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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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Wabash National Corporation
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SEC 1913 (02-02)
(WABASH NATIONAL LOGO)
LETTER FROM SENIOR MANAGEMENT
In 2005, Wabash National celebrated its 20 year anniversary. Our company's
success has been built on its core principles: exceptional associates;
innovative technology; progressive, low-cost manufacturing; and above all, a
commitment to the success of our customers. We have grown from a start-up
operation focused on answering the needs of a few customers, to becoming a
leader in dry van trailer manufacturing in North America. Our original formula
for success was to focus on the largest fleets, those that understood their cost
structure and embraced change. Working with our "Partners," we developed new
trailer technologies and equipment that allowed our Partners to improve their
fleet operations. We engineered lower maintenance trailers which resulted in
vastly improved trailer utilization and fleet economics. These forward-thinking
fleets took a chance on our innovative composite dry van trailer DuraPlate(R)
technology. Today, nearly one in every three dry vans sold in North America is a
Wabash National DuraPlate(R) trailer. The knowledge we gained from working with
these leading carriers provided Wabash National with a distinct advantage in the
trailer market. Wabash National's leadership continues to drive the most
significant innovations in the industry.
OUR RESPONSIBILITY IS TO PROVIDE OUR CUSTOMERS WITH THE LOWEST MAINTENANCE,
HIGHEST QUALITY PRODUCTS.
In October of 2003, we expanded our focus to provide our products to a broader
customer base. We believe the technology that has produced outstanding results
for North America's largest fleets offers the same benefits to mid-size and
smaller fleets. Through the efforts of our manufacturing team, we have more than
doubled our capacity for producing DuraPlate(R) dry vans and ArcticLite(R)
refrigerated trailers. We expect that this expanded capacity will ensure our
ability to supply superior products to our new customers through even the
highest demand period of all business cycles.
P.O. Box 6129 o Lafayette, Indiana 47903 o Phone: 765-771-5300
Our strategy of expanding our customer base is succeeding. We have captured over
880 new accounts representing approximately $225 million in orders. In 2005
alone, we opened a record 659 new accounts representing $166 million in new
business. We started this process with a goal of $500 million in new-opportunity
sales. Today, we offer that we will not only achieve, but exceed our goal. We
simply believe that we provide the best products and the best service to each
and every customer.
The company faced and solved many challenges in 2005. In the second and third
quarters, an order cancellation disrupted our production scheduling, and we
experienced further disruptions as we pushed our initiative to improve fit and
finish quality to best in class.
Additionally, the company faced the impact of increasing raw material costs and
competitive pricing. The pricing pressure that occurred during the last two
quarters of 2005 continues to have a tailing affect into 2006. We recently have
been less aggressive with passing through cost increases, as we believe that
market pricing reached an inflection point. While Wabash National continues to
strive to sell our products at a premium by demonstrating the advantages of
lowering a fleet's total cost of ownership, we must remain sensitive to
competitive pricing pressures.
In March of 2006, we decided to exit the domestic container business, as foreign
entrants significantly altered the competitive landscape. This decision allows
us to focus on higher-margin products.
Even with the challenges we experienced in 2005, we believe we are poised to
stay where we always have been - ahead of the pack. Wabash National has long
been viewed by both customers and competitors as the innovative leader in the
trailer industry. We have rebuilt and refocused this company to ensure that we
remain the company that everyone watches and attempts to emulate. Our efforts to
support our customers will continue with industry-defining product innovations,
advanced manufacturing technology, and an unwavering focus on creating solutions
to help our customers become ever more profitable.
In the first quarter of 2006, we began producing DuraPlate(R) trailers on our
new semi-automated production line. As we bring up this new line, the first of
our next generation production lines, trailers produced will be of the highest
quality and will be built with the most advanced technology of any trailer
available today.
(WABASH NATIONAL LOGO)
In March of 2006, we acquired Transcraft Corporation, the leading flatbed and
drop deck trailer manufacturer in North America. Transcraft, like Wabash
National, offers innovative products under a reputable and quality brand name.
Transcraft is a great addition to the Wabash family.
Finally, we would like to express our sincere thanks to our Board of Directors
members John T. Hackett and Ludvik F. Koci. Mr. Hackett has been a Director of
Wabash National since 1991 and Chairman of the Board of Directors since 2001.
Mr. Hackett will retire as Chairman in May 2006. Mr. Koci, who retired from the
Board in 2005, was a Director of the Corporation since 1993. Both Mr. Hackett
and Mr. Koci have been essential to Wabash National's growth and success,
particularly during the company's turnaround. Their sage advice and steadfast
leadership will be missed.
Our ultimate goals continue to be creating high shareholder value, growing
profitability, and fulfilling the needs of our customers. We believe that the
foundation that has been put in place over the past few years will prove that
the best is yet to come.
WATCH WHAT WE DO NEXT!
/s/ William P. Greubel /s/ Richard J. Giromini
William P. Greubel Richard J. Giromini
Chief Executive Officer President & Chief Operating Officer
(WABASH NATIONAL LOGO)
STOCKHOLDER INFORMATION
EXECUTIVE OFFICERS
William P. Greubel
Chief Executive Officer and Director
Richard J. Giromini
President, Chief Operating Officer and Director
Rodney P. Ehrlich
Senior Vice President - Chief Technology Officer
Bruce N. Ewald
Senior Vice President - Sales and Marketing
Timothy J. Monahan
Senior Vice President - Human Resources
Robert J. Smith
Senior Vice President - Chief Financial Officer
AUDITORS
Ernst & Young LLP
111 Monument Circle
Suite 2600
Indianapolis, Indiana 46204-5120
TRANSFER AGENT
National City Bank
Corporate Trust Operations
PO Box 92301
Cleveland, Ohio 44193-0900
(800) 622-6757
REQUESTS
For stockholder requests for information or assistance,
Please write or telephone:
Wabash National Corporation
c/o Investor Relations
PO Box 6129
Lafayette, Indiana 47903-6129
(765)771-5310
INTERNET ADDRESS
http://www.wabashnational.com
FORM 10-K
In lieu of a separate annual report to stockholders, enclosed is Wabash National
Corporation's Form 10-K, which included as an exhibit the certifications
required by Section 302 of the Sarbanes Oxley Act.
DIRECTORS
David C. Burdakin
President
HON Company
Richard J. Giromini
President and Chief Operating Officer
Wabash National Corporation
William P. Greubel
Chief Executive Officer
Wabash National Corporation
John T. Hackett
Chairman of the Board of Directors
Wabash National Corporation
Dr. Martin C. Jischke
President
Purdue University
J. D. (Jim) Kelly
President, Engine Business and
Vice President, Cummins Inc.
Stephanie K. Kushner
Vice President and Chief Financial Officer
Federal Signal Corporation
Larry J. Magee
Chairman, CEO and President
BFS Retail & Commercial Operations, LLC
Scott K. Sorensen
Executive Vice President and Chief Financial Officer
Headwaters, Inc.
Ronald L. Stewart
Director
Wabash National Corporation
STOCK LISTING
Symbol: WNC
New York Stock Exchange
As required by the NYSE rules, in 2005, the CEO certified to the NYSE that he
was not aware of any violation by the Corporation of NYSE corporate governance
listing standards.
(WABASH NATIONAL LOGO) April 17, 2006