Supreme Industries Inc, a Goshen IN-based manufacturer of specialized vehicles including truck bodies and shuttle buses, announced earnings for its fourth quarter and full year ending December 2002.
Fourth-quarter revenues for 2002 declined $4.8 million to $49.8 million from $54.6 million for 2001. The sharply lower revenues, competitive pricing pressure, and fixed nature of certain expenses resulted in net income of $0.2 million, down from $1.3 million for the corresponding period in 2001.
For 2002, revenues were $210.1 million compared with 2001's $226.7 million. Net income for the year fell to $3.6 million from $4.9 million in 2001. The decrease in gross profit margin from 14.0% in 2001 to 13.7% in 2002 was due largely to competitive pricing pressures and the lower revenue base.
The company continued to generate strong cash flow in 2002, resulting in further improvement to the balance sheet. Long-term debt at year-end 2002 had dropped by 44% to $7.4 million from $13.1 million Dec 31, 2001, and stockholders' equity rose 7% to $59.0 million from $55.1 million at the prior year's close.