The sacbee tells MHProNews Drew Industries, Inc. reports record net sales for the first quarter ending March 31, 2013 of $253 million, producing net income of $8.4 million, $0.36 per diluted share. An after-tax charge of $0.7 million for executive succession and relocating the company’s headquarters from New York to Elkhart, Ind. reduced net income from $9.1 million, which would have been $0.39 per diluted share. Net sales for Q1 2012 were $223 million, producing a net income of 11.1 million, $0.49 per diluted share. Cost of sales also grew from $178.7 million in Q1 2012 to $205 million in the quarter ending March 31, 2013. Fred Zinn, Drew’s President and CEO, says, “Our operating profit margin was below the first quarter of 2012 due to production inefficiencies and costs incurred as a result of our significant growth and expansion over the past year; however, profit margins improved sequentially in the 2013 first quarter.” The figures include the MH segment, with net sales growing from $27,997,000 in 2012 to $28,583,000 Q1 2013, although the operating profit dropped slightly from $3,131,000 to $2,726,00. Drew supplies the RV and MH industries with a variety of components.
