Wabash announces sale of remaining finance portfolio
Dec 24, 2003 12:00 PM
Wabash National Corporation announced the sale of substantially all of the remaining finance contracts in its finance portfolio to Milestone Capital Corporation and Cypress Leasing Corporation. Proceeds approximated $12.2 million and resulted in a charge of approximately $4 million, reflecting the company's loss on the sale. All proceeds from the sale were used to reduce the company's outstanding indebtedness. Commenting on the sale, Mark R. Holden, senior vice president and chief financial officer, stated, "The sale of these assets substantially completes the company's divestitures of non-core assets and brings our total debt reduction to over $100 million for the second consecutive year. As we enter the new year, the company is focused on maximizing earnings and cash flow in our core operations."
