Featherlite, Inc. (Nasdaq:FTHR), a leading manufacturer and
marketer of specialty aluminum trailers, transporters and luxury
motorcoaches, today reported net income of $1.1 million, or 9 cents
per diluted share, on net sales of $59.3 million for the third
quarter ended September 30, 2005. This compares with net income of
$0.9 million or $0.08 cents per diluted share in the third quarter
of 2004, which included $0.07 related to a non-recurring income tax
benefit recorded in the third quarter of 2004. Third quarter 2005
net sales were up 31.2 percent from $45.2 million for the same
period in 2004, which resulted in a 28 percent increase in
consolidated gross profit in the third quarter of 2005. These
increases were partially offset by higher selling, administrative
and interest expenses as well as the non-recurrence of the tax
benefit recorded in 2004. Motorcoach segment sales in the third
quarter of 2005 rose by 69.1 percent over the same period last
year, reflecting a strong increase in customer activity and new
unit sales. Trailer segment sales climbed by 14.0 percent in the
third quarter of 2005 over the same period last year as order
volume was stronger in third quarter of 2005 than 2004. For the
first nine months of 2005, net sales increased $10.0 million, or
6.3 percent, to $169.7 million compared to net sales of $159.7
million for the same period in 2004. Featherlite net income for the
nine-month period ended September 30, 2005, was $3.6 million, or
$0.31 per diluted share, compared with net income of $3.7 million,
or $0.32 per diluted share for the same period in 2004, including a
non-recurring tax benefit of $0.07 per diluted share. "We are
pleased with the Company's increased sales and earnings in the
third quarter," Conrad Clement, Featherlite President and CEO,
said. "Third quarter profits rose on the strength of higher sales
and improved new coach margins as well as the favorable impact of a
price increase in the trailer segment effective January 1, 2005.
"Going forward, we are optimistic about the level of sales in the
fourth quarter of 2005 and going into 2006 for both the coach and
trailer segments. Motorcoach backlog at September 30, 2005 is $7.7
million, up from $3.3 million at the same date last year. Though
trailer backlog has decreased to $16.7 million at September 30,
2005 from $17.0 million at the same date last year, order levels
have remained strong and have been filled from finished goods
inventory." About Featherlite With more that 75 percent of its
business in the leisure, recreation and entertainment categories,
Featherlite(R), Inc. has highly diversified product lines offering
hundreds of standard model and custom-designed aluminum specialty
trailers, specialized transporters, mobile marketing trailers and
luxury motorcoaches. For more information about the Company, please
visit www.fthr.com. -0- *T Featherlite, Inc. Condensed Balance
Sheets (Unaudited) (In thousands) Sept 30, Dec 31, ASSETS 2005 2004
---------- ---------- Current assets Cash $179 $179 Receivables
6,749 4,781 Refundable income taxes - 497 Inventories 61,158 61,730
Leased promotional trailers 1,603 1,669 Prepaid expenses 823 1,827
Deferred tax asset 1,274 1,275 ---------- ---------- Total current
assets 71,786 71,958 Property and equipment,net 16,939 16,003 Other
assets 3,306 4,252 ---------- ---------- $92,031 $92,213 ==========
========== LIABILITIES AND SHAREHOLDERS EQUITY Current liabilities
Wholesale financing and other notes payable $19,606 $22,106 Current
maturities of long-term debt 1,766 1,699 Checks issued not yet
presented 2,533 2,900 Accounts payable 4,798 4,323 Motorcoach shell
costs payable 3,939 7,277 Accrued liabilities 9,481 9,124 Customer
deposits 2,257 2,698 ---------- ---------- Total current
liabilities 44,380 50,127 Bank line of credit 6,505 4,243 Other
long-term debt, net of current maturities 10,586 11,092 Deferred
tax liabilities 1,340 1,340 Other long-term liabilities 34 48
Shareholders' equity 29,186 25,363 ---------- ---------- $92,031
$92,213 ========== ========== FEATHERLITE, INC Condensed Statements
of Income (Unaudited) (In Thousands, except for per share data)
Three months Ended Nine months Ended Sept 30, Sept 30,
------------------ ------------------- 2005 2004 2005 2004
--------- -------- --------- --------- Net Sales $59,260 $45,168
$169,733 $159,735 Cost of Sales 50,368 38,221 143,362 135,027
--------- -------- --------- --------- Gross profit 8,892 6,947
26,371 24,708 Selling and administrative expenses 6,610 6,250
18,901 18,716 -------------------------------------- Income from
operations 2,282 697 7,470 5,992 Other income(expense) Interest
(675) (561) (2,011) (1,689) Other, net 66 92 305 222 ---------
-------- --------- --------- Total other expense (609) (469)
(1,706) (1,467) --------- -------- --------- --------- Income
before taxes 1,673 228 5,764 4,525 Minority interest in subsidiary
loss 24 20 24 71 Benefit (provision) for income taxes (645) 692
(2,200) (917) --------- -------- --------- --------- Net income
$1,052 $940 $3,588 $3,679 ========= ======== ========= =========
Net income(loss)per share- Basic $0.10 $0.09 $0.33 $0.34 ---------
-------- --------- --------- Diluted $0.09 $0.08 $0.31 $0.32
--------- -------- --------- --------- Weighted average shares
outstanding - Basic 10,949 10,839 10,922 10,817 --------- --------
--------- --------- Diluted 11,685 11,713 11,720 11,530 ---------
-------- --------- --------- *T All shares and per share amounts
have been restated to reflect the retroactive effect of the three
for two stock split effective on May 5, 2005 Certain prior period
information has been reclassified to conform to the current year
presentation. Safe Harbor Statement under the Private Securities
Litigation Reform Act: Certain statements in this release are
forward-looking in nature and relate to trends and events that may
affect the Company's future financial position and operating
results. Any statements that are not based upon historical facts,
including the outcome of events that have not yet occurred and our
expectations for future performance, are forward-looking
statements. The words "believe," "estimate," "expect," "intend,"
"may," "could," "will," "plan," "anticipate," and similar words and
expressions are intended to identify forward-looking statements.
These statements speak only as of the date of this release, are
based on current expectations, are inherently uncertain, are
subject to risks, and should be viewed with caution. Actual results
and experience may differ materially from the forward-looking
statements as a result of many factors, including but not limited
to: the health of the economy and disposable income for
recreational and leisure activities, product demand and acceptance
of products in each segment of the Company's markets, the need for
and impact of product sales price increases, fluctuations in the
price of aluminum, changes in our product sales mixes, competition,
facilities utilization, the availability of additional capital as
may be required to finance any future net liquidity deficiency, and
certain other unanticipated events and conditions. The risks and
uncertainties listed are not the only ones we face. Additional
risks and uncertainties not presently known to us or that we
currently deem immaterial may also affect our business operations.
The Company makes no commitment to update any forward-looking
statement or to disclose any facts, events, or circumstances after
the date hereof that may affect the accuracy of any forward-looking
statement, other than as required by law.
Featherlite (NASDAQ:FTHR)
Historical Stock Chart
From Apr 2024 to May 2024
Featherlite (NASDAQ:FTHR)
Historical Stock Chart
From May 2023 to May 2024