Featherlite Inc records earnings increase

Aluminum trailer manufacturer Featherlite Inc has reported net earnings of $2.7 million on sales of $193.2 million in 2002, compared with losses of $8.8 million on sales of $212.8 million in 2001.

“We are pleased that the company is seeing positive results from its strategic initiatives,” said Conrad Clement, president and chief executive officer of Featherlite.

Featherlite's consolidated revenue for the year declined by 9.2% with coach revenue down 18.5%, due in large part to the loss of revenues from the discontinued Vogue coach line whose facility was closed in 2001.

Overall gross profit margins in 2002 improved to 13.4% of sales compared with 8.5% for the same period in 2001. Selling and administrative expenses declined in 2002 by $1.6 million or 7.4%. As a percentage of sales these expenses rose by 0.3% compared with 2001.

TAGS: Trailers
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