Manitoba, Canada-based Icon Direct, a manufacturer of interior and exterior RV body parts, announced plans to manufacture aftermarket replacement parts for owners of units produced by now defunct Glendale International Corp.
Glendale RV, makers of the high-end recreational vehicles such as the Titanium and Golden Falcon model, went out of business in early 2010 making parts difficult to find, according to a news release.
Icon Direct, which “specializes in aftermarket RV parts,” has fender skirts, bumpers and j-wrap paneling for the Titanium and Golden Falcon units manufactured by Glendale RV.
The company said that customers can order their replacement fender skirt by shipping the older fender skirt, in any condition. The fender skirt is then recreated and shipped back to the customer.
For more information on Glendale RV and other replacement fender skirts, visit Icon Direct’s website at http://www.icondirect.com.
Morgan Hill, Calif.-based aftermarket supplier Coast Distribution System Inc. today (Aug. 15) reported financial results for the second quarter ended June 30.
Coast reported net income of $1.0 million, or $0.21 per diluted share, for the second quarter compared to net income of $1.2 million, or $0.26 per diluted share, in the same quarter of 2010. Sales for the quarter fell 4.1% to $33.2 million compared to sales of $34.6 million the previous year. Coast said the decrease in sales during the quarter was the result of the slowing of the economy and weak consumer spending.
Gross profits in the second quarter declined by $0.4 million, resulting in a decrease in gross margin to 19% in the 2011 second quarter from 19.4% in the same quarter of 2010. Selling, general and administrative expenses decreased by 2.5% to $4.6 million compared to $4.7 million in the same quarter in 2010. Coast said this improvement was primarily a result of several cost reductions, including a reduction in rent expense for the company’s headquarters, which was renegotiated in the first quarter of 2011, as well as a reduction in bad debt write-offs, when compared to the same quarter in the previous year.
Operating expenses were adversely impacted by the strengthening Canadian dollar, resulting in higher expense levels when operating expenses from Coast’s Canadian operations are translated to U.S. dollars and consolidated. Without the impact of foreign exchange, operating expenses would have shown further improvement.
On the balance sheet, accounts receivable totaled $15.7 million in the second quarter, an increase of $1.3 million compared with the balance at the end of the second quarter of 2010. Inventories at June 30 were $29.3 million, a decrease of $0.5 million compared with $29.8 million at June 30, 2010. The company typically builds inventories during the first half of the year in anticipation of improved customer orders during the spring and summer months, when product sales increase due to seasonal increases in usage and purchases of RVs and boats. The reduction in inventory levels from the prior year was due primarily to lower sales levels along with active management of inventory turnover. Long-term debt was reduced to $12.7 million, from $13.3 million a year ago, reflecting the strength of Coast’s balance sheet.
“The slowing economy and resulting weakness in consumer spending along with additional weakness in our industry took their toll on our results in the second quarter,” said Coast CEO Jim Musbach. “Concerns over unemployment and price inflation eating away at discretionary spending negatively impacted the sales and use of RVs in the first half of 2011.”
For the six-month period, Coast reported a net loss of $59,000, or ($0.01) per diluted share, on net sales of $57.9 million, compared with net earnings of $1.2 million, or $0.26 per diluted share, on net sales of $58.7 million in the same six-month period of 2010. The net loss was attributable to the loss of $1.0 million incurred in this year’s first quarter which was largely offset by Coast’s second quarter earnings.
For a complete report click here.
The Recreation Vehicle Aftermarket Association (RVAA) will hold its 2011 executive conference Aug. 30 – Sept. 2, returning to the Hyatt Huntington Beach Waterfront Resort situated on the California coastline.
The annual conference offers a venue where prominent suppliers and distributors in the RV industry can meet to develop strategies for expanding their business in the coming year, according to RVAA.
The three-day event also allows one-on-one “appointment sessions” with RVAA members. In addition, the conference also provides many social opportunities for networking with RVAA members who have a record of success in the industry.
The association’s return to Huntington Beach is based, in part, on surveys following the 2010 event which showed the location was very well received by participating members.
Registration for the 2011 conference is now closed. Questions about the executive conference can be directed to Meg Pawelski, firstname.lastname@example.org or Laura Hallen, email@example.com
Eliminate the inconvenience and danger of pulling your battery cable with the Automatic Battery Disconnect from Roadmaster Inc. After the initial installation, your vehicle can be towed and then driven without any further adjustment to the battery. The Automatic Battery Disconnect is ideal for anyone towing a Jeep Liberty, Jeep Wrangler or any other vehicle that must be towed with the battery cable disconnected. The Automatic Battery Disconnect provides a constant charged current to the battery during towing, charging the battery up to full capacity. There is also a positive current source for break-away systems or other accessories which must be connected to the battery. The unit works on virtually all 12-volt batteries. For more information visit Roadmaster.
Butler, Wis.-based Actuant Corp. reported an 85% decline in profit for its second quarter, ended Feb. 28, impacted by weak end-market demand, extended customer shutdowns and inventory reduction efforts.
The manufacturer of motion control systems and hydraulic and electrical tools and supplies reported second-quarter net income of $3.2 million compared with $22.4 million in the year-ago period while sales fell 25% to $300 million, from $400 million.
For the six months earnings declined 70% to $14.8 million versus $49.7 million the previous year and sales fell 17% to $680 million from $815 million.
Actuant’s RV interests that include leveling system maker Power Gear and component and step supplier Kwikee Products Inc. are now part of company’s engineered solutions segment as part of a restructuring initiative. The group showed a 42% decline in second-quarter sales reflecting “sharply lower demand from the vehicle end markets.” The segment incurred an operating loss of $2.1 during the period while also reducing headcount by 18% during the quarter.
“We have and will continue to implement aggressive restructuring and cost reduction actions to help offset the impact of weaker demand,” said Robert C. Arzbaecher, chairman and CEO. “We have reduced headcount, consolidated facilities, eliminated shifts and established short work-week schedules to better align our production, inventory and costs with lower customer demand. These actions drove a 10% headcount reduction in our second quarter alone.”
Looking ahead, Actuant sees continued weakness in core markets for the third quarter.
“While visibility remains low, we do not expect a rebound in consumer or industrial demand to materialize during the second half of our fiscal year,” Arzbaecher said. “We remain confident in the fundamental strength of the Actuant businesses, have the right long term growth strategies in place and maintain the confidence and operating experience to manage through this difficult current environment.”