Wabash National Corporation Announces Third Quarter Results
21 October 1997
Wabash National Corporation Announces Third Quarter Results
LAFAYETTE, Ind., Oct. 21 -- Wabash National Corporation
announced today sales and income for the three and nine months
ended September 30, 1997. Net sales for the third quarter were
$246.4 million, a 53% increase over the $161.3 million for the same period
last year. Net income for the quarter was $5.1 million ($.24 per share)
compared to $.1 million ($.01 per share) for the same period last year. For
the nine months ended September 30, 1997, net sales were $577.9 million and
net income totaled $8.8 million ($.43 per share), compared to net sales of
$463.1 million and net income of $2.4 million ($.13 per share) for the same
period last year.
Commenting on these results, Jerry Ehrlich, Chairman, President and Chief
Executive Officer, stated, "We are pleased with the continued improvement in
the third quarter. The improved revenues and profits were led by increased
production rates, including record production of composite trailers and by the
strong performance of our retail and distribution operations. The production
startup of our new composite material plant during the third quarter exceeded
our expectations in both quality and capacity. As a result, this facility
will support a continued increase in production and market penetration of our
proprietary composite plate (Duraplate(R)) trailer. The retail and
distribution operations reached new levels of aftermarket parts and used
trailer sales. While production during the quarter was at record levels, new
orders continued at a strong rate increasing the backlog to over
$650 million."
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 both composite trailers and aluminum plate trailers,
and the leading manufacturer of bimodal vehicles through its RoadRailer(R)
products. 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 Nine Months Ended
September 30 September 30
1997 1996 1997 1996
Net Sales $ 246,403 $ 161,303 $ 577,897 $ 463,131
Gross Profit $ 21,167 $ 6,107 $ 43,910 $ 21,056
Income From Operations$ 13,046 $ 2,554 $ 25,978 $ 11,036
Income Before Taxes $ 8,802 $ 134 $ 14,867 $ 3,934
Net Income $ 5,052 $ 95 $ 8,763 $ 2,401
Preferred Stock
Dividends $ 264 $ -- $ 480 $ --
Net Income Available
to Common Shareholders $ 4,788 $ 95 $ 8,283 $ 2,401
Net Income Per
Common Share $ 0.24 $ 0.01 $ 0.43 $ 0.13
Average Shares
Outstanding 19,939,354 18,908,424 19,462,633 18,913,628
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, dependence on industry trends,
export sales and new markets, acceptance of new technology and products, and
government regulation. 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 10-K and 10-Q.
SOURCE Wabash National Corporation