Transpro Inc., a manufacturer and distributor of aftermarket and OEM heat transfer and temperature control products, has announced results for the fourth quarter and year ended Dec. 31, 2002.
"Almost two years ago, Transpro outlined to its stakeholders a program designed to restore the company to profitability," said Charles E. Johnson, president and chief executive officer. "We are pleased to announce that Transpro has delivered on its objectives by reporting net income of $2 million or $0.28 per diluted share after all charges for 2002, supported by significant year-over-year improvements in net sales, gross margin percentage and operating income."
Net sales were $51.2 million in the fourth quarter of 2002, a 14.1% increase over net sales of $44.9 million in the fourth of quarter 2001.
Heavy Duty Group revenue was $13.9 million in the fourth quarter of 2002 versus $14.2 million in the fourth quarter of 2001. The year-over-year decline was primarily attributable to the planned phase out of certain heavy duty truck radiator shipments to Kenworth, the ongoing softness in the heavy truck industry, continued softness in the overall industrial economy that impacts the Heavy Duty Aftermarket business, and the impact of buy-forwards in the third quarter of 2002 caused by the institution of new government heavy truck emission regulations at the beginning of the fourth quarter.
Johnson said, "While we had previously reported the loss of certain Kenworth business, we are most pleased to announce that Kenworth has determined to change its sourcing strategy and will retain Transpro as its supplier of radiators for Class 8 trucks. In the near term, Transpro will resume the production of existing models of these products and begin the development of new product applications."
Net sales for the 12 months ended Dec. 31, 2002 increased 13.4% to $230.6 million compared to $203.3 million in the same period last year.
Heavy Duty Group revenue improved to $66.0 million in 2002 compared to $64.3 million in 2001.
"Almost two years ago, Transpro outlined to its stakeholders a program designed to restore the company to profitability," said Charles E. Johnson, president and chief executive officer. "We are pleased to announce that Transpro has delivered on its objectives by reporting net income of $2 million or $0.28 per diluted share after all charges for 2002, supported by significant year-over-year improvements in net sales, gross margin percentage and operating income."
Net sales were $51.2 million in the fourth quarter of 2002, a 14.1% increase over net sales of $44.9 million in the fourth of quarter 2001.
Heavy Duty Group revenue was $13.9 million in the fourth quarter of 2002 versus $14.2 million in the fourth quarter of 2001. The year-over-year decline was primarily attributable to the planned phase out of certain heavy duty truck radiator shipments to Kenworth, the ongoing softness in the heavy truck industry, continued softness in the overall industrial economy that impacts the Heavy Duty Aftermarket business, and the impact of buy-forwards in the third quarter of 2002 caused by the institution of new government heavy truck emission regulations at the beginning of the fourth quarter.
Johnson said, "While we had previously reported the loss of certain Kenworth business, we are most pleased to announce that Kenworth has determined to change its sourcing strategy and will retain Transpro as its supplier of radiators for Class 8 trucks. In the near term, Transpro will resume the production of existing models of these products and begin the development of new product applications."
Net sales for the 12 months ended Dec. 31, 2002 increased 13.4% to $230.6 million compared to $203.3 million in the same period last year.
Heavy Duty Group revenue improved to $66.0 million in 2002 compared to $64.3 million in 2001.
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