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National RV Holdings Inc. stock fell to a new 52-week low today (Sept. 24) after the company announced a management shake-up related to another anticipated quarterly loss.
National RV stock lost $1.23 a share, or 15% of its value in New York Stock Exchange trading today, to close at $6.95. It slipped as low as $6.90, a new 52-week low. The previous 52-week low was $7.80.
Before the stock market opened today, National RV, a builder of motorhomes and towable RVs, announced it will report a third-quarter loss of 35 cents a share, or $3.4 million. The company has 9.8 million shares outstanding.
The management shake-up included the resignation of Michael Jacques, the executive vice president of National RV Holdings and president of the parent company’s National RV Inc. subsidiary.
Replacing Jacques is Wayne Mertes, 65, co-founder of National RV Inc. He returns as president of the Perris, Calif.-based operation.
Bob Lee, 63, founder of National RV Holdings’ Country Coach Inc. subsidiary also returns as the president of that operation, located in Junction City, Ore.
Meanwhile, another California-based RV manufacturer, Rexhall Industries Inc., also has seen its stock price take a beating this week.
Tuesday, Rexhall’s stock price slipped 13 cents lower to close at $1.90 a share, and on Monday, it slid to a new 52-week low of $1.51. Its previous 52-week low was $2.00 a share.
Rexhall has not issued any statements the last few days to explain the decline, but the company announced last month that it needs to restate its first-quarter financial results and it has not yet reported its earnings for the three months ended June 30.
Earlier, Rexhall reported it earned around $182,000 during the first quarter, but the company now believes it actually lost $243,000 during the first three months of this year.
However, Rexhall executives said last month they believe the company operated at break-even or was slightly profitable during the first six months of this year.