Despite an industry-wide softening in the Class A gas motorhome sector that affected fourth quarter performance, National RV Holdings Inc. reported its first profitable year since 2000.
“We believe we have turned the corner,” commented Brad Albrechtsen, president and CEO for the Perris, Calif.-based company, which is parent to coach builders Country Coach Inc., Junction City, Ore., and Perris-based National RV Inc.
For the year, net income from continuing operations was $3.7 million compared to a net loss of $6.9 million in the same period of 2003. Net income including discontinued operations, which reflect the company’s travel trailer business that was sold last September, was $2.5 million.
Net revenues for the year, ended Dec. 31, increased 41% to $442.3 million compared with $314.3 million the previous year.
National RV Holdings reported a fourth quarter net loss of $1 million from continuing operations versus a net income of $1.2 million in 2003. Revenues for the three-month period increased 9% to $101.3 million compared with $93.3 million the year prior.
“Both divisions experienced strong year-over-year sales growth with particular strength in our highline diesel business,” Albrechtsen said. “We are particularly pleased with results at our Country Coach division where sales increased 66% in 2004 compared to 2003, fueled by retooled products, the introduction of the Inspire product, and strong industry demand for diesel-powered motorhomes.”
Country Coach’s quarterly sales grew 52% to $65.3 million while National RV’s revenues declined 29% to $36 million. Year-end sales for Country Coach were $225 million, up 66% from 2003, and National RV reported a 21% gain to $217.3 million.