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Supreme Industries Reports Significantly Improved 2012 Earnings

Stocks in this article: STS

Conference Call Information

A conference call will be held tomorrow, Feb. 8, 2013, at 9 a.m. ET to review the fourth-quarter and full-year 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 10024460. 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 Income
   
Three Months Ended Twelve Months Ended
December 29,   December 31, December 29,   December 31,
2012 2011 2012 2011
Net sales $ 57,728,124 $ 65,457,410 $ 286,140,112 $ 300,360,689
Cost of sales   50,135,847     56,715,558     242,644,088     267,865,675  
Gross profit 7,592,277 8,741,852 43,496,024 32,495,014
 
Selling, general and administrative expenses 7,532,520 7,025,316 32,219,058 27,653,505
Legal settlement and related costs - - - 2,182,091
 
Other income   (450,472 )   (228,575 )   (1,217,057 )   (850,420 )
Operating income 510,229 1,945,111 12,494,023 3,509,838
 
Interest expense   241,705     301,033     971,225     2,243,249  
Income from continuing operations before income tax 268,524 1,644,078 11,522,798 1,266,589
 
Income tax benefit   (115,056 )   (401,000 )   (310,190 )   (401,000 )
Income from continuing operations 383,580 2,045,078 11,832,988 1,667,589
 
Discontinued operations
Operating loss of discontinued Oregon operations   -     (159,091 )   -     (876,920 )
Net income $ 383,580   $ 1,885,987   $ 11,832,988   $ 790,669  
 
Basic income (loss) per share:
Income from continuing operations $ 0.03 $ 0.13 $ 0.78 $ 0.11
Loss from discontinued operations   -     (0.01 )   -     (0.06 )
Net income per basic share $ 0.03   $ 0.12   $ 0.78   $ 0.05  
 
Diluted income (loss) per share:
Income from continuing operations $ 0.02 $ 0.13 $ 0.77 $ 0.11
Loss from discontinued operations   -     (0.01 )   -     (0.06 )
Net income per diluted share $ 0.02   $ 0.12   $ 0.77   $ 0.05  
 
Shares used in the computation of income (loss) per share:
Basic 15,219,856 15,159,910 15,194,823 14,808,171
Diluted 15,447,552 15,266,155 15,440,484 15,030,772
 
Supreme Industries, Inc. and Subsidiaries
Consolidated Balance Sheets
 
December 29, December 31,
2012 2011
 
Assets
Current assets $ 61,007,286 $ 69,509,587
Property, plant and equipment, net 42,937,988 33,530,057
Other assets   1,142,809     1,683,718  
Total assets $ 105,088,083   $ 104,723,362  
 
Liabilities
Current liabilities $ 22,363,408 $ 34,087,548
Long-term liabilities   15,561,793     15,702,467  
Total liabilities 37,925,201 49,790,015
Total stockholders' equity   67,162,882     54,933,347  
Total liabilities and stockholders' equity $ 105,088,083   $ 104,723,362  




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