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Featherlite Inc., manufacturer of Vantare-brand luxury bus conversions, specialty aluminum trailers and transporters, reports significantly improved third-quarter net earnings.
The Cresco, Iowa-based company earned $753,000 in the three months ended Sept. 30, compared with $106,000 earned in the July-through-September portion of 2001.
The sharp increase in earnings occurred despite a 21% drop in sales revenue to $40.6 million in the third quarter, compared with $51.6 million a year earlier. Featherlite’s sales declined because it closed its money-losing Vogue mainstream Class A motorhome operation in Oklahoma in the second quarter of 2001. The Vogue operation had $4.7 million in sales revenue in the third quarter of 2001 and $19.5 million in sales for the first nine months of 2001.
During the first nine months of this year, Featherlite’s net earnings totaled $2.9 million, compared with a net loss of almost $4 million in the same portion of 2001.
Featherlite’s sales in the first nine months of this year totaled $148.8 million, down 14% from the $173.7 million in sales it generated in the same portion of 2001.
Featherlite Chairman and CEO Conrad Clement believes the new Vantare H3-45 Super Slide model will have ”a positive effect” on the company’s business in the fourth quarter.
Featherlite’s new financing agreement with U.S. Bank and Deutsche Financial Services, which was announced on Aug. 14, is another positive factor as the company heads into the seasonally slow fourth quarter, Clement added.