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 first quarter ended April 2, 2011.
First-quarter 2011 consolidated net sales were $68.4 million, an increase of approximately 49% over the $46 million in net sales in the same period a year ago. Gross profit was $6.5 million, or 9.5% of net sales, up by approximately 71% from last year’s $3.8 million or 8.4%. Selling, general and administrative expenses were $7.3 million for the first quarter of 2011. At 10.7% of sales, these expenses were lower than the 12.1% recorded for the same period in 2010. Interest expense was also lower, at $0.3 million compared to $0.5 million in first quarter 2010.
For the quarter, the Company experienced an operating loss from continuing operations of $0.7 million, versus a $1.5 million loss in the first quarter of 2010. The Company reported a net loss from continuing operations of $1 million or $0.07 per share, in the first quarter of 2011, compared to the loss from continuing operations of $2 million or $0.14 per share in the same quarter of 2010.
The sales order backlog continued to grow during the first quarter and totaled a record $133 million at quarter end compared with $68 million a year ago. Major fleet customers have returned to the market and Supreme was awarded a larger share of their business.Supreme President and Chief Executive Officer Kim Korth said: “As our business has experienced dramatic growth from the depths of the recession, we have been very focused on successfully managing that ramp-up and driving improvements throughout our operations. By managing to metrics and sharing best practices across our manufacturing facilities, we are working to improve bottom-line financial performance while we deliver customers the high-value, high-quality products that they have come to expect from Supreme.”