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Supreme Industries Reports Improved 2012 Third-Quarter Earnings

As disclosed in the second quarter of 2012, the Company self-identified errors related to revenue recognition. Accordingly, the Company’s prior-period consolidated financial statements reflect the correction of the immaterial errors.

Conference Call Information

A conference call will be held tomorrow, Oct. 26, 2012, at 9 a.m. ET to review the third-quarter and nine-month results. To participate in the live call, dial 877-317-6789 (International: 412-317-6789) 10 minutes before the call begins, or 8:50 a.m. ET. The conference ID is 10020061. The call also will be streamed live and can be accessed 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’ email distribution list, please click on the link below: http://www.clearperspectivegroup.com/clearsite/sts/emailoptin.html.

About Supreme Industries

Supreme Industries, Inc. (NYSE MKT: STS), is a nationwide manufacturer of specialized truck bodies produced to the specifications of its customers. Supreme also manufactures special-purpose “shuttle-type” buses and armored vehicles. The Company's transportation equipment products are used by a wide variety of industrial, commercial and law enforcement 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

Other than historical facts contained herein, the matters set forth in this news release are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act, as amended, and reflect the view of management with respect to future events. When used in this report, words such as “believe,” “expect,” “anticipate,” “estimate,” “intend,” “plan” and similar expressions, as they relate to Supreme or its plans or operations, identify forward-looking statements. Such forward-looking statements are based on assumptions made by, and information currently available to, management. Although management believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that the expectations reflected in such forward-looking statements are reasonable, and it can give no assurance that such expectations will prove to be correct. Important factors that could cause actual results to differ materially from such expectations include, without limitation, an economic slowdown in the specialized vehicle industry, limitations on the availability of chassis on which Supreme’s product is dependent, availability of raw materials, raw material cost increases and severe interest rate increases. Furthermore, Supreme can provide no assurance that any raw material cost increases can be passed on to its customers through implementation of price increases for Supreme’s products. The forward-looking statements contained herein reflect the current view of management with respect to future events and are subject to those factors and other risks, uncertainties and assumptions relating to the operations, results of operations, cash flows and financial position of Supreme. Supreme assumes no obligation to update the forward-looking statements or to update the reasons actual results could differ from those contemplated by such forward-looking statements.

—FINANCIAL RESULTS FOLLOW—

     
Supreme Industries, Inc. and Subsidiaries
Consolidated Statements of Operations
 
Three Months Ended Nine Months Ended
September 29,   October 1, September 29, October 1,
2012 2011 2012 2011
Net sales $ 71,671,126 $ 72,799,593 $ 228,411,988 $ 234,903,279
Cost of sales   60,097,281     63,517,725     192,508,241     211,150,117  
Gross profit 11,573,845 9,281,868 35,903,747 23,753,162
 
Selling, general and administrative expenses 7,898,906 6,720,752 24,686,538 20,628,189
Legal settlement and related costs - - - 2,182,091
Other income  

(174,445

)

 

(167,241

)

 

 

(766,585

)

 

(621,845

)

Operating income 3,849,384 2,728,357 11,983,794 1,564,727
 
Interest expense   149,710     1,209,645     729,520     1,942,216  

Income (loss) from continuing operations before income taxes

3,699,674 1,518,712 11,254,274

(377,489

)

 
Income tax (benefit) expense   129,183   -      

(195,134

)

  -  
Income (loss) from continuing operations 3,570,491 1,518,712 11,449,408

(377,489

)

 
Discontinued operations
Operating loss of discontinued Oregon operations   -    

(25,984

)

  -    

(717,829

)

Net income (loss) $ 3,570,491   $ 1,492,728   $ 11,449,408     ($1,095,318 )
 
Basic income (loss) per share:
Income (loss) from continuing operations $ 0.23 $ 0.10 $ 0.75 ($0.02 )
Loss from discontinued operations   -   -       -    

(0.05

)

Net income (loss) per basic share $ 0.23   $ 0.10   $ 0.75     ($0.07 )
 
Diluted income (loss) per share:
Income (loss) from continuing operations $ 0.23 $ 0.10 $ 0.74 ($0.02 )
Loss from discontinued operations   -   -       -    

(0.05

)

Net income (loss) per diluted share $ 0.23   $ 0.10   $ 0.74     ($0.07 )
 
Shares used in the computation of income (loss) per share:
Basic 15,206,196 15,155,528 15,186,505 14,693,856
Diluted 15,470,335 15,345,234 15,437,246 14,693,856
 
Supreme Industries, Inc. and Subsidiaries
Consolidated Balance Sheets
 
September 29,

December 31,

2012 2011
 
Assets
Current assets $ 70,653,175 $ 69,509,587
Property, plant and equipment, net 36,700,204 33,530,057
Other assets   1,353,291     1,683,718  
Total assets $ 108,706,670   $ 104,723,362  
 
Liabilities
Current liabilities $ 29,217,570 $ 34,087,548
Long-term liabilities   12,798,438     15,702,467  
Total liabilities 42,016,008 49,790,015
Total stockholders' equity   66,690,662     54,933,347  
Total liabilities and stockholders' equity $ 108,706,670   $ 104,723,362  




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