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Drew Industries Net Income Surges 40% in Record Third Quarter; RV segment drives sales and profit increases.

Article Excerpt
Drew Industries Incorporated today announced record sales and net income for the third quarter ended September 30, 2003. The outstanding performance by Drew's recreational vehicle ("RV") products segment offset continuing sales declines by the Company's manufactured housing ("MH") products segment.

Drew, a White Plains, NY based supplier of RV and MH components, reported that net sales increased 8 percent to a record $96.1 million in the third quarter of 2003, compared with net sales of $89.2 million in the third quarter of 2002. Net income jumped 40 percent to a record $6.6 million, or $.64 per diluted share, compared with net income of $4.7 million, or $.47 per diluted share, in the same period last year.

For the nine months ended September 30, 2003, Drew reported that net income rose to $15.2 million, or $1.48 per diluted share, on net sales of $266.3 million, compared to a net loss of $17.1 million, or $1.71 per diluted share, on net sales of $247.1 million during the same period in 2002. The prior year period included a charge of $30.1 million, or $3.02 per diluted share, for impairment of goodwill. Income from continuing operations for the nine months ended September 30, 2003 was up 15 percent from last year's comparable period. Net income for the last 12 months reached $17.7 million, or $1.73 per diluted share.

"Our continued market share gains, along with new product introductions, superior customer service and stringent cost controls have combined to yield a truly outstanding quarter for Drew, particularly in view of the continuing sales decline in the manufactured housing industry," said Leigh J. Abrams, President and CEO of Drew Industries. "We gained market share in all our RV product lines and continue to layer on additional complementary lines...