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0000950123-08-013855.txt : 20081030
0000950123-08-013855.hdr.sgml : 20081030
20081030060325
ACCESSION NUMBER: 0000950123-08-013855
CONFORMED SUBMISSION TYPE: 8-K
PUBLIC DOCUMENT COUNT: 3
CONFORMED PERIOD OF REPORT: 20081030
ITEM INFORMATION: Results of Operations and Financial Condition
ITEM INFORMATION: Financial Statements and Exhibits
FILED AS OF DATE: 20081030
DATE AS OF CHANGE: 20081030
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: WABASH NATIONAL CORP /DE
CENTRAL INDEX KEY: 0000879526
STANDARD INDUSTRIAL CLASSIFICATION: TRUCK TRAILERS [3715]
IRS NUMBER: 521375208
STATE OF INCORPORATION: DE
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: 8-K
SEC ACT: 1934 Act
SEC FILE NUMBER: 001-10883
FILM NUMBER: 081149059
BUSINESS ADDRESS:
STREET 1: P O BOX 6129
CITY: LAFAYETTE
STATE: IN
ZIP: 47905
BUSINESS PHONE: 7657715310
MAIL ADDRESS:
STREET 1: 1000 SAGAMORE PARKWAY SOUTH
STREET 2: P O BOX 6129
CITY: LAFAYETTE
STATE: IN
ZIP: 47905
8-K
1
c47328e8vk.htm
8-K
e8vk
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington,
D.C. 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):
October 30, 2008
Wabash National Corporation
(Exact name of registrant as specified in its charter)
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Delaware
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1-10883
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52-1375208 |
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(State or other
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(Commission
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(IRS Employer |
jurisdiction
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File No.)
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Identification No.) |
of incorporation) |
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1000 Sagamore Parkway South, Lafayette, Indiana
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47905 |
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(Address of principal executive offices)
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(Zip Code) |
Registrants telephone number, including area code:
(765) 771-5310
Not applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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o |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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o |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c)) |
INFORMATION TO BE INCLUDED IN THE REPORT
Item 2.02. Results of Operations and Financial Condition.
On October 30, 2008, Wabash National Corporation issued a press release announcing its
financial results for the quarter ended September 30, 2008. A copy of the Registrants press
release is attached as Exhibit 99.1 and is incorporated herein by reference. The foregoing
information is to be considered filed for purposes of Section 18 of the Securities Exchange Act
of 1934.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
99.1 Wabash National Corporation press release dated October 30, 2008.
Page 2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the
registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly
authorized.
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WABASH NATIONAL CORPORATION
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Date: October 30, 2008 |
By: |
/s/ Robert J. Smith
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Robert J. Smith |
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Senior Vice President and Chief Financial
Officer |
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Page 3
EXHIBIT INDEX
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Exhibit No. |
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Description |
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99.1
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Wabash National Corporation Press Release dated October 30,
2008 |
Page 4
EX-99.1
2
c47328exv99w1.htm
EX-99.1
exv99w1
Exhibit 99.1
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Press Contact: Jim Hasty
VP, Marketing and Sales
(765) 771-5487
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Investor Relations:
(765) 771-5310 |
Wabash National Corporation Announces
Third Quarter and Year-To-Date Results
LAFAYETTE, Ind. October 30, 2008 Wabash National Corporation (NYSE: WNC) reported a net loss
of $4.3 million, or $0.14 per share, for the third quarter of 2008 on net sales of $243.0 million.
For the same quarter last year, the Company reported net income of $3.8 million, or $0.12 per
share, on sales of $291.0 million. For the nine months ended September 30, 2008, the net loss
totaled $13.9 million or $0.47 per share on sales of $605.5 million. For the comparable period of
2007, net income totaled $10.6 million, or $0.35 per share, on sales of $844.7 million.
Dick Giromini, President and Chief Executive Officer, stated, Results for the quarter matched our
previously stated expectations. We achieved noteworthy progress on our cost containment initiatives
and improved production volume during the quarter. However, these gains were more than offset by
unprecedented raw material price increases which adversely impacted gross margins during the
quarter. We continue to expect that new trailer unit shipments for the year will be in the 32,000
to 33,000 unit range. However, the fourth quarter will be the most difficult of the year, as we
expect the imbalance between raw material costs and selling prices to reach a peak. Additionally,
given the holiday season and our annual year-end shutdown, we will operate with fewer production
days during the fourth quarter. As of September 30, 2008, the Companys backlog was approximately
$283 million compared to $393 million at June 30, 2008.
We have been operating in an extremely challenging economic environment and we expect continued
economic turbulence, specifically as it relates to raw material prices and demand levels. However,
challenging times present opportunity. We continue to be well positioned in our industry with our
strong customer relationships and market share, solid financial position, streamlined manufacturing
footprint, and an unmatched suite of products. These important differentiators will help distance
us from the competition. We will continue to successfully implement cost control and efficiency
improvements, while we size the business to match demand. While our key strategic initiatives and
cost management efforts have mitigated the effects of the downturn, they provide us with a leaner,
more efficient foundation from which to grow long-term profitability.
Wabash National Corporation will conduct a conference call to review and discuss its third quarter
results on Thursday, October 30, 2008, at 10:00 a.m. EDT. The phone number to access the
conference call is 877-407-8035. The call can also be accessed live on the companys website at
www.wabashnational.com. For those unable to participate in the live webcast, the call will be
archived at www.wabashnational.com within three hours of the conclusion of the live call and will
remain available through December 28, 2008.
Headquartered in Lafayette, Ind., Wabash National® Corporation (NYSE: WNC) is one of the
leading manufacturers of semi trailers in North America. Established in 1985, the company
specializes in the design and production of dry freight vans, refrigerated vans, flatbed trailers,
drop deck trailers, dump trailers, truck bodies and intermodal equipment. Its innovative core
products are sold under the DuraPlate®, ArcticLite®, FreightPro
Eagle® and Benson brand names. The company operates two wholly-owned subsidiaries;
Transcraft ® Corporation, a manufacturer of flatbed, drop deck, dump trailers and truck
bodies; and Wabash National Trailer Centers, trailer service centers and retail distributors of new
and used trailers and aftermarket parts throughout the U.S.
This press release contains certain forward-looking statements, as defined by the Private
Securities Litigation Reform Act of 1995. These forward-looking statements including statements
about the companys expectations for improvement in future results are, however, subject to certain
risks and uncertainties that could cause actual results to differ materially from those implied by
the forward-looking statements. Without limitation, these risks and uncertainties include increased
competition, reliance on certain customers and corporate partnerships, risks of customer pick-up
delays, shortages and costs of raw materials, risks in implementing and sustaining improvements in
our manufacturing capacity and cost containment, and dependence on industry trends. Readers should
review and consider the various disclosures made by the company in this press release and in the
companys reports to its stockholders and periodic reports on Forms 10-K and 10-Q.
###
WABASH NATIONAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per share amounts)
(Unaudited)
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Three Months Ended |
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Nine Months Ended |
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September 30, |
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September 30, |
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2008 |
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2007 |
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2008 |
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2007 |
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NET SALES |
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$ |
242,953 |
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$ |
291,017 |
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$ |
605,498 |
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$ |
844,720 |
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COST OF SALES |
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233,965 |
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266,424 |
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579,832 |
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772,110 |
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Gross profit |
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8,988 |
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24,593 |
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25,666 |
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72,610 |
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GENERAL AND ADMINISTRATIVE EXPENSES |
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10,060 |
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13,173 |
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32,016 |
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38,332 |
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SELLING EXPENSES |
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3,420 |
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3,916 |
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10,189 |
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12,029 |
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(Loss) Income from operations |
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(4,492 |
) |
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7,504 |
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(16,539 |
) |
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22,249 |
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OTHER INCOME (EXPENSE) |
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Interest expense |
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(1,154 |
) |
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(1,416 |
) |
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(3,349 |
) |
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(4,410 |
) |
Foreign exchange, net |
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(85 |
) |
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65 |
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(91 |
) |
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461 |
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Gain on debt extinguishment |
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151 |
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Other, net |
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113 |
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(86 |
) |
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(83 |
) |
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(592 |
) |
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(Loss) Income before income taxes |
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(5,618 |
) |
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6,067 |
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(19,911 |
) |
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17,708 |
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INCOME TAX (BENEFIT) EXPENSE |
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(1,288 |
) |
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2,289 |
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(5,991 |
) |
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7,059 |
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NET (LOSS) INCOME |
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$ |
(4,330 |
) |
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$ |
3,778 |
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$ |
(13,920 |
) |
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$ |
10,649 |
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COMMON STOCK DIVIDENDS DECLARED |
|
$ |
0.045 |
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$ |
0.045 |
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$ |
0.135 |
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$ |
0.135 |
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BASIC NET (LOSS) INCOME PER SHARE |
|
$ |
(0.14 |
) |
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$ |
0.13 |
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$ |
(0.47 |
) |
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$ |
0.35 |
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DILUTED NET (LOSS) INCOME PER SHARE |
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$ |
(0.14 |
) |
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$ |
0.12 |
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$ |
(0.47 |
) |
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$ |
0.35 |
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COMPREHENSIVE (LOSS) INCOME |
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Net (loss) income |
|
$ |
(4,330 |
) |
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$ |
3,778 |
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$ |
(13,920 |
) |
|
$ |
10,649 |
|
Changes in fair value of derivatives
(net of tax) |
|
$ |
(140 |
) |
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$ |
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$ |
(140 |
) |
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$ |
|
|
Foreign currency translation adjustment |
|
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|
113 |
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339 |
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NET COMPREHENSIVE (LOSS) INCOME |
|
$ |
(4,470 |
) |
|
$ |
3,891 |
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|
$ |
(14,060 |
) |
|
$ |
10,988 |
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Retail & |
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Manufacturing |
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Distribution |
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Eliminations |
|
Total |
Three months ended September 30, |
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2008 |
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|
|
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|
|
|
|
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Net sales |
|
$ |
217,657 |
|
|
$ |
43,115 |
|
|
$ |
(17,819 |
) |
|
$ |
242,953 |
|
(Loss) Income from operations |
|
$ |
(3,221 |
) |
|
$ |
(1,381 |
) |
|
$ |
110 |
|
|
$ |
(4,492 |
) |
New trailers shipped |
|
|
9,600 |
|
|
|
900 |
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|
(800 |
) |
|
$ |
9,700 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
270,054 |
|
|
$ |
34,714 |
|
|
$ |
(13,751 |
) |
|
$ |
291,017 |
|
Income (loss) from operations |
|
$ |
8,165 |
|
|
$ |
(699 |
) |
|
$ |
38 |
|
|
$ |
7,504 |
|
New trailers shipped |
|
|
12,100 |
|
|
|
600 |
|
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|
(600 |
) |
|
|
12,100 |
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|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended September 30, |
|
|
|
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|
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|
|
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2008 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
536,038 |
|
|
$ |
112,329 |
|
|
$ |
(42,869 |
) |
|
$ |
605,498 |
|
(Loss) Income from operations |
|
$ |
(14,613 |
) |
|
$ |
(2,767 |
) |
|
$ |
841 |
|
|
$ |
(16,539 |
) |
New trailers shipped |
|
|
23,900 |
|
|
|
2,000 |
|
|
|
(1,900 |
) |
|
$ |
24,000 |
|
|
|
|
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|
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|
|
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|
2007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
777,211 |
|
|
$ |
117,569 |
|
|
$ |
(50,060 |
) |
|
$ |
844,720 |
|
Income (loss) from operations |
|
$ |
24,212 |
|
|
$ |
(1,337 |
) |
|
$ |
(626 |
) |
|
$ |
22,249 |
|
New trailers shipped |
|
|
35,600 |
|
|
|
2,300 |
|
|
|
(2,300 |
) |
|
|
35,600 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
September 30, |
|
|
September 30, |
|
|
|
2008 |
|
|
2007 |
|
|
2008 |
|
|
2007 |
|
Basic net (loss) income per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income applicable to common stockholders |
|
$ |
(4,330 |
) |
|
$ |
3,778 |
|
|
$ |
(13,920 |
) |
|
$ |
10,649 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding |
|
|
29,993 |
|
|
|
29,874 |
|
|
|
29,933 |
|
|
|
30,132 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net (loss) income per share |
|
$ |
(0.14 |
) |
|
$ |
0.13 |
|
|
$ |
(0.47 |
) |
|
$ |
0.35 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net (loss) income per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income applicable to common stockholders |
|
$ |
(4,330 |
) |
|
$ |
3,778 |
|
|
$ |
(13,920 |
) |
|
$ |
10,649 |
|
After-tax equivalent of interest on convertible notes |
|
|
|
|
|
|
741 |
|
|
|
|
|
|
|
2,222 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net (loss) income applicable to common
stockholders |
|
$ |
(4,330 |
) |
|
$ |
4,519 |
|
|
$ |
(13,920 |
) |
|
$ |
12,871 |
|
|
Weighted average common shares outstanding |
|
|
29,993 |
|
|
|
29,874 |
|
|
|
29,933 |
|
|
|
30,132 |
|
Dilutive stock options/shares |
|
|
|
|
|
|
234 |
|
|
|
|
|
|
|
255 |
|
Convertible notes equivalent shares |
|
|
|
|
|
|
6,692 |
|
|
|
|
|
|
|
6,675 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted weighted average common shares outstanding |
|
|
29,993 |
|
|
|
36,800 |
|
|
|
29,933 |
|
|
|
37,062 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net (loss) income per share |
|
$ |
(0.14 |
) |
|
$ |
0.12 |
|
|
$ |
(0.47 |
) |
|
$ |
0.35 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average diluted shares outstanding for the three and nine month periods ended September 30, 2008
exclude the antidilutive effects of the Companys Convertible Notes. For the three and nine month
periods ended September 30, 2008, the after-tax equivalent of interest on Convertible Notes was
$0.1 million and $0.8 million, respectively, and the Convertible Notes equivalent shares were 0.5
million and 2.3 million, respectively. Diluted shares outstanding for the three and nine month
periods ended September 30, 2008 also exclude the antidilutive effects of potentially dilutive
stock options and restricted stock totaling approximately 125,000 and 107,000 shares of common stock, respectively.
WABASH NATIONAL CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
September 30, |
|
|
December 31, |
|
|
|
2008 |
|
|
2007 |
|
|
|
(Unaudited) |
|
|
|
|
|
ASSETS
|
CURRENT ASSETS |
|
| |
|
|
| |
|
Cash and cash equivalents |
|
$ |
12,345 |
|
|
$ |
41,224 |
|
Accounts receivable, net |
|
|
75,856 |
|
|
|
68,752 |
|
Inventories |
|
|
132,841 |
|
|
|
113,125 |
|
Deferred income taxes |
|
|
15,248 |
|
|
|
14,514 |
|
Prepaid expenses and other |
|
|
3,715 |
|
|
|
4,046 |
|
|
|
|
|
|
|
|
Total current assets |
|
|
240,005 |
|
|
|
241,661 |
|
|
|
|
|
|
|
|
|
|
PROPERTY, PLANT AND EQUIPMENT, net |
|
|
122,221 |
|
|
|
122,063 |
|
|
|
|
|
|
|
|
|
|
DEFERRED INCOME TAXES |
|
|
7,887 |
|
|
|
2,772 |
|
|
|
|
|
|
|
|
|
|
GOODWILL |
|
|
66,317 |
|
|
|
66,317 |
|
|
|
|
|
|
|
|
|
|
INTANGIBLE ASSETS |
|
|
29,925 |
|
|
|
32,498 |
|
|
|
|
|
|
|
|
|
|
OTHER ASSETS |
|
|
16,536 |
|
|
|
18,271 |
|
|
|
|
|
|
|
|
|
|
$ |
482,891 |
|
|
$ |
483,582 |
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS EQUITY
|
CURRENT LIABILITIES |
|
|
|
|
|
|
|
|
Current portion of capital lease obligation |
|
$ |
590 |
|
|
$ |
|
|
Accounts payable |
|
|
80,496 |
|
|
|
40,787 |
|
Other accrued liabilities |
|
|
48,496 |
|
|
|
54,258 |
|
|
|
|
|
|
|
|
Total current liabilities |
|
|
129,582 |
|
|
|
95,045 |
|
|
|
|
|
|
|
|
|
|
LONG-TERM DEBT |
|
|
79,000 |
|
|
|
104,500 |
|
|
|
|
|
|
|
|
|
|
CAPITAL LEASE OBLIGATION |
|
|
4,636 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER NONCURRENT LIABILITIES AND CONTINGENCIES |
|
|
4,481 |
|
|
|
4,108 |
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS EQUITY |
|
|
265,192 |
|
|
|
279,929 |
|
|
|
|
|
|
|
|
|
|
$ |
482,891 |
|
|
$ |
483,582 |
|
|
|
|
|
|
|
|
WABASH NATIONAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, |
|
|
|
2008 |
|
|
2007 |
|
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
|
|
|
|
Net (loss) income |
|
$ |
(13,920 |
) |
|
$ |
10,649 |
|
Adjustments to reconcile net (loss) income to net cash provided by
operating activities |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
15,535 |
|
|
|
14,477 |
|
Net loss on the sale of assets |
|
|
236 |
|
|
|
106 |
|
Gain on early debt extinguishment |
|
|
(151 |
) |
|
|
|
|
Deferred income taxes |
|
|
(5,849 |
) |
|
|
6,596 |
|
Excess tax benefits from stock-based compensation |
|
|
(6 |
) |
|
|
(33 |
) |
Stock-based compensation |
|
|
3,452 |
|
|
|
3,213 |
|
Changes in operating assets and liabilities |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
(7,104 |
) |
|
|
10,120 |
|
Inventories |
|
|
(19,716 |
) |
|
|
(21,211 |
) |
Prepaid expenses and other |
|
|
2,028 |
|
|
|
2,260 |
|
Accounts payable and accrued liabilities |
|
|
33,705 |
|
|
|
(9,991 |
) |
Other, net |
|
|
81 |
|
|
|
826 |
|
|
|
|
|
|
|
|
Net cash provided by operating
activities |
|
|
8,291 |
|
|
|
17,012 |
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
|
|
|
|
|
Capital expenditures |
|
|
(8,037 |
) |
|
|
(5,196 |
) |
Acquisition, net of cash acquired |
|
|
|
|
|
|
(4,500 |
) |
Proceeds from the sale of property, plant and equipment |
|
|
131 |
|
|
|
124 |
|
|
|
|
|
|
|
|
Net cash used in investing activities |
|
|
(7,906 |
) |
|
|
(9,572 |
) |
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
|
|
|
|
|
Proceeds from exercise of stock options |
|
|
97 |
|
|
|
74 |
|
Excess tax benefits from stock-based compensation |
|
|
6 |
|
|
|
33 |
|
Borrowings under revolving credit facilities |
|
|
139,250 |
|
|
|
99,424 |
|
Payments under revolving credit facilities |
|
|
(60,250 |
) |
|
|
(99,424 |
) |
Payments under long-term obligations |
|
|
(104,133 |
) |
|
|
|
|
Principal payments under capital lease obligation |
|
|
(107 |
) |
|
|
|
|
Repurchases of common stock |
|
|
|
|
|
|
(11,668 |
) |
Common stock dividends paid |
|
|
(4,127 |
) |
|
|
(4,107 |
) |
|
|
|
|
|
|
|
Net cash used in financing activities |
|
|
(29,264 |
) |
|
|
(15,668 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET DECREASE IN CASH AND CASH EQUIVALENTS |
|
|
(28,879 |
) |
|
|
(8,228 |
) |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD |
|
|
41,224 |
|
|
|
29,885 |
|
|
|
|
|
|
|
|
CASH AND CASH EQUIVALENTS AT END OF PERIOD |
|
$ |
12,345 |
|
|
$ |
21,657 |
|
|
|
|
|
|
|
|
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end
-----END PRIVACY-ENHANCED MESSAGE-----