National R.V. Holdings, Inc. Announces Record Q1 Sales and Earnings
20 April 1999
National R.V. Holdings, Inc. Announces Record First Quarter Sales and Earnings
PERRIS, Calif., April 20 -- National R.V. Holdings, Inc.
, announced today record results of operations for the first
quarter ended March 31, 1999. Net sales for the first quarter of 1999
increased 28.3% to $103.0 million from $80.3 million for the first quarter of
1998. Net income for the first quarter of 1999 increased 47.1% to $7.3
million, or $0.64 per diluted share, from $5.0 million, or $0.44 per diluted
share, for the first quarter of 1998.
Wayne Mertes, National RV's President and CEO, stated, "We are pleased to
announce record results for the quarter and we are experiencing strong demand
for motorhomes across all product lines. Our Country Coach subsidiary just
completed the best winter FMCA show in its history with over $20 million in
sales. At our National RV subsidiary, we are currently developing a product
on a Spartan diesel pusher chassis that will be completed in August. We plan
to keep introducing new and innovative products. We are pleased to see that
our market share of the retail Class A motorhome market is currently at 9.1%
for the two months ended February 28, 1999, compared to 8.5% 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, Tropi-Cal,
Tradewinds, Sea View and Surf Side. 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
March 31,
1999 1998
Net sales $102,982 $ 80,286
Gross profit 16,754 12,389
Income before income taxes 12,178 8,070
Provision for income taxes 4,857 3,093
Net income $7,321 $4,977
Earnings per share
Basic $0.71 $0.52
Diluted $0.64 $0.44
Weighted average shares outstanding
Basic 10,347 9,642
Diluted 11,522 11,316
Consolidated Balance Sheet
March 31, December 31,
1999 1998
Assets:
Cash $29,434 $10,446
Other Current Assets 74,810 72,243
Property & Equipment 25,754 24,341
Goodwill 7,262 7,365
Other 865 3,344
Total Assets $138,125 $117,739
Liabilities:
Current $32,184 $19,209
Deferred Taxes 2,341 2,341
Long-term Debt 1,660 1,700
Total Liabilities 36,185 23,250
Stockholders' Equity 101,940 94,489
Total Liabilities and
Stockholders' Equity $138,125 $117,739