STS Supreme Industries, Inc. (delisted)

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

 

FORM 8-K

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

 

DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED):    April 23, 2015

 

SUPREME INDUSTRIES, INC.

(Exact name of registrant as specified in its charter)

 

 

P.O. Box 237

2581 E. Kercher Road

Goshen, Indiana 46528

(Address of principal executive offices) (Zip Code)

 

Registrant’s telephone number, including area code:  (574) 642-3070

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

o            Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

o            Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

o            Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

o            Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 

Item 2.02 Results of Operations and Financial Condition.

 

On April 23, 2015, Supreme Industries, Inc. (the “Company”) issued a press release (the “Press Release”) announcing its financial results for the first quarter of 2015.  A copy of the Press Release is being furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference into this Item 2.02.  The foregoing description of the Press Release is qualified in its entirety by reference to Exhibit 99.1.

 

Pursuant to General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, including the exhibit, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liability of that section, and it is not incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

 

Item 9.01  Financial Statements and Exhibits.

 

(d)                                 Exhibits.

 

Pursuant to General Instruction B.2 of Form 8-K, the following exhibit is furnished with this Form 8-K.

 

99.1                        Press Release of the Company dated April 23, 2015.

 

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SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

	SUPREME INDUSTRIES, INC.
Date: April 24, 2015	By:	/s/ Mark D. Weber
		Mark D. Weber
		President and Chief Executive Officer

 

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EXHIBIT INDEX

 

Exhibit No.		Description
99.1		Press Release of the Company dated April 23, 2015.

 

4

Exhibit 99.1

 

 

Supreme Industries Reports Improved 2015 First Quarter
Sales and Earnings

 

Net Income from Continuing Operations Climbs to $1.9 Million,
 versus $0.2 Million in 2014, on 18.5% Sales Increase

 

Order Backlog Grows to $94.3 Million

 

Goshen, Ind.—April 23, 2015—Supreme Industries, Inc. (NYSE MKT: STS), a leading manufacturer of specialized commercial vehicles including truck bodies, trolleys and specialty vehicles, today announced improved financial results for its first quarter ended March 28, 2015.

 

Consolidated net sales from continuing operations increased 18.5% in the quarter, reaching $63.3 million, compared with $53.4 million in the first quarter of 2014. Last year’s sales were negatively impacted by chassis shortages and severe weather, which did not repeat in the 2015 period.

 

Gross margin from continuing operations grew to 18.1% of sales in the first quarter of 2015, versus 14.8% of sales in the first three months of 2014. The improvement was mainly due to the increase in truck sales, with a larger contribution from retail shipments and labor utilization improvements associated with the fleet builds.

 

Selling, general and administrative expenses increased by $0.9 million, or 12.0%, to $8.4 million for the three months ended March 28, 2015, as compared with $7.5 million for the three months ended March 29, 2014.  The increase was the result of profit-based incentive compensation plans and higher salary costs resulting from annual merit increases.  Additionally, sales wages increased as the Company improved its market presence by adding and upgrading sales personnel in key regions.

 

First quarter net income from continuing operations increased to $1.9 million, or $0.11 per diluted share, in the current year compared with $0.2 million, or $0.01 per diluted share, in 2014.

 

“Entering 2015, positive momentum continued on several fronts. New sales initiatives implemented last year as part of our profitable growth agenda, combined with strong customer demand for medium-duty work trucks, have been driving top-line growth,” commented Mark Weber, President and Chief Executive Officer. “In addition to fleet awards received since the beginning of the year, retail orders also strengthened during the quarter increasing our backlog.”

 

Due to heightened order activity, backlog at March 28, 2015, increased to $94.3 million, up 18% since the end of 2014.  This represents a 27% increase from the order backlog of $73.9 million at the end of last year’s first quarter.

 

The Company’s discontinued shuttle bus business was sold in the first quarter of 2014 and generated a $1.6 million after-tax net loss in that period. Including the impact from discontinued operations, net income improved to $1.9 million, or $0.11 per diluted share, in the first quarter of

 

Supreme Industries, Inc.
2581 East Kercher Road · PO Box 463 · Goshen, IN 46527

 

 

2015, reversing the reported net loss of $1.3 million, or $0.08 per diluted share, in last year’s first quarter.

 

Working capital increased to $55.3 million at March 28, 2015, compared with $44.4 million at December 27, 2014, mainly due to large increases in inventory and accounts receivable associated with the large fleet build in process.

 

Stockholders’ equity increased 2.1% to $82.8 million at March 28, 2015, compared with $81.0 million at December 27, 2014.  Book value per share grew to $5.02 at the 2015 quarter-end versus $4.94 at the end of 2014.

 

Conference Call Information

 

A conference call will take place tomorrow, April 24, 2015, at 9:00 a.m. ET to review the 2015 first quarter results. To participate in the live call, dial 888-349-0089 (International: 412-902-4296) 10 minutes before the call begins, or at 8:50 a.m. ET. The conference ID is 10064454. The call also will be streamed live and can be accessed at www.supremecorp.com. Those unable to participate in the live conference call may access a replay, which will be available on Supreme’s website for approximately 30 days.

 

About Supreme Industries

 

Supreme Industries, Inc. (NYSE MKT: STS), is a nationwide manufacturer of truck bodies, trolleys and specialty vehicles produced to the specifications of its customers. The Company’s transportation equipment products are used by a wide variety of industrial, commercial and law enforcement customers.

 

News releases and other information on the Company are available online at: www.supremecorp.com or http://www.b2i.us/irpass.asp?BzID=1482&to=ea&s=0

 

Other than historical facts contained herein, the matters set forth in this news release are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act, as amended, and reflect the view of management with respect to future events. When used in this report, words such as “believe,” “expect,” “anticipate,” “estimate,” “intend,” “plan” and similar expressions, as they relate to Supreme or its plans or operations, identify forward-looking statements. Such forward-looking statements are based on assumptions made by, and information currently available to, management. Although management believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that the expectations reflected in such forward-looking statements are reasonable, and it can give no assurance that such expectations will prove to be correct. Important factors that could cause actual results to differ materially from such expectations include, without limitation, an economic slowdown in the specialized vehicle industry, limitations on the availability of chassis on which Supreme’s product is dependent, availability of raw materials, raw material cost increases and interest rate increases. Furthermore, Supreme can provide no assurance that any raw material cost increases can be passed on to its customers through implementation of price increases for Supreme’s products. The forward-looking statements contained herein reflect the current view of management with respect to future events and are subject to those factors and other risks, uncertainties and assumptions relating to the operations, results of operations, cash flows and financial position of Supreme. Supreme assumes no obligation to update the forward-looking statements or to update the reasons actual results could differ from those contemplated by such forward-looking statements.

 

Investor Relations Contact:

Matthew J. Dennis, CFA

Supreme Investor Relations

574-228-4130

 

# # #

 

—FINANCIAL RESULTS FOLLOW—

 

 

Supreme Industries, Inc. and Subsidiaries

Condensed Consolidated Statements of Income (Loss) (Unaudited)

 

		Three Months Ended
		Mar. 28, 2015			Mar. 29, 2014
Net Sales		$	63,295,371		$	53,393,557
Cost of sales		51,850,345			45,503,050
Gross profit		11,445,026			7,890,507
Selling, general and administrative expenses		8,420,650			7,519,990
Other income		(78,158		)	(37,225		)
Operating income		3,102,534			407,742
Interest expense		243,415			76,111
Income from continuing operations before income taxes		2,859,119			331,631
Income tax expense		926,000			107,614
Income from continuing operations		1,933,119			224,017
Discontinued operations:
Gain on sale of discontinued operations, net of tax		—			87,036
Operating loss from discontinued operations, net of tax		—			(1,654,459		)
Loss from discontinued operations, net of tax		—			(1,567,423		)
Net income (loss)		$	1,933,119		$	(1,343,406	)
Basic income (loss) per share:
Income from continuing operations		$	0.12		$	0.01
Loss from discontinued operations		—			(0.09		)
Net income (loss)		$	0.12		$	(0.08	)
Diluted income (loss) per share:
Income from continuing operations		$	0.11		$	0.01
Loss from discontinued operations		—			(0.09		)
Net income (loss)		$	0.11		$	(0.08	)
Shares used in the computation of income (loss) per share:
Basic		16,569,115			16,202,499
Diluted		16,905,228			16,631,421

 

Supreme Industries, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets (Unaudited)

 

		Mar. 28, 2015			Dec. 27, 2014
Assets
Current assets		$	79,943,694		$	63,101,485
Property, plant and equipment, net		47,011,885			46,925,534
Other assets		838,505			914,735
Total assets		$	127,794,084		$	110,941,754
Liabilities
Current liabilities		$	24,632,763		$	18,652,523
Long-term liabilities		20,404,681			11,256,826
Total liabilities		45,037,444			29,909,349
Total stockholders’ equity		82,756,640			81,032,405
Total liabilities and stockholders’ equity		$	127,794,084		$	110,941,754