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 fourth quarter and full year ended Dec. 31, 2011.
Consolidated net sales increased 20% to $65.5 million for the quarter, up from $54.5 million in last year’s comparable period. Gross profit improved 254% to $8.6 million from last year’s $2.4 million. Gross profit, as a percentage of sales, increased to 13.09%, compared with 4.44% in the fourth quarter of 2010, primarily due to increased sales, improved product mix and pricing, along with better management of labor and overhead costs. The Company reported net income from continuing operations of $1.9 million which included a tax benefit of $0.4 million, or $0.12 per diluted share, for the 2011 quarter, compared with a loss from continuing operations of $7.2 million, or $0.50 per share, in the prior-year fourth quarter. Including the impact from discontinued operations, net income improved to $0.11 per diluted share, reversing the year-ago net loss of $0.61 per share. Net income for the quarter and 2011 excluded a tax provision due to the Company’s valuation allowance.
Supreme President and Chief Executive Officer Kim Korth said: “It is very gratifying to report a second consecutive quarter of profitability for Supreme. While we still have work to do to ensure sustained profitability for the Company, we are beginning to see increased consistency in our performance.”
Full-year sales increased 36% to $300.8 million from $220.9 million in 2010. The sales order backlog at year end was $100 million, compared with $102 million a year ago. For the full year, gross profit was $32.4 million, or 10.8%, versus $18.4 million, or 8.3%, a year-ago. For the full-year 2011, income from continuing operations was $1.6 million, or $0.11 per diluted share, compared with a loss of $8.6 million, or $0.61 per share, in 2010. Including discontinued operations, net income improved to $0.05 per diluted share, reversing the year-ago net loss of $0.81 per share.