Supreme reports record net income despite sales drop
Posted: 08/15/2012 at 1:15 am
The company’s net sales were down 10.7 percent over the same quarter last year, but net income was $5.4 million, compared to a loss of $800,000 in the same quarter in 2011. “We have a year of consistent, improving profitability confirming we have turned the corner,” said Matthew Long, chief financial officer and interim chief executive officer.
The company’s net income for the first half of the year was $7.9 million, compared to a loss of $1.9 million over the first half of 2011.Profit margins increased, making up for decreases in sales over the same period of last year.
The Goshen-based company makes shuttle buses, armored vehicles and other specialized commercial vehicles.