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Featherlite Inc., a manufacturer of specialty aluminum trailers, transporters and a converter of Prevost bus shells, reports it earned $1.2 million during the first quarter, easily wiping out the $677,000 net loss it incurred during the first three months of 2003.
The Nasdaq Stock Market-listed company’s total sales increased 35% in the first quarter to $56.4 million. Its specialty trailer-transporter sales revenue increased 32% and its Vantare bus conversion sales rose by 39% during the three months ended March 31.
“The improved results were due primarily to higher gross margins we realized both from increased unit sales volume and average gross margins per unit sold,” said Conrad Clement, president and CEO. “The results also reflect improved efficiencies because of increased volume”
Featherlite’s order backlog as of March 31 was 36% larger than it was on the same date a year earlier and Clement said the company’s independent auditor, Delotte and Touche LLP, now believes it has made sufficient progress toward financial.
Investors responded enthusiastically to Featherlite’s report, bidding the company’s stock price up to a new 52-week high of $6.15 a share today (April 28). It closed the day at $5.66, up $1.99.
The previous 52-week high for Featherlite stock was $4.84 a share.