Press Contact: Jim Hasty
VP, Marketing & Sales Administration
(765) 771-5487
   
Investor Relations:
(765) 771-5310

 
FOR IMMEDIATE RELEASE
 
Wabash National Corporation Announces
 
2009 Fourth Quarter and Full Year Results
 
Fourth Quarter Operating EBITDA Improves Over Prior Year

LAFAYETTE, Ind. – February 8, 2010 – Wabash National Corporation (NYSE: WNC) reported year-over-year operating improvements across several key financial and operating metrics.  The Company reported an operating loss of $11.9 million for the fourth quarter of 2009, compared to an operating loss of $87.2 million for the fourth quarter of 2008.  For the twelve months ended December 31, the Company reported operating losses of $66.1 million and $103.8 million for 2009 and 2008, respectively.  Fourth quarter and full year 2008 results include a non-cash charge related to a goodwill impairment of $66.3 million.

The following is a summary of select operating and financial results trended for the past five quarters:
 
(Dollars in thousands)
 
December 31,
2008
   
March 31,
2009
   
June 30,
2009
   
September 30,
2009 
   
December 31,
2009
 
                               
New Trailer Units Sold 
    9,400       2,700       3,200       3,600       3,300  
                                         
Net Sales 
  $ 230,715     $ 77,937     $ 86,206     $ 88,324     $ 85,373  
                                         
Gross Profit Margin 
    -2.1 %      -19.9 %      -6.1 %      -0.4 %      -2.2 % 
                                         
Loss from Operations 
  $ (87,238 )(1)   $ (27,319 )   $ (16,664 )    $ (10,207 )   $ (11,884 )
                                         
Net (Loss) Income 
  $ (111,906 )(1)   $ (28,284 )   $ (17,935 )    $ (66,404 )(2)   $ 10,858
(2)
                                         
Operating EBITDA (Non-GAAP) 
  $ (13,451 )   $ (21,558 )   $ (10,687 )    $ (4,607 )   $ (6,255 )

Notes:
(1)
During the fourth quarter of 2008, the Company incurred a goodwill impairment charge of $66.3 million included in the Loss from Operations and Net Income (Loss) and a charge to income tax expense of $23.1 million included in Net Income (Loss).
(2)
Quarterly Net Income (Loss) includes a non-cash benefit (charge) of approximately ($54.0) million and $20.5 million related to the change in the fair value of the Company’s warrant for third and fourth quarter of 2009, respectively.

Operating results for the fourth quarter of 2009 trended down sequentially from the third quarter, but were in line with expectations and the seasonality of the industry. On a non-GAAP basis, Operating EBITDA (Earnings before interest, taxes, preferred stock dividends, depreciation, amortization, stock based compensation, and other non-operating income and expense, as well as, any other non-cash special charges) loss of $6.3 million was higher than the third quarter by approximately $1.6 million, reflective of slightly lower sales volumes and seasonally higher production costs for the quarter. The improvements in operating results and Operating EBITDA experienced in both the third and fourth quarters are reflective of cost reduction initiatives that have been implemented throughout the year, improved raw material costs and the impact of improved manufacturing operations. A discussion of the Company’s use of Operating EBITDA as a non-GAAP measure is included below, and a reconciliation of Operating EBITDA to net income (loss) is provided in the supplemental schedules included in this release.


The following information was filed by Wabash National Corp De (WNC) on Monday, February 8, 2010 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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