Wabash National Corp., Lafayette, Ind., reported a $10.8 million second quarter loss, before inventory and other nonrecurring charges, on sales of $212.2 million.
For the comparable period a year ago the company had a net income of $7.5 million on sales of $358.7 million.
Company officials blamed a variety of factors, including weak freight tonnage, additional costs associated with the coating and finishing operation at its Huntsville, Tenn., plant, and further softening of trailer market, which affected its retail operations.
During the quarter Wabash recorded a $5.9 million pre-tax charge to adjust the market value of its used trailer inventories. As of June 30 its order backlog totaled approximately $450 million, including orders totaling about $300 million for its DuraPlate trailer.
For the six months of 2001, Wabash had a net loss of $21.1 million before inventory and other nonrecurring charges on sales of $545.8 million. For the same period a year ago the company had a $16.6 million profit on sales of $711.6 million.
Wabash plans to close its plant in Fort Madison, Iowa, which employs about 250 people. It acquired the plant in 1997 when it bought Fruehauf Corp. It laid off 120
workers in Fort Madison in November, about 80 in March and 180 in April. Mark Holden, vice president and chief financial officer, told the Associated Press the plant closing was ''part of a corporate-wide review of all our operations'' in light of the slowdown in the economy and the trailer industry.
For the comparable period a year ago the company had a net income of $7.5 million on sales of $358.7 million.
Company officials blamed a variety of factors, including weak freight tonnage, additional costs associated with the coating and finishing operation at its Huntsville, Tenn., plant, and further softening of trailer market, which affected its retail operations.
During the quarter Wabash recorded a $5.9 million pre-tax charge to adjust the market value of its used trailer inventories. As of June 30 its order backlog totaled approximately $450 million, including orders totaling about $300 million for its DuraPlate trailer.
For the six months of 2001, Wabash had a net loss of $21.1 million before inventory and other nonrecurring charges on sales of $545.8 million. For the same period a year ago the company had a $16.6 million profit on sales of $711.6 million.
Wabash plans to close its plant in Fort Madison, Iowa, which employs about 250 people. It acquired the plant in 1997 when it bought Fruehauf Corp. It laid off 120
workers in Fort Madison in November, about 80 in March and 180 in April. Mark Holden, vice president and chief financial officer, told the Associated Press the plant closing was ''part of a corporate-wide review of all our operations'' in light of the slowdown in the economy and the trailer industry.
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