Airxcel Inc., manufacturer of several appliances for RVs, returned to profitability in 2003, the company reported in a Securities & Exchange Commission (SEC) document.
Airxcel reported net earnings of $3.2 million in 2003, compared with a net loss of $19.1 million incurred in 2002. The 2002 loss occurred primarily because the company took a $19.7 million noncash charge against earnings to reflect the impact from a change in accounting principles.
The company’s sales increased 1% in 2003 to $161.2 million, compared with $159.1 million in 2002, according to the SEC document.
Airxcel is the parent of Suburban Manufacturing Co., producer of heating, water heating and cooking appliances for RVs, and Instafreeze Inc., a designer and manufacturer of low-voltage compressor refrigerators for the RV industry.