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|Press Contact: Tom Rodak||Investor Relations: Jeff Taylor|
|Director of Corporate Marketing||VP Finance & Investor Relations|
|(765) 771-5555||(765) 771-5310|
FOR IMMEDIATE RELEASE
Wabash National Corporation Announces
Fourth Quarter and Full Year 2012 Results
Fiscal Year 2012 Record Net Sales of $1.46 Billion;
Q4 2012 GAAP EPS of $1.16 and Adjusted EPS of $0.32 per Diluted Share;
Acquisition of Beall Assets Completed
LAFAYETTE, Ind. – February 5, 2013 – Wabash National Corporation (NYSE: WNC) reported year-over-year and sequential improvement across a number of financial and operating metrics. The Company reported net income of $80.2 million, or $1.16 per diluted share for the fourth quarter of 2012 on net sales of $416 million. The fourth quarter results included a $59.0 million, or $0.86 per diluted share, income tax benefit primarily related to the reversal of the Company’s valuation allowance against its net deferred tax assets. Excluding the income tax benefit and other one-time charges of $0.5 million related to the acquisitions of Walker Group Holdings (“Walker”) on May 8, 2012 and certain assets of Beall Corporation (“Beall’) on February 4, 2013, non-GAAP adjusted earnings were $21.7 million, or $0.32 per diluted share for the quarter as compared to $7.5 million, or $0.11 per diluted share, on net sales of $342 million for the fourth quarter of 2011.
For the twelve months ended December 31, 2012 the Company reported net income of $105.6 million, or $1.53 per diluted share, on net sales of $1.46 billion, compared to net income of $15.0 million, or $0.22 per diluted share, on net sales of $1.19 billion for the twelve months ended December 31, 2011. Results for the twelve months ending December 31, 2012 included one-time charges of $18.2 million, or $0.27 per diluted share, related to the acquisitions of Walker and certain assets of Beall as well as the income tax benefit from the reversal of the Company’s valuation allowance against its net deferred tax assets. Excluding the impact of these items, non-GAAP adjusted earnings for the twelve months ended December 31, 2012 were $64.8 million, or $0.95 per diluted share. Results for the twelve months ended December 31, 2011 included a one-time charge of $0.7 million, or $0.01 per diluted share, related to the early extinguishment of the Company’s prior revolving credit facility.
The following information was filed by Wabash National Corp De (WNC) on Tuesday, February 5, 2013 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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