Wabash National Corporation Announces Fourth Quarter and Full Year 2013 Results

Wabash National Corporation Announces Fourth Quarter and Full Year 2013
Results

  *Record net sales of $1.64 billion for full year 2013, up 11.9 percent over
    prior year
  *Record operating income of $103.2 million for full year 2013, up 46.4
    percent over prior year
  *Record quarterly net sales of $458 million for 4th quarter 2013, up 10.2
    percent over prior year
  *Record annual gross profit and profit margins of $215.1 million and 13.2
    percent, respectively

LAFAYETTE, Ind., Feb. 5, 2014 (GLOBE NEWSWIRE) -- Wabash National Corporation
(NYSE:WNC) reported fourth quarter 2013 net income of $10.4 million, or $0.15
per diluted share on record quarterly net sales of $458 million compared to
fourth quarter 2012 net income of $80.2 million, or $1.16 per diluted share on
net sales of $416 million. The Company's fourth quarter 2013 results include
the impact of an early extinguishment of debt charge totaling $0.6 million
related to a $20 million term loan prepayment made in December 2013. Excluding
the impact of this item, non-GAAP adjusted earnings for the fourth quarter
were $10.8 million, or $0.15 per diluted share. Earnings for the quarter ended
December 31, 2012 included an income tax benefit of $59.0 million, or $0.86
per diluted share, primarily related to the reversal of the Company's
valuation allowance against its net deferred tax assets. Excluding the income
tax benefit and other one-time charges of $0.5 million related to the
acquisitions of Walker Group Holdings ("Walker") on May 8, 2012 and certain
assets of Beall Corporation ("Beall") on February 4, 2013, non-GAAP adjusted
earnings were $21.7 million, or $0.32 per diluted share for the fourth quarter
of 2012.Furthermore, if the tax rate used in computing the fourth quarter of
2012 results was 40 percent, consistent with the tax rate in 2013, non-GAAP
adjusted earnings per share for the fourth quarter of 2012 would have been
reduced to $0.19 per diluted share.

For the twelve months ended December 31, 2013 the Company reported net income
of $46.5 million, or $0.67 per diluted share, on net sales of $1.64 billion,
compared to net income of $105.6 million, or $1.53 per diluted share, on net
sales of $1.46 billion for the twelve months ended December 31, 2012. Full
year 2013 results included one-time charges of $2.8 million, or $0.03 per
diluted share, related to the early extinguishment of debt and the
acquisitions of Walker and certain assets of Beall.Full year 2012 results
included one-time charges of $18.2 million, or $0.27 per diluted share,
related to the acquisitions of Walker and certain assets of Beall as well as
the income tax benefit from the reversal of the Company's valuation allowance
against its net deferred tax assets.Excluding the impact of these items,
non-GAAP adjusted earnings for full year 2012 were $64.8 million, or $0.95 per
diluted share.Furthermore, if the tax rate used in computing prior period
results was 40 percent, consistent with the tax rate in 2013, non-GAAP
adjusted earnings per share for the full year 2012 would have been lowered to
$0.57 per diluted share.

The Company reported operating income of $24.1 million for the fourth quarter
of 2013, compared to operating income of $29.2 million for the fourth quarter
of 2012.Operating EBITDA, a non-GAAP measure that excludes the effects of
costs related to the acquisitions of Walker and certain assets of Beall, as
well as other recurring and non-recurring items, for the fourth quarter of
2013 was $35.6 million, a decrease of $3.2 million compared to operating
EBITDA for the previous year period.For full year 2013, the Company generated
operating EBITDA of $149.9 million, or 9.2 percent of net sales, as compared
to $118.5 million, or 8.1 percent of net sales, for the previous year period.
The year-over-year improvement in operating performance is attributable to the
successful execution of the Company's growth strategy and disciplined approach
to improving profitability, including an improved mix of higher-margin trailer
orders driven by a focus on margin over volume, diversification into
higher-margin opportunities through the acquisitions of Walker and certain
assets of Beall as well as the organic growth of the Diversified Products
Group, and operational improvements in the manufacturing facilities.

The following is a summary of select operating and financial results for the
past five quarters:

             Three Months Ended
(Dollars in   December        March 31,       June 30,        September       December
thousands)    31,            2013           2013           30,            31,        
              2012                                            2013            2013
                                                                               
Net Sales     $415,847     $324,229     $413,126     $439,977     $458,354 
                                                                               
Gross Profit  13.1%          13.0%          14.2%          14.0%          11.5%      
Margin
                                                                               
Income from   $29,231  ^(1) $14,856  ^(1) $30,452  ^(1) $33,830  ^(1) $24,053  
Operations
                                                                               
Net Income    $80,184  ^(1) $5,735   ^(1) $14,135  ^(1) $16,236  ^(1) $10,423  
                         (2)
                                                                               
Diluted EPS   $1.16        $0.08        $0.20        $0.23        $0.15    
                                                                               
Non-GAAP                                                                        
Measures^(3):
Operating     $38,834      $27,134      $42,246      $44,873      $35,637  
EBITDA
                                                                               
Operating     9.3%           8.4%           10.2%          10.2%          7.8%       
EBITDA Margin
                                                                               
Adjusted      $21,678      $6,106       $14,697      $16,616      $10,770  
Earnings
                                                                               
Adjusted      $0.32        $0.09        $0.21        $0.24        $0.15    
Diluted EPS
Notes:
(1) Quarterly Income from Operations and Net Income include charges of $0.5 million, $0.6
million, $0.2 million and less than $0.1 million for the quarterly periods beginning with
the fourth quarter of 2012 and ending with the third quarter of 2013, respectively, in
connection with the Company's acquisitions of Walker and certain assets of Beall.
(2) Net income for the fourth quarter of 2012 includes an income tax benefit of $59.0
million primarily related to the reversal of a U.S. valuation allowance against its
deferred tax assets.
(3) See "Non-GAAP Measures" below for explanation of the non-GAAP results included above.

Dick Giromini, president and chief executive officer, stated, "Overall, 2013
was truly a transformational and record setting year for Wabash National.
Growth initiatives driven by our long-term strategic plan to transform the
company into a diversified industrial manufacturer continued to gain traction
and momentum throughout the year. We're now beginning to realize the full
benefits of the strategic actions we've taken in the financial and operating
performance being delivered by all segments of the business, as demonstrated
by record net sales of $1.64 billion, record gross profit of $215.1 million,
and a 200 basis point improvement in gross margin to 13.2 percent.Our
performance for the year further substantiates the significant progress we
have made in our transformation efforts, and underscores our commitment to
long-term profitable growth.Additionally, we continue to implement further
operational improvements throughout the business while integrating our
strategic acquisitions, and remain committed to enhancing our long-term margin
and growth profile."

Mr. Giromini continued, "New trailer shipments of 46,800 for the year were
consistent with our previous full year guidance of 46,000 to 47,000
trailers.We look forward to 2014 with a healthy backlog of orders totaling
$711 million and a trailer demand forecast well above replacement levels for
the third consecutive year. As fleet age, customer profitability, used trailer
values, regulatory compliance and access to financing all support continued
demand for new trailers, we believe 2014 has the potential to exceed the
record performances achieved in 2013."

Fourth Quarter Business Segment Highlights

The table below is a summary of select segment operating and financial results
prior to the elimination of intersegment sales for the fourth quarter of 2013
and 2012, respectively.A complete disclosure of the results by individual
segment is included in the tables following this release.

(dollars in thousands)         Commercial       Diversified Retail
                               Trailer Products Products
Three months ended December 31,                            
2013                                                       
New trailers shipped            13,500          800        700
Net sales                       $323,825       $122,366  $46,511
Gross profit                    $20,961        $26,110   $4,498
Gross profit margin             6.5%             21.3%       9.7%
Income from operations          $14,288        $13,488   $8
Income from operations margin   4.4%             11.0%       0.0%
                                                          
2012                                                       
New trailers shipped            10,200          800        900
Net sales                       $258,048       $143,405  $46,722
Gross profit                    $18,742        $30,811   $4,891
Gross profit margin             7.3%             21.5%       10.5%
Income from operations          $12,755        $20,288   $570
Income from operations margin   4.9%             14.1%       1.2%

Commercial Trailer Products' net sales increased $66 million or 25.5 percent,
on 13,500 trailers, or 3,300 more trailers than the prior year period.This
increase in revenue was primarily due to the 32.4 percent increase in trailer
shipments during the quarter offset by a 6.1% reduction in average selling
prices compared to the prior year period due to customer and product mix.As a
result, gross profit increased $2.2 million as compared to the same period
last year, but gross margins declined 80 basis points to 6.5 percent compared
to the prior year period.Operating income increased to $14.3 million, or $1.5
million higher than the fourth quarter last year due to increased volume and
continued operational improvements.

Diversified Products' net sales decreased $21 million, or 14.7 percent,
primarily attributed to a change in mix of product shipments as compared to
the previous year period.Compared to the prior year period, gross profits and
margins declined $4.7 million and 20 basis points, respectively, due primarily
to the reduced volume levels.Operating income decreased $6.8 million, as
compared to the same period last year, primarily due to lower net sales and
increased intangible amortization charges associated with the recent
acquisitions of Walker and certain assets of Beall.

Retail's net sales of $47 million were consistent with the prior year period
as lower shipments of new trailers were offset by higher parts and service
demand. However, gross profit margins declined 80 basis points to 9.7 percent
due to increased cost of services in order to support strategic growth
initiatives.Operating income decreased $0.6 million during the fourth quarter
of 2013 as compared to the same period last year due to higher selling and
administrative expenses related to our strategic growth initiatives.

2014 Outlook

Mr. Giromini further commented, "We expect to continue the momentum from 2013
into 2014 with strong trailer demand, top-line and bottom-line growth across
all business segments and the continued execution of our growth and
diversification strategy.The demand environment for trailers remained healthy
throughout 2013, as evidenced by our current backlog exceeding $711 million,
an increase from the prior year of approximately $45 million or 7%.In
addition, current industry forecasts point to strong demand levels throughout
2014 with projections well above replacement demand and exceeding 2013
levels.Based on our current quote and order activities, our existing backlog
and customer feedback regarding their current year needs, we expect 2014
demand will exceed 2013."

Term Loan Voluntary Partial Prepayment

The Company made its third voluntary term loan partial prepayment in the
amount of $20 million in December.At current interest rate levels, these
partial payments in addition to the closing of the amendment and repricing of
the term loan facility in May 2013 have successfully reduced the Company's
annual cash interest costs by approximately $7 million.Jeff Taylor, senior
vice president and chief financial officer commented, "The strong cash flow
from operations and overall financial performance provided us the ability to
voluntarily prepay a portion of our outstanding balances on our term loan
facility. Managing our capital structure will remain a priority throughout
2014, and the $60 million in voluntary term loan prepayments made during 2013
demonstrates our continued commitment to executing against our plan."

Non-GAAP Measures

In addition to disclosing financial results calculated in accordance with
United States generally accepted accounting principles (GAAP), the financial
information included in this release contain non-GAAP financial measures,
including Operating EBITDA, Operating EBITDA margin, adjusted earnings and
adjusted earnings per diluted share.

These non-GAAP measures should not be considered a substitute for, or superior
to, financial measures and results calculated in accordance with GAAP,
including net income, and reconciliations to GAAP financial statements should
be carefully evaluated.

Operating EBITDA is defined as earnings before interest, taxes, depreciation,
amortization, stock-based compensation, and other non-operating income and
expense, as well as certain charges in connection with the Company's
acquisitions of Walker and certain assets of Beall.Management believes
Operating EBITDA provides useful information to investors regarding our
results of operations.The Company provides this measure because we believe it
is useful for investors to understand our performance period to period with
the exclusion of the recurring and non-recurring items identified
above.Management believes the presentation of Operating EBITDA, when combined
with the primary GAAP presentation of operating income, is beneficial to an
investor's understanding of the Company's operating performance.A
reconciliation of Operating EBITDA to net income is included in the tables
following this release.

Adjusted earnings and adjusted earnings per diluted share reflect adjustments
for non-recurring charges related to the Company's acquisitions of Walker and
certain assets of Beall, the impact of the release of the valuation allowances
recorded against the Company's net deferred tax assets as well as one-time
costs related to losses incurred on the early extinguishment of debt for the
term loan prepayments made during 2013.Management believes providing this
measure and excluding these items facilitate comparisons to the Company's
prior year periods and, when combined with the primary GAAP presentation of
net income and diluted net income per share, is beneficial to an investor's
understanding of the Company's performance.A reconciliation of adjusted
earnings and adjusted earnings per diluted share to net income and diluted net
income per share is included in the tables following this release.

Fourth Quarter 2013 Conference Call

Wabash National will conduct a conference call to review and discuss its
fourth quarter and full year results on February 6, 2014, at 10:00 a.m. EST.
Access to the live webcast will be available on the Company's website at
www.wabashnational.com.For those unable to participate in the live webcast,
the call will be archived at www.wabashnational.com within three hours of the
conclusion of the live call and will remain available through May 1,
2014.Meeting access also will be available via conference call at
888-771-4371, participant code 36503363.

About Wabash National Corporation

Headquartered in Lafayette, Indiana, Wabash National Corporation (NYSE:WNC) is
a diversified manufacturer and North America's leading producer of semi
trailers and liquid transportation systems. Established in 1985, the Company
specializes in the design and production of dry freight vans, refrigerated
vans, platform trailers, intermodal equipment, liquid tank trailers, frac
tanks, engineered products, and composite products. Wabash National operates
three wholly-owned subsidiaries: Transcraft Corporation, Walker Group Holdings
LLC, and Wabash National Trailer Centers, Inc. Its innovative products are
sold under the following brand names: Wabash National^®, Transcraft^®,
Benson^®, DuraPlate^®, ArcticLite^®, Walker Transport, Walker Stainless
Equipment, Walker Defense Group, Walker Barrier Systems, Walker Engineered
Products, Brenner^® Tank, Garsite, Progress Tank, TST, Bulk Tank
International, Beall^® and Extract Technology^®. To learn more, visit
www.wabashnational.com.

Safe Harbor Statement

This press release contains certain forward-looking statements as defined by
the Private Securities Litigation Reform Act of 1995. Forward-looking
statements convey the Company's current expectations or forecasts of future
events. All statements contained in this press release other than statements
of historical fact are forward-looking statements. These forward-looking
statements include, among other things, statements regarding our outlook for
new trailer shipments and Operating EBITDA, backlog, expectations regarding
trailer demand levels, profitability and earnings capacity, ability to manage
the capital structure, opportunity to capture higher margin sales, and the
benefits of the acquisitions of Walker and certain assets of Beall.These and
the Company's other forward-looking statements are subject to certain risks
and uncertainties that could cause actual results to differ materially from
those implied by the forward-looking statements. Without limitation, these
risks and uncertainties include the uncertain economic conditions including
the possibility that demand expectations may not result in order increases for
us, increased competition, reliance on certain customers and corporate
partnerships, risks of customer pick-up delays, shortages and costs of raw
materials, risks in implementing and sustaining improvements in our
manufacturing capacity and cost containment, dependence on industry trends and
timing, costs of indebtedness incurred in connection with the acquisition of
Walker and the failure to achieve the benefit of the Walker acquisition and
Beall asset purchase. Readers should review and consider the various
disclosures made by the Company in this press release and in the Company's
reports to its stockholders and periodic reports on Forms 10-K and 10-Q.

WABASH NATIONAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per share amounts)
(Unaudited)
                                                   
                              Three Months Ended    Twelve Months Ended
                               December 31,          December 31,
                              2013       2012       2013         2012
                                                              
Net sales                      $458,354 $415,847 $1,635,686 $1,461,854
Cost of sales                  405,767   361,508   1,420,563   1,298,031
Gross profit                   52,587    54,339    215,123     163,823
                                                              
General and administrative     15,458    13,881    58,666      44,751
expenses
Selling expenses               7,568     7,477     30,597      23,589
Amortization of intangibles    5,508     3,415     21,786      10,590
Acquisition expenses           --       335       883         14,409
Income from operations         24,053    29,231    103,191     70,484
                                                              
Other income (expense):                                        
Interest expense               (5,944)   (7,790)   (26,308)    (21,724)
Loss on debt extinguishment    (585)     --       (1,889)     --
Other, net                     25        (248)     2,629       (97)
Income before income taxes     17,549    21,193    77,623      48,663
Income tax expense (benefit)   7,126     (58,991)  31,094      (56,968)
Net income                     $10,423  $80,184  $46,529    $105,631
Basic and diluted net income   $0.15    $1.16    $0.67      $1.53
per share
                                                              
Comprehensive income                                           
Net income                     $10,423  $80,184  $46,529    $105,631
Foreign currency translation   (114)     (70)      (266)       248
adjustment
Net comprehensive income       $10,309  $80,114  $46,263    $105,879
                                                              
                                                              
Basic net income per share:                                    
Net income applicable to       $10,423  $80,184  $46,529    $105,631
common stockholders
Undistributed earnings
allocated to participating     (112)     (723)     (457)       (904)
securities
Net income applicable to
common stockholders excluding  $10,311  $79,461  $46,072    $104,727
amounts applicable to
participating securities
Weighted average common shares 68,513    68,376    68,460      68,325
outstanding
Basic net income per share     $0.15    $1.16    $0.67      $1.53
                                                              
Diluted net income per share:                                  
Net income applicable to       $10,423  $80,184  $46,529    $105,631
common stockholders
Undistributed earnings
allocated to participating     (112)     (723)     (457)       (904)
securities
Net income applicable to
common stockholders excluding  $10,311  $79,461  $46,072    $104,727
amounts applicable to
participating securities
                                                              
Weighted average common shares 68,513    68,376    68,460      68,325
outstanding
Dilutive shares from assumed
conversion of convertible      253       --       63          --
senior notes
Dilutive stock options and     859       253       558         239
restricted stock
Diluted weighted average       69,625    68,629    69,081      68,564
common shares outstanding
Diluted net income per share   $0.15    $1.16    $0.67      $1.53



WABASH NATIONAL CORPORATION
SEGMENTS AND RELATED INFORMATION
(Dollars in thousands)
(Unaudited)
                                                             
Three Months    Commercial   Diversified            Corporate and
Ended December  Trailer      Products    Retail    Eliminations  Consolidated
31,             Products
2013                                                          
New trailers    13,500      800        700       (800)        14,200
shipped
Used trailers   1,900       --        300       --          2,200
shipped
                                                             
New Trailers    $307,345   $54,062   $22,289  $(19,098)   $364,598
Used Trailers   13,036      746        3,067     --          16,849
Components,
parts and       817         21,277     20,543    (4,424)      38,213
service
Equipment and   2,627       46,281     612       (10,826)     38,694
other
Total net       $323,825   $122,366  $46,511  $(34,348)   $458,354
external sales
                                                             
Gross profit    $20,961    $26,110   $4,498   $1,018      $52,587
Income (Loss)   $14,288    $13,488   $8       $(3,731)    $24,053
from operations
                                                             
2012                                                          
New trailers    10,200      800        900       (800)        11,100
shipped
Used trailers   900         --        400       --          1,300
shipped
                                                             
New Trailers    $248,148   $58,682   $23,195  $(19,723)   $310,302
Used Trailers   6,917       588        3,128     --          10,633
Components,
parts and       1,420       16,201     19,039    (4,361)      32,299
service
Equipment and   1,563       67,934     1,360     (8,244)      62,613
other
Total net       $258,048   $143,405  $46,722  $(32,328)   $415,847
external sales
                                                             
Gross profit    $18,742    $30,811   $4,891   $(105)      $54,339
Income (Loss)   $12,755    $20,288   $570     $(4,382)    $29,231
from operations
                                                             
Twelve Months
Ended December                                                
31,
2013                                                          
New trailers    43,800      3,000      3,000     (3,000)      46,800
shipped
Used trailers   4,300       100        1,300     --          5,700
shipped
                                                             
New Trailers    $1,031,004 $204,812  $82,995  $(71,888)   $1,246,923
Used Trailers   33,443      3,158      12,819    (5)          49,415
Components,
parts and       7,420       106,312    81,405    (14,811)     180,326
service
Equipment and   9,378       187,698    4,267     (42,321)     159,022
other
Total net       $1,081,245 $501,980  $181,486 $(129,025)  $1,635,686
external sales
                                                             
Gross profit    $77,337    $115,096  $20,122  $2,568      $215,123
Income (Loss)   $51,485    $64,808   $2,885   $(15,987)   $103,191
from operations
                                                             
2012                                                          
New trailers    43,700      2,000      2,800     (2,900)      45,600
shipped
Used trailers   3,100       100        1,600     --          4,800
shipped
                                                             
New Trailers    $1,026,759 $131,236  $73,524  $(67,665)   $1,163,854
Used Trailers   23,534      1,887      14,762    --          40,183
Components,
parts and       4,085       75,746     65,914    (13,998)     131,747
service
Equipment and   8,911       147,124    3,445     (33,410)     126,070
other
Total net       $1,063,289 $355,993  $157,645 $(115,073)  $1,461,854
external sales
                                                             
Gross profit    $69,662    $78,007   $16,756  $(602)      $163,823
Income (Loss)   $47,314    $49,824   $2,922   $(29,576)   $70,484
from operations



WABASH NATIONAL CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
                                                        
                                            December 31, December 31,
                                             2013         2012
                                            (Unaudited)  
ASSETS
Current assets                                           
Cash                                         $113,262   $81,449
Accounts receivable                          120,358     96,590
Inventories                                  184,173     189,487
Deferred income taxes                        30,713      42,330
Prepaid expenses and other                   9,632       8,239
Total current assets                         $458,138   $418,095
                                                        
Property, plant and equipment                142,082     132,146
                                                        
Deferred income taxes                        3,591       21,894
                                                        
Goodwill                                     149,967     146,444
                                                        
Intangible assets                            159,181     171,990
                                                        
Other assets                                 10,612      12,057
                                            $923,571   $902,626
                                                        
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities                                      
Current portion of long-term debt            $3,245     $3,381
Current portion of capital lease obligations 1,609       1,140
Accounts payable                             112,151     87,299
Other accrued liabilities                    99,358      104,873
Total current liabilities                    $216,363   $196,693
                                                        
Long-term debt                               358,890     416,849
                                                        
Capital lease obligations                    6,851       3,781
                                                        
Deferred income taxes                        1,234       1,065
                                                        
Other noncurrent liabilities                 17,854      15,511
                                                        
Commitments and contingencies                            
                                                        
Stockholders' equity                         322,379     268,727
                                            $923,571   $902,626



WABASH NATIONAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in thousands)
                                                            
                                             Twelve Months Ended December 31,
                                             2013            2012
                                             (Unaudited)     
                                                            
Cash flows from operating activities                         
Net income                                    $46,529       $105,631
Adjustments to reconcile net income to net                   
cash provided by operating activities
Depreciation                                  16,550         14,975
Amortization of intangibles                   21,786         10,590
Net loss on sale of assets                    140            203
Loss on debt extinguishment                   1,889          --
Deferred income taxes                         30,089         (57,283)
Stock-based compensation                      7,480          5,149
Accretion of debt discount                    4,643          2,972
Changes in operating assets and liabilities                  
Accounts receivable                           (23,691)       1,180
Inventories                                   6,260          41,696
Prepaid expenses and other                    (3,893)        736
Accounts payable and accrued liabilities      18,082         (46,786)
Other, net                                    2,805          (3,046)
 Net cash provided by operating activities   $128,669      $76,017
                                                            
Cash flows from investing activities                         
Capital expenditures                          (18,352)       (14,916)
Acquisition, net of cash acquired             (15,985)       (364,012)
Proceeds from sale of property, plant and     305            607
equipment
Other                                         2,500          (2,500)
 Net cash used in investing activities       $(31,532)     $(380,821)
                                                            
Cash flows from financing activities                         
Proceeds from exercise of stock options       600            354
Borrowings under revolving credit facilities  1,166          206,015
Payments under revolving credit facilities    (1,166)        (271,015)
Principal payments under capital lease        (1,700)        (1,629)
obligations
Proceeds from issuance of convertible senior  --             145,500
notes
Proceeds from issuance of term loan credit    --             292,500
facility, net of issuance costs
Principal payments under term loan credit     (62,827)       (2,250)
facility
Proceeds from issuance of industrial revenue  --             2,500
bond
Principal payments under industrial revenue   (381)          --
bond
Debt issuance costs paid                      (981)          (5,134)
Stock repurchase                              (35)           (564)
 Net cash (used in) provided by financing    $(65,324)     $366,277
activities
                                                            
Net increase in cash                          $31,813       $61,473
Cash at beginning of period                   81,449         19,976
Cash at end of period                         $113,262      $81,449



WABASH NATIONAL CORPORATION
RECONCILIATION OF GAAP FINANCIAL MEASURES TO
NON-GAAP FINANCIAL MEASURES
(Dollars in thousands, except per share amounts)
(Unaudited)
                                                                               
Operating                                                                       
EBITDA:
                                                                               
               Three Months Ended  Twelve Months Ended                             
                December 31,        December 31,
               2013      2012      2013       2012                                 
Net income      $10,423 $80,184 $46,529  $105,631                           
Income tax
expense         7,126    (58,991) 31,094    (56,968)                            
(benefit)
Interest        5,944    7,790    26,308    21,724                              
expense
Depreciation
and             9,629    7,730    38,336    25,565                              
amortization
Stock-based     1,955    1,538    7,480     5,149                               
compensation
Acquisition
expenses and    --      335      883       17,309                              
related charges
Other
non-operating   560      248      (740)     97                                  
expense
(income)
Operating       $35,637 $38,834 $149,890 $118,507                           
EBITDA
                                                                               
                                                                               
               Three Months Ended                                                 
                March 31, June 30,  September
               2013      2013      30,                                            
                                    2013
Net income      $5,735  $14,135 $16,236                                      
Income tax      3,824    9,407    10,737                                        
expense
Interest        7,535    6,577    6,252                                         
expense
Depreciation
and             9,776    9,531    9,400                                         
amortization
Stock-based     1,884    2,024    1,617                                         
compensation
Acquisition
expenses and    618      239      26                                            
related charges
Other
non-operating   (2,238)  333      605                                           
(income)
expense
Operating       $27,134 $42,246 $44,873                                      
EBITDA
                                                                               
                                                                               
Adjusted                                                                        
Earnings:
               Three Months Ended December 31,           Twelve Months Ended December 31,
               2013                2012                  2013              2012
               $         Per Share $          Per Share  $         Per     $          Per
                                                                    Share              Share
                                                                               
Net Income      $10,423 $0.15   $80,184  $1.17    $46,529 $0.67 $105,631 $1.54
                                                                               
Adjustments:                                                                    
Income tax      --      --      (58,991)  (0.86)    --      --    (58,991)  (0.86)
benefit, net
Loss on debt
extinguishment, 347      --      --       --       1,132    0.02   --       --
net of taxes
Acquisition
expenses, net   --      --      335       --       529      0.01   14,409    0.21
of taxes
Impact of
acquired profit
in inventories  --      --      150       --       --      --    3,800     0.06
and short term
intangible
amortization
                                                                               
Adjusted        $10,770 $0.15   $21,678  $0.32    $48,190 $0.70 $64,849  $0.95
earnings
                                                                               
Weighted
Average # of    69,625            68,629              69,081          68,564    
Diluted Shares
O/S
                                                                               
                                                                               
               Three Months Ended                                                    
               March 31, 2013      June 30, 2013         September 30,               
                                                          2013
               $         Per Share $          Per Share  $         Per               
                                                                    Share
                                                                               
Net Income      $5,735  $0.08   $14,135  $0.21    $16,236 $0.24           
                                                                               
Adjustments:                                                                    
Loss on debt
extinguishment, --      --      419       0.01      364      0.01             
net of taxes
Acquisition
expenses, net   371      0.01     143       --       16       --              
of taxes
                                                                               
Adjusted        $6,106  $0.09   $14,697  $0.21    $16,616 $0.24           
earnings
                                                                               
Weighted
Average # of    68,828            68,858              69,011                    
Diluted Shares
O/S

CONTACT: Press Contact: Dana Stelsel
         Corporate Communications Manager
         (765) 771-5766
        
         Investor Relations: Jeff Taylor
         Senior Vice President and
         Chief Financial Officer
         (765) 771-5310

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