Goshen, Ind.-based Supreme Industries Inc., a leading manufacturer of specialized commercial vehicles, including truck bodies, shuttle buses and armored vehicles, reported a 19% increase in sales for its third quarter ended Oct. 1.
Consolidated net sales rose to $72.8 million in the third quarter, up from $61.5 million in last year’s comparable period. The company reported net income from continuing operations of $1.5 million, or $0.10 per diluted share, for the quarter, compared with $0.3 million, or $0.02 per diluted share, in the prior year. Including the impact from discontinued operations, net income improved to $0.10 per diluted share, reversing the year-ago net loss of $0.01 per share.
Supreme President and CEO Kim Korth said: “We are pleased to report a positive quarter for Supreme. We have been working aggressively on multiple fronts to improve our performance, and it is gratifying to see these efforts begin to show up on the bottom line. The strategy of deploying robust and integrated metrics for managing all aspects of the business has resulted in much tighter organizational alignment which, in turn, enables us to further lever Supreme’s national presence and scale. In addition to new practices and procedures, we are making strategic investments in our facilities designed to yield added enhancements to future productivity and flexibility.”
Gross profit rose 55% to $9.3 million from last year’s $6.0 million. Gross margin, as a percentage of sales, expanded 303 basis points to 12.79%, compared with 9.76% in the third quarter of 2010, primarily due to improved product mix, better management of labor and overhead, and increased sales. The company said order levels remained strong during the quarter. The sales order backlog at quarter end was $90 million, compared with $89 million a year ago.
To view the complete report click here.