Specialty trailer and bus conversion manufacturer Featherlite Inc. returned to profitability during the first quarter.
The Nasdaq Stock Market-listed company earned $1.1 million during the three months ended March 31, compared with net income of $64,000 earned a year earlier.
The $1.1 million net profit comes after Featherlite incurred a net loss of $4.9 million during the fourth quarter and an $8.8 million net loss for the full year 2001.
Featherlite executives believe the company will continue showing “positive operating results in the next three quarters and beyond as national economic conditions improve and we maintain our strategic plan,” according to Conrad Clement, chairman and CEO.
The return to profitability occurred despite a 6% decline in the company’s first quarter sales to $60.6 million. “Featherlite’s focus on profitability has yielded some positive signs and I expect Featherlite to further improve its performance as the economy moves forward,” Clement said.
“Though our gross sales in the first quarter were down slightly as the economy has yet to see a full revival, we continue to build backlog in our trailer orders and luxury coach sales have been strong,” Clement added.
Meanwhile, Featherlite is “in the final stages of closing long-term financing agreements with our existing lenders,” Clement said. “We expect this to be completed in the next few weeks.”
Featherlite builds Vantare-brand bus conversions.