SCHEDULE 14A INFORMATION
Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act
of 1934 (Amendment No. ____)
Filed by the Registrant [ X ]
Filed by a Party other than the Registrant [ ]
Check the appropriate box:
[ ] Preliminary Proxy Statement
[ ] Confidential for Use of the Commission Only
(as permitted by Rule 14a-6(e)(2))
[X] Definitive Proxy Statement
[ ] Definitive Additional Materials
[ ] Soliciting Material Pursuant to ss.240.14a-11(c) or ss.240.14a-12
Featherlite Mfg., Inc.
(Name of Registrant as Specified In Its Charter)
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
Payment of Filing Fee (Check the appropriate box):
[X] No fee required
[ ] Fee computed on table below per Exchange Act Rules 14a-6(i)(1)
and 0-11
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pursuant to Exchange Act Rule 0-11 (Set forth the amount on which the
filing fee is calculated and state how it was determined):
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[ ] Fee paid previously with preliminary materials.
[ ] Check box if any part of the fee is offset as provided by Exchange
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fee was paid previously. Identify the previous filing by registration
statement number, or the Form or Schedule and the date of its filing:
1) Amount Previously Paid:
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4) Date Filed:
FEATHERLITE MFG., INC.
NOTICE OF ANNUAL MEETING OF SHAREHOLDERS
to be held
May 7, 1997
The Annual Meeting of Shareholders of Featherlite Mfg., Inc. will be held
at the Company's offices, Highways 63 and 9, Cresco, Iowa, on Wednesday, May 7,
1997, at 7:00 p.m. (Central Daylight Time), for the following purposes:
1. To set the number of members of the Board of Directors
at seven (7).
2. To elect directors of the Company for the ensuing year.
3. To take action upon any other business that may properly
come before the meeting or any adjournment thereof.
Only shareholders of record shown on the books of the Company at the close
of business on March 21, 1997, will be entitled to vote at the meeting or any
adjournment thereof. Each shareholder is entitled to one vote per share on all
matters to be voted on at the meeting.
You are cordially invited to attend the meeting. Whether or not you plan to
attend the meeting, please sign, date and return your Proxy in the return
envelope provided as soon as possible. Your cooperation in promptly signing and
returning the Proxy will help avoid further solicitation expense to the Company.
This Notice, the Proxy Statement and the enclosed Proxy are sent to you by
order of the Board of Directors.
Gary H. Ihrke,
Secretary
Dated: March 28, 1997
Cresco, Iowa
FEATHERLITE MFG., INC.
PROXY STATEMENT
for
Annual Meeting of Shareholders
to be held May 7, 1997
INTRODUCTION
Your Proxy is solicited by the Board of Directors of Featherlite Mfg., Inc.
(the "Company") for use at the Annual Meeting of Shareholders to be held on May
7, 1997, and at any adjournment thereof, for the purposes set forth in the
attached Notice of Annual Meeting.
The cost of soliciting Proxies, including preparing, assembling and mailing
the Proxies and soliciting material, will be borne by the Company. Directors,
officers and regular employees of the Company may, without compensation other
than their regular compensation, solicit Proxies personally or by telephone.
Any shareholder given a Proxy may revoke it at any time prior to its use at
the meeting by giving written notice of such revocation to the Secretary or
other officer of the Company or by filing a new written Proxy with an officer of
the Company. Personal attendance at the meeting is not, by itself, sufficient to
revoke a Proxy unless written notice of the revocation or a subsequent Proxy is
delivered to an officer before the revoked or superseded Proxy is used at the
meeting.
Proxies not revoked will be voted in accordance with the choice specified
by shareholders by means of the ballot provided on the Proxy for that purpose.
Proxies which are signed but which lack any such specification will, subject to
the following, be voted in favor of the proposals set forth in the Notice of
Meeting and in favor of the number and slate of directors proposed by the Board
of Directors and listed herein. If a shareholder abstains from voting as to any
matter, then the shares held by such shareholder shall be deemed present at the
meeting for purposes of determining a quorum and for purposes of calculating the
vote with respect to such matter, but shall not be deemed to have been voted in
favor of such matter. Abstentions, therefore, as to any proposal will have the
same effect as votes against such proposal. If a broker returns a "non-vote"
Proxy, indicating a lack of voting instruction by the beneficial holder of the
shares and a lack of discretionary authority on the part of the broker to vote
on a particular matter, then the shares covered by such non-vote Proxy shall be
deemed present at the meeting for purposes of determining a quorum but shall not
be deemed to be represented at the meeting for purposes of calculating the vote
required for approval of such matter.
The mailing address of the Company's principal executive office is Highways
63 and 9, P.O. Box 320, Cresco, Iowa 52136. The Company expects that this Proxy
Statement and the related Proxy and Notice of Annual Meeting will first be
mailed to shareholders on or about March 28, 1997.
OUTSTANDING SHARES AND VOTING RIGHTS
The Board of Directors of the Company has fixed March 21, 1997, as the
record date for determining shareholders entitled to vote at the Annual Meeting.
Persons who were not shareholders on such date will not be allowed to vote at
the Annual Meeting. At the close of business on March 21, 1997, 6,255,000 shares
of the Company's Common Stock were issued and outstanding. Such Common Stock is
the only outstanding class of stock of the Company. Each share of Common Stock
is entitled to one vote on each matter to be voted upon at the meeting. Holders
of the Common Stock are not entitled to cumulative voting rights in the election
of directors.
PRINCIPAL SHAREHOLDERS
The following table provides information concerning the only persons known
to the Company to be the beneficial owners of more than five percent (5%) of the
Company's outstanding Common Stock as of March 21, 1997:
Amount and
Name and Address Nature of Shares Percent of
Beneficial Owner Beneficially Owned(1) of Class
Conrad D. Clement(2) 1,600,000 25.6%
Tracy J. Clement(2) 1,000,000 16.0%
Larry D. Clement(2) 1,000,000 16.0%
Eric P. Clement(2) 1,400,000 6.4%
(1) Unless otherwise indicated, the person listed as the beneficial owner of the
shares has sole voting and sole investment power over the shares.
(2) Address: Highways 63 and 9, P.O. Box 320, Cresco, Iowa 54136.
MANAGEMENT SHAREHOLDINGS
The following table sets forth the number of shares of the Company's Common
Stock beneficially owned as of March 21, 1997, by each executive officer of the
Company named in the Summary Compensation Table, by each director who is a
nominee for reelection and by all directors and executive officers (including
the named individuals) as a group:
Name of Director or Officer Number of Shares Percent
or Identity of Group Beneficially Owned(1) of Class(2)
Conrad D. Clement 1,600,000 25.6%
Tracy J. Clement 1,000,000 16.0%
Eric P. Clement 400,000 6.4%
Jeffery A. Mason 57,500(3) *
Gary H. Ihrke 57,500(3) *
Donald R. Brattain 36,720(4)(5) *
Thomas J. Winkel 7,720(4)(5) *
Kenneth D. Larson 12,720(4)(5) *
John H. Thomson 10,720(4)(5) *
Officers and Directors
as a group (11 persons) 4,197,256(6) 65.5%
* Less than 1%
(1) See Note (1) to preceding table.
(2) Shares not outstanding but deemed beneficially owned by virtue of the right
of a person to acquire them as of March 21, 1997, or within sixty days of
such date are treated as outstanding only when determining the percent
owned by such individual and when determining the percent owned by the
group.
(3) Such shares are not currently outstanding but may be purchased upon
exercise of currently exercisable options.
(4) Includes 6,720 shares which may be purchased upon exercise of currently
exercisable options.
(5) Does not include shares subject to an option which will be granted to and
become purchasable by such individual on the date of the Annual Meeting
pursuant to an automatic grant under the Company's 1994 Stock Option Plan.
(6) Includes 158,755 shares which may be purchased upon exercise of currently
exercisable options.
ELECTION OF DIRECTORS
(Proposals #1 and #2)
General Information
The Bylaws of the Company provide that the number of directors shall be
determined by the shareholders at each annual meeting. The Board of Directors
recommends that the number of directors be set at seven. Under applicable
Minnesota law, approval of the proposal to set the number of directors at seven,
as well as the election of each nominee, requires the affirmative vote of the
holders of the greater of (1) a majority of the voting power of the shares
represented in person or by proxy at the Annual Meeting with authority to vote
on such matter or (2) a majority of the voting power of the minimum number of
shares that would constitute a quorum for the transaction of business at the
Annual Meeting.
In the election of directors, each Proxy will be voted for each of the
nominees listed below unless the Proxy withholds a vote for one or more of the
nominees. Each person elected as a director shall serve for a term of one year
or until his successor is duly elected and qualified. All of the nominees are
members of the present Board of Directors. If any of the nominees should be
unable to serve as a director by reason of death, incapacity or other unexpected
occurrence, the Proxies solicited by the Board of Directors shall be voted by
the proxy representatives for such substitute nominee as is selected by the
Board, or, in the absence of such selection, for such fewer number of directors
as results from such death, incapacity or other unexpected occurrence. The
election of each nominee requires the affirmative vote of a majority of the
shares represented in person or by proxy at the Annual Meeting.
The following table provides certain information with respect to the
nominees for director.
Name Age Positions Held
Conrad D. Clement 53 President, Chief
Executive Officer
and Director
Jeffery A. Mason 56 Chief Financial
Officer and Director
Tracy J. Clement 30 Executive Vice
President and
Director
Donald R. Brattain 56 Director
Thomas J. Winkel 54 Director
Kenneth D. Larson 56 Director
John H. Thomson 69 Director
Conrad D. Clement has been the Chairman, President and Chief Executive
Officer and a director of the Company since its inception in 1988. From 1969 to
1988, Mr. Clement was the President and principal owner of several farm
equipment and agricultural businesses. Mr. Clement is also the President and
Chief Executive Officer and a shareholder of Featherlite Credit Corporation, an
affiliate of the Company ("Featherlite Credit"). See "Certain Transactions". Mr.
Clement is the brother of Larry D. Clement and the father of Tracy J. Clement
and Eric P. Clement.
Jeffery A. Mason has been the Chief Financial Officer and Controller of the
Company since August 1989 and has been a director of the Company since June
1993. From 1969 to 1989, Mr. Mason served in various financial management
capacities with several companies, including Arthur Andersen & Co. and Carlson
Companies. Mr. Mason is a certified public accountant.
Tracy J. Clement has been Executive Vice President and a director of the
Company since 1988. Prior to 1988, Mr. Clement was a shareholder and manager of
several farm equipment and agricultural businesses with his father, Conrad D.
Clement. Mr. Clement is also an officer and shareholder of Featherlite Credit.
See "Certain Transactions."
Donald R. Brattain, a director of the Company since August 1994, is the
President of Brattain & Associates, LLC, a private investment company
established in 1981. In addition, Mr. Brattain currently serves as a director of
the following companies: Barefoot Grass Lawn Service, Inc., Destron Fearing
Corporation, Everest Medical, Inc., Harmony Brook, Inc. and Sunrise Leasing
Corporation.
Thomas J. Winkel, a director of the Company since August 1994, has been a
financial and management consultant, and a private investor, since January 1,
1994. From 1990 to 1994, Mr. Winkel was Chairman, President and Chief Executive
Officer of Road Rescue, Inc., a manufacturer of emergency response vehicles.
From 1967 to 1990, Mr. Winkel served in various professional capacities with
Arthur Andersen & Co., the last five years as Managing Partner of its St. Paul
office. Mr. Winkel also serves as a director of Marten Transport Ltd.
Kenneth D. Larson, a director of the Company since August 1994, joined
Polaris Industries in September 1988 as Executive Vice President/Operating
Officer and was named President and Chief Operating Officer in July 1989. Mr.
Larson was formerly Executive Vice President of the Toro Company. Prior to
starting with Toro in 1975, he held a number of positions with Allis-Chalmers
Corp., General Electric Co. and the Gehl Company. Mr. Larson is a director of
Polaris Industries, Inc.
John H. Thomson, a director of the Company since August 1994, is the
Chairman of Cresco Union Savings Bank. See "Certain Transactions." Mr. Thomson
has 41 years of experience in the banking industry.
Committee and Board Meetings
The Company's Board of Directors has two standing Committees, the Audit
Committee and the Compensation Committee. The Audit Committee, whose members are
Messrs. Winkel, Brattain, Thomson and Larson, is responsible for reviewing the
Company's internal audit procedures, the quarterly and annual financial
statements of the Company and, with the Company's independent accountants, the
results of the annual audit. The Audit Committee met twice during fiscal 1996.
The Compensation Committee, whose members are Messrs. Brattain, Winkel, Larson
and Thomson, recommends compensation of officers of the Company. The
Compensation Committee met once during fiscal year 1996. The Board does not have
a nominating committee.
During fiscal 1996, the Board held four meetings. Each director attended 75
percent or more of the total number of meetings of the Board and of Committees
of which he was a member.
Directors' Fees
Directors who are not employees of the Company are compensated at the rate
of $2,000 per Board meeting plus $1,000 per quarter. In addition, pursuant to
the Company's 1994 Stock Option Plan, as amended, nonemployee directors will
receive automatic grants of 3,000 shares of nonqualified stock options upon
their initial election to the Board and upon their re-election by the
shareholders. The exercise price shall be 100 percent of the Common Stock's
current fair market value as of the date of grant. Each nonqualified stock
option granted to nonemployee directors shall be immediately exercisable and
shall expire five (5) years after the date of grant.
CERTAIN TRANSACTIONS
Featherlite Credit Corporation ("Credit"), which has provided retail
financing to customers of the Company's dealers, is wholly-owned by the
following officers and directors of the Company: Conrad D. Clement (40%), Tracy
J. Clement (25%), Larry D. Clement (25%), and Eric P. Clement (10%). The Company
anticipates that within 30 days of the date of this Proxy Statement it will
terminate its business with Credit and that in the future, retail financing and
related services will be provided to the Companies dealers and their customers
by an unrelated third party.
In 1996, the Company entered into an agreement with Credit to pay Credit a
fee for services Credit provides in connection with financing transactions
related to the sale or lease of Featherlite trailers and other related matters
such as development of the Featherlite Master Lease program. Credit agreed to
reimburse the Company for costs and expenses directly related to Credit which
are paid by the Company, such as wages and related costs of Credit employees.
The Company paid or accrued $100,000 to Credit in 1996 and Credit paid or
accrued $116,000 for the Company.
Credit leases trailers to outside parties under operating leases with terms
varying from three to six years. It buys trailers from Featherlite dealers and
in some cases, directly from the Company at normal selling prices and pays for
the trailers at the time the lease is signed. Aggregate trailer sales of
$2,075,000 were made by the Company to Credit in 1996.
Clement Auto and Truck, Inc. ("CATI"), which is wholly-owned by Larry D.
Clement, is an authorized FEATHERLITE(R) dealer located in Fort Dodge, Iowa.
Sales to CATI were $1,079,000 in 1996. All such sales were on terms and
conditions comparable to those available to other Company dealers. CATI was
indebted to the Company for transactions related to such sales in the amount of
$17,000 at December 31, 1996.
During March 1993, the Company entered into a four-year lease agreement
with Conrad D. Clement, Tracy J. Clement and Eric P. Clement for three truck
tractors, each owned one-third by such individuals. Such lease requires monthly
payments of $5,625 over the lease term, which expires February 1997. In 1996,
payments under this lease totaled $67,500.
During May 1994, the Company entered into a five-year lease agreement with
Conrad D. Clement, Tracy J. Clement and Eric P. Clement, each equal owners of a
loader. Aggregate payments under this lease will total $118,500 over the lease
term. In addition, the Company insures the loader and pays all ordinary
maintenance and expenses related to the loader. In 1996, payments under this
lease totaled $23,712.
John H. Thomson, a director of the Company, is the Chairman and President
of Cresco Union Savings Bank in Cresco, Iowa. At December 31, 1996, the Company
was indebted to Cresco Union Savings Bank in the aggregate amount of $385,000.
Such indebtedness is being repaid over terms of individual notes.
EXECUTIVE COMPENSATION
Compensation Committee Report on Executive Compensation
Compensation Committee Interlocks and Insider Participation. The
Compensation Committee of the Board of Directors of the Company is composed of
directors Donald R. Brattain, Thomas J. Winkel, Kenneth D. Larson and John H.
Thomson. None of the members of the Committee is or ever has been an employee or
an officer of the Company and none is affiliated with any entity other than the
Company with which an executive officer of the Company is affiliated.
Compensation Plan. The executive compensation plan adopted by the
Compensation Committee is comprised of base salaries, annual performance
bonuses, long-term incentive compensation in the form of stock options (at least
for officers who are not already principal shareholders of the Company), and
various benefits in which all qualified employees of the Company participate. In
addition, the Compensation Committee from time to time may award special cash
bonuses or stock options related to non-recurring, extraordinary performance.
The Compensation Committee adopted an approach of paying annual base
salaries which are on the moderate side of being competitive in its industry,
taking into account particular positive and negative aspects of the Company's
location in rural Iowa, and of awarding cash bonuses based on achievement of
specific annual goals. The goals are established annually by the Compensation
Committee. Options are currently being determined on an individual basis.
Generally, if the Company achieves its sales, income before taxes and
return on assets objectives for the year, each executive officer will accrue a
bonus which is equal to 50 percent of the officer's base pay. If the Company's
performance is no more than 10 percent below its objectives, each officer will
accrue a bonus equal to 25 percent of base pay and if the performance is 105
percent or more of each objective, each officer accrues a bonus of 55 percent of
base pay. Bonuses are prorated for Company performance which falls between these
achievement percentages. Each of the objectives is weighted as a percentage of
the total and may be achieved on a stand-alone basis. Bonuses are paid in the
calendar year following the year in which they are earned by the officers.
In 1996, the Company achieved 105 percent of its sales objectives but less
than 90 percent of the other objectives so each executive officer accrued a
bonus equal to 21 percent of base pay. Bonuses accrued in 1996 for each named
officer appears under the caption "Bonus" in the Summary Compensation table.
Compensation in 1996. The Compensation Committee made adjustments in the
base annual salaries of officers to reflect changes in levels of
responsibilities and individual performance. Bonuses of $181,650 were earned for
achievement of the sales goals established under the compensation plan. For 1997
base salaries for executive officers named in the compensation table below are
as follows: Conrad D. Clement - $295,000; Tracy J. Clement - $185,000; and
Jeffery A. Mason - $122,000; Gary Ihrke - $115,000; and Eric Clement - $96,000.
Chief Executive Officer Compensation. Conrad D. Clement served as the
Company's Chief Executive Officer in 1996. His compensation was $295,000 and he
earned a bonus of $61,950 for achieving the sales goals under the compensation
plan. For 1997, the Compensation Committee has established a base salary of
$295,000 and Mr. Clement is eligible for a cash bonus on the same basis as other
officers as described above.
Donald R. Brattain
Thomas J. Winkel
John H. Thomson
Kenneth D. Larson
Members of the
Compensation Committee
Summary Compensation Table
The following table sets forth certain information regarding compensation
paid during each of the Company's last three fiscal years to the Company's Chief
Executive Officer and to the Company's other executive officers whose salary and
bonus for fiscal 1996 exceeded $100,000:
Long-Term
Annual Compensation Compensation
Securities All
Underlying Other
Name and Fiscal Options/ Compen-
Principal Position Year Salary($) Bonus($) Other ($) SARs(#) sation($)
Conrad D. Clement, 1996 286,000 61,950 3,649(1) -0- 9,000(7)
President and 1995 286,000 -0- 3,638(1) -0- 9,000
Chief Executive Officer 1994 282,133 -0- 9,126(2) -0- 22,392
Tracy J. Clement, 1996 176,000 38,850 2,191(1) -0- 9,000(7)
Executive Vice President 1995 176,000 -0- 9,678(1) -0- 9,000
1994 151,897 42,000 7,368(4) -0- 9,240
Jeffery A. Mason, 1996 114,680 25,620 7,320(1) 40,000 7,320(7)
Chief Financial Officer 1995 114,680 -0- 5,723(1) -0- 7,320
1994 101,048 -0- 5,620(6) 60,000 6,286
Gary H. Ihrke, 1996 107,723 24,150 -0- 40,000 6,865(7)
Vice President of 1995 79,996 -0- -0- -0- 5,100
Operations & Secretary 1994 75,000 -0- 1,096(1) 60,000 4,615
Eric P. Clement, 1996 89,951 20,160 4,929(1) -0- 5,742(7)
Vice President of Sales 1995 75,200 -0- 7,248(1) -0- 4,800
1994 73,843 11,474 7,799(1) -0- 5,080
(1) Related to automobiles only.
(2) $8,910 and $216 related to automobiles and health insurance, respectively.
(3) $7,957, $662 and $5,000 related to automobiles, health insurance and
additional undocumented business advances and expenses, respectively.
(4) $6,953 and $415 related to automobiles and health insurance, respectively.
(5) $6,100 and $3,111 related to automobiles and health insurance,
respectively.
(6) $5,420 and $200 related to automobiles and undocumented business expenses.
(7) Company contribution to 401(k) Plan.
Option/SAR Grants During 1996 Fiscal Year
The following table provides information related to those options granted
to the named executive officers who received options during fiscal 1996. The
Company has not granted any stock appreciation rights.
Individual Grants Potential Realizable
Percent of Total Value at Assumed
Options/SARs Annual Rates of Stock
Options/SARs Granted to Exercise or Price Appreciation for
Granted Employees Base Price Expiration Option Term
Name (#) in Fiscal Year ($Sh) Date 5%($) 10%($)
Jeffery A. Mason 40,000 50% $5.50 8/12/06 $138,367 $350,623
Gary H. Ihrke 40,000 50% $5.50 8/12/06 $138,367 $350,623
Option/SAR Exercises During 1996 Fiscal Year and Fiscal Year End
Option/SAR Values
The following table provides information related to options exercised by
those named executive officers during the 1996 fiscal year and the number and
value of options held at fiscal year end.
Value of
Number of Unexercised
Unexercised In-the-Money
Options/SARs at Options/SARs at
Shares FY-End (#) FY-End ($)(1)
Acquired on Value Exercisable/ Exercisable/
Name Exercise (#) Realized ($) Unexercisable Unexercisable
Conrad D. Clement -0- -0- -0- --
Tracy J. Clement -0- -0- -0- --
Jeffery A. Mason -0- -0- 57,500/42,500 $5,938/$5,312
Gary H. Ihrke -0- -0- 57,500/42,500 $5,938/$5,312
Eric P. Clement -0- -0- -0- --
(1) Based on the difference between $6.125 (the closing price of the Company's
Common Stock on December 31, 1996, as reported by Nasdaq) and the option
exercise price.
Stock Performance Chart
The following chart compares the cumulative total shareholder return on the
Company's Common Stock with the S&P 500 Index and an index of peer companies
selected by the Company (the "Peer Group Index"). The comparison assumes $100
was invested on September 28, 1994 (the date the Company's Common Stock began
trading) in the Company's Common Stock and in each of the foregoing indices and
assumes reinvestment of dividends.
9/28/94 12/31/94 12/31/95 12/31/96
Featherlite 100 162.5 96 102.08
Peer Group Index 100 107.29 90 128.23
S&P 500 Index 100 98.8 132 159.35
The Peer Group Index includes the following companies: Arctco, Inc., Dorsey
Trailers, Inc., Harley Davidson, Inc., Miller Industries, Inc., Polaris
Industries, Inc., Spartan Motors, Inc., and Wabash National Corp.
INDEPENDENT AUDITORS
McGladrey & Pullen, LLP acted as the Company's independent auditors for the
1996 fiscal year, and the Company has selected McGladrey & Pullen, LLP as its
independent auditors for the current fiscal year ending December 31, 1997.
A representative of McGladrey & Pullen, LLP is expected to be present at
the Annual Meeting, will have the opportunity to make any desired comments, and
will be available to respond to appropriate questions.
SECTION 16(a) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE
Section 16(a) of the Securities Exchange Act of 1934 requires the Company's
executive officers and directors, and persons who own more than 10 percent of
the Company's Common Stock, to file with the Securities and Exchange Commission
initial reports of ownership and reports of changes in ownership of Common Stock
and other equity securities of the Company. Officers, directors and greater than
10 percent shareholders ("Insiders") are required by SEC regulations to furnish
the Company with copies of all Section 16(a) forms they file.
To the Company's knowledge, based on a review of the copies of such reports
furnished to the Company, during fiscal year ended December 31, 1996, all
Section 16(a) filing requirements applicable to Insiders were complied with.
SHAREHOLDER PROPOSALS
Any appropriate proposal submitted by a shareholder of the Company and
intended to be presented at the 1998 Annual Meeting must be received by the
Company at its offices by November 28, 1997, to be considered for inclusion in
the Company's proxy statement and related proxy for the 1998 Annual Meeting.
OTHER BUSINESS
The Board of Directors knows of no other matters to be presented at the
meeting. If any other matter does properly come before the meeting, the
appointees named in the Proxies will vote the Proxies in accordance with their
best judgment.
ANNUAL REPORT
A copy of the Company's Annual Report to Shareholders for the fiscal year
ended December 31, 1996, including financial statements, accompanies this Notice
of Annual Meeting and Proxy Statement. No portion of the Annual Report is
incorporated herein or is to be considered proxy soliciting material.
THE COMPANY WILL FURNISH WITHOUT CHARGE A COPY OF ITS ANNUAL REPORT ON FORM
10-K FOR THE FISCAL YEAR ENDED DECEMBER 31, 1996, TO ANY SHAREHOLDER OF THE
COMPANY UPON WRITTEN REQUEST. REQUESTS SHOULD BE SENT TO CHIEF FINANCIAL
OFFICER, FEATHERLITE MFG., INC., HIGHWAYS 63 AND 9, BOX 320, CRESCO, IOWA 52136.
Dated: March 28, 1997
Cresco, Iowa
FEATHERLITE MFG., INC.
PROXY FOR ANNUAL MEETING OF SHAREHOLDERS
THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS
The undersigned hereby appoints Conrad D. Clement and Tracy J. Clement, or
either of them acting alone, with full power of substitution, as proxies to
represent and vote, as designated below, all shares of Common Stock of
Featherlite Mfg., Inc. registered in the name of the undersigned, at the Annual
Meeting of the Shareholders to be held on Wednesday, May 7, 1997, at 7:00 p.m.
Central Daylight Time, at the Company's offices, Highway 63 and 9, Cresco, Iowa,
and at all adjournments of such meeting. The undersigned hereby revokes all
proxies previously granted with respect to such meeting.
The Board of Directors recommends that you vote "FOR" the following proposals:
1. SET NUMBER OF DIRECTORS AT SEVEN: [ ] FOR [ ] AGAINST [ ] ABSTAIN
2. ELECTION OF DIRECTORS:
1 - Conrad D. Clement, 2 - Jeffery A. Mason [ ] FOR [ ] WITHHOLD
3 - Tracy J. Clement, 4 - Donald R. Brattain
5 - Thomas J. Winkel, 6 - Kenneth D. Larson,
7 - JOhn H. Thomson
(Instructions: To withheld authority to vote for [ ]
any indicated nominee, write the number(s) of the
nominee(s) in the box provided to the right.)
3. OTHER MATTERS: In their discretion, the appointed proxies are authorized
to vote upon such other business as may properly come before the Meeting
or any adjournment.
THIS PROXY WHEN PROPERLY EXECUTED WILL BE VOTED AS DIRECTED OR, IF NO DIRECTION
IS GIVEN FOR A PARTICULAR PROPOSAL, WILL BE VOTED FOR SUCH PROPOSAL.
Address Change? Date: NO. OF SHARES
Mark Box [ ]
Indicate changes below:
-----------------------------------
Signature(s) in Box
Please Date and Sign Above exactly
as name appears at the left
indicating, where appropriate,
official position or representative
capacity, if stock is held in joint
tenancy, each joint owner should
sign.