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RV and manufactured housing industry supplier Drew Industries Inc. reported a $26.4 million loss for the first quarter because it took an after tax $30.1 million non-cash charge against earnings for accounting technicalities.
Without the $30.1 million charge, taken for goodwill impairment, Drew would have reported a $3.5 million net profit for the three months ended March 31.
Meanwhile, Drew, parent of towable RV chassis supplier Lippert Components and doors and windows supplier Kinro, reports its sales to the RV industry expanded by 38% during the first quarter to $34.7 million.
Drew’s operating profit for RV industry-related sales soared 88% higher to $3.6 million in the first quarter.
Sales to the RV industry now account for 46% of Drew’s total sales, which climbed 27% during the first quarter to $74.7 million.
The $26.4 million loss that Drew reported for the three months ended March 31 compares with a profit of $867,000 earned during the first quarter of 2001.