Good Sam Enterprises Shows a Profit for 2011
Good Sam Enterprises LLC reported net income of $3.9 million for the full year ended Dec. 31 compared with a net loss of $18.8 million the year prior. Sales for the 12 months were $481.4 million, a 2.3% increase from $10.7 million.
According to the company’s 10-K report filed with the Securities and Exchange Commission (SEC), the company reported this breakdown by business segment:
- Membership Services revenues for 2011 rose 1% to $147.8 million from 2010. This revenue increase was largely attributable to a $4.3 million increase in extended vehicle warranty program revenue. The segment profit of $58.4 million for 2011 increased $4.5 million, or 8.4%, from the comparable period in 2010.
- Media revenues of $51.2 million for 2011 decreased $2.6 million, or 4.9%, from 2010. This decrease was primarily attributable to a $3.5 million revenue reduction related to the sale of five publication businesses in 2011 (RV Business magazine in March 2011, Powerboat magazine in May 2011, Trailer Boats magazine in May 2011, guest services campground guides in June 2011, and ATV Magazine in October 2011). Media segment profit of $4.8 million for 2011 decreased $0.2 million, or 4.2%, from 2010. This decrease was due to $0.6 million of reduced segment profit in the RV magazine group primarily related to severance costs
- Retail revenues were $282.4 million for 2011, up 4.4% from $11.8 million in 2010. Store merchandise sales decreased $0.7 million from 2010 due to a same store sales decrease of $2.1 million, or 1.1%, compared to a 0.5% decrease in same store sales for 2010. Retail segment profit was $2.2 million, a decrease of $0.7 million, or 25.7%, from 2010.
Click here to read the entire SEC report.
Good Sam Enterprises LLC is the parent company of Woodall’s Campground Management and www.woodallscm.com.