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Drew Industries (NYSE: DW) Snapshot

Updated April 6, 2010

 

Company Profile

 

Drew Industries Incorporated (NYSE:DW), through its wholly-owned subsidiaries, Kinro, Inc. and Lippert Components, Inc., produces a broad array of components for recreational vehicles (approximately 71% of sales) and manufactured homes (approximately 29% of sales) at about 41 facilities across the U.S.

 

Consolidated Charting

 

Consolidated Statements
  Quarter Ending    
DW Income Statement Q1-07 Q2-07 Q3-07 Q4-07 Q1-08 Q2-08 Q3-08 Q4-08 Q1-09 Q2-09 Q3-09 Q4-09    
  Mar-07 Jun-07 Sep-07 Dec-07 Mar-08 Jun-08 Sep-08 Dec-08 Mar-09 Jun-09 Sep-09 Dec-09   ttm
Revenue  ssssss
   172,944
   184,456  173,410  137,815  159,148  150,523   124,274    76,561    71,019   100,563   121,666   104,591      397,839
Cost of Goods Sold sssssss
   133,772
   138,683  131,479  106,266  121,520  111,940   102,120    67,420    65,193    80,010    93,692    80,234      319,129
Gross Margin s
    39,172
    45,773    41,931    31,549    37,628    38,583    22,154      9,141      5,826    20,553    27,974    24,357       78,710
As a % of Sales 22.7% 24.8% 24.2% 22.9% 23.6% 25.6% 17.8% 11.9% 8.2% 20.4% 23.0% 23.3%   19.8%
                             
Operating Expenses                            
R&D             -             -            -            -              -            -            -            -            -            -            -               -
SG&A ssssss
    23,274
    24,789    23,728    21,382    23,297    22,430    17,624    16,778    17,050    16,360    16,661    19,180       69,251
Non Recurring              -             -            -        707       (646)        646            -      7,479    45,040            -            -            -       45,040
Others ssssss        (656)                  -            -            -            -            -            -            -               -
Operating Expenses      23,274     24,133    23,728    22,089    22,651    23,076    17,624    24,257    62,090    16,360    16,661    19,180      114,291
As a % of Sales ssssss
13.5%
13.1% 13.7% 16.0% 14.2% 15.3% 14.2% 31.7% 87.4% 16.3% 13.7% 18.3%   28.7%
  s                          
Operating Income sssssssssssssssssssssssss
    15,898
    21,640    18,203      9,460    14,977    15,507      4,530   (15,116)   (56,264)      4,193    11,313      5,177      (35,581)
As a % of Sales 9.2% 11.7% 10.5% 6.9% 9.4% 10.3% 3.6% -19.7% -79.2% 4.2% 9.3% 4.9%   -8.9%
                             
Income from Continuing Operations                            
Total Other Income/Expenses Net  sssssss
        656
       (656)          51        707       (656)            -            -            -            -            -            -            -             -  
Earnings Before Interest And Taxes      16,554     20,984    18,254    10,167    14,321    15,507      4,530   (15,116)   (56,264)      4,193    11,313      5,177      (35,581)
Interest Expense  sssss
        912
        640        444        619          82        197        323        275        200        235       (435)          -               -  
Income Before Tax  s
    15,642
    20,344    17,810      9,548    14,239    15,310      4,207   (15,391)   (56,464)      3,958    11,748      5,177      (35,581)
Income Tax Expense  ssssss
      6,053
      7,782      6,677      3,065      5,790      6,120      1,614    (6,181)   (19,762)      1,402      3,945      2,098      (12,317)
Minority Interest  ssssssss
            -
            -            -            -            -            -            -            -            -            -            -            -               -
Net Income From Continuing Ops        9,589     12,562    11,133      6,483      8,449      9,190      2,593    (9,210)   (36,702)      2,556      7,803      3,079      (23,264)
                             
Non-recurring Events ssssss                          
Discontinued Operations                       -            -            -            -            -            -            -               -
Extraordinary Items  ssssss
            -
            -            -            -            -            -            -            -            -            -            -            -               -
Effect Of Accounting Changes  ssssss
            -
            -            -            -            -            -            -            -            -            -            -            -               -
Other Items  ssssss
            -
            -            -            -            -            -            -            -            -            -            -            -               -
Net Income        9,589     12,562    11,133      6,483      8,449      9,190      2,593    (9,210)   (36,702)      2,556      7,803      3,079      (23,264)
Preferred Stock And Other Adjustments              -             -           1                                 -
Net Income Applicable To Common Shares        9,589     12,562    11,134      6,483      8,449      9,190      2,593    (9,210)   (36,702)      2,556      7,803      3,079      (23,264)
As a % of Sales 5.5% 6.8% 6.4% 4.7% 5.3% 6.1% 2.1% -12.0% -51.7% 2.5% 6.4% 2.9%   -5.8%
  ssssss                          
EBITDA ssssss
    21,019
    25,460    22,839    14,448    18,408    19,469      9,015   (10,572)   (51,194)      8,435    16,338      9,308      (17,113)
As a % of Sales 12.2% 13.8% 13.2% 10.5% 11.6% 12.9% 7.3% -13.8% -72.1% 8.4% 13.4% 8.9%   -4.3%
                             
DW Balance Sheet Quarter Ending    
  Mar-07 Jun-07 Sep-07 Dec-07 Mar-08 Jun-08 Sep-08 Dec-08 Mar-09 Jun-09 Sep-09 Dec-09   ttm
Current Assets                            
Cash And Cash Equivalents  sssssssssss
    12,024
sss
    38,561
ss
   43,644
ss
   56,213
s
   50,414
   43,397      9,185      8,692    14,326    24,919    44,932    52,365       52,365
Short Term Investments  sssssssssss sss ss ss
 -   
s            -            -            -            -      1,997      1,999    12,995       12,995
Net Receivables  sssssssssss
    40,331
sss
    36,521
ss
   38,313
ss
   15,740
s
   33,739
   23,641    23,874      7,913    17,141    22,165    27,728    12,541       12,541
Inventory  sssssssssss
    83,882
sss
    75,053
ss
   79,225
ss
   76,279
s
   87,198
   99,836   107,272    93,934    75,098    58,833    57,184    57,757       57,757
Other Current Assets  sssssssssss
      9,688
sss
      9,830
ss
   13,703
ss
   12,702
s
   11,061
   12,105    11,924    16,556    18,470    16,667    15,647    13,793       13,793
Total Current Assets     145,925    159,965  174,885  160,934  182,412  178,979   152,255   127,095   125,035   124,581   147,490   149,451      149,451
                             
Long Term Assets                            
Long Term Investments                      -          -            -            -            -            -            -                 -
Property Plant and Equipment  sssssssss
   121,211
sss
   115,080
ss
 105,582
ss
 100,616
s
   96,625
   94,603    93,957    88,731    86,813    86,087    83,263    80,276       80,276
Goodwill      36,250     35,868    39,305    39,547    39,591    39,641    49,864    44,113            -            -            -            -               -
Intangible Assets  sssssssssss
    26,977
sss
    28,858
ss
   33,959
ss
   32,578
s
   31,577
   30,584    43,099    42,787    41,430    41,417    40,518    39,171       39,171
Accumulated Amortization                       -            -            -            -            -            -            -               -
Other Long Term Assets  sssssssssss
      6,573
sss
      7,218
ss
   11,380
ss
   12,062
s
   11,786
     7,710      6,386      8,632    21,324    18,443    17,994      2,635         2,635
Deferred Long Term Asset Charges                -            -            -              -            -            -            -            -            -    16,532       16,532
Total Long Term Assets    191,011    187,024  190,226  184,803  179,579  172,538   193,306   184,263   149,567   145,947   141,775   138,614      138,614
                             
Total Assets     336,936    346,989  365,111  345,737  361,991  351,517   345,561   311,358   274,602   270,528   289,265   288,065      288,065