10.

SEGMENTS

a. Segment Reporting

Through the third quarter of 2011, the Company segregated its operations into two reportable segments: Manufacturing and Retail and Distribution. In the fourth quarter of 2011, resulting from the execution of Company’s strategic initiative to expand its customer base, diversify its product offerings and revenues and extend its market leadership, it began reporting three segments: Commercial Trailer Products, Diversified Products and Retail. The Commercial Trailer Products segment produces and sells new trailers to the Retail segment or to customers who purchase trailers directly from the Company or through independent dealers. The Diversified Products segment focuses on the Company’s commitment to expand its customer base, diversify its product offerings and revenues and extend its market leadership by leveraging its proprietary DuraPlate^® panel technology, drawing on its core manufacturing expertise and making available products that are complementary to truck trailers and transportation equipment. The Retail segment includes the sale of new and used trailers, as well as the sale of after-market parts and service, through its retail branch network.

The Company manages its business in multiple operating segments. Because of the similar economic characteristics of these operations, including the nature of the products, the same or similar customers and similar production and distribution processes, those operations have been aggregated for segment reporting purposes. The accounting policies of the segments are the same as those described in the summary of significant accounting policies except that the Company evaluates segment performance based on income from operations. The Company has not allocated certain corporate related administrative costs, interest and income taxes included in the corporate and eliminations segment to the Company’s other reportable segment. The Company accounts for intersegment sales and transfers at cost plus a specified mark-up. Reportable segment information is as follows (in thousands):

	Commercial		Diversified					Corporate and
	Trailer Products		Products		Retail			Eliminations			Consolidated
Three Months Ended March 31, 2012
Net sales
External customers	$	233,560	$	19,002	$	25,120		$	-		$	277,682
Intersegment sales		9,820		12,588		-			(22,408	)		-
Total net sales	$	243,380	$	31,590	$	25,120		$	(22,408	)	$	277,682

Income (Loss) from operations	$	6,187	$	5,384	$	(75	)	$	(6,047	)	$	5,449
Assets	$	292,495	$	56,890	$	137,622		$	(77,352	)	$	409,655

Three Months Ended March 31, 2011
Net sales
External customers	$	185,680	$	9,608	$	26,696		$	-		$	221,984
Intersegment sales		14,388		10,471		-			(24,859	)		-
Total net sales	$	200,068	$	20,079	$	26,696		$	(24,859	)	$	221,984

Income (Loss) from operations	$	5,555	$	2,665	$	(127	)	$	(4,084	)	$	4,009
Assets	$	237,698	$	43,140	$	101,988		$	(40,185	)	$	342,641

b. Product Information

The Company offers products primarily in four general categories: (1) new trailers, (2) used trailers, (3) components, parts and service and (4) equipment and other. The following table sets forth the major product categories and their percentage of consolidated net sales (dollars in thousands):

	Commercial		Diversified
	Trailer Products		Products		Retail		Consolidated
Three Months Ended March 31, 2012	$		$		$		$		%
New trailers		225,301		-		9,891		235,192		84.7
Used trailers		4,148		-		3,437		7,585		2.7
Components, parts and service		559		14,250		11,769		26,578		9.6
Equipment and other		3,552		4,752		23		8,327		3.0
Total net external sales		233,560		19,002		25,120		277,682		100.0

	Commercial	Diversified
	Trailer Products	Products	Retail	Consolidated
Three Months Ended March 31, 2011	$	$	$	$	%
New trailers	180,596	-	13,567	194,163	87.5
Used trailers	2,313	-	2,646	4,959	2.2
Components, parts and service	555	9,391	10,459	20,405	9.2
Equipment and other	2,216	217	24	2,457	1.1
Total net external sales	185,680	9,608	26,696	221,984	100.0