Collins Industries, Inc. reported that sales increased 10% for its second fiscal quarter over the same period a year ago – $50,011,421, compared to $45,579,901.
The company posted net income of $628,421 ($.10 per share -- diluted) for the quarter ended April 30, 2004 compared to net income of $80,393 ($.01 per share -- diluted) for the same period last year. This increase was principally lead by a 73% improvement in sales from terminal truck/road construction products and by improved profit contributions from the bus segment. These increases were partially offset by lower ambulance sales and profits.
Additionally, for the quarter ended April 30, 2004, the bus segment posted an overall sales unit volume increase of 30% over the same period last year.
However, sales of bus products were reduced by approximately $6.2 million for the three months ended April 30, 2004 due to customer-supplied bus chassis compared to an impact (reduction) of approximately $1.9 million for the same period last year. Donald Lynn Collins, President and CEO, said, "We are pleased with last quarter's results and believe that the replacement cycle for terminal trucks and road construction products is well under way. We believe the ambulance and bus segments are in their early stages of recovery as evidenced by the increase in our current backlog of new orders.
"The past mechanization and modernization of our manufacturing operations is another important factor in our profit improvement as these markets begin to expand in this replacement cycle; our prior investments in technology, new equipment and process improvements position us to take advantage of these potentially increasing product volumes."