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Featherlite Inc., a manufacturer of specialty aluminum trailers and Vantare-brand bus-conversion motorhomes, reported a net loss of $676,000 during the first quarter largely because of a 31% decline in sales revenue.
However, Chairman and CEO Conrad Clement said he is cautiously optimistic because Featherlite’s sales leads “are at record levels.”
The Nasdaq Stock Market-traded company’s loss during the first three months of this year compares with a net profit of $1.1 million earned during the same portion of 2002.
Meanwhile, Featherlite’s sales revenue declined to $41.7 million during the three months ended March 31, compared with $60.6 million a year earlier.
“While net sales declined in the first quarter, we believe that Featherlite has gained market share in both the motorcoach and trailer segments,” Clement said. “This should position the company for future advantage as the economy recovers.”
Because the company reported a first-quarter loss, Featherlite is not in compliance with certain covenants in the agreements with two of its lenders: U.S. Bank and GE Commercial Distribution Finance. However, Clement added, “The company is working with these lenders to obtain waivers of these violations and expects they will be granted.”