Supreme Industries Inc, the Goshen IN-based manufacturer of specialized vehicles including truck bodies and shuttle buses, has announced revenues and earnings for its first quarter ended March 29, 2003.
First-quarter 2003 revenues of $49.8 million were flat compared with the opening three months of the year before. Gross profit margin was 11.9% versus 13.8% in 2002. Contributing to the decline in gross profit were increases in commercial and health insurance costs as well as increased delivery expenses related to higher fuel prices during the period. Selling and general and administrative expense improved as Supreme spent less on advertising and promotions in the quarter.
Depreciation expense was also significantly less in the quarter as the company's operating software is now fully depreciated. Net income of $418,421, or $0.04 per diluted share, was down from $801,806, or $0.07 per diluted share, for the corresponding period of 2002, reflecting the aforementioned factors and competitive pricing pressure.