-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, UsSsNGZacZOMSSfZlOWbERz2Q679rHpwFWWEACIaE9I+R9GSIVkf9bmtXJ/FR8VK 2lVlOQvp4DiPbnBcU/Jlug== 0001157523-03-001159.txt : 20030421 0001157523-03-001159.hdr.sgml : 20030421 20030421141846 ACCESSION NUMBER: 0001157523-03-001159 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030416 ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20030421 FILER: COMPANY DATA: COMPANY CONFORMED NAME: REXHALL INDUSTRIES INC CENTRAL INDEX KEY: 0000850476 STANDARD INDUSTRIAL CLASSIFICATION: MOTOR HOMES [3716] IRS NUMBER: 954135907 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-17824 FILM NUMBER: 03656705 BUSINESS ADDRESS: STREET 1: 46147 7TH STREET WEST CITY: LANCASTER STATE: CA ZIP: 93534 BUSINESS PHONE: 6617260565 MAIL ADDRESS: STREET 1: 46147 7TH STREET WEST CITY: LANCASTER STATE: CA ZIP: 93534 8-K 1 a4379548.txt REXHALL INDUSTRIES 8-K SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 -------------------------------------------------------------- FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) April 16, 2003 Rexhall Industries, Inc. (Exact name of registrant as specified in charter) California 0-10067 95-4135907 (State or other (Commission (IRS Employer jurisdiction of File Number) Identification No.) incorporation) 46147 7th Street West, Lancaster California 93534 - ----------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (661) 726-0565 -------------- Item 1. Changes in Control of Registrant. - ------- -------------------------------- Not applicable. Item 2. Acquisition or Disposition of Assets. - ------- ------------------------------------ None. Item 3. Bankruptcy or Receivership. - ------- -------------------------- Not applicable. Item 4. Changes in Registrant's Certifying Accountant. - ------- --------------------------------------------- Not applicable Item 5. Other Events. - ------- ------------ Not applicable. Item 6. Resignations of Registrant's Directors. - ------- -------------------------------------- Not applicable. Item 7. Financial Statements, Pro Forma Financial Information and Exhibits. - ------- ------------------------------------------------------------------ (a) Financial Statements - Not applicable (b) Pro Forma Financial Information - Not applicable (c) Exhibits - The following exhibit is filed as part of this report: 99.1 Press Release of April 16, 2003 announcing registrant's year end and fourth quarter financial results. Item 8. Change in Fiscal Year - ------- --------------------- Not applicable. Item 9. Regulation FD Disclosure - ------- ------------------------ (The information under this Item 9 is being furnished pursuant Item 12 of Form 8-K.) On April 16, 2003, registrant made an earnings release, the text of which is set forth in Exhibit 99.1 attached hereto and is being furnished pursuant to Item 12 of From 8-K. Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Rexhall Industries, Inc. (Registrant) Date: April 21, 2003 By: --------------------------------- J. Michael Bourne, EVP, COO & CFO EX-99 3 a4379548ex991.txt EXHIBIT 99.1 Exhibit 99.1 Rexhall Industries Announces Financial Results for Year End 2002 Wednesday April 16, 8:33 am ET LANCASTER, Calif.--(BUSINESS WIRE)--April 16, 2003--Rexhall Industries, Inc. (Nasdaq:REXL - News) today announced sales and operating results for the fourth quarter ended December 31, 2002. The Company reported a net loss of $0.039 million or $0.01 per share on revenues of $14.1 million, compared to a loss of $1.6 million or $0.26 per share on revenues of $12.3 million for the fourth quarter of 2001. For the year ended December 31, 2002, the Company reported a net loss of $0.9 million or $0.15 per share on revenues of $63.3 million, compared to a loss of $2.0 million or $0.33 per share on revenues of $56.7 million for the year ended December 31, 2001. William J. Rex, Rexhall's President and Chief Executive Officer, stated, "We didn't keep up with the industry in 2002 as evidenced by our meager 5% growth in shipments versus nearly 19% for Class A motorhomes industry wide. We started the year with more orders than we could handle from the 2001 RVIA Tradeshow in Louisville, which led to production ramp-ups and inefficiencies. However, we failed to maintain our edge in developing innovative floor plans, which caused the shipments of the first half of 2002 to not retail quickly and backup the pipeline. This build up of dealers' inventories forced us to reduce our production rates during the summer." Mr. Rex went on to state, "Our reaction to market conditions was slowed due to the distractions we had in the second half of the year from the restatement of the first quarter's results and the subsequent independent investigation, which cost us approximately $850,000 in payments to outside parties. With that now behind us, we can return our focus to being innovative in 2003." REXHALL INDUSTRIES, INC. Condensed Consolidated Statements of Operations (in thousands, except per share data) Three Months Ended: Twelve Months Ended: December 31, December 31, ------------ ------------ 2002 2001 2002 2001 ---- ---- ---- ---- Net Revenues $14,060 $12,255 $63,303 $56,680 Cost of Sales 11,900 11,996 56,424 51,584 ------- ------- ------- ------- Gross Profit 2,160 259 6,879 5,096 Total Expenses and Other Income 2,119 2,146 8,366 7,022 Gain on Sale of Fixed Assets -- 23 34 26 ------- ------- ------- ------- Income (Loss) from Continuing Operations Before Income Taxes 41 (1,864) (1,453) (1,900) Income Tax Expense (Benefit) 72 (589) (526) (603) ------- ------- ------- ------- Income (Loss) from Continuing Operations (31) (1,275) (927) (1,297) Income (Loss) from Discontinued Operations net of tax expense (benefit) -- (313) -- (695) Loss on Disposal of Discontinued Operations net of tax expense (benefit) (8) -- (8) -- ------- ------- ------- ------- Net Income (Loss) ($ 39) ($ 1,588) ($ 935) ($ 1,992) ======= ======= ======= ======= Basic and Diluted Income (Loss) from Continuing Operations - per share ($ 0.01) ($ .21) ($ .15) ($ .21) Basic and Diluted Income (Loss) from Discontinued Operations - per share -- ($ .05) -- ($ .12) ------- ------- ------- ------- Basic and Diluted Income (Loss) - per share ($ 0.01) ($ .26) ($ .15) ($ .33) ======= ======= ======= ======= Weighted Average Shares Outstanding - Basic and Diluted 6,052 6,095 6,077 6,082 ======= ======= ======= ======= Rexhall Industries, Inc. (www.rexhall.com) designs, manufactures and sells various models of Class A motorhomes used for leisure travel and outdoor activities. Rexhall's five lines of Class A motorhomes, sold through dealer locations across the U.S., Canada and Europe, include RoseAir, RexAir(R), Aerbus, American Clipper and Vision(R). Contact: Rexhall Industries, Inc. William Rex, CEO or Investor Relations 661/726-0565 -----END PRIVACY-ENHANCED MESSAGE-----