Goshen-based Supreme reports good 2012
Supreme Industries reported reduced sales and profit in the final quarter of 2012 but saw a major jump in gross profit for the year and a huge jump in net income.
Posted on Feb. 7, 2013 at 12:00 a.m.
| Updated on Feb. 7, 2013 at 5:28 p.m.
GOSHEN — Despite a soft fourth quarter, Supreme Industries finished 2012 with a lot of improvement over 2011, the company announced Thursday, Feb. 7.
Because of two major orders at the end of 2011, the final quarter of 2012 saw 11.8 percent lower net sales, coming out at $57.7 million. Gross margin decreased and gross profit was down to $7.6 million compared to $8.7 million in the same period in 2011.
The company’s net income for the quarter was $400,000, compared to $1.9 million in 2011’s final quarter.
For the year, though, Supreme ended up with a 33.9 percent increase in gross profit compared to 2011, even with a drop of 4.7 percent in consolidated net sales.
Supreme’s full-year net income was $11.8 million, compared to $800,000 for 2011.
In a written statement, Matthew Long, Supreme’s chief financial officer and interim chief executive officer, said, “We continue to successfully implement the strategy of concentrating on sales and markets that meet or exceed our margin criteria. By enhancing manufacturing efficiencies and better managing costs, we have successfully developed a model that can drive sustainable profits into the future. Entering 2013, we are encouraged by our team’s progress to date, and by the opportunities we see before us to continue satisfying our customers with on-time delivery of specialty vehicles that represent the very best quality, safety and value.”
The company retired some debt, reducing it from $15.9 million at the end of 2011 to $14.1 million at the end of 2012.
They also increased a line of credit to increase liquidity and reduce interest.
Supreme Industries is headquartered in Goshen and operates truck-body maker Supreme Corp., Supreme Specialty Vehicles, Supreme Armored, StarTrans Bus and Tower Structural Laminating.