Supreme Industries, Inc. (NYSE Amex: STS), a leading manufacturer of specialized commercial vehicles, including truck bodies, shuttle buses and armored vehicles, today announced improved financial results for its third quarter ended Oct. 1, 2011.
Consolidated net sales increased 19% to $72.8 million in the third quarter, up from $61.5 million in last year’s comparable period. The Company reported net income from continuing operations of $1.5 million, or $0.10 per diluted share, for the 2011 quarter, compared with income from continuing operations of $0.3 million, or $0.02 per diluted share, in the prior year. Including the impact from discontinued operations, net income improved to $0.10 per diluted share, reversing the year-ago net loss of $0.01 per share.
Supreme President and Chief Executive Officer Kim Korth said: “We are pleased to report a positive quarter for Supreme. We have been working aggressively on multiple fronts to improve our performance, and it is gratifying to see these efforts begin to show up on the bottom line. The strategy of deploying robust and integrated metrics for managing all aspects of the business has resulted in much tighter organizational alignment which, in turn, enables us to further lever Supreme’s national presence and scale. In addition to new practices and procedures, we are making strategic investments in our facilities designed to yield added enhancements to future productivity and flexibility.”
Gross profit rose 55% to $9.3 million from last year’s $6.0 million. Gross margin, as a percentage of sales, expanded 303 basis points to 12.79%, compared with 9.76% in the third quarter of 2010, primarily due to improved product mix, better management of labor and overhead, and increased sales. The Company said order levels remained strong during the quarter. The sales order backlog at quarter end was $90 million, compared with $89 million a year ago.Selling, general and administrative expenses were $6.7 million in the third quarter of 2011, compared with $5.2 million in 2010. The increase was due to higher commissions associated with increased sales volume and marketing programs, as well as approximately $0.2 million of non-recurring general and administrative expenses from investments aimed at improving operations and severance costs.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $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
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV