Though the company declined to say exactly how much profit it made in January, it said that simply making a profit is a key indication that its turnaround plan is working.

"We see continued improvement from momentum achieved during 2002 carrying through 2003," said president & CEO William Greubel. "I believe these positive results, albeit modest, are particularly rewarding given the continued weakness in industry demand."

Given the softness in demand and other factors, however, Greubel said the company is not prepared to predict that first quarter results, or any other future periods, will achieve net income.

CFO Mark Holden told Fleet Owner recently that low trailer demand is the main reason Wabash cannot predict financial results for this year. The threat of war in Iraq, high fuel prices and a slow U.S. economic recovery has exacerbated the continued slump in trailer demand, Holden added.