Wabash sales, profits down

Wabash National Corporation announced yesterday its financial results for the three and six months ended June 30, 2002.

Net sales for the second quarter were $210.3 million compared to $212.2 million for the same period last year. Net loss for the second quarter was $21.7 million compared to a net loss of $18.1 million for the same period last year. Diluted loss per share was ($0.96) for the quarter compared to a diluted loss per share of ($0.81) for the same period last year.

For the six months ended June 30, 2002, net sales were $372.2 million and the net loss was $36.3 million compared to net sales of $454.8 million and net loss of $35.8 million for the same period last year. Diluted loss per share for the six months ended June 30, 2002 and 2001 was ($1.61) and ($1.60), respectively.

The second quarter results include $22.7 million of charges associated with the company’s exit from the captive finance business, used trailer charges associated with certain legacy trade agreements, debt restructuring and refinancing fees, and severance costs.

“We have aggressively pursued the transformation of the company into a viable business,” said William Greubel, president and chief executive officer. “We believe the company is poised to show progressive improvement on a quarterly basis. Order rates are improving and we have added the necessary leadership skills to address our operational challenges. Although much has been accomplished, much more remains to be done.”

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