This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Supreme Industries Reports Sharply Higher Second-Quarter Earnings

Supreme Industries, Inc. (NYSE MKT: STS), a leading manufacturer of specialized commercial vehicles, including truck bodies, shuttle buses and armored vehicles, today announced improved earnings for its second quarter ended June 30, 2012.

Second-Quarter 2012

Consolidated net sales decreased 10.7% to $84.6 million for the second quarter, down from $94.7 million in last year’s comparable period. Gross profit improved 68% to $13.5 million from last year’s $8.1 million. Gross profit, as a percentage of sales, increased to 16.0%, compared with 8.5% in the second quarter of 2011, and 15.0% in the first quarter of 2012. The year-over-year gross margin improvement is primarily due to product price increases, stabilizing materials pricing, favorable product mix and improved labor efficiencies.

The Company reported net income from continuing operations of $5.4 million, or $0.35 per diluted share, for the quarter, compared with a loss from continuing operations of $0.8 million, or $0.05 per share, in the second quarter of last year. Net income improved to $0.35 per diluted share, reversing the year-ago net loss of $0.07 per share, which included the impact from discontinued operations. Last year’s second-quarter results were negatively impacted by a $1.9 million legal settlement.

The current year’s $0.3 million tax benefit, recorded in the second quarter, resulted primarily from the release of a tax valuation allowance due to the Company’s profitability. The Company expects that the balance of the valuation allowance will be utilized during the second half of 2012 consistent with the Company’s expected tax position, resulting in an effective tax rate of 1.5% for the full year 2012. The tax rate for 2013 and beyond is anticipated to be significantly higher than that of 2012. The 2011 net loss does not reflect any income tax benefit due to the continuing losses of the Company.

Supreme’s Chief Financial Officer and Interim Chief Executive Officer Matthew Long said: “We have a year of consistent, improving profitability confirming we have turned the corner. The operational improvements that began to be realized during the third quarter of 2011 have continued through the first half of 2012. In each of the past four quarters, we have generated sequentially higher gross margins and net income. This positive trend reinforces our ongoing strategy to focus on profitable revenues.”

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $92.93 -0.74%
FB $117.59 -0.40%
GOOG $701.14 0.78%
TSLA $212.83 -4.40%
YHOO $36.96 2.70%


Chart of I:DJI
DOW 17,621.75 -29.51 -0.17%
S&P 500 2,050.03 -1.09 -0.05%
NASDAQ 4,722.6720 -2.9670 -0.06%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs