Wabash National Corporation Announces Record Results
20 July 1998
Wabash National Corporation Announces Record Results LAFAYETTE, Ind., July 20 -- Wabash National Corporation
announced today record sales and income for the three and
six months ended June 30, 1998. Net sales for the second quarter were
$337.7 million, a 15% increase over the first quarter of 1998 and a 72%
increase over the same period last year. Net income for the quarter was
$8.7 million ($.38 per share), a 17% increase over the first quarter of 1998
and a 207% increase over the $2.8 million ($.13 per share) for the same period
last year. For the six months ended June 30, 1998, net sales were
$631.3 million and net income totaled $16.2 million ($.74 per share), compared
to net sales of $331.5 million and net income of $3.7 million ($.18 per share)
for the same period last year.
Commenting on these results, Jerry Ehrlich, Chairman, President and Chief
Executive Officer, stated, "We are pleased to report record sales and income
for the second quarter. The results reflect an increase in the production of
our DuraPlate(R) (composite) trailer and strong results from our retail
distribution system. Our total backlog continues to be strong at nearly
$900 million and demand for our DuraPlate trailer has driven the backlog for
this product to record levels."
Wabash National Corporation designs, manufactures and markets standard and
customized truck trailers under the Wabash and Fruehauf trademarks. The
Company believes it is the world's largest manufacturer of truck trailers, the
leading manufacturer of composite trailers and through its RoadRailer(R)
products, the leading manufacturer of bimodal vehicles. The Company's wholly
owned subsidiary, Fruehauf Trailer Services, Inc., is one of the leading
retail distributors of new and used trailers and aftermarket parts.
WABASH NATIONAL CORPORATION
Results of Operations
(Dollars in Thousands, except per share amounts)
Three Months Ended Six Months Ended
June 30, June 30,
1998 1997 1998 1997
Net Sales $337,733 $196,407 $631,345 $331,494
Gross Profit $ 28,238 $ 14,710 $ 54,926 $ 22,743
Income From
Operations $ 18,051 $ 8,189 $ 35,365 $ 12,932
Income Before
Taxes $ 14,471 $ 4,600 $ 26,896 $ 6,065
Net Income $ 8,723 $ 2,842 $ 16,161 $ 3,711
Preferred Stock
Dividends $ 264 $ 216 $ 528 $ 216
Net Income
Available to
Common
Shareholders $ 8,459 $ 2,626 $ 15,633 $ 3,495
Basic and Diluted
Earnings Per
Share $ 0.38 $ 0.13 $ 0.74 $ 0.18
This press release and statements made by the Company in reports to its
stockholders and public filings, as well as oral public statements by Company
representatives, may contain certain forward-looking statements, as defined by
the Private Securities Litigation Reform Act of 1995. Any forward-looking
statement is, however, subject to certain risks and uncertainties that could
cause actual results to differ materially from those projected. Without
limitation, these risks and uncertainties include increased competition,
dependence on key management, reliance on certain customers and corporate
partnerships, shortages of raw materials and components, dependence on
industry trends, export sales and new markets, acceptance of new technology
and products, government regulation, and dependence on a single site. Readers
should review and consider the various disclosures made by the Company in this
press release and in its reports to its stockholders and periodic reports on
Forms 1O-K and 1O-Q.
