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.
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