Supreme was in compliance with its minimum EBITDA and its Tangible Net Worth financial covenants under its senior bank loan agreement. Borrowings were $25.1 million as of April 2, 2011 versus $25.5 million on December 25, 2010.
“We believe that the truck market will remain strong as we finish out this year’s fleet run and we concentrate our energies on our retail truck business in the second half of the year. While the bus market is likely to experience some softening in 2012 due to the financial stress of many local and state governments, we are using this slowdown to expand our efforts with niche private sector customers. We are also encouraged by the continued growth opportunities in our Armored/Specialty Vehicles business. Supreme is positioning itself to improve its competitive position in all of its key markets and to establish consistent performance at an efficiency that rewards the Company, our employees, and stakeholders,” Korth concluded. “We look forward to continuing to make advancements in our results.”
A live webcast of Supreme Industries' earnings conference call can be heard tomorrow at 9:00 a.m. Eastern Time at http://www.SupremeInd.com. Those unable to participate in the live conference call may access a replay, which will be available on Supreme’s website for approximately 30 days.
To be added to Supreme Industries’ e-mail distribution list, please click on the link below: http://www.clearperspectivegroup.com/clearsite/sts/emailoptin.html.About Supreme Industries Supreme Industries, Inc. (NYSE Amex: STS), is a nationwide manufacturer of specialized truck bodies produced to the specifications of its customers. Supreme also manufactures special-purpose “shuttle-type” buses, armored vehicles and homeland response vehicles. The Company's transportation equipment products are used by a wide variety of industrial, commercial, law enforcement and Homeland Security customers. News releases and other information on the Company are available on the Internet at: http://www.supremeind.com or http://www.b2i.us/irpass.asp?BzID=1482&to=ea&s=0
Supreme Industries, Inc. and Subsidiaries
|Consolidated Statements of Income (Unaudited)|
|Three Months Ended|
|April 2, 2011||March 27, 2010|
|Cost of sales||61,876,822||42,195,969|
|Selling, general and administrative expenses||7,311,407||5,560,620|
|Loss from continuing operations before income taxes||(1,007,360||)||(2,019,728||)|
|Loss from continuing operations||(1,007,360||)||(2,019,728||)|
|Operating loss of discontinued Oregon operations||(357,139||)||(393,884||)|
|Operating income of discontinued motorhome operations||-||5,204|
|Loss per share:|
|Loss from continuing operations, net of tax||$||(0.07||)||$||(0.14||)|
|Loss from discontinued operations, net of tax||(0.03||)||(0.03||)|
|Shares used in the computation of loss per share:|
Supreme Industries, Inc. and Subsidiaries
|Consolidated Balance Sheets|
|April 2, 2011||Dec. 25, 2010|
|Property, plant and equipment, net||32,595,633||33,054,891|
|Total stockholders' equity||50,732,938||51,932,677|
|Total liabilities and stockholders' equity||$||128,073,412||$||101,537,454|
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