SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
May 15, 2003
Rexhall Industries, Inc.
(Exact name of registrant as specified in charter)
California 0-10067 95-4135907
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
46147 7th Street West, Lancaster California 93534
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:
(661) 726-0565
______________________________________________________________
Item 1. Changes in Control of Registrant.
Not applicable.
Item 2. Acquisition or Disposition of Assets.
None.
Item 3. Bankruptcy or Receivership.
Not applicable.
Item 4. Changes in Registrant's Certifying Accountant.
Not applicable.
Item 5. Other Events.
Not applicable.
Item 6. Resignations of Registrant's Directors.
Not applicable.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(a) Financial Statements - Not applicable.
(b) Pro Forma Financial Information - Not applicable.
(c) Exhibits -
The following exhibit is filed as part of this report:
99.1 Press Release of May 15, 2003 announcing first quarter 2003
financial results.
Item 8. Change in Fiscal Year
Not applicable.
Item 9. Regulation FD Disclosure.
On May 15, 2003, registrant made an earnings release, the text of which is set
forth in Exhibit 99.1 attached hereto and is being furnished pursuant to Item
12 of Form 8-K.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Rexhall Industries, Inc.
(Registrant)
Date: May 19, 2003 By: /S/William J. Rex
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William J. Rex
President and Chief Executive Officer
______________________________________________
Exhibit 99.1
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( BW)(CA-REXHALL-INDUSTRIES)(REXL) Rexhall Industries Announces First
Quarter Results
Business Editors
LANCASTER, Calif.--(BUSINESS WIRE)--May 15, 2003--Rexhall
Industries, Inc. (Nasdaq:REXL) today reported revenue and earnings for
its first quarter ended March 31, 2003. Net revenues for the first
quarter decreased 26% to $12,946,000 from $17,407,000 for the same
period in 2002. Gross profit for the first quarter was $1,602,000
versus $1,323,000 last year, which is a 21% increase. Net loss from
continuing operations for the quarter was $57,000, or $0.01 per
diluted share, compared to a net loss from continuing operations of
$253,000 or $0.04 per diluted share for the first quarter last year.
William J. Rex, President, Chairman and CEO stated, "Although we
were not profitable in First Quarter 2003, our Gross Profit Margin was
21% over First Quarter 2002 -- largely attributable to reduction in
overhead and S.G.&A. expense. We hope to continue this trend in our
efforts to return to profitability and regain market share in the
Second Quarter 2003 and beyond."
REXHALL INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
Three Months Ended
March 31, 2003 March 31, 2002
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Net Revenues $12,946,000 $17,407,000
Cost of Sales 11,344,000 16,084,000
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Gross Profit 1,602,000 1,323,000
Operating Expenses:
Selling, General, Administrative
Expenses and Other Expenses 1,691,000 1,741,000
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Income (Loss) from Continuing Operations
before Income Taxes (89,000) (418,000)
Income Tax Expense (Benefit) (32,000) (165,000)
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Income (Loss) from Continuing Operations (57,000) (253,000)
Loss from Discontinued Operations --- ---
Net Income (Loss) ($ 57,000) ($ 253,000)
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Basic and Diluted Income (Loss) from
Continuing Operations -- Per Share ($ .01) ($ .04)
Basic and Diluted Loss from Discontinued
Operations -- Per Share ($ .00) ($ .00)
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Basic and Diluted Income (Loss) --
Per Share ($ .01) ($ .04)
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Weighted Average Shares Outstanding
Basic and Diluted 5,997,700 6,115,000
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REXHALL INDUSTRIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
ASSETS March 31, 2003 December 31, 2002
CURRENT ASSETS
Cash $ 5,021,000 $ 5,757,000
Accounts Receivables, net 2,409,000 2,251,000
Income Tax Receivable 360,000 360,000
Inventories 15,056,000 15,049,000
Deferred Income Taxes 850,000 1,003,000
Other Current Assets 250,000 139,000
Current Assets of Discontinued
Operations 182,000 182,000
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TOTAL CURRENT ASSETS 24,128,000 24,741,000
Property and Equipment at Cost Net
of Accumulated Depreciation 5,841,000 5,021,000
Property Held for Sale --- ---
Other Assets 152,000 152,000
Non-Current Assets of Discontinued
Operations 37,000 37,000
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TOTAL ASSETS $30,158,000 $29,951,000
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LIABILITIES & STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts Payable $ 3,674,000 $ 1,622,000
Chassis Vendor Line of Credit 2,032,000 3,381,000
Notes Payable and Current Portion
of Long-Term Debt 36,000 36,000
Accrued Warranty 1,008,000 991,000
Accrued Legal 1,018,000 1,250,000
Accrued Dealer Incentives 527,000 638,000
Other Accrued Liabilities 1,565,000 1,750,000
Accrued Compensation and Benefits 499,000 472,000
Current Liabilities of Discontinued
Operations 20,000 20,000
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TOTAL CURRENT LIABILITIES 10,379,000 10,160,000
Long-Term Debt, less Current Portion 926,000 634,000
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TOTAL LIABILITIES 11,305,000 10,794,000
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STOCKHOLDERS' EQUITY
Preferred Stock -- no par value,
Authorized, 1,000,000 shares;
No shares outstanding at March 31,
2003 and December 31, 2002 --- ---
Common Stock -- no par value,
Authorized, 10,000,000 shares;
issued and outstanding
5,912,700 at March 31, 2003
and 6,038,000 at December 31, 2002 5,659,000 5,906,000
Retained Earnings 13,194,000 13,251,000
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TOTAL STOCKHOLDERS' EQUITY 18,853,000 19,157,000
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TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $30,158,000 $29,951,000
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BOOK VALUE PER SHARE $ 3.19 $ 3.17
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Rexhall Industries, Inc. (www.rexhall.com) designs, manufactures
and sells various models of Class A motorhomes used for leisure travel
and outdoor activities. Rexhall's five lines of Class A motorhomes,
sold through dealer locations across the U.S., Canada and Europe,
include RoseAir, RexAir, Aerbus, Vision and American Clipper.
FORWARD-LOOKING STATEMENTS: Our statements of our intentions or
expectations are "forward-looking statements" based on assumptions and
on facts known to us today. Those assumptions will become less valid
over time, but we do not intend to update this report. Rexhall's
business is seasonal and cyclical. Consumer confidence levels have
fallen significantly, and that may reduce future sales. Threats of
war, terrorism and increased fuel prices could adversely affect the
entire industry. Most of Rexhall's competitors are substantially
larger, and many of its suppliers and dealers have greater economic
power, so that the volume and prices of both supplies and sales may be
adversely affected by competitive action. The SEC Investigation of
2002 remains open and could still negatively affect the marketability
of shares and the company's business. Management intends to remain
aware of these factors and react to them, but cannot predict their
timing or significance.
CONTACT: Rexhall Industries, Inc.
William Rex, CEO, or Investor Relations
661/726-0565