiscal year 2011 decreased approximately 2
percent. The decrease is primarily due to a shift in consumer preference toward recreational
vehicles with lower price points; either through less square footage or fewer amenities.
Cost of Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
August 31, |
|
|
Percent |
|
|
August 31, |
|
|
Percent |
|
|
Increase |
|
|
|
2011 |
|
|
of Sales * |
|
|
2010 |
|
|
of Sales* |
|
|
(Decrease) |
|
|
|
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Housing |
|
$ |
29,108 |
|
|
|
100 |
|
|
$ |
29,492 |
|
|
|
96 |
|
|
$ |
(384 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Recreational vehicles |
|
|
20,132 |
|
|
|
95 |
|
|
|
14,588 |
|
|
|
96 |
|
|
|
5,544 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated |
|
$ |
49,240 |
|
|
|
98 |
|
|
$ |
44,080 |
|
|
|
96 |
|
|
$ |
5,160 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
|
The percentages for housing and recreational vehicles are based on segment net sales. The
percentage for consolidated cost of sales is based on total net sales. |
Housing cost of sales decreased due to lower unit shipments. As a percentage of sales,
cost of sales increased due to a continued product mix shift toward homes with lower square footage
or fewer amenities. In addition, cost of sales as a percentage of sales increased as a result of
certain manufacturing expenses being fixed amid declining sales.
Recreational vehicle cost of sales increased due to higher unit shipments. As a percentage of
sales, cost of sales decreased due to certain manufacturing cost being fixed amid rising sales.
Selling and Administrative Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
August 31, |
|
|
Percent |
|
|
August 31, |
|
|
Percent |
|
|
|
|
|
|
2011 |
|
|
of Sales |
|
|
2010 |
|
|
of Sales |
|
|
Increase |
|
|
|
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling and administrative
expenses |
|
$ |
7,896 |
|
|
|
16 |
|
|
$ |
7,830 |
|
|
|
17 |
|
|
$ |
66 |
|
As a percentage of net sales, selling and administrative expenses decreased due to certain
costs being fixed amid rising net sales.
16
|
|
|
Item 2. |
|
Managements Discussion and Analysis of Financial Condition and Results of Operations
(Continued). |
Results of Operations Three-Month Period Ended August 31, 2011 Compared to
Three-Month Period Ended August 31, 2010 (Unaudited) (Continued)
Operating Loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
August 31, |
|
|
Percent |
|
|
August 31, |
|
|
Percent |
|
|
|
2011 |
|
|
of Sales* |
|
|
2010 |
|
|
of Sales* |
|
|
|
(Dollars in Thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Housing |
|
$ |
(4,406 |
) |
|
|
(15 |
) |
|
$ |
(3,828 |
) |
|
|
(12 |
) |
Recreational vehicles |
|
|
(1,875 |
) |
|
|
(9 |
) |
|
|
(1,633 |
) |
|
|
(11 |
) |
General corporate expenses |
|
|
(571 |
) |
|
|
(1 |
) |
|
|
(622 |
) |
|
|
(1 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Operating loss |
|
$ |
(6,852 |
) |
|
|
(14 |
) |
|
$ |
(6,083 |
) |
|
|
(13 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
|
The percentages for manufactured housing and recreational vehicles are based on segment
sales. The percentage for general corporate expenses and total operating loss earnings are based
on total sales. |
The operating loss for housing increased due to lower unit shipments, and a continued
shift towards products sold with lower margins relative to products sold in the same period of
prior year.
The operating loss for recreational vehicles includes an additional $300,000 of non-traceable
operating expenses allocated to industry segments based on a percentage of sales. In the first
quarter of fiscal 2012, recreational vehicle net sales were approximately 42 percent of total net
sales as compared to 33 percent in the same period of prior year.
General corporate expenses decreased primarily due to reduced maintenance costs as compared to
prior year.
Subsequent Event
Subsequent to August 31, 2011, the Corporation sold an idle housing facility located in Ocala,
Florida. The gain on the sale of this facility is expected to be approximately $1,000,000.
17
|
|
|
Item 2. |
|
Managements Discussion and Analysis of Financial Condition and Results of Operations
(Continued). |
Liquidity and Capital Resources
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
August 31, |
|
|
May 31, |
|
|
Increase |
|
|
|
2011 |
|
|
2011 |
|
|
(Decrease) |
|
|
|
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and U.S. Treasury Bills |
|
$ |
38,412 |
|
|
$ |
44,721 |
|
|
$ |
(6,309 |
) |
Current assets, exclusive of cash and US Treasury Bills |
|
$ |
24,147 |
|
|
$ |
23,660 |
|
|
$ |
487 |
|
Current liabilities |
|
$ |
16,282 |
|
|
$ |
14,716 |
|
|
$ |
1,566 |
|
Working capital |
|
$ |
46,277 |
|
|
$ |
53,665 |
|
|
$ |
(7,388 |
) |
The Corporations policy is to invest its excess cash, which exceeds its operating needs, in
U.S. Government Securities. Cash and U.S. Treasury Bills decreased due primarily to a net loss of
$6,845,000 and dividends paid of $755,000. Current assets, exclusive of cash and U.S. Treasury
Bills, increased primarily due to a $1,554,000 increase in inventories, and a $884,000 decrease in
accounts receivable. Inventories increased primarily as a result of a greater number of homes and
recreational vehicles being used as displays at trade shows and the Corporations facilities.
Accounts receivable decreased due to the timing of payments from financial institutions.
Current liabilities changed as a result of a $547,000 increase in accrued salaries and wages.
Accrued salaries and wages increased due to the timing of payments to employees at August 31, 2011
as compared to May 31, 2011. In addition, accrued marketing programs increased $982,000 due to
accruals for an ongoing marketing program for manufactured housing dealers. Accruals are made
monthly, and the majority of payments are made during the Corporations fourth fiscal quarter.
Capital expenditures totaled $353,000 for the first quarter of fiscal 2012 as compared to
$131,000 for fiscal 2011. Included in current years capital expenditures is approximately $150,000
related to the conversion of the Bristol, Indiana facility. Other capital expenditures were made
primarily to replace or refurbish machinery and equipment in addition to improving manufacturing
efficiencies. In the third quarter of fiscal 2009, the Corporation began a project to implement an
enterprise resource planning (ERP) system. The project is expected to last until the end of fiscal
2012, and the cost is to be paid out of the Corporations normal budget for capital expenditures.
The amount of capital expended for this project through August 31, 2011 is approximately $945,000.
The amount of capital expended in the first quarter of fiscal 2012 was approximately $11,000, while
the amount expended in the first fiscal quarter of 2011 was approximately $7,000. The goal of the
ERP system is to obtain better decision-making information, to react quicker to changes in market
conditions, and lower the Corporations technology costs.
The Corporations current cash and other short-term investments are expected to be adequate to
fund any capital expenditures and potential treasury stock purchases during fiscal 2012. Although
the Corporation has experienced decreased liquidity, its financing needs have been met with a
combination of cash on hand and funds generated through the sale of assets.
18
|
|
|
Item 2. |
|
Managements Discussion and Analysis of Financial Condition and Results of Operations
(Continued). |
Liquidity and Capital Resources (Continued)
On July 25, 2011, the Board also declared a quarterly dividend of $.09 per share payable
October 3, 2011 to shareholders of record at the close of business on September 16, 2011. The
dividend was reduced from $.18 per share paid in prior years to preserve cash.
Impact of Inflation
The consolidated financial statements included in this report reflect transactions in the
dollar values in which they were incurred and, therefore, do not attempt to measure the impact of
inflation. On a long-term basis, the Corporation has demonstrated an ability to adjust selling
prices in reaction to changing costs due to inflation.
Forward Looking Information
Certain statements in this report are considered forward looking as indicated by the Private
Securities Litigation Reform Act of 1995. These statements involve uncertainties that may cause
actual results to materially differ from expectations as of the report date. These uncertainties
include but are not limited to:
|
|
|
Consumer confidence and economic uncertainty |
|
|
|
|
Availability of wholesale and retail financing |
|
|
|
|
The health of the U.S. housing market as a whole |
|
|
|
|
Cyclical nature of the manufactured housing and recreational vehicle
industries |
|
|
|
|
General or seasonal weather conditions affecting sales |
|
|
|
|
Potential impact of hurricanes and other natural disasters on sales and raw
material costs |
|
|
|
|
Potential periodic inventory adjustments by independent retailers |
|
|
|
|
Interest rate levels |
|
|
|
|
Impact of inflation |
|
|
|
|
Impact of rising fuel costs |
|
|
|
|
Cost of labor and raw materials |
|
|
|
|
Competitive pressures on pricing and promotional costs |
|
|
|
|
Catastrophic events impacting insurance costs |
|
|
|
|
The availability of insurance coverage for various risks to the Corporation |
|
|
|
|
Market demographics |
|
|
|
|
Managements ability to attract and retain executive officers and key
personnel |
|
|
|
|
Increased global tensions, market disruption resulting from a terrorist or
other attack and any armed conflict involving the United States. |
19
|
|
|
Item 3. |
|
Quantitative and Qualitative Disclosures About Market Risk. |
The Corporation invests in United States Government Securities. These securities are held
until maturity and are therefore classified as held-to-maturity and carried at amortized cost.
Changes in interest rates do not have a significant effect on the fair value of these investments.
|
|
|
Item 4. |
|
Controls and Procedures. |
Managements Conclusions Regarding Effectiveness of Disclosure Controls and Procedures
As of August 31, 2011, the Corporation conducted an evaluation, under the supervision and
participation of management including the Chief Executive Officer and Chief Financial Officer, of
the effectiveness of the Corporations disclosure controls and procedures (as defined in Rule
13a-15(e) of the Securities Exchange Act of 1934). Based upon that evaluation, the Chief Executive
Officer and Chief Financial Officer concluded that the Corporations disclosure controls and
procedures are effective for the period ended August 31, 2011.
Changes in Internal Control over Financial Reporting
No change in the Corporations internal control over financial reporting (as such term is
defined in Exchange Act Rule 13a-15(f)) occurred during the first quarter ended August 31, 2011
that materially affected, or is reasonably likely to materially affect, the Corporations internal
control over financial reporting.
PART II OTHER INFORMATION
|
|
|
Item 1. |
|
Legal Proceedings. |
Information with respect to this Item for the period covered by this Form 10-Q has been
reported in Item 3, entitled Legal Proceedings of the Form 10-K for the fiscal year ended May 31,
2011 filed by the registrant with the Commission.
There were no material changes in the risk factors disclosed in Item 1A of the Corporations
Form 10-K for the year ended May 31, 2011.
20
PART II OTHER INFORMATION (Continued)
|
|
|
|
|
|
(31.1)
|
|
Certification of Chief Executive Officer Pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002-Rule 13a-14(a)/15d-14(a) |
|
|
|
(31.2)
|
|
Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act
of 2002-Rule 13a-14(a)/15d-14(a) |
|
|
|
(32)
|
|
Certification of Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C.
Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
|
|
|
(101.INS)
|
|
XBRL Instance Document. |
|
|
|
(101.SCH)
|
|
XBRL Taxonomy Extension Schema Document. |
|
|
|
(101.CAL)
|
|
XBRL Taxonomy Extension Calculation Linkbase Document. |
|
|
|
(101.LAB)
|
|
XBRL Taxonomy Extension Label Linkbase Document. |
|
|
|
(101.PRE)
|
|
XBRL Taxonomy Extension Presentation Linkbase Document. |
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused
this report to be signed on its behalf by the undersigned thereunto duly authorized.
|
|
|
|
|
|
SKYLINE CORPORATION
|
|
DATE: October 7, 2011 |
/s/ Jon S. Pilarski
|
|
|
Jon S. Pilarski |
|
|
Chief Financial Officer |
|
|
DATE: October 7, 2011 |
/s/ Martin R. Fransted
|
|
|
Martin R. Fransted |
|
|
Corporate Controller |
|
|
21
INDEX TO EXHIBITS
|
|
|
Exhibit Number |
|
Descriptions |
|
|
|
31.1
|
|
Certification of Chief Executive Officer Pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002-Rule 13a-14(a)/15d-14(a) |
|
|
|
31.2
|
|
Certification of Chief Financial Officer Pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002-Rule 13a-14(a)/15d-14(a) |
|
|
|
32
|
|
Certification of Chief Executive Officer and Chief Financial Pursuant to 18 U.S.C.
Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
|
|
|
101.INS
|
|
XBRL Instance Document. |
|
|
|
101.SCH
|
|
XBRL Taxonomy Extension Schema Document. |
|
|
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document. |
|
|
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document. |
|
|
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document. |