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 second quarter ended July 2, 2011.
Second-quarter 2011 consolidated net sales were $94.1 million, an increase of approximately 60% over the $58.9 million in net sales in the same period a year ago. The sales order backlog remained solid at $99 million at quarter end compared with $92 million a year ago. Gross profit improved by approximately 30% to $8.0 million, or 8.5% of net sales. The gross profit percentage was 1.9% lower than the second quarter of 2010 primarily due to the ramp up costs associated with such a significant increase in sales, the high mix of lower margin truck fleet business and the increasing cost of key raw materials. Selling, general and administrative expenses were $6.9 million for the second quarter of 2011. At 7.3% of net sales, these expenses were lower than the 9.4% of net sales for the same period in 2010. The Company incurred approximately $0.5 million in incremental costs to improve operations as well as other expenses related to its refinancing with another lender and severance costs. Interest expense was slightly higher, at $0.5 million compared to $0.3 million in second quarter 2010.
During the quarter, as previously announced, the Company settled a large litigation claim. Excluding this settlement and related costs and other expenses related to our refinancing and profit improvement initiatives, the Company achieved second quarter operating income from continuing operations of approximately $1.5 million, versus $0.7 million in the second quarter of 2010.
Inclusive of the above mentioned settlement and expenses, the Company reported a net loss from continuing operations of $0.9 million or $0.06 per share, in the second quarter of 2011, compared to income from continuing operations of $0.3 million or $0.02 per share in the same quarter of 2010.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV