Aluminium trailer, transporter and luxury motorcoach maker Featherlite, Inc., has reported a net income of $US16,000 (0 cents per share) on sales of $45.2 million for the fourth quarter ended December 31, 2003.
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This compares with a net loss of $182,000 or 2 cents per share on sales of $44.3 million in the fourth quarter last year.
Overall sales increased by $833,000 or 1.9% over the same period last year.
“Despite stronger performance in the third quarter and a surge in December trailer sales, we did not meet our expectations in the fourth quarter of 2003,” Featherlite President and CEO Conrad Clement said.
“However, as we entered 2004, orders remained very active. At December 31, 2003, our total backlog was 85% greater than at December 31, 2002.”.
For the year ended December 31, the company reported net earnings of $705,000, 10 cents a share, on sales of $180 million compared with earnings of $2.7 million (38 cents per share) on sales of $193.2 million for 2002.
The significant decrease in 2003 earnings primarily reflects reduced gross profit as the result of lower sales in 2003 and reduced gross margin percentages.
In a statement, Featherlite said it would require waivers of defaults from lenders on certain financial covenants and is confident that these waivers will be granted.
Clement believes sales and earnings will strengthen as consumer confidence and the overall economy continues to improve.
