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National RV Holdings Inc. returned to profitability during the fourth quarter, posting a net income of $475,000, thanks largely to a 62% increase in sales revenue during the October-through-December period.
“Higher production and sales levels coupled with continued improvements in efficiency in the fourth quarter were key factors leading to improved gross profits and a positive net income,” said Brad Albrechtsen, president and CEO. “Given our current product demand, we expect to continue to improve our sales and profitability as we increase production over the next several months.”
National RV Holdings, which operates its National RV division in Perris, Calif., and its Country Coach division in Junction City, Ore., reports its diesel pusher motorhome business in the fourth quarter “was consistent” with its diesel business during the third quarter of last year.
The National RV division “enjoyed a significant increase in gas motorhome deliveries,” Albrechtsen said.
“With dealers on allocation for National RV (division) products, we are focused on continuing to increase our production rates at that division to meet the strong demand.
“Our Country Coach (highline motorcoach) division also is showing strong demand with brisk sales of our new Inspire product, expanded bus conversion commitments and the addition of several new dealers during the fourth quarter,” Albrechtsen added.
National RV Holding’s net income of $475,000 during the three months ended Dec. 31 compares with a net loss of $6.9 million incurred during the final three months of 2002.
In fact, it is the first profitable quarter for National RV Holdings, a New York Stock Exchange-listed company, since the second quarter of 2001.
The parent company’s sales totaled $99.1 million in last year’s fourth quarter, compared with $61.0 million a year earlier.
For all of 2003, National RV Holdings recorded a net loss of $8.3 million, compared with a $21.4 million net loss during 2002. The 2002 loss included a $6.1 million noncash charge to complete National RV Holdings’ accounting for impaired goodwill.
The company’s 2003 sales revenue increased 14% to $342.0 million, compared with $300.3 million in 2002.