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RV and manufactured housing industry supplier firm Drew Industries Inc. reported record sales and earnings for the fourth quarter and all of 2003.
In a release issued today (Feb. 11), the New York Stock Exchange-listed firm reported its fourth-quarter net income increased 65% to $4.3 million, compared with $2.6 million a year earlier, and its fourth-quarter sales increased 11% to a record $86.8 million.
For all of 2003, Drew’s income from continuing operations increased 23% to a record $19.4 million, and its sales revenue climbed 9% to a record $353.1 million.
The company’s net income for 2003 also amounted to $19.4 million, which compares to a net loss of $14.6 million in 2002. However, Drew reported a net loss for 2002 because it took a $30.2 million noncash charge against its earnings to reflect goodwill impairment.
“We gained market share in all our RV product lines and continue to add complementary lines through new product development as well as acquisitions,” said Leigh Abrams, president and CEO of Drew, the parent of RV industry supplier firms Lippert Components and Kinro.
Drew’s sales revenue from RV industry customers increased 21% during the final three months of 2003 to $54.5 million, and 28% to $219.5 million for the entire year.
Its RV-related operating earnings increased 55% in the October-through-December period to $5.4 million, and 53% to $24.8 million for all of 2003.
The company made two RV industry-related acquisitions in 2003: towable RV chassis fabricator ET&T Frames in October and LTM Manufacturing in July. The two companies had combined sales revenue of $11.5 last year, and they immediately added to Drew’s profitability, Adams said, adding that they represent growth opportunities.
“These acquisitions and our strong performance in the fourth quarter and the year perfectly illustrate our strategy of expanding Drew’s reach through organic growth and acquisitions as we aim to become the leading supplier of systems and components to the RV market,” Abrams said.