Press Contact: Allison Henk
Marketing Communications Manager
(765) 771-5674
Investor Relations:
(765) 771-5310

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:

   
Three Months Ended
 
   
December 31,
   
March 31,
   
June 30,
   
September 30,
   
December 31,
 
(Dollars in thousands)
 
2009
   
2010
   
2010
   
2010
   
2010
 
                               
New Trailer Units Sold
    3,300       2,600       5,400       6,800       10,100  
                                         
Net Sales
  $ 85,373     $ 78,274     $ 149,699     $ 170,848     $ 241,550  
                                         
Gross Profit Margin
    -2.2 %     -1.2 %     3.5 %     3.8 %     7.2 %
                                         
Income (Loss) from Operations
  $ (11,884 )   $ (11,232 )   $ (5,715 )   $ (4,206 )   $ 5,736  
                                         
Net Income (Loss)
  $ 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  
 
Notes:
(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.

 
 

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.

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