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Bus-conversion motorhome and specialty aluminum-trailer and transporter manufacturer Featherlite Inc. today (Oct. 28) reported a slight decline in sales revenue for the third quarter because of a 27% decrease in motorcoach sales.
The Cresco, Iowa-based company reported that motorcoach-related sales, service and manufacturing facilities in Florida were “disrupted for significant periods during each of the hurricanes in Florida as business throughout the state was impeded.”
Featherlite reported sales of $45.2 million for the third quarter compared to $45.7 million during the same period last year. The company posted third-quarter net income of $940,000, which included an income tax benefit of $829,000, compared to $467,000 in last year’s third quarter.
According to Featherlite, the tax benefit resulted from “the elimination of a deferred tax asset valuation reserve because of the consistent improvement in the company’s recent historical operating results.”
For the first nine months of 2004, Featherlite increased net sales by 18% to $159.7 million while net income rose to $3.7 million compared with $689,000 for the same period in 2003.
“Overall, Featherlite performance for the first nine months of 2004 was strong compared with the same period last year,” President and CEO Conrad Clement said. “Third-quarter results, though they did not meet expectations in the coach division, saw continued positive performance in the trailer division with sales up in five of six product categories.”