-----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, FZJSMsw/jA/rhkOqGsO+2KzBp1JfR9hEjVyWuTv51VLtwnMpTNvsFXiVYHMuo29w cRYxP/L+R7ryszRZiHpO8Q== 0000932799-04-000209.txt : 20040728 0000932799-04-000209.hdr.sgml : 20040728 20040727103556 ACCESSION NUMBER: 0000932799-04-000209 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20040727 ITEM INFORMATION: FILED AS OF DATE: 20040727 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NATIONAL RV HOLDINGS INC CENTRAL INDEX KEY: 0000910655 STANDARD INDUSTRIAL CLASSIFICATION: MOTOR HOMES [3716] IRS NUMBER: 330371079 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-12085 FILM NUMBER: 04932437 BUSINESS ADDRESS: STREET 1: 3411 N PERRIS BLVD CITY: PERRIS STATE: CA ZIP: 92571 BUSINESS PHONE: 9099436007 MAIL ADDRESS: STREET 1: 3411 N PERRIS BLVD CITY: PERRIS STATE: CA ZIP: 92571 8-K 1 frm8kjuly.txt FORM 8K JULY 27, 2004 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) July 27, 2004 NATIONAL R.V. HOLDINGS, INC. - ------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) Delaware 0-22268 33-0371079 - -------------------------------- ---------------------- -------------------- (State or other jurisdiction (Commission File No.) (I.R.S. Employer of incorporation) Identification No.) 3411 N. PERRIS BOULEVARD PERRIS, CALIFORNIA 92571 - ------------------------------------------------------------------------------- (Address of principal executive offices and zip code) Registrant's telephone number, including area code: (909) 943-6007 --------------- Item 12. Results Of Operations And Financial Condition Attached and incorporated herein by reference as Exhibit 99.1 is a copy of a press release of the Company, dated July 27, 2004, reporting the Company's financial results for the fiscal quarter ended June 30, 2004. Such information, including the Exhibit attached hereto, shall not be deemed "filed" for purposes of Section 18 of the Securities Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing. SIGNATURE 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, thereto duly authorized. NATIONAL R.V. HOLDINGS, INC. By: /s/ Joseph W. Hansen Joseph W. Hansen Chief Financial Officer Date: July 27, 2004 EXHIBIT 99.1 For immediate release: Contact: July 27, 2004 Carol Taylor Clay, Public/Investor Relations Director or Joe Hansen, CFO National RV Holdings, Inc. National RV Holdings, Inc. 800.547.8015 (IR) or 800.322.6007(CFO) ir@nrvh.com or cfo@nrvh.com ----------- ------------ National RV Holdings Reports Second Quarter 2004 Results Including Record Quarterly Sales Perris, Calif., July 27, 2004/PR Newswire-First Call/ - Driven by record quarterly sales, National RV Holdings, Inc. (NYSE: NVH), reported that net income increased to $2.5 million for the second quarter compared to a loss of $3.4 million for the same quarter last year. The second quarter's earnings per diluted share were $0.24 compared to a loss per diluted share of $0.35 for the second quarter of 2003. Net income for the six months ended June 30, 2004 was $3.2 million or $0.30 per diluted share compared to a loss in the same period of 2003 of $8.1 million or $0.83 per diluted share. Net sales for the second quarter increased to $126.4 million from $73.5 million for the second quarter of 2003, an increase of 72%, and a 14% increase over the first quarter of 2004. The second quarter 2004 sales represented a record level for any quarter in the Company's history. "We are very pleased with the strong demand we are seeing for all of our motorhomes, and are particularly proud of the second consecutive quarter of record sales at our Country Coach subsidiary," said Brad Albrechtsen, National RV Holdings' President and CEO. "While demand for all of our products is very strong right now, revenue from sales of our diesel motorhomes was up 119% compared to the second quarter of last year. More important," continued Albrechtsen, "is the progress we are making with margins. The efforts of many over the last 18 months are driving the improving results. The Company has also benefited from a healthy economy and strong industry demand." Second quarter wholesale unit shipments of diesel motor homes were 443, up 103% from 218 units last year. Quarterly shipments of gas motor homes were 369, up 26% from 293 units last year. Quarterly shipments of towable products were 314, down 34% from 475 units last year. Country Coach's quarterly sales were $57.0 million and year to date sales were $104.0 million, reflecting an increase of $54.1 million, or 108%, over results for the first six months of 2003. National RV's quarterly revenues were $69.4 million and year to date sales were $132.8 million, reflecting an increase of $31.1 million, or 31%, over results for the first six months of 2003. The Company reported continued improvement in gross margins, which were 8.4% of net sales for the quarter compared to -0.6% for the same quarter last year, and 6.6% in the first quarter of 2004. "These improved margins were driven primarily by increased sales revenues, decreased discounting, and improved product quality, and are consistent with our previously stated expectations and goals," said Albrechtsen. Quarterly selling, general and administrative (SG&A) expenses were $6.5 million or 5.2% of sales compared to $4.9 million and 6.7% of sales in the second quarter of 2003. Compared to 2004's first quarter, SG&A was up $0.3 million but down 0.4% of sales. Total inventory of $63.9 million met expectations and remained relatively constant when compared to first quarter inventory levels of $64.2 million. Annualized inventory turns were 6.7 turns for the current quarter versus 4.8 turns for the second quarter of 2003 and 6.9 turns for the first quarter of 2004. The Company spent $1.0 million in the quarter on capital expenditures and incurred depreciation of $0.9 million. Both results were consistent with expectations and similar quarterly results are expected for the remainder of 2004. National R.V. Holdings will host a live webcast to review second quarter results today, July 27, 2004, at 2 p.m. Eastern. A link to the conference call can be found on the Company's website at www.nrvh.com and will be archived and available for 90 days. National R.V. Holdings, Inc. (the Company), through its two wholly-owned subsidiaries, National RV, Inc. (NRV) and Country Coach, Inc. (CCI), is one of the nation's leading producers of motorized and towable recreation vehicles. NRV is located in Perris, California where it produces Class A gas and diesel motor homes under model names Dolphin, Islander, Sea Breeze, Tradewinds and Tropi-Cal, and travel trailers under model names Blaze'n and Rage'n. CCI is located in Junction City, Oregon where it produces high-end Class A diesel motor homes under the model names Affinity, Allure, Inspire, Intrigue, Lexa and Magna, and bus conversions under the Country Coach Prevost brand. This release and other statements by the Company contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that forward-looking statements are inherently uncertain. Actual performance and results may differ materially from that projected or suggested herein due to certain risks and uncertainties including, without limitation, the cyclical nature of the recreational vehicle industry; seasonality and potential fluctuations in the Company's operating results; the Company's dependence on chassis suppliers; potential liabilities under dealer/lender repurchase agreements; competition; government regulation; warranty claims; product liability; and dependence on certain dealers and concentration of dealers in certain regions. Certain risks and uncertainties that could cause actual results to differ materially from that projected or suggested are set forth in the Company's filings with the Securities and Exchange Commission (SEC) and the Company's public announcements, copies of which are available from the SEC or from the Company upon request. NATIONAL R.V. HOLDINGS, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) (Unaudited) Three Months Six Months Ended June 30, Ended June 30, 2004 2003 2004 2003 ---- ---- ---- ---- Net sales $ 126,408 $ 73,471 $ 236,846 $ 151,572 Cost of goods sold 115,738 73,907 218,889 154,094 ------------ ------------ ------------ ------------ Gross profit (loss) 10,670 (436) 17,957 (2,522) Selling expenses 3,262 2,952 6,883 6,085 General and administrative expenses 3,286 1,958 5,873 4,077 ------------ ------------ ------------ ------------ Operating income (loss) 4,122 (5,346) 5,201 (12,684) Interest expense 18 58 78 224 Other income (1) (3) (47) (5) ------------ ------------ ------------ ------------ Income (loss) before income taxes 4,105 (5,401) 5,170 (12,903) Provision (benefit) for income taxes 1,618 (1,999) 2,014 (4,775) ------------ ------------ ------------ ------------ Net income (loss) $ 2,487 $ (3,402) $ 3,156 $ (8,128) ============ ============ ============ ============ Earnings (loss) per common share: Basic $ 0.24 $ (0.35) $ 0.31 $ (0.83) Diluted $ 0.24 $ (0.35) $ 0.30 $ (0.83) Weighted average number of shares Basic 10,197 9,832 10,194 9,832 Diluted 10,440 9,832 10,377 9,832
NATIONAL R.V. HOLDINGS, INC. CONSOLIDATED BALANCE SHEETS (In thousands, except share amounts) June 30, December 31, 2004 2003 ---- ---- (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 363 $ 2,059 Restricted cash 250 250 Trade receivables, less allowance for doubtful accounts ($93 and 132, respectively) 31,172 20,978 Inventories 63,859 51,659 Deferred income taxes 7,955 7,955 Prepaid expenses 1,993 1,658 -------------- -------------- Total current assets 105,592 84,559 Property, plant and equipment, net 39,362 40,833 Long-term deferred income taxes 3,805 3,805 Other 1,231 1,252 -------------- -------------- $ 149,990 $ 130,449 ============== ============== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Current portion of long-term debt 7 19 Accounts payable 27,131 14,101 Accrued expenses 23,666 20,770 -------------- -------------- Total current liabilities 50,804 34,890 Long-term accrued expenses 7,946 7,569 -------------- -------------- Total liabilities 58,750 42,459 -------------- -------------- Commitments and contingencies Stockholders' equity: Preferred stock - $.01 par value; 5,000 shares authorized, 4,000 issued and outstanding - - Common stock - $.01 par value; 25,000,000 shares authorized, 10,201,671 and 10,190,230 issued and outstanding, respectively 102 102 Additional paid-in capital 36,557 36,463 Retained earnings 54,581 51,425 -------------- -------------- Total stockholders' equity 91,240 87,990 -------------- -------------- $ 149,990 $ 130,449 ============== ==============
NATIONAL R.V. HOLDINGS, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) Six Months Ended June 30, 2004 2003 ---- ---- Cash flows from operating activities: Net income (loss) $ 3,156 $ (8,128) Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: Depreciation 1,935 1,974 Gain on asset disposal (45) - Changes in assets and liabilities: Increase in trade receivables (10,194) (1,194) (Increase) decrease in inventories (12,200) 9,456 Decrease in income taxes receivable - 7,015 (Increase) decrease in prepaid expenses (335) 569 Increase in accounts payable 13,030 5,769 Increase (decrease) in accrued expenses 3,273 (1,049) Increase in deferred income taxes - (4,517) ------------- ------------- Net cash (used in) provided by operating activities (1,380) 9,895 ------------- ------------- Cash flows from investing activities: Decrease in other assets 21 340 Proceeds from sale of assets 1,932 - Purchases of property, plant and equipment (2,351) (729) ------------- ------------- Net cash used in investing activities (398) (389) ------------- ------------- Cash flows from financing activities: Net payments on line of credit - (4,943) Decrease in book overdraft - (943) Principal payments on long-term debt (12) (11) Proceeds from issuance of common stock 94 - ------------- ------------- Net cash provided by (used in) financing activities 82 (5,897) ------------- ------------- Net (decrease) increase in cash (1,696) 3,609 Cash, beginning of period 2,059 14 ------------- ------------- Cash, end of period $ 363 $ 3,623 ============= =============
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