11.

SEGMENTS

a. Segment Reporting

Through the third quarter of 2011, the Company segregated its operations into two reportable segments: Manufacturing and Retail and Distribution. In the fourth quarter of 2011, resulting from the execution of Company’s strategic initiative to expand its customer base, diversify its product offerings and revenues and extend its market leadership, it began reporting three segments: Commercial Trailer Products, Diversified Products and Retail. The Commercial Trailer Products segment produces and sells new trailers to the Retail segment or to customers who purchase trailers directly from the Company or through independent dealers. The Diversified Products segment focuses on the Company’s commitment to expand its customer base, diversify its product offerings and revenues and extend its market leadership by leveraging its proprietary DuraPlate^® panel technology, drawing on its core manufacturing expertise and making available products that are complementary to truck trailers and transportation equipment. The results of Walker from the date of the Walker Acquisition, or May 8, 2012, are included as part of the Diversified Products segment. The Retail segment includes the sale of new and used trailers, as well as the sale of after-market parts and service, through its retail branch network.

The Company manages its business in multiple operating segments. Because of the similar economic characteristics of these operations, including the nature of the products, the same or similar customers and similar production and distribution processes, those operations have been aggregated for segment reporting purposes. The accounting policies of the segments are the same as those described in the summary of significant accounting policies except that the Company evaluates segment performance based on income from operations. The Company has not allocated certain corporate related administrative costs, interest and income taxes included in the corporate and eliminations segment to the Company’s other reportable segments. The Company accounts for intersegment sales and transfers at cost plus a specified mark-up. Reportable segment information is as follows (in thousands):

	Commercial		Diversified					Corporate and
	Trailer Products		Products		Retail			Eliminations			Consolidated
Three Months Ended June 30, 2012
Net sales
External customers	$	263,350	$	65,712	$	33,346		$	-		$	362,408
Intersegment sales		17,380		10,802		-			(28,182	)		-
Total net sales	$	280,730	$	76,514	$	33,346		$	(28,182	)	$	362,408

Income (Loss) from operations	$	13,735	$	9,860	$	452		$	(15,479	)	$	8,568
Assets	$	648,606	$	496,300	$	142,321		$	(425,688	)	$	861,539

Three Months Ended June 30, 2011
Net sales
External customers	$	236,955	$	13,745	$	36,395		$	-		$	287,095
Intersegment sales		15,776		13,428		-			(29,204	)		-
Total net sales	$	252,731	$	27,173	$	36,395		$	(29,204	)	$	287,095

Income (Loss) from operations	$	3,329	$	4,576	$	(4	)	$	(2,784	)	$	5,117
Assets	$	291,573	$	50,195	$	101,408		$	(36,472	)	$	406,704

	Commercial		Diversified					Corporate and
	Trailer Products		Products		Retail			Eliminations			Consolidated
Six Months Ended June 30, 2012
Net sales
External customers	$	496,910	$	84,714	$	58,466		$	-		$	640,090
Intersegment sales		27,200		23,390		-			(50,590	)		-
Total net sales	$	524,110	$	108,104	$	58,466		$	(50,590	)	$	640,090

Income (Loss) from operations	$	19,922	$	15,244	$	377		$	(21,526	)	$	14,017
Assets	$	648,606	$	496,300	$	142,321		$	(425,688	)	$	861,539

Six Months Ended June 30, 2011
Net sales
External customers	$	422,635	$	23,353	$	63,091		$	-		$	509,079
Intersegment sales		30,164		23,899		-			(54,063	)		-
Total net sales	$	452,799	$	47,252	$	63,091		$	(54,063	)	$	509,079

Income (Loss) from operations	$	8,884	$	7,241	$	(131	)	$	(6,868	)	$	9,126
Assets	$	291,573	$	50,195	$	101,408		$	(36,472	)	$	406,704

b. Product Information

The Company offers products primarily in four general categories: (1) new trailers, (2) used trailers, (3) components, parts and service and (4) equipment and other. The following table sets forth the major product categories and their percentage of consolidated net sales (dollars in thousands):

	Commercial		Diversified
	Trailer Products		Products		Retail		Consolidated
Three Months Ended June 30, 2012	$		$		$		$		%
New trailers		255,543		21,007		16,513		293,063		80.9
Used trailers		4,825		293		4,294		9,412		2.6
Components, parts and service		814		24,121		12,515		37,450		10.3
Equipment and other		2,168		20,291		24		22,483		6.2
Total net external sales		263,350		65,712		33,346		362,408		100.0

	Commercial		Diversified
	Trailer Products		Products		Retail		Consolidated
Three Months Ended June 30, 2011	$		$		$		$		%
New trailers		231,091		-		20,558		251,649		87.7
Used trailers		3,062		-		3,066		6,128		2.1
Components, parts and service		1,035		13,060		12,747		26,842		9.3
Equipment and other		1,767		685		24		2,476		0.9
Total net external sales		236,955		13,745		36,395		287,095		100.0

	Commercial		Diversified
	Trailer Products		Products		Retail		Consolidated
Six Months Ended June 30, 2012	$		$		$		$		%
New trailers		480,842		21,007		26,404		528,253		82.5
Used trailers		8,973		293		7,731		16,997		2.7
Components, parts and service		1,373		38,371		24,284		64,028		10.0
Equipment and other		5,722		25,043		47		30,812		4.8
Total net external sales		496,910		84,714		58,466		640,090		100.0

	Commercial		Diversified
	Trailer Products		Products		Retail		Consolidated
Six Months Ended June 30, 2011	$		$		$		$		%
New trailers		413,679		-		34,125		447,804		88.0
Used trailers		5,375		-		5,713		11,088		2.2
Components, parts and service		1,590		22,451		23,206		47,247		9.3
Equipment and other		1,991		902		47		2,940		0.5
Total net external sales		422,635		23,353		63,091		509,079		100.0