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Supreme Industries Reports Second-Quarter 2011 Financial 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     Six Months Ended
July 2,   June 26, July 2,   June 26,
2011 2010 2011 2010
Net sales $ 94,063,962 $ 58,894,666 $ 162,463,937 $ 104,936,936
Cost of sales   86,088,469     52,753,244     147,965,291     94,949,213  
Gross profit 7,975,493 6,141,422 14,498,646 9,987,723
 
Selling, general and administrative expenses 6,909,473 5,555,471 13,907,437 11,073,933
Other income (393,851 ) (157,121 ) (454,604 ) (345,485 )
Legal settlement and related costs   1,868,648     114,552     2,182,091     156,711  
Operating income (loss) (408,777 ) 628,520 (1,136,278 ) (897,436 )
 
Interest expense   452,712     342,728     732,571     836,500  

Income (loss) from continuing operations before income taxes
(861,489 ) 285,792 (1,868,849 ) (1,733,936 )
 
Income taxes   -     -     -     -  
Income (loss) from continuing operations (861,489 ) 285,792 (1,868,849 ) (1,733,936 )
 
Discontinued operations
Operating loss of discontinued Oregon operations (334,706 ) (303,887 ) (691,845 ) (697,771 )
Operating loss of discontinued motorhome operations   -     (143,970 )   -     (138,766 )
Net loss $ (1,196,195 ) $ (162,065 ) $ (2,560,694 ) $ (2,570,473 )
 
Loss per share:
Income (loss) from continuing operations $ (0.06 ) $ 0.02 $ (0.13 ) $ (0.12 )
Loss from discontinued operations   (0.02 )   (0.03 )   (0.05 )   (0.06 )
 
Net loss $ (0.08 ) $ (0.01 ) $ (0.18 ) $ (0.18 )
 
Shares used in the computation of loss per share:
Basic 14,590,397 14,292,955 14,471,570 14,274,747
Diluted 14,590,397 14,292,955 14,471,570 14,274,747
 
 
 
Supreme Industries, Inc. and Subsidiaries
Consolidated Balance Sheets
 
        July 2,     December 25,
2011 2010
(Unaudited) (Audited)
 
Assets
Current assets $ 85,607,505 $ 68,443,939
Property, plant and equipment, net 32,417,542 33,054,891
Other assets   767,415   38,624
Total assets $ 118,792,462 $ 101,537,454
 
Liabilities
Current liabilities $ 62,611,654 $ 48,833,930
Long-term debt   4,230,975   770,847
Total liabilities 66,842,629 49,604,777
Total stockholders' equity   51,949,833   51,932,677
Total liabilities and stockholders' equity $ 118,792,462 $ 101,537,454
 

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