EXHIBIT 99.2
FOR IMMEDIATE RELEASE
Contact: Mark R. Holden
(765) 771-5310
WABASH NATIONAL CORPORATION
CORRECTS ERROR IN CALCULATION OF WEIGHTED AVERAGE SHARES OUTSTANDING
LAFAYETTE, INDIANA, July 23, 2003 . . . Wabash National Corporation
(NYSE: WNC) announced today that an administrative error led to the incorrect
presentation of diluted loss per share results for the three and six month
periods ended June 30, 2003 in the Company's earnings release issued July 22,
2003. The error in calculation affected the number of diluted shares outstanding
and does not change the reported results for the period. For the three and six
month periods ended June 30, 2003, diluted loss per share should have been
calculated using 25,705,365 and 25,679,545 shares, respectively, instead of
26,270,350 and 25,963,598 shares for the respective periods. Net loss for the
second quarter remains at $27 million, including a $29 million non-cash charge
related to planned asset divestitures, compared to a net loss of $22 million for
the same period last year. The net loss for the six months ended June 30, 2003,
remains at $26 million, including the $29 million charge, compared to $36
million for the same period last year.
The diluted loss per share was reported earlier as $1.05 for the
quarter, including a $1.09 per share charge related to planned asset
divestitures, compared to a loss of $0.96 per share for the 2002 quarter, and
should have been reported as $1.07 for the quarter, including a $1.11 per share
charge related to planned asset divestitures. Diluted loss per share for the six
months ended June 30, 2003 was reported earlier as $1.02, including the $1.09
per share charge, compared to a loss of $1.61 per share for the six months ended
June 30, 2002, and should have been reported as $1.03, including the $1.11
charge.
The Condensed Consolidated Statement of Operations is included below
and reflects the correct diluted loss per share information as well as correctly
classifies Loss on Asset Impairment as part of Gross Profit:
-MORE-
WABASH NATIONAL CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per share amounts)
Unaudited
Three Months Six Months
Ended June 30, Ended June 30,
---------------------- ----------------------
2003 2002 2003 2002
--------- --------- --------- ---------
NET SALES $ 230,231 $ 210,251 $ 452,739 $ 372,203
COST OF SALES 206,542 204,024 406,709 365,937
LOSS ON ASSET IMPAIRMENT 28,500 --- 28,500 ---
--------- --------- --------- ---------
Gross profit (4,811) 6,227 17,530 6,266
GENERAL AND ADMINISTRATIVE EXPENSES 7,894 14,807 18,433 28,898
SELLING EXPENSES 6,022 6,030 11,240 11,779
--------- --------- --------- ---------
Loss from operations (18,727) (14,610) (12,143) (34,411)
OTHER INCOME (EXPENSE):
Interest expense (10,391) (7,816) (18,259) (13,489)
Foreign exchange gains and losses, net 2,733 2,211 5,589 1,958
Other, net (883) (1,462) (1,025) (2,271)
--------- --------- --------- ---------
Loss before income taxes (27,268) (21,677) (25,838) (48,213)
INCOME TAX BENEFIT --- --- --- (11,947)
--------- --------- --------- ---------
Net loss (27,268) (21,677) (25,838) (36,266)
PREFERRED STOCK DIVIDENDS 264 443 528 886
--------- --------- --------- ---------
NET LOSS APPLICABLE TO COMMON
STOCKHOLDERS $ (27,532) $ (22,120) $ (26,366) $ (37,152)
========= ========= ========= =========
BASIC AND DILUTED NET LOSS PER SHARE $ (1.07) $ (0.96) $ (1.03) $ (1.61)
========= ========= ========= =========
COMPREHENSIVE INCOME LOSS:
Net loss $ (27,268) $ (21,677) $ (25,838) $ (36,266)
Foreign currency translation adjustment 243 171 444 166
--------- --------- --------- ---------
NET COMPREHENSIVE LOSS $ (27,025) $ (21,506) $ (25,394) $ (36,100)
========= ========= ========= =========
Wabash National Corporation designs, manufactures, and markets standard and
customized truck trailers under the Wabash(TM) 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 the Company's ability to achieve profitability, increased competition,
reliance on certain customers and corporate partnerships, shortages of raw
materials, availability of capital, dependence on industry trends, export sales
and new markets, acceptance of new technology and products, and government
regulation. Readers should review and consider the various disclosures made by
the Company in this press release and in its reports filed with the Securities
and Exchange Commission.