Supreme Industries Inc (STS, Financial) filed Quarterly Report for the period ended 2009-03-28.
Supreme Industries Inc. formerly ESI Industries Inc. is one of the nation's leading manufacturers of specialized truck bodies and shuttle buses. The specialized truck body and shuttle bus industry consists of companies that manufacturer and/or distribute specialized truck bodies and shuttle buses. The truck chassis which consists of an engine frame with wheels and in some cases a cab is manufactured by third parties who are major automotive or truck companies. Supreme Industries Inc has a market cap of $23.7 million; its shares were traded at around $1.65 with and P/S ratio of 0.1.
Gross profit decreased by $4.8 million, or 63.2%, to $2.8 million for the three months ended March 28, 2009 compared to $7.6 million for the three months ended March 29, 2008. The following table presents the components of cost of sales as a percentage of net sales and the changes from period-to-period:
G&A expenses General and administrative expenses decreased by $0.8 million, or 17.8%, to $3.7 million for the three months ended March 28, 2009 from $4.5 million for the three months ended March 29, 2008. This decrease in general and administrative expenses was primarily attributable to headcount and wage reductions which are a large part of our cost savings initiatives.
Net income (loss) decreased by $1.6 million to $(1.4) million (-2.8% of net sales) for the three months ended March 28, 2009, from $0.2 million (0.3% of net sales) for the three months ended March 29, 2008. The following table presents basic and diluted earnings (loss) per share and the changes from period-to-period:
Operating activities provided $5.8 million of cash for the three months ended March 28, 2009 compared to cash used of $4.3 million for the three months ended March 29, 2008. For the first quarter of 2009, operating cash was favorably impacted by a $4.7 million reduction in accounts receivable, a $4.6 million decrease in inventories, and an increase in accounts payable of $0.4 million. This was offset by a $2.2 million decrease in other accrued liabilities and an increase in other current assets of $1.5 million. Net income, adjusted for depreciation and amortization, used cash flows from operating activities totaling $0.3 million and provided $1.3 million during the first quarter of 2009 and 2008, respectively.
Cash used in investing activities was $1.0 million for the three months ended March 28, 2009 compared to $2.2 million for the three months ended March 29, 2008. Capital expenditures for the first quarter of 2009 were $0.9 million and consisted primarily of machinery to improve efficiencies at our armored division. The Company expects to invest in only replacement equipment for the remainder of 2009.
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Supreme Industries Inc. formerly ESI Industries Inc. is one of the nation's leading manufacturers of specialized truck bodies and shuttle buses. The specialized truck body and shuttle bus industry consists of companies that manufacturer and/or distribute specialized truck bodies and shuttle buses. The truck chassis which consists of an engine frame with wheels and in some cases a cab is manufactured by third parties who are major automotive or truck companies. Supreme Industries Inc has a market cap of $23.7 million; its shares were traded at around $1.65 with and P/S ratio of 0.1.
Highlight of Business Operations:
Net sales for the three months ended March 28, 2009 decreased $26.6 million to $49.3 million compared to $75.9 million for the three months ended March 29, 2008. The decrease in net sales was primarily related to our truck body sales, our largest product group, which declined by $21.0 million. Our StarTrans bus division and motorhome division experienced declines in net sales of $4.8 million and $3.8 million, respectively. Our vertically-integrated composites division correspondingly experienced a decline in net sales of $1.0 million for the quarter. Partially offsetting these decreases was an increase in net sales by our armored division of $3.8 million, or 167%, to $6.1 million for the three months ended March 28, 2009.Gross profit decreased by $4.8 million, or 63.2%, to $2.8 million for the three months ended March 28, 2009 compared to $7.6 million for the three months ended March 29, 2008. The following table presents the components of cost of sales as a percentage of net sales and the changes from period-to-period:
G&A expenses General and administrative expenses decreased by $0.8 million, or 17.8%, to $3.7 million for the three months ended March 28, 2009 from $4.5 million for the three months ended March 29, 2008. This decrease in general and administrative expenses was primarily attributable to headcount and wage reductions which are a large part of our cost savings initiatives.
Net income (loss) decreased by $1.6 million to $(1.4) million (-2.8% of net sales) for the three months ended March 28, 2009, from $0.2 million (0.3% of net sales) for the three months ended March 29, 2008. The following table presents basic and diluted earnings (loss) per share and the changes from period-to-period:
Operating activities provided $5.8 million of cash for the three months ended March 28, 2009 compared to cash used of $4.3 million for the three months ended March 29, 2008. For the first quarter of 2009, operating cash was favorably impacted by a $4.7 million reduction in accounts receivable, a $4.6 million decrease in inventories, and an increase in accounts payable of $0.4 million. This was offset by a $2.2 million decrease in other accrued liabilities and an increase in other current assets of $1.5 million. Net income, adjusted for depreciation and amortization, used cash flows from operating activities totaling $0.3 million and provided $1.3 million during the first quarter of 2009 and 2008, respectively.
Cash used in investing activities was $1.0 million for the three months ended March 28, 2009 compared to $2.2 million for the three months ended March 29, 2008. Capital expenditures for the first quarter of 2009 were $0.9 million and consisted primarily of machinery to improve efficiencies at our armored division. The Company expects to invest in only replacement equipment for the remainder of 2009.
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