National R.V. Holdings, Inc. Announces Record Q3 Sales and Earnings
21 October 1998
National R.V. Holdings, Inc. Announces Record Third Quarter Sales and Earnings
PERRIS, Calif., Oct. 21 -- National R.V. Holdings, Inc.
, announced today its results of operations for the third
quarter ended September 30, 1998. Net sales for the third quarter of 1998
increased 25.6% to $96.4 million from $76.8 million for the third quarter of
1997. Net income for the third quarter of 1998 increased 59.4% to
$6.6 million from $4.1 million for the third quarter of 1997. Diluted
earnings per share were $0.57 compared to $0.40 in the third quarter of 1997.
Net sales for the nine months ended September 30, 1998 increased 30.8% to
$267.6 million from $204.6 million in the first nine months of 1997. Net
income for the nine months ended September 30, 1998 increased 79.8% to
$17.3 million from $9.7 million in the first nine months of 1997. Diluted
earnings per share were $1.52, compared to $0.95 per share in the first nine
months of 1997.
Wayne Mertes, National's President and CEO, stated, "We are pleased to
announce record results for the quarter. Both demand and backlog for both
Country Coach's and National RV's products continues to be strong. The
Company's Class A retail market share has increased to 8.1% for the latest
reporting period compared to 7.5% for the same time period last 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.
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 Nine Months Ended
September 30, September 30,
1998 1997 1998 1997
Net sales $96,403 $76,780 $267,562 $204,567
Gross profit 15,279 11,031 41,966 27,741
Income before income taxes 10,739 6,838 28,749 16,190
Provision for income taxes 4,138 2,696 11,403 6,540
Net income $ 6,601 $ 4,142 $ 17,346 $ 9,650
Earnings per share
Basic $ 0.65 $ 0.44 $ 1.76 $ 1.03
Diluted $ 0.57 $ 0.40 $ 1.52 $ 0.95
Weighted average shares
outstanding
Basic 10,105 9,372 9,858 9,359
Diluted 11,505 10,449 11,411 10,208