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Bus conversion motorhome and specialty aluminum trailer manufacturer Featherlite Inc. remained profitable for the full year-2002 despite reporting a marginal loss during the fourth quarter.
The Nasdaq Stock Market-listed company lost $183,000 during the three months ended Dec. 31, compared with $4.9 million lost during the final three months of 2001.
However, for the full year-2002, Featherlite earned $2.7 million, compared with $8.8 million lost in 2001.
Featherlite’s sales revenue increased 13% during the October-through-December period to $44.3 million, although its full year-2002 sales declined 9% to $193.2 million.
The company was profitable in 2002 because its trailer and motorcoach profit margins per unit improved, according to Conrad Clement, president and CEO.
Featherlite’s full year-2002 sales revenue declined because the company closed its Vogue motorhome assembly plant in Oklahoma late in 2001. Had Vogue sales revenue been excluded from Featherlite’s 2001 total sales, then its 2002 sales would have about equaled the year 2001 amount. Featherlite’s 2002 motorcoach sales revenue also would have been down by only 1%, had Vogue sales been excluded from the company’s 2001 motorcoach sales revenue total, Clement said.