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Lazydays RV Center Inc., the nation’s largest single-point RV dealer and an industry bellwether, reported a slight increase in revenues from new unit sales for the third quarter ending Sept. 30, but not enough to offset a 19% drop in sales of used units.
Total revenues for the Seffner, Fla.-based dealership decreased 8% to $156.2 million in the quarter from $169 million a year ago. The company reported a net loss of $2.75 million for the period compared to a net loss of $1.54 million a year ago.
For the first nine months of 2006, the company recorded net income of $2.66 million compared with $4.22 million a year ago.
Other third-quarter highlights:
• Sales of new vehicles increased to $100.5 million from $100.1 million a year ago. This increase of new vehicle sales was a result of a higher number of high-end units sold as compared to the prior year.
Overall, new unit sales were down 246 units to 724. The decrease in unit sales was driven by travel trailers, specifically 247 bulk units primarily for hurricane relief in 2005.
• The average selling price for new units increased by 34% but was offset by a 25% drop in unit volume.
• Sales of pre-owned vehicles decreased $10.5 million to $44.8 million from $55.3 million in the comparable period in 2005.
• Unit sales of pre-owned units decreased 215 units to 704. This decrease was primarily attributable to a 119-unit decline in returned rental unit travel trailer sales as well as decreases in Class A diesel and gas of 50 and 32 units, respectively.
• New vehicle inventory is down 4% year-over-year, while used vehicle inventory is up 6%. Floorplan interest expense increased 25%.
For the nine months, revenues decreased $32.1 million to $586.8 million from $618.9 million in the comparable period in 2005.
Other nine-month highlights:
• Total new and pre-owned units sold decreased 974 units from 2005. New unit sales contributed $15.9 million to the decline, while pre-owned vehicle sales contributed $14.5 million.
• Sales of new vehicles decreased $15.9 million to $347.7 million from $363.6 million from the comparable period in 2005. The decrease of new vehicle sales was due to a decrease of $3.6 million of rental income and a 422-unit decline in new unit sales from 2,993 units in the nine months to 2,571 units in the comparable period in 2006.
• Class A diesel and Class A gas motorhomes decreased 7% and 25.2%, respectively.
• Sales of pre-owned vehicles decreased to $191.3 from $205.8 million in the comparable period in 2005.
• Unit sales of pre-owned vehicles, excluding wholesale units, decreased 552 units to 2,859.