Wabash National (WNC) 8-K Third Quarter and Year-to-date Results

EXHIBIT 99.1

Press Contact: Tom Rodak
Marketing and Communications Manager
(765) 771-5535 Investor Relations:
(765) 771-5310

WABASH NATIONAL CORPORATION ANNOUNCES

THIRD QUARTER AND YEAR-TO-DATE RESULTS

LAFAYETTE, Ind., — October 24, 2005 — Wabash National Corporation (NYSE: WNC) today announced results for the three and nine month periods ended September 30, 2005. Net sales for the quarter were $294 million compared to $277 million for the same period last year. Net income for the quarter was $24 million or $0.66 per diluted share, compared to $20 million or $0.62 per diluted share for the year ago period. For the nine months ended September 30, 2005, net sales were $873 million compared to $754 million for 2004. Net income for the nine months of 2005 totaled $91 million or $2.50 per diluted share, compared to $45 million or $1.42 per diluted share for the same period last year. Included in the 2005 quarter and year-to-date results were reversals of a valuation allowance for deferred tax assets amounting to $6 million or $0.17 per diluted share and $36 million or $0.94 per diluted share, respectively.

Commenting on the quarter, Bill Greubel, President and Chief Executive Officer, stated: “Results were adversely impacted by a shortfall in unit shipments, customer and product mix, and manufacturing performance. Units shipped were at the low end of the expected range as we and our customers confronted logistics and high fuel costs associated with the Gulf hurricanes. Product mix was skewed to lower margin product. Seasonally strong core accounts represented 42 percent of units sold. Although manufacturing productivity for the third quarter declined slightly compared to the second quarter, corrective actions initiated in June have gained significant traction beginning in early September and have since registered the highest levels of productivity and the lowest levels of overtime since June. Shippable units improved substantially over the course of the quarter with a corresponding decrease of in-process units in inventory. This improvement has continued in October. The retail side of our business recorded its third consecutive profitable quarter.”

“Quote and order activity during the quarter was stronger than seasonal patterns. Backlog grew over $100 million versus the previous quarter to $490 million. We continue to have great success in growing our customer base with over 500 new accounts closed through the first nine months of 2005. We intend to manage production, inventory and shipments throughout the quarter to achieve our customer requirements of 15,500 units.”

-More-

“We have worked hard to improve our operations and I am pleased to thank our associates for their good effort in collectively raising the bar.”

Wabash will conduct a conference call to review and discuss its third quarter financial results on Tuesday, October 25, 2005, at 10:00 a.m. Eastern time. The phone number to access the conference call is 877-407-8035. The call can also be accessed live on the Company’s Internet website at http://www.wabashnational.com. For those unable to participate in the live webcast, the call will be archived at http://www.wabashnational.com within three hours of the conclusion of the live call and will remain available through November 15, 2005.

Wabash National Corporation designs, manufactures, and markets standard and customized truck trailers under the Wabash^® brand name. The Company is one of the world’s largest manufacturers of truck trailers and a leading manufacturer of composite trailers. The Company’s wholly owned subsidiary, Wabash National Trailer Centers, is one of the leading retail distributors of new and used trailers and aftermarket parts throughout the U.S. and Canada.

This press release contains certain forward-looking statements, as defined by the Private Securities Litigation Reform Act of 1995. These forward-looking statements are, however, 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 increased competition, reliance on certain customers and corporate partnerships, shortages and costs of raw materials, continued improvements in our manufacturing capacity and cost containment, and dependence on industry trends. Readers should review and consider the various disclosures made by the Company in this press release and in its reports to its stockholders and periodic reports on Forms 10-K and 10-Q.

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WABASH NATIONAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(Unaudited)

	Three Months						Nine Months
	Ended September 30,						Ended September 30,
	2005			2004			2005			2004
NET SALES	$	293,834		$	277,243		$	872,922		$	753,739
COST OF SALES		263,749			240,321			772,330			657,060
Gross profit		30,085			36,922			100,592			96,679
GENERAL AND ADMINISTRATIVE EXPENSES		10,068			10,569			29,499			31,352
SELLING EXPENSES		3,810			3,775			11,772			11,401
Income from operations		16,207			22,578			59,321			53,926
OTHER INCOME (EXPENSE):
Interest expense		(1,666	)		(2,944	)		(4,889	)		(8,610	)
Foreign exchange gains and losses, net		698			486			246			(59	)
Other, net		1,975			594			978			1,077
Income before income taxes		17,214			20,714			55,656			46,334
INCOME TAX (BENEFIT) EXPENSE		(6,441	)		420			(35,736	)		919
Net income	$	23,655		$	20,294		$	91,392		$	45,415
COMMON STOCK DIVIDENDS	$	0.045		$	—		$	0.135		$	—
BASIC NET INCOME PER SHARE	$	0.76		$	0.74		$	2.94		$	1.67
DILUTED NET INCOME PER SHARE	$	0.66		$	0.62		$	2.50		$	1.42
COMPREHENSIVE INCOME
Net income	$	23,655		$	20,294		$	91,392		$	45,415
Foreign currency translation adjustment		934			1,143			553			321
NET COMPREHENSIVE INCOME	$	24,589		$	21,437		$	91,945		$	45,736

			Retail &
Three months ended	Manufacturing		Distribution			Eliminations			Total
2005
Net Sales	$	258,105	$	62,532		$	(26,803	)	$	298,834
Operating Results	$	14,794	$	636		$	777		$	16,207
2004
Net Sales	$	240,371	$	61,721		$	(24,849	)	$	277,243
Operating Results	$	20,419	$	509		$	1,650		$	22,578
Nine months ended
2005
Net Sales	$	777,784	$	185,932		$	(90,794	)	$	872,922
Operating Results	$	57,562	$	2,343		$	(584	)	$	59,321
2004
Net Sales	$	656,406	$	180,448		$	(83,115	)	$	753,739
Operating Results	$	56,123	$	(1,547	)	$	(650	)	$	53,926

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2005		2004		2005		2004
Basic net income per share:
Net income	$	23,655	$	20,294	$	91,392	$	45,415
Weighted average common shares outstanding		31,249		27,314		31,121		27,150
Basic net income per share	$	0.76	$	0.74	$	2.94	$	1.67
Diluted net income per share:
Net income	$	23,655	$	20,294	$	91,392	$	45,415
After-tax equivalent of interest on convertible notes		1,234		1,210		3,679		3,618
Diluted net income	$	24,889	$	21,504	$	95,071	$	49,033
Weighted average common shares outstanding		31,249		27,314		31,121		27,150
Dilutive stock options/shares		196		721		314		870
Convertible notes equivalent shares		6,548		6,510		6,534		6,510
Diluted weighted average common shares outstanding		37,993		34,545		37,969		34,530
Diluted net income per share	$	0.66	$	0.62	$	2.50	$	1.42

WABASH NATIONAL CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(Unaudited)

	September 30, 2005		December 31, 2004
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	28,633	$	41,928
Accounts receivable, net		118,838		87,512
Current portion of finance contracts		1,618		2,185
Inventories		164,703		94,600
Deferred income taxes		8,253		—
Prepaid expenses and other		5,732		14,425
Total current assets		327,777		240,650
PROPERTY, PLANT AND EQUIPMENT, net		130,025		124,701
EQUIPMENT LEASED TO OTHERS, net		7,741		14,030
FINANCE CONTRACTS, net of current portion		382		3,319
GOODWILL		34,984		34,511
DEFERRED INCOME TAXES		34,341		—
OTHER ASSETS		20,188		14,835
	$	555,438	$	432,046
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Current maturities of long-term debt	$	1,000	$	2,000
Accounts payable		111,057		78,107
Other accrued liabilities		45,780		52,442
Total current liabilities		157,837		132,549
LONG-TERM DEBT, net of current maturities		125,000		125,500
OTHER NONCURRENT LIABILITIES AND CONTINGENCIES		9,116		9,423
STOCKHOLDERS’ EQUITY		263,485		164,574
	$	555,438	$	432,046

WABASH NATIONAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(Unaudited)

	Nine Months
	Ended September 30,
	2005			2004
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	91,392		$	45,415
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization		11,864			14,745
Net gain on the sale of assets		(1,069	)		(405	)
Recovery of losses on accounts receivable and finance contracts		(23	)		(30	)
Deferred income taxes		(35,986	)		—
Cash used for restructuring activities		—			(2,993	)
Trailer valuation charges		161			415
Change in operating assets and liabilities:
Accounts receivable		(31,139	)		(67,370	)
Finance contracts		3,254			4,039
Inventories		(70,212	)		(26,989	)
Prepaid expenses and other		1,697			1,274
Accounts payable and accrued liabilities		29,048			15,844
Other, net		1,652			1,145
Net cash provided by (used in) operating activities		639			(14,910	)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures		(22,989	)		(5,760	)
Proceeds from the sale of property, plant and equipment		9,623			2,116
Net cash used in investing activities		(13,366	)		(3,644	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from exercise of stock options		3,752			5,187
Borrowings under revolving credit facilities		15,286			534,916
Payments under revolving credit facilities		(15,286	)		(511,999	)
Payments under long-term debt agreements		(1,500	)		(7,270	)
Common stock dividends paid		(2,820	)		—
Net cash (used in) provided by financing activities		(568	)		20,834
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS		(13,295	)		2,280
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD		41,928			12,552
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	28,633		$	14,832