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Net sales for the fourth quarter of 2008 decreased by 48% to USD27m, from USD52.2m for the same quarter of 2007 which included USD10.4m for the shipment of 213 homes under contracts with the Mississippi Emergency Management Agency (MEMA). The net income was USD2.2m (USD0.12 per basic and diluted share), up from the net loss of USD1m (USD0.06 per basic and diluted share) in the fourth quarter last year.
For the full year 2008 net sales decreased 21% to USD164.4m, compared with USD206.9m in the full year 2007. Net sales to MEMA totalled USD13.9m in 2008 and USD17.1m in 2007. Net income was USD3.3m (USD0.18 per basic and diluted share), an improvement over the net loss of USD8.5m (USD0.46 per basic and diluted share) in 2007.
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