Featherlite Inc., a manufacturer of specialty aluminum trailers, transporters and luxury motorcoaches, today (Feb. 25) reported record net income for fiscal 2004, ended Dec. 31.
For the year, the Cresco, Iowa-based company posted net income of $4.9 million, a more than seven-fold increase from the $705,000 recorded in 2003. Net sales were $216.4 million, representing a 20% increase over 2003 revenues of $180 million.
In the fourth quarter, Featherlite recorded net income of $1.2 million compared to $16,000 in 2003, while sales rose to $56.6 million versus $45.2 million.
The manufacturer said improvements were due primarily to “increased sales volume and increases realized from greater production efficiencies and higher average prices in both the trailer and coach divisions.”
Featherlite said that for fiscal 2004, the trailer division recorded a gross profit increase of 25.4% over the previous year, and the coach division recorded an increase of 13.7%.
“Featherlite, we believe, gained market share in nearly all categories in the trailer and luxury coach segments in 2004,” said Conrad Clement, president and CEO. “Going forward, we remain cautiously optimistic and expect strong fiscal 2005 first quarter sales.
“However, the industry has experienced a rise of about 14% in the cost of aluminum. In response, the company implemented a price increase effective Jan. 1, 2005, which we expect will allow it to maintain historical percentage operating margins.”