Archive for September, 2008

Fiscal Year Ends With New Record

September 17, 2008

July 31st marked the end of the fiscal year for Wayne Engineering. A record increase in sales and operating revenue was achieved despite massive flooding near our facility, a downturn in the economy, increased steel prices, and financial crisis faced by our chassis suppliers.

Wayne proved its financial strength and strategic abilities by “weathering the storms.” Indeed, there were multiple storms and it seemed like they kept coming one after another. Yet, Wayne Engineering fared very favorably through it all.

Many other leading refuse truck manufacturers have faced similar trials this summer. However, not all came out as strong. The larger publicly held companies, for example, have seen their stock prices plummet dramatically within a one year period. Meanwhile, others have reported substantial layoffs in response to external conditions.

This proves to be a considerable contrast to the strong financial health of Wayne Engineering. In fact, since being purchased from bankruptcy courts in December 2006 by WIH, Wayne has posted 21 consecutive profitable months. Not once has it posted a loss since its purchase.

Kevin Watje (President/CEO) attributes the success to, “a strong focus on lean manufacturing principles coupled with an excellent sales and service staff. The markets continue to prove our engineering excellence and the superiority of our Curbtender automated side loader line.”

Watje has high hopes for an even stronger performance in the 08-09 fiscal year. “We have exciting plans that will set us up for another record year. A new product line will be launched shortly that is going to revolutionize the refuse industry. It’s going to be exciting!”

***Wayne Engineering is owned by Wayne Industrial Holdings, LLC***