National R.V. Holdings, Inc. Announces Record Fourth Quarter
3 February 1999
National R.V. Holdings, Inc. Announces Record Fourth Quarter and 1998 Operating Results PERRIS, Calif., Feb. 3 -- National R.V. Holdings, Inc.
, announced today record results of operations for the fourth
quarter and year ended December 31, 1998.
Net sales for the fourth quarter of 1998 increased 14.0% to $92.8 million
from $81.4 million for the fourth quarter of 1997. Net income for the fourth
quarter of 1998 increased 39.3% to $6.8 million, or $0.59 per diluted share,
from $4.9 million, or $0.44, for the fourth quarter of 1997.
Net sales for the year ended December 31, 1998 increased 26.0% to
$360.3 million from $286.0 million last year. Net income for the year ended
December 31, 1998 increased 66.2% to $24.1 million, or $2.11 per diluted
share, from $14.5 million, or $1.40, last year.
Wayne Mertes, National's President and CEO, stated, "We are pleased to
announce record results for the fourth quarter and full year. Strong demand
for both Country Coach's and National RV's products is continuing. The
Company's Class A motorhome market share is at 8.2% through November 30, 1998
up from 7.8% for 1997, reflecting the continued acceptance of all our
products. Operating margins of 11.1% for the year continue to far outpace any
of our competition in regards to profitability."
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, Tropi-Cal,
Tradewinds and Sea View. 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.
This release and other statements by the Company contain forward-looking
statements within the meaning of the Private Securities Litigation Reform Act
of 1995. Investors are cautioned that forward-looking statements are
inherently uncertain. Actual performance and results may differ materially
from that projected or suggested due to certain risks and uncertainties
including, without limitation, the cyclical nature of the recreational vehicle
industry, seasonality and potential fluctuations in the Company's operating
results; the Company's dependence on chassis suppliers, the integration by the
Company of acquired businesses and management of growth; potential liabilities
under repurchase agreements; competition; government regulation; product
liability; dependence on key personnel and dependence on certain dealers and
concentration of dealers in certain regions. Additional information
concerning certain risks and uncertainties that could cause actual results to
differ materially from that projected or suggested is contained in the
Company's filings with the Securities and Exchange Commission (SEC) over the
last 12 months, copies of which are available from the SEC or from the Company
upon request.
National R.V. Holdings, Inc.
Consolidated Statement of Income
(In thousands, except per share data)
Three Months Ended Year Ended
December 31, December 31,
1998 1997 1998 1997
Net sales $92,764 $81,384 $360,326 $285,951
Gross profit 16,262 12,447 58,228 40,188
Income before income taxes 11,394 8,083 40,143 24,273
Provision for income taxes 4,630 3,227 16,033 9,767
Net income $6,763 $4,856 $24,109 $14,506
Earnings per share
Basic $0.66 $0.52 $2.42 $1.55
Diluted $0.59 $0.44 $2.11 $1.40
Weighted average shares
outstanding
Basic 10,263 9,381 9,961 9,365
Diluted 11,467 10,936 11,423 10,390
Consolidated Balance Sheet
December 31,
1998 1997
Assets:
Current $79,254 $56,589
Property & Equipment 24,341 19,817
Goodwill 7,365 7,778
Other 3,344 3,020
Total Assets $114,304 $87,204
Liabilities:
Current $15,774 $17,318
Deferred Taxes 2,341 2,225
Long-term Debt 1,700 6,703
Total Liabilities 19,815 26,246
Stockholders' Equity 94,489 60,958
Total Liabilities and Stockholders' Equity $114,304 $87,204
