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Press
Contact: Allison Henk
Marketing
Communications Manager
(765)
771-5674
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Investor
Relations:
(765)
771-5310
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FOR
IMMEDIATE RELEASE
Wabash
National Corporation Announces
Fourth
Quarter and Full Year 2010 Results
Q4
2010 Income from Operations of $5.7 Million; Highest Since Q3 2007
Q4
2010 Operating EBITDA of $10.8 Million; Full Year Operating EBITDA of $4.9
Million
Q4
2010 Net Income of $4.9 Million, or $0.07 per Share
LAFAYETTE,
Ind. – February 8, 2011 – Wabash National Corporation (NYSE: WNC) reported
year-over-year and sequential improvement across most financial and operating
metrics. The Company reported operating income of $5.7 million for
the fourth quarter of 2010, compared to an operating loss of $11.9 million for
the fourth quarter of 2009. For the twelve months ended December 31,
the Company reported an operating loss of $15.4 million and $66.1 million for
2010 and 2009, respectively. The improvement in operating income of
$17.6 million and $50.7 million for the three and twelve month periods,
respectively, resulted from higher production and shipment volumes; as well as,
cost and manufacturing optimization enhancements implemented by the Company
throughout 2008 and 2009. In addition, the fourth quarter and full
year 2010 results benefited from the favorable experience on trailer warranties
which expired of $2.8 million and $3.2 million, respectively.
The
following is a summary of select operating and financial results for the past
five quarters:
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Three Months Ended
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||||||||||||||||||||
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December
31,
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March
31,
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June
30,
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September
30,
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December
31,
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||||||||||||||||
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(Dollars
in thousands)
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2009
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2010
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2010
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2010
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2010
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|||||||||||||||
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New
Trailer Units Sold
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3,300 | 2,600 | 5,400 | 6,800 | 10,100 | |||||||||||||||
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Net
Sales
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$ | 85,373 | $ | 78,274 | $ | 149,699 | $ | 170,848 | $ | 241,550 | ||||||||||
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Gross
Profit Margin
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-2.2 | % | -1.2 | % | 3.5 | % | 3.8 | % | 7.2 | % | ||||||||||
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Income
(Loss) from Operations
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$ | (11,884 | ) | $ | (11,232 | ) | $ | (5,715 | ) | $ | (4,206 | ) | $ | 5,736 | ||||||
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Net
Income (Loss)
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$ | 10,858 | (1) | $ | (139,079 | )(1) | $ | (5,602 | )(1) | $ | (1,938 | )(1) | $ | 4,859 | ||||||
| Operating EBITDA (Non-GAAP) | $ | (6,255 | ) | $ | (5,975 | ) | $ | (493 | ) | $ | 643 | $ | 10,752 | |||||||
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Notes:
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(1)
Quarterly Net Income (Loss) includes a non-cash benefit (charge) of
approximately $20.5 million, ($126.8) million, $1.9 million and $3.3
million related to the change in the fair value of the Company’s warrant
which was issued to a private investor in 2009 and fully exercised in 2010
for the fourth quarter of 2009 and the first, second, and third quarters
of 2010, respectively.
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The following information was filed by Wabash National Corp De (WNC) on Tuesday, February 8, 2011 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.
View differences made from one year to another to evaluate Wabash National Corp De's financial trajectory
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Wabash National Corp De provided additional information to their SEC Filing as exhibits
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Ticker: WNC
CIK: 879526
Form Type: 10-K Annual Report
Accession Number: 0001144204-11-010985
Submitted to the SEC: Fri Feb 25 2011 1:30:17 PM EST
Accepted by the SEC: Fri Feb 25 2011
Period: Friday, December 31, 2010
Industry: Truck Trailers
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