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Drew Industries Reports Fourth Quarter And Full-Year 2009 Results

WHITE PLAINS, N.Y., Feb. 16 /PRNewswire-FirstCall/ -- Drew Industries Incorporated (NYSE: DW), a leading supplier of components for recreational vehicles (RV) and manufactured homes, today reported net income for the fourth quarter ended December 31, 2009 of $2.9 million, or $0.13 per diluted share. Net income for the 2009 fourth quarter was reduced by $0.07 per diluted share as a result of charges related to plant closings and start-ups, and employee relocation.

In the 2008 fourth quarter, the Company reported a net loss of $9.2 million, or ($0.43) per diluted share, including charges for goodwill impairment and executive retirement aggregating $4.9 million after taxes, or ($0.23) per diluted share, and charges for plant closings and severance aggregating $0.8 million after taxes.

Net sales in the 2009 fourth quarter were $105 million, up 37 percent from the $77 million in the fourth quarter of 2008. This sales increase was largely the result of an 88 percent increase in industry-wide wholesale shipments of travel trailers and fifth-wheel RVs, partially offset by a 27 percent decline in industry-wide production of manufactured homes.

“During 2008 and the first eight months of 2009, RV dealers and their lenders focused on reducing inventories, resulting in a decline of an estimated 70,000 units,” said Fred Zinn, Drew’s President and CEO. “In 2009 alone, dealer inventories of travel trailers and fifth-wheel RVs declined by an estimated 30,000 units, implying that retail demand significantly exceeded industry-wide wholesale shipments. Over the past few months, it appears that dealer inventories have stopped declining, and as a result, production levels have increased. Evidence of improved industry conditions and Drew’s market share growth has certainly been seen in January 2010, as our net sales increased to $44 million, well more than double our January 2009 net sales.”

Because of the seasonality of the RV and manufactured housing industries, the Company’s results in the first and fourth quarters are typically the weakest, while the second and third quarters are traditionally stronger.

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