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Net sales, income up for Wabash

Wabash National announced today that net sales for the fourth quarter were up 18.6% ($340.8 million, compared to $287.4 million for the same period last year) and net income for the quarter was up 51.5% ($19.7 million, compared to $13 million).

For the year ended December 31, 2005, net sales were up 16.6% ($1.214 billion, compared to $1.041 billion for 2004) and net income was up 91.4% ($111.1 million, compared to $58.4 million in 2004).

Diluted income per share was $0.55 for the fourth quarter 2005, compared to $0.39 per share for prior year quarter. For the 12 months ended December 31, 2005, diluted earnings per share was $3.06 compared to $1.80 in 2004.

Included in the 2005 fourth-quarter and year results were reversals of a valuation allowance amounting to $1.4 million or $0.04 per diluted share and $37.3 million or $ 0.98 per diluted share, respectively.

"2005 was a year of growth, transition and learning for Wabash,” said William P. Greubel, Chief Executive Officer. “Results overall were solid and in many categories record-setting. However, operating execution issues we faced and solved during the course of the year limited our achievements. Our performance and strong balance sheet reflects that we are truly in a new phase in our development.

“We strengthened our leadership team and Dick Giromini assumed the role of President in addition to his COO responsibilities. We continued to build an expanding presence with the mid-market fleets and applied more rigorous definitions of quality and performance. We invested significant resources into reinventing our manufacturing process and support infrastructure, which we expect will drive operational and quality improvements and reduce our overall costs. We approach 2006 with a sense of optimism regarding industry demand and our ability to reap the rewards of our investments despite competitive pricing and raw-material costs pressures. We will continue to seek to create shareholder value by striving to improve the productivity of our plants and retail operations and growing our market share."

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