Earnings up at Featherlite

Aluminum trailer manufacturer Featherlite Inc. today reported net earnings of $2.7 million on sales of $193.2 million in 2002, compared to losses of $8.8 million on sales of $212.8 million in 2001. "We are pleased that the Company is seeing positive results from its strategic initiatives," said Featherlite president & CEO Conrad Clement.Featherlite's consolidated revenue for the year declined by 9.2% with coach revenue down 18.5%, due in large part to the loss of revenues from the discontinued Vogue coach line whose facility was closed in 2001. Overall gross profit margins in 2002 improved to 13.4% of sales compared to 8.5% for the same period in 2001. Selling and administrative expenses declined in 2002 by $1.6 million or 7.4%. As a percentage of sales these expenses increased by 0.3% compared with 2001.