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WABASH NATIONAL ANNOUNCES FOURTH QUARTER AND 1991 EARNINGS AND SEC FILING FOR THE SALE OF 1,500,000 SHARES BY PRINCIPAL HOLDERS

 WABASH NATIONAL ANNOUNCES FOURTH QUARTER AND 1991 EARNINGS AND SEC FILING FOR THE SALE OF 1,500,000 SHARES BY PRINCIPAL HOLDERS
 LAFAYETTE, Ind., Jan. 28 /PRNewswire/ -- Wabash National Corporation (NYSE: WNC) announced today results for the fourth quarter and year ended Dec. 31, 1991.
 Net sales for the fourth quarter were $51.3 million in 1991, compared to $38.5 million in 1990. Net income in the fourth quarter of 1991 totaled $2.8 million, compared to $.5 million in 1990. Pro forma net income per share was $.21 in the fourth quarter of 1991, compared to $.06 in 1990.
 For the full year, net sales were $190.5 million in 1991, compared to $170.7 million in 1990. Net income in 1991 totaled $10.5 million, compared to $4.8 million in 1990. Pro forma net income per share was $.78 in 1991, compared to $.46 in 1990.
 Commenting on these results, Donald J. Ehrlich, president and chief executive officer, stated: "We are pleased with the company's continued strong operating results. Our gross margins improved significantly in 1991 as we remained focused on successful product lines, including plate trailers, and capitalized on new product lines, particularly RoadRailer technology, that generated higher margins and further distinguished Wabash from its competitors. These results are particularly gratifying in light of poor conditions in the U.S. economy along with the lowest level of new trailer shipments for the industry as a whole since 1983." Ehrlich further stated: "The company's backlog of orders was approximately $117,800,000 at Dec. 31, 1991, compared to $48,300,000 at Dec. 31, 1990."
 Separately, the company announced the filing of a registration statement with the Securities and Exchange Commission covering a proposed sale of 1,500,000 shares of common stock by certain principal stockholders of the company through underwriters to be led by Alex Brown & Sons Incorporated. 1,300,000 shares in the proposed offering are to be sold by certain non-management holders and the balance will be sold by members of the company's senior management. These members of the company's senior management will retain approximately 86 percent of their current stockholdings in the company after the offering.
 The company will not be selling any shares in the offering and will not receive any of the proceeds from the offering. In addition to the 1,500,000 shares to be offered by the selling stockholders, the stockholders expect to grant to the underwriters an option to purchase up to an additional 225,000 shares to cover over-allotments.
 Wabash National Corporation designs, manufactures and markets standard and customized truck trailers. The company believes that it is among the three largest U.S. manufacturers of truck trailers, the leading manufacturer of both fiberglass reinforced plastic trailers and aluminum plate trailers, and, through its RoadRailer division, a leading manufacturer of bimodal vehicles.
 WABASH NATIONAL CORPORATION
 Results of Operations
 (Dollars in thousands, except per share amounts)
 Period ended Quarter Year
 Dec. 31 1991 1990 1991 1990
 Net sales $51,296 $38,532 $190,545 $170,681
 Net income 2,770 535 10,499 4,809
 Pro forma net income
 per share .21 .06 .78 .46
 NOTES: From Jan. 1, 1990 until the company's initial public offering in November 1991, the company elected to be treated as an S Corporation and, accordingly, was not subject to corporate income taxes. The fourth quarter of 1991 included a $630 provision for income taxes as a result of the company's termination of its S Corporation tax status.
 The pro forma net income per share amounts reflect (i) a pro forma tax provision as if the company had been subject to corporate income taxes throughout the periods presented, and (ii) the pro forma impact of the initial public offering of common stock by the company in November 1991.
 -0- 1/28/92
 /CONTACT: Donald J. Ehrlich of Wabash National, 317-448-1591/
 (WNC) CO: Wabash National Corporation ST: Indiana IN: SU: ERN


SM-OS -- NY016 -- 4087 01/28/92 09:29 EST
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Date:Jan 28, 1992
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