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Drew Industries Reports Record 2006 Second Quarter
WHITE PLAINS, N.Y., Aug. 2 /PRNewswire-FirstCall/ -- Drew Industries Incorporated DW today reported its net income increased 18 percent on a 24 percent increase in net sales for the second quarter ended June 30, 2006.
Drew, a leading supplier of components for recreational vehicles ("RV") and manufactured homes ("MH") reported net sales reached a second quarter record of $202 million, an increase of nearly $39 million from the $163 million in net sales reported in the second quarter of 2005.
Net income for the quarter increased to a second quarter record of $10.2 million, or $0.47 per diluted share, compared to $8.7 million, or $0.40 per diluted share, in the second quarter last year. Drew attributed its increase in profitability to sales growth in both the Company's RV and MH segments, which increased 26 percent and 19 percent, respectively.
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Hawaii mortgage rates hold below 6.5%
For a second week, most Hawaii lenders quoted less than 6.5 percent for a 30-year, fixed-rate home mortgage, the Honolulu Board of Realtors reported Friday.
First Hawaiian Bank, Bank of Hawaii, American Savings Bank, Central Pacific HomeLoans, Finance Factors, Territorial Savings and Wells Fargo all quoted 6.375 percent. With a spectrum of point and fee differences, their actual annual percentage rates spread across a range of more than 8/100 of a percent.
Hawaii National Bank quoted a higher rate, 6.5 percent, while Countrywide Home Loans quoted a lower one, 6.25 percent.
For 15-year notes, Territorial quoted 5.75 percent, Bankoh and American Savings Bank quoted 5.875 percent, and the other major local lenders quoted 6 percent. This generally represented a lower rate than last week.