Press Contact: Allison Henk
Marketing Communications Manager
(765) 771-5674 Investor Relations:
(765) 771-5310

FOR IMMEDIATE RELEASE

Wabash National Corporation Announces

2007 Fourth Quarter and Full Year Results

LAFAYETTE, Ind. — February 11, 2008 — Wabash National Corporation (NYSE: WNC) reported net income of $5.6 million, or $0.18 per diluted share for the fourth quarter of 2007 on net sales of $258 million. For the same quarter last year, the company reported a net loss of $5.0 million, or ($0.16) per diluted share on net sales of $354 million. For the twelve months ending December 31, 2007, net income totaled $16.3 million or $0.52 per diluted share on net sales of $1.1 billion. For the comparable period in 2006, the company reported net income of $9.4 million or $0.30 per diluted share on net sales of $1.3 billion.

Fourth quarter and full year 2007 results include the recognition of $3.3 million of foreign currency gains related to the company’s sale of its Canadian branches and a gain of $0.5 million on the early retirement of long term debt. Results for the 2006 quarter and year included a non-cash goodwill impairment charge in our retail business of $15.4 million and the reversal of a valuation allowance of deferred tax assets amounting to $4.8 million.

Fourth quarter new trailer sales totaled 10,800 units, a decrease of 11 percent from the third quarter. New trailer production for the period declined approximately 18 percent. The sequential reduction in production is consistent with the company’s focus of managing production and inventory to demand levels but is a primary cause of fourth quarter margin compression.

Dick Giromini, President and Chief Executive Officer, stated, “In terms of process yield, productivity and organizational effectiveness, Wabash National’s 2007 performance measures up favorably to any previous year in our history. While weak demand, commodity cost pressures and competitive pricing adversely impacted our margin performance, our strategic initiatives continue to gain traction and will serve to improve the company’s long-term profitability. That said, freight demand has been depressed since mid 2006 and we enter 2008 with a weak but moderating demand environment. We expect a challenging demand market during the first half of 2008, with demand increasing during the second half of the year.”

“While quote activity remains strong, order placement remains slow as customers are taking a wait and see approach,” continued Giromini. “Our backlog of orders at December 31, 2007 was approximately $336 million. We continue to have great success in diversifying our customer base adding 40 new mid-market carriers in 2007.”

Wabash National Corporation will conduct a conference call to review and discuss its fourth quarter results on Monday, February 11, 2008, at 10:00 a.m. EST. The phone number to access the conference call is 877-407-8035. The call can also be accessed live on the company’s 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 May 5, 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, and intermodal equipment. Its innovative core products are sold under the DuraPlate^®, ArcticLite^®, and Eagle^® brand names. The company operates two wholly owned subsidiaries: Transcraft Corporation, a manufacturer of flatbed and drop deck trailers; and Wabash National Trailer Centers, a retail distributor 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 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, shortages and costs of raw materials, continued 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 its reports to its stockholders and periodic reports on Forms 10-K and 10-Q.

# #

WABASH NATIONAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(Unaudited)

	Three Months						Twelve Months
	Ended December 31,						Ended December 31,
	2007			2006			2007			2006
NET SALES	$	257,824		$	354,199		$	1,102,544		$	1,312,180
COST OF SALES		238,713			325,882			1,010,823			1,207,687
Gross profit		19,111			28,317			91,721			104,493
GENERAL AND ADMINISTRATIVE EXPENSES		11,180			14,159			49,512			51,157
SELLING EXPENSES		3,714			4,624			15,743			15,070
IMPAIRMENT OF GOODWILL		—			15,373			—			15,373
Income (loss) from operations		4,217			(5,839	)		26,466			22,893
OTHER INCOME (EXPENSE):
Interest expense		(1,345	)		(1,758	)		(5,755	)		(6,921	)
Foreign exchange, net		3,357			(49	)		3,818			(77	)
Gain on debt extinguishment		546			—			546			—
Other, net		205			530			(387	)		407
Income (loss) before income taxes		6,980			(7,116	)		24,688			16,302
INCOME TAX EXPENSE (BENEFIT)		1,344			(2,163	)		8,403			6,882
NET INCOME (LOSS)	$	5,636		$	(4,953	)	$	16,285		$	9,420
COMMON STOCK DIVIDENDS DECLARED	$	0.045		$	0.045		$	0.180		$	0.180
BASIC NET INCOME (LOSS) PER SHARE	$	0.19		$	(0.16	)	$	0.54		$	0.30
DILUTED NET INCOME (LOSS) PER SHARE	$	0.18		$	(0.16	)	$	0.52		$	0.30
COMPREHENSIVE INCOME (LOSS)
Net income (loss)	$	5,636		$	(4,953	)	$	16,285		$	9,420
Reclassification adjustment for foreign exchange gains included in net income		(3,322	)		—			(3,322	)		—
Foreign currency translation adjustment		8			(226	)		347			617
NET COMPREHENSIVE INCOME (LOSS)	$	2,322		$	(5,179	)	$	13,310		$	10,037
				Retail and						Consolidated
	Manufacturing			Distribution			Eliminations			Totals
Three months ended
2007
Net sales	$	237,758		$	32,921		$	(12,855	)	$	257,824
Income (loss) from operations	$	6,356		$	(2,219	)	$	80		$	4,217
2006
Net sales	$	327,324		$	46,651		$	(19,776	)	$	354,199
Income (loss) from operations	$	9,691		$	(15,579	)	$	49		$	(5,839	)
Twelve months ended
2007
Net sales	$	1,014,969		$	150,490		$	(62,915	)	$	1,102,544
Income (loss) from operations	$	30,568		$	(3,556	)	$	(546	)	$	26,466
2006
Net sales	$	1,197,683		$	191,463		$	(76,966	)	$	1,312,180
Income (loss) from operations	$	36,782		$	(13,487	)	$	(402	)	$	22,893

	Three Months Ended					Twelve Months Ended
	December 31,					December 31,
	2007		2006			2007		2006
Basic net income (loss) per share:
Net income (loss) applicable to common stockholders	$	5,636	$	(4,953	)	$	16,285	$	9,420
Weighted average common shares outstanding		29,843		30,968			30,060		31,102
Basic net income (loss) per share	$	0.19	$	(0.16	)	$	0.54	$	0.30
Diluted net income per share:
Net income applicable to common stockholders	$	5,636				$	16,285	$	9,420
After-tax equivalent of interest on convertible notes		683					2,905		—
Diluted net income applicable to common stockholders	$	6,319				$	19,190	$	9,420
Weighted average common shares outstanding		29,843					30,060		31,102
Dilutive stock options/shares		63					207		189
Convertible notes equivalent shares		6,173					6,549		—
Diluted weighted average common shares outstanding		36,079					36,816		31,291
Diluted net income (loss) per share	$	0.18	$	(0.16	)	$	0.52	$	0.30

Average diluted shares outstanding in 2006 excludes the antidilutive effects of the Company’s Senior Convertible Notes.

WABASH NATIONAL CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(Unaudited)

	December 31,		December 31,
	2007		2006
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	41,224	$	29,885
Accounts receivable, net		68,752		110,462
Inventories		113,125		133,133
Deferred income taxes		14,514		26,650
Prepaid expenses and other		4,046		4,088
Total current assets		241,661		304,218
PROPERTY, PLANT AND EQUIPMENT, net		122,063		129,325
DEFERRED INCOME TAXES		2,772		—
GOODWILL		66,317		66,692
INTANGIBLE ASSETS		32,498		35,998
OTHER ASSETS		18,271		20,250
	$	483,582	$	556,483
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable	$	40,787	$	90,632
Other accrued liabilities		54,258		58,706
Total current liabilities		95,045		149,338
LONG-TERM DEBT		104,500		125,000
DEFERRED INCOME TAXES		—		1,556
OTHER NONCURRENT LIABILITIES AND CONTINGENCIES		4,108		2,634
STOCKHOLDERS’ EQUITY		279,929		277,955
	$	483,582	$	556,483

WABASH NATIONAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(Unaudited)

	Years Ended December 31,
	2007			2006
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	16,285		$	9,420
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		19,467			20,598
Net loss (gain) on the sale of assets		116			(796	)
Foreign exchange gain on disposition of Canadian subsidiary		(3,322	)		—
Gain on debt extinguishment		(546	)		—
Deferred income taxes		8,182			7,744
Excess tax benefits from stock-based compensation		(33	)		(352	)
Stock-based compensation		4,358			3,978
Impairment of goodwill		—			15,373
Changes in operating assets and liabilities:
Accounts receivable		41,710			26,141
Finance contracts		7			1,497
Inventories		19,958			(20,332	)
Prepaid expenses and other		6			1,716
Accounts payable and accrued liabilities		(48,487	)		(15,649	)
Other, net		1,625			2,431
Net cash provided by operating activities	$	59,326		$	51,769
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures		(6,714	)		(12,931	)
Acquisition, net of cash acquired		(4,500	)		(69,307	)
Proceeds from the sale of property, plant and equipment		147			7,121
Net cash used in investing activities	$	(11,067	)	$	(75,117	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from exercise of stock options		74			762
Excess tax benefits from stock-based compensation		33			352
Borrowings under revolving credit facilities		103,721			243,313
Payments under revolving credit facilities		(103,721	)		(243,313	)
Payments under long-term debt obligations		(19,852	)		(500	)
Repurchase of common stock		(11,668	)		(9,164	)
Common stock dividends paid		(5,507	)		(5,654	)
Net cash used in financing activities	$	(36,920	)	$	(14,204	)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	$	11,339		$	(37,552	)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD		29,885			67,437
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	41,224		$	29,885