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Supreme Industries Reports Fourth-Quarter And Full Year 2010 Financial Results

Stocks in this article: STS

Supreme Industries, Inc. (NYSE Amex: STS), a leading manufacturer of specialized commercial vehicles, including truck bodies, shuttle buses and armored vehicles, today announced financial results for its fourth quarter and full year ended Dec. 25, 2010.

Net sales for the 2010 fourth quarter rose 23% to $54.5 million from $44.5 million in last year’s comparable period. For the full year, net sales reached $220.9 million, up 19% from $186.1 million in 2009.

During 2010 Supreme continued to experience improved demand for all major product lines including truck, bus and armored vehicles. Sales order backlog at Dec. 25, 2010 grew 49% to $102 million from $68 million a year ago, and continues to grow into the first quarter of 2011.

Compared with last year’s fourth quarter, sales in Supreme’s core dry-freight truck and armored vehicle divisions advanced 53% and 31%, respectively. Supreme’s bus division posted a 12% sales decline versus the prior-year period. For the full year 2010, net sales improved for each of Supreme’s primary product lines, with dry-freight trucks, buses and armored vehicles reporting gains of 27%, 5% and 31%, respectively.

The fourth-quarter pre-tax loss from continuing operations was $6.7 million, or $0.47 per share, compared with the $4.6 million pre-tax loss, or $0.32 per share, reported for the year-ago quarter. For the full year 2010, the pre-tax loss from continuing operations was $8.1 million, or $0.57 per share, compared with the pre-tax loss of $9.5 million, or $0.67 per share, in 2009’s comparable period.

Commenting on the results, newly appointed President and Chief Executive Officer Kim Korth said: “We are obviously extremely disappointed with our fourth quarter operating results and the overall losses for 2010. While our sales levels showed continued improvement throughout the year, our operating results were negatively impacted by a number of factors including continued inefficiencies at several of our plants as well as effectively processing our dramatic increase in orders. We have been doing an intensive review of all aspects of the business and we recently made a series of leadership changes we believe will help us do a much better job of managing our costs and improving profitability going forward.”

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