Wabash National Corporation has announced results for the three and nine months ended September 30, 2002.
Net sales for the third quarter of 2002 were $241.5 million, compared to $242.0 million for the same period last year. Net loss for the quarter ended September 30, 2002 was $8.3 million, compared to a net loss of $61.4 million for the quarter ended September 30, 2001. Diluted loss per share was $0.37 for the third quarter of 2002, compared to a diluted loss per share of $2.69 for the same period last year.
For the nine months ended September 30, 2002, net sales were $613.7 million and the net loss was ($44.6) million, compared to net sales of $696.7 million and a net loss of ($97.2) million for the same period last year. Diluted loss per share for the nine months ended September 30, 2002 and 2001 was ($1.98) and ($4.29), respectively. "We are encouraged by the quarter-over-quarter improvement in our financial results, despite the continued difficult conditions in the trailer industry and overall economy,” said William Greubel, president and chief executive officer. “As expected, our results for the quarter included $4.1 million of charges associated with various activities designed to improve the company's performance and financial condition. We continue to focus on quality, productivity and process improvements in our business and are just beginning to see the benefit of these efforts in our financial results. In addition, we are accelerating our repayment of the company's indebtedness through cost reductions, aggressive working capital management, and the sale of non-core assets. Through these efforts, the company's liquidity position today was approximately $95 million, compared to approximately $24 million at the beginning of the year. We believe our focus on operational excellence and financial strength will successfully position the company for the future."