Featherlite Inc., a manufacturer of specialty aluminum trailers, transporters and luxury motorcoaches, reported a 3% increase in sales and slight drop in earnings for its first quarter, ended March 31.
The Cresco, Iowa-based company said net income dipped to $1.4 from $1.5 million the previous years on sales of $60.4 million compared with $58.6 million. Featherlite reported its trailer segment sales in the first quarter increased 5.5% over the same period last year while luxury coach sales were flat.
“Both luxury coach and trailer sales leads, one indicator of potential future sales levels, came in at a record pace during the first quarter of 2006,” said President and CEO Conrad Clement.
Clement said the trailer industry continued to experience aluminum and steel price increases, noting, that Featherlite was “managing these fluctuations with appropriate product price increases and surcharges as well as controlling operating expenses.”
The company also restated that in January it engaged a financial advisor to explore strategic alternatives to “enhance shareholder value.”
“We do not intend to disclose developments with respect to our exploration of strategic alternatives unless and until a specific transaction is approved by our board of directors,” Clement said.