Net Loss for ’02 Likely for National RV
National RV Holdings Inc. revealed on Tuesday (Sept. 24) it will report a net loss for the third quarter and its president and CEO said Wednesday (Sept. 25) it likely will report another loss for the fourth quarter.
“It’ll be tough in 4Q (the fourth quarter) to be in the black,” said Brad Albrechtsen, president and CEO of National RV Holdings Inc., parent of National RV Inc., Perris, Calif., and Country Coach Inc., Junction City, Ore.
Albrechtsen estimates National RV Holdings will report a net loss of $3.4 million, or 35 cents a share, during the third quarter, which ends next Tuesday (Sept. 30).
The company will report its third-quarter results around Oct. 22, Albrechtsen added.
National RV Holdings, a New York Stock Exchange-listed company, lost $4.7 million in the first half of this year and $11.5 million in 2001, according to documents filed with the Securities & Exchange Commission (SEC).
National RV Holdings stock fell to a new 52-week low of $6.25 a share on Wednesday before closing at $6.67, down 28 cents for the day.
Despite the setbacks, Albrechtsen said he will not retract the statements he made a month ago during National RV Inc.‘s dealer meeting. At the gathering in Ontario, Calif., he said, “I know that some of our friendly competitors would like to imply that because we’ve lost money for a year or two that we’re struggling and might well go out of business. Nothing could be further from the truth.”
The company is “virtually debt-free” and it has $10 million to $15 million in yard inventory that will be converted to cash before the end of October, Albrechtsen said.
National RV Holdings hired consulting firm Deloitte & Touche to help it fix the operational problems at its Southern California factories, he said.