Rexhall Industries Inc. Reports Results for First Quarter of 1999
18 May 1999
Rexhall Industries Inc. Reports Results for First Quarter of 1999
LANCASTER, Calif.--May 17, 1999--Rexhall Industries Inc. Monday announced its results for the first quarter of 1999.For the three months ended March 31, 1999, net sales increased to $22,233,000, compared with $14,170,000 for the same period in the prior year. This represents a 56.9 percent increase. Net income for the first quarter of 1999 increased to $1,259,000, or 42 cents per diluted share, as compared with $543,000, or 19 cents per diluted share, in the first quarter of 1998.
"We are very pleased with the record sales and profits for the first quarter of 1999. We have worked very hard to position Rexhall to react while experiencing strong demand and acceptance in the marketplace," stated William J. Rex, president and chief executive officer.
Forward-Looking Statements
The company's expectations are forward-looking statements, based on assumptions and on facts known to it today, and it does not intend to update statements in this report. While the company has enjoyed good results, its business is both seasonal and cyclical. The company is subject to increases in material costs, and pricing and other pressures from substantially larger competitors, labor disruptions and adverse weather. The reduced production of oil by OPEC members may reduce sales of motorhomes. Management intends to remain aware of these factors and react to them, but cannot predict their timing or significance.
Note: Visit this company's Investor Relations site at http://www.businesswire.com/cnn/rexl.htm.
REXHALL INDUSTRIES INC.
Condensed Statement of Income
(In thousands, except per-share data)
Three months ended
March 31,
1999 1998
Sales $22,233 $14,170
Gross profit 4,139 2,163
Income before income taxes 2,095 905
Provisions for income taxes 836 362
Net income 1,259 543
Earnings per share:
Basic $ 0.42 $ 0.19
Diluted $ 0.42 $ 0.19(a)
Weighted average shares outstanding:
Basic 3,010,000 2,864,000
Diluted 3,017,000 2,913,000
(a) Originally reported as 20 cents per share based on 2,722,000
shares outstanding. However, considering the 5 percent stock dividend
of 142,000 shares on June 19, 1998, earnings were adjusted to 19 cents
per share.
REXHALL INDUSTRIES INC.
Condensed Balance Sheets
(In thousands, except per-share data)
March 31, Dec. 31,
1999 1998
Assets:
Cash $ 6,383 $ 5,017
Other current assets 19,657 18,394
Property and equipment 4,677 4,519
Property held for sale 536 541
Total assets 31,253 28,471
Liabilities:
Current 14,141 12,606
Deferred taxes 106 106
Long-term debt 761 767
Total liabilities 15,008 13,479
Stockholders' equity 16,245 14,992
Total liabilities and stockholders' equity $31,253 $28,471