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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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WABASH NATIONAL CORP.
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(Name of Registrant as Specified In Its Charter)
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SEC 1913 (02-02)
STOCKHOLDER INFORMATION
EXECUTIVE OFFICERS DIRECTORS
William P. Greubel David C. Burdakin
President, Chief Executive Officer and Director President
HON Company
Mark R. Holden
Senior Vice President - Chief Financial Officer William P. Greubel
President and Chief Executive Officer
Richard J. Giromini Wabash National Corporation
Senior Vice President - Chief Operating Officer
John T. Hackett
Rodney P. Ehrlich Chairman of the Board of Directors
Senior Vice President - Product Engineering & Wabash National Corporation
Development
Dr. Martin C. Jischke
President
AUDITORS Purdue University
Ernst & Young
111 Monument Circle Ludvik F. Koci
Suite 2600 Member of the Board of Directors
Indianapolis, Indiana 46204 Wabash National Corporation
TRANSFER AGENT REQUESTS
National City Bank If stockholders request information or
Corporate Trust Operations assistance, please write or telephone:
PO Box 92301
Cleveland, Ohio 44193-0900 Wabash National Corporation
Telephone: 1-800-622-6757 c/o Investor Relations
PO Box 6129
Lafayette, Indiana 47903
STOCK LISTING (765) 771-5310
Symbol: WNC
New York Stock Exchange
INTERNET ADDRESS
http://www.wabashnational.com
April 29, 2003
LETTER FROM THE PRESIDENT
This past year marked a year of significant change for the Company. This Company
has been keenly focused on growth. Fundamental to this was our ability and
willingness to take risks to offer products that greatly benefited our
customers. We were rewarded with continuing business by the largest best
financed fleets in North America. During this process however we lost focus on
maximizing profitability and building a sustainable business model.
During 2002, we positioned and focused the organization on profitable growth as
the industry transitions out of one of the worst and longest cyclical troughs in
decades. Our achievements in 2002 were due to the excellent work and effort of
our associates throughout our organization. We are in the midst of a cultural
evolution where our associates now have a mindset on continuously improving
everything we do, again and again. Our focus on safety, quality, product and
process standardization, and cost reduction have created a wonderful building
block on which we will build on year after year. What were once considered
"critical issues" are now steadfast programs. We understand what needs to be
done and how it affects our customers and shareholders and we are getting it
done!
Let me share some of our successes in 2002.
-- Safety. Our recordable incident rate declined by 48%
-- Quality. Improved our first pass yield by 100%
-- Delivery. Achieved 100% schedule attainment in December
-- Productivity. Increased plant throughput by 23%
-- Cost Reduction. Reduced total costs by approximately $50 million
annually
-- Branch Operations. Closed seven non-performing branches
-- Used Trailer Inventory. Reduced inventory by $50 million
-- Debt Pay-down. Reduced debt by $100 million
-- International Operations. Divested operations
-- Research & Development. Commercialized new Duraplate(R) trailer and
container
-- Rationalized Capacity. Developed capacity to satisfy peak demand in one
location five days a week that previously required three locations
working seven days a week.
We have met or exceeded our goals and intend to continue this process throughout
2003. The necessary programs are identified and we are actively engaged. We have
amended some of our "critical issues" to include focus on increasing our
customer breadth and improving our ratio of used trailer sales to retail
customers versus re-sellers. Our branch operations will play a key role in
accomplishing this goal. Our strategy will be to provide solutions to our
customer's needs both on a local and regional basis.
Today we look forward to an industry that is showing signs of recovery. We are
positioning our business to take full advantage of this both in terms of growth
and profitability. Our intent is to continuously pay down debt through cash flow
from operations, working capital improvements and sale of non-core assets. We do
not intend to lose sight of how this Company was built, yet our culture will
also espouse profitability and shareholder value.
Sincerely,
/s/ BILL GREUBEL
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William P. Greubel
President, Chief Executive Officer and Director