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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Supreme Industries, Inc. (delisted) | AMEX:STS | AMEX | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 21.00 | 0 | 01:00:00 |
First-Quarter Net Income Increases 94% to $3.8 Million, Versus $1.9 Million in 2015
Diluted Earnings per Share Doubles to $0.22, Compared with $0.11 in Prior Year
Supreme Industries, Inc. (NYSE MKT: STS), a leading manufacturer of specialized commercial vehicles including truck bodies, trolleys and specialty vehicles, today announced improved net income for its first quarter ended March 26, 2016.
Net sales in the first quarter increased 10% to $69.4 million, compared with $63.3 million in the previous year. First-quarter net income increased to $3.8 million, up from $1.9 million in last year’s same period — an increase of 94%. Earnings per diluted share doubled to $0.22, compared with $0.11 in the first quarter of 2015.
Due to ongoing strategic marketing and sales efforts, order backlog at March 26, 2016, increased to $102 million, compared with $98 million at the end of the most recent quarter; and, $94 million at the end of last year’s first quarter.
“With positive momentum continuing in the medium duty work truck sector, 2016 is off to a great start at Supreme,” said Mark Weber, President and Chief Executive Officer. “In addition, our sales and operations teams continue to gain positive momentum, and our financial results reflect the hard work and customer commitment demonstrated by our entire organization.”
Gross margin expanded 375 basis points in the first quarter of 2016 to 21.8% of sales, compared with 18.1% of sales in the first quarter of 2015. Improved overhead utilization from increased volume and a more favorable mix of retail sales as compared with last year, drove the margin improvement. This resulted in gross profit increasing 32.5%, to $15.2 million, up from $11.4 million in the comparable year-ago period.
Operating income improved 86%, to $5.8 million, versus $3.1 million in the first quarter of 2015.
Working capital at March 26, 2016 increased modestly, to $54.9 million, compared with $51.6 million at the end of December 2015, to support higher sales volumes and inventory associated with spring fleet orders. Stockholders’ equity increased to $91.9 million at quarter end, compared with $88.6 million at Dec. 26, 2015. Book value per share grew to $5.49 at March 26, 2016, versus $5.32 at the end of 2015.
Conference Call Information
A conference call will take place tomorrow, April 22, 2016, at 9:00 a.m. ET to review the 2016 first quarter results. To participate in the live call, dial 888-349-0089 (International: 412-902-4296) 10 minutes before the call begins, or at 8:50 a.m. ET. The conference ID is 10084621. The call also will be streamed live and can be accessed at www.supremecorp.com. Those unable to participate in the live conference call may access a replay, which will be available on Supreme’s website for approximately 30 days.
About Supreme Industries
Supreme Industries, Inc. (NYSE MKT: STS), is a nationwide manufacturer of truck bodies, trolleys and specialty vehicles produced to the specifications of its customers. The Company’s transportation equipment products are used by a wide variety of industrial, commercial and law enforcement customers.
News releases and other information on the Company are available online at: www.supremecorp.com or www.b2i.us/irpass.asp?BzID=1482&to=ea&s=0
—FINANCIAL RESULTS FOLLOW—
Supreme Industries, Inc. and Subsidiaries Condensed Consolidated Statements of Income (Unaudited) Three Months Ended Mar. 26, 2016 Mar. 28, 2015 Net Sales $ 69,449,903 $ 63,295,371 Cost of sales 54,289,246 51,850,345 Gross profit 15,160,657 11,445,026 Selling, general and administrative expenses 9,414,951 8,420,650 Other income (36,476 ) (78,158 ) Operating income 5,782,182 3,102,534 Interest expense 182,829 243,415 Income before income taxes 5,599,353 2,859,119 Income tax expense 1,840,000 926,000 Net Income $ 3,759,353 $ 1,933,119
Income per share:
Basic $ 0.23 $ 0.12 Diluted 0.22 0.11
Shares used in the computation of income per share:
Basic 16,682,812 16,569,115 Diluted 17,127,836 16,905,228Supreme Industries, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets (Unaudited) Mar. 26, 2016 Dec. 26, 2015 Assets Current assets $ 79,071,843 $ 74,933,534 Property, plant and equipment, net 45,789,560 46,186,364 Other assets 533,585 609,815 Total assets $ 125,394,988 $ 121,729,713 Liabilities Current liabilities $ 24,129,020 $ 23,335,811 Long-term liabilities 9,361,153 9,805,473 Total liabilities 33,490,173 33,141,284 Total stockholders' equity 91,904,815 88,588,429 Total liabilities and stockholders' equity $ 125,394,988 $ 121,729,713
View source version on businesswire.com: http://www.businesswire.com/news/home/20160421006604/en/
Investor Relations:Supreme Investor RelationsMatthew J. Dennis, CFA574-228-4130
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