Kit’s Sales Improve But Losses Continue
Although Kit Manufacturing Co. reports its RV sales are up sharply, the company reported net losses for the fourth quarter of its fiscal year 2001 and the first quarter of its fiscal year 2002.
The company was late reporting its fourth fiscal year quarter and full fiscal year 2001 financial results because it was negotiating a new agreement with its lender, the company informed the Securities & Exchange Commission (SEC) earlier this year.
During its fiscal year 2001, with ended last Oct. 31, Kit lost $2.5 million net, compared with a net loss of $269,000 during its fiscal year 2000. Kit lost $404,000 during the fourth quarter of its fiscal year 2001, compared with $1.4 million net loss during the fourth quarter of its fiscal year 2000.
The company’s fiscal year 2001 sales revenue declined 13% to $41.7 million and its sales revenue was equally divided between towable RV and manufactured home production.
During the first quarter of its fiscal year 2002, which ended Jan. 31, Kit reported a net loss of $473,000, compared with a net loss of $866,000 a year earlier.
However, its total sales revenue soared 75% higher to $11.8 million during the November-through-January period. Kit’s RV sales revenue also climbed 75% during its first fiscal quarter, said Bruce Skinner, vice president and treasurer.
Kit’s new Extreme sport utility trailer, a redesign of its Patio Hauler, was well received at last year’s Pomona and Louisville shows and resulted in Kit’s sales staff being “overwhelmed with demand by current and potential dealers and retail customers,” according to Dan Pocapalia, chairman, president and CEO.