National R.V. Holdings, Inc. Announces Q2 Sales and Earnings
24 July 1997
National R.V. Holdings, Inc. Announces Record Second Quarter Sales and Earnings
PERRIS, Calif., July 24 -- National R.V. Holdings, Inc.
, announced today its results of operations for the second
quarter ended June 30, 1997. Net sales for the second quarter of 1997
increased 111.7% to $69.2 million from $32.7 million for the second quarter of
1996. Net income for the second quarter of 1997 increased 79.6% to $3.1
million from $1.7 million for the second quarter of 1996. Fully diluted
earnings per share were $0.46 compared to $0.34 in the second quarter of 1996.
The number of shares outstanding increased 32.9% over last year.
Net sales for the six months ended June 30, 1997 increased 88.4% to $127.8
million from $67.8 million in the first six months of 1996. Net income for
the six months ended June 30, 1997 increased 52.0% to $5.5 million from $3.6
million in the first six months of 1996. Fully diluted earnings per share
were $0.81, compared to $0.71 per share in the first six months of 1996.
Wayne Mertes, National's President and CEO, stated, "We are p1eased to
announce record results for yet another quarter and strong demand for both
Country Coach's and National RV's products is continuing. Demand for our new
Tradewinds diesel-pusher motorhome is excellent and we intend to introduce our
new gas powered Sea View motorhome in the Fall. In July, Country Coach
completed the most successful FMCA show in its history. Company backlog is at
record levels for this time of the year."
National R.V. Holdings, Inc. is one of the nation's leading manufacturers
of Class A motorhomes. Through its National R.V. subsidiary, the Company
designs, manufactures and markets Class A motorhomes and fifth-wheel travel
trailers under brand names including Dolphin, Sea Breeze and Tropi-Cal.
Through its Country Coach subsidiary, the Company designs, manufactures and
markets high-end (Highline) Class A motorhomes and bus conversions under brand
names including Concept, Affinity, Magna, Intrigue, and Allure.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act
of 1995: Any statements set forth above that are not historical in nature are
forward-looking statements that involve risks and uncertainties that could
cause actual results to differ materially from those in the forward-looking
statements. Potential risk and uncertainties include but are not limited to
such factors as the strength and competitive pricing environment of the
motorhome industry, changes in the availability and pricing of credit, demand
for and acceptance of the Company's products, the success of planned marketing
and promotional campaigns, and other risks identified in documents filed by
the Company with the Securities and Exchange Commission.
National R.V. Holdings, Inc.
Consolidated Statement of Income
(In thousands, except per share data)
Three Months Ended Six Months Ended
June 30, June 30,
1997 1996 1997 1996
Net sales $69,191 $32,686 $127,787 $67,819
Gross profit 9,107 4,379 16,710 9,058
Income before income taxes 5,265 2,920 9,352 6,089
Provision for income taxes 2,146 1,183 3,844 2,466
Net income $3,119 $1,737 $5,508 $3,623
Earnings per share
Primary $0.46 $0.34 $0.82 $0.73
Fully diluted $0.46 $0.34 $0.81 $0.71
Weighted average shares
outstanding
Primary 6,733 5,106 6,724 4,961
Fully diluted 6,802 5,120 6,759 5,082
SOURCE National R.V. Holdings, Inc.
