Wabash National Corp. reported a net loss of $17.9 million for the second quarter of 2009 on net sales of $86 million. For the same quarter last year, the Company reported a net loss of $3.2 million. Second quarter new trailer sales totaled 3,200 units, which represents a 60 percent decline from the prior year period.
“Following the quarter end, as previously announced, we completed the steps to strengthen our balance sheet and liquidity position, which provides us with additional financial flexibility to navigate the current environment,” said Dick Giromini, president and chief executive officer. On Aug. 3, Wabash announced that Trailer Investments, LLC, an entity formed for this purpose by Lincolnshire Equity Fund III, L.P., had invested $35 million in the company and that it had obtained an amended revolving credit facility that provides for borrowings up to $100 million.
Giromini also noted that Wabash had reported a significantly reduced operating loss this quarter as compared to the prior two quarters despite the continuing depressed level of trailer demand, reflecting the flow through benefit of cost reduction efforts. “While we will continue to prudently manage the business in the near term, we remain committed to our long-term transformation initiatives and are now well-positioned for profitable growth as the economy recovers.”