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Morgan parent company reports slower sales

J.B. Poindexter & Co Inc, which owns and operates primarily transportation related manufacturing businesses including Morgan Corporation, Morgan Olson Corporation, Truck Accessories Group and its Specialty Manufacturing Division released unaudited revenues and earnings for the three month and year to date periods ended September 30, 2007.

The results include sales of $62.7 million in the third quarter for Morgan Corp and $28,653,000 for Morgan Olson. This compares with net sales of during the third quarter 2006 of $86,449 for Morgan Corp and $31,850 for Morgan Olson.

Net sales for the company’s truck accessories operation (which includes Century and Leer) were $39,863,000 in the third quarter, compared with $39,715,000 during the corresponding quarter last year.

The lack of performance at Morgan Olson and the two Truck Accessories business units has overshadowed extraordinary performance at Morgan as the expected industry-wide decline in demand for truck bodies took effect, the other business units of Truck Accessories in light of declining pick up truck sales and strong performance by the Specialty Manufacturing Division.

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