GOSHEN, Ind. – Supreme Industries, manufacturer of specialized commercial vehicles including truck bodies, trolleys and specialty vehicles, has announced improved financial results for its first quarter ended March 28, 2015.
Consolidated net sales from continuing operations increased 18.5 percent in the quarter, reaching $63.3 million, compared with $53.4 million in the first quarter of 2014. The company said last year’s sales were negatively impacted by chassis shortages and severe weather.
First quarter net income from continuing operations increased to $1.9 million, or 11 cents per diluted share, in the current year compared with $0.2 million, or 1 cent per diluted share, in 2014.
“Entering 2015, positive momentum continued on several fronts. New sales initiatives implemented last year as part of our profitable growth agenda, combined with strong customer demand for medium-duty work trucks, have been driving top-line growth,” said Mark Weber, president and CEO. “In addition to fleet awards received since the beginning of the year, retail orders also strengthened during the quarter, increasing our backlog.”
Due to heightened order activity, backlog as of March 28, increased to $94.3 million, up 18 percent since the end of 2014. This represents a 27 percent increase from the order backlog of $73.9 million at the end of last year’s first quarter.
The company’s discontinued shuttle bus business was sold in the first quarter of 2014 and generated a $1.6 million after-tax net loss in that period. Including the impact from discontinued operations, net income improved to $1.9 million, or 11 cents per diluted share, in the first quarter of 2015, reversing the reported net loss of $1.3 million, or 8 cents per diluted share, in last year’s first quarter.
