Stocks  |  Global Markets  |  France The fourth and latest installment in the X-Men moviefranchise

Stocks  |  Global Markets  |  France The fourth and latest installment in the "X-Men" moviefranchise, based on characters from Marvel Comics, was the No.1 film at box offices over the weekend following its Fridaydebut that launched Hollywood's summer blockbuster season Finishing at No. 2 for the weekend was romantic comedy"Ghosts of Girlfriends Past" with $15.4 million in the U.S. andCanada, according to box office tracker Media by Numbers.Thriller "Obsessed" came in at No 3 with $12 million. "X-Men Origins: Wolverine," which stars Hugh Jackman in thetitle role, was released by Twentieth Century Fox, a unit ofNews Corp (NWSA.O) "Ghosts of Girlfriends Past" was releasedby Warner Bros. (TWX.N) and "Obsessed" by the Screen Gems unitof Sony Pictures Entertainment (6758.T).

(Reporting by Alex Dobuzinskis: Editing by Bob Tourtellotte) Stocks Global Markets France. WHITE PLAINS, N.Y., May 4 /PRNewswire-FirstCall/ -- Drew IndustriesIncorporated (NYSE: DW), a leading supplier of components for recreationalvehicles (RV) and manufactured homes, today reported its operating results forthe first quarter ended March 31, 2009. For the 2009 first quarter, Drew reported a net loss of $36.7 million, or$1.70 per diluted share, which included a non-cash impairment charge of $29.4million, net of taxes, or $1.36 per diluted share. The Company previouslyreported that it expected to record this impairment charge in the firstquarter of 2009. Excluding the impairment charge, the net loss for the 2009 first quarter was$7.3 million, or $0.34 per diluted share, compared to net income of $9.1million, or $0.41 per diluted share in the first quarter of 2008. Drewattributes this first quarter 2009 loss to the severe recession and tightcredit markets, which resulted in sharp declines in the RV and manufacturedhousing industries. In the 2009 first quarter, the Company also incurred $4.9 million of extrapre-tax expenses, which reduced after-tax results by $3.0 million, or $0.14per diluted share.

These extra expenses were due to the unprecedentedconditions in the RV and manufactured housing industries, and includedincreased bad debts, obsolete inventory and tooling, as well as costs relatedto plant consolidations and staff reductions.First quarter results were further reduced by approximately $0.02 per dilutedshare due to higher material costs flowing through cost of sales. Excludingthe non-cash goodwill impairment charge, extra expenses and higher materialcosts, the net loss for the quarter would have been approximately $0.18 perdiluted share.Net sales in the first quarter of 2009 declined 55 percent to $71 million,from net sales of $159 million in last year's first quarter. This decline innet sales resulted primarily from a 61 percent drop in industry-wide wholesaleshipments of travel trailers and fifth-wheel RVs, and a 46 percent decrease inindustry-wide production of manufactured homes. "RV and manufactured housing sales are particularly dependant on theavailability of credit for dealers and consumers, and credit has remaineddifficult to obtain throughout the last eight months," said Fred Zinn, Drew'sPresident and CEO.

"When loans to dealers and consumers become more readilyavailable, we expect that both the RV and manufactured housing industries willbenefit substantially."In recent weeks, the RV industry has experienced some seasonal increase indemand, although the Company cannot predict whether this increased demand willcontinue, as it is still very difficult for dealers and consumers to obtainfinancing. Historically, the RV and manufactured housing industries have beenseasonal, with the first and fourth quarters normally the weakest, and secondand third quarter results traditionally stronger.During the first quarter of 2009, the Company generated solid cash flow,increasing cash by $6 million, to more than $14 million, and reducing totaldebt by more than $2 million, to $6 million."This was accomplished by reducing inventory by $19 million during the quarterwhich more than offset the seasonal increase in accounts receivable," saidZinn. "We expect our strong cash flow to continue over the next severalquarters, as we further reduce inventory levels by $15 million to $20 millionin addition to the $19 million we reduced in the first quarter."The Company also continued to reduce expenses through facility consolidations,staff reductions, and synergies between its subsidiaries, Lippert Componentsand Kinro. These and earlier cost reduction measures benefitted first quarter2009 results by $2 million compared to the same period in 2008, and areexpected to benefit full year 2009 results by nearly $9 million. "Ourcontinuing efforts have enabled us to significantly reduce our breakeven saleslevel and reduce inventories, while maintaining our traditional high level ofcustomer service," said Jason Lippert, President and CEO of Lippert Componentsand Kinro."Operating management has done an outstanding job in dealing with theunprecedented weakness in our markets," said Zinn.