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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
(X)	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
	SECURITIES EXCHANGE ACT OF 1934
	For the Quarterly Period Ended June 30, 2002
	OR
( )	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
	SECURITIES EXCHANGE ACT OF 1934
	For the transition period from _____ to _____
Commission File No. 1-8183
SUPREME INDUSTRIES, INC.
(Exact name of registrant as specified in its charter)
Delaware				75-1670945
(State or other jurisdiction of				(I.R.S. Employer Identification No.)
incorporation or organization)
2581 E. Kercher Rd., P.O. Box 237, Goshen, Indiana 46528
(Address of principal executive offices)
Registrant's telephone number, including area code: (574) 642-3070
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.
Yes X No
Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.
Common Stock ($.10 Par Value)				Outstanding at August 9, 2002
	Class A				8,908,988
	Class B				1,917,394
Page 1 of 15
SUPREME INDUSTRIES, INC.
CONTENTS
					Page No.
PART I.	FINANCIAL INFORMATION
Item 1.	Financial Statements:
	Consolidated Balance Sheets				3 & 4
	Consolidated Statements of Income				5
	Consolidated Statements of Cash Flows				6
	Notes to Consolidated Financial Statements				7, 8 & 9
Item 2.	Management's Discussion and Analysis of
	Financial Condition and Results of Operations				9, 10 & 11
PART II.	OTHER INFORMATION
Item 4.	Submission of Matters to a Vote of Security Holders				12
Item 6.	Exhibits and Reports on Form 8-K				12
SIGNATURES					13
Page 2 of 15

Part I. Financial Information
Item 1. Financial Statements
Supreme Industries, Inc. and Subsidiaries
Consolidated Balance Sheets
							June 30,		December 31,
							2002		2001
Assets							(Unaudited)
Current assets:
	Cash and cash equivalents.......................................					$	5,348,676	$	192,662
	Accounts receivable, net..........................................						17,411,046		20,526,224
	Inventories...............................................................						25,998,462		26,741,761
	Deferred income taxes.............................................						1,353,315		1,353,315
	Other current assets.................................................						2,217,756		1,946,978
		Total current assets........................................					52,329,255		50,760,940
Property, plant and equipment, at cost......................							67,887,424		68,514,749
	Less, Accumulated depreciation and amortization..						29,716,432		29,578,346
		Property, plant and equipment, net..............					38,170,992		38,936,403
Intangible assets, net....................................................							903,370		938,576
Other assets...................................................................							957,623		973,139
		Total assets......................................................				$	92,361,240	$	91,609,058
The accompanying notes are a part of the consolidated financial statements.
Page 3 of 15
Supreme Industries, Inc. and Subsidiaries
Consolidated Balance Sheets, Concluded
							June 30,		December 31,
							2002		2001
Liabilities and Stockholders' Equity							(Unaudited)
Current liabilities:
	Current maturities of long-term debt.......................					$	5,803,461	$	4,303,239
	Trade accounts payable...........................................						7,946,985		7,906,418
	Accrued income taxes..............................................						1,294,201		660,607
	Other accrued liabilities...........................................						8,012,181		8,479,341
		Total current liabilities..................................					23,056,828		21,349,605
Long-term debt.............................................................							9,067,990		13,075,971
Deferred income taxes..................................................							1,754,406		1,710,718
Other long-term liabilities...........................................							296,207		396,834
		Total liabilities................................................					34,175,431		36,533,128
Stockholders' equity.....................................................							58,185,809		55,075,930
		Total liabilities and stockholders' equity.....				$	92,361,240	$	91,609,058
The accompanying notes are a part of the consolidated financial statements.
Page 4 of 15

Supreme Industries, Inc. and Subsidiaries
Consolidated Statements of Income (Unaudited)
										Three Months Ended					Six Months Ended
										June 30,					June 30,
										2002		2001			2002		2001
Revenues.............................................................									$	59,537,510	$	60,890,049		$	109,381,193	$	118,157,468
Costs and expenses:
	Cost of sales..................................................									49,543,691		51,495,572			92,513,665		100,666,302
	Selling, general and administrative...............									6,159,079		5,988,587			11,475,631		11,450,138
	Interest..........................................................									273,240		628,199			547,591		1,371,125
										55,976,010		58,112,358			104,536,887		113,487,565
		Income before income taxes................								3,561,500		2,777,691			4,844,306		4,669,903
Income taxes........................................................										1,398,000		1,177,000			1,879,000		1,895,000
		Net income ...........................................							$	2,163,500	$	1,600,691		$	2,965,306	$	2,774,903
Earnings per share:...........................................
		Basic......................................................								$.20		$.15			$.27		$.26
		Diluted...................................................								.19		.15			.27		.26
Shares used in the computation of earnings
	per share:.....................................................
		Basic......................................................								10,811,533		10,798,796			10,804,995		10,820,063
		Diluted...................................................								11,105,010		10,867,778			11,029,284		10,876,689
The accompanying notes are a part of the consolidated financial statements.
Page 5 of 15

Supreme Industries, Inc. and Subsidiaries
Consolidated Statements of Cash Flows (Unaudited)
							Six Months Ended
							June 30,
							2002		2001
Cash flows from operating activities:
	Net income..............................................................					$	2,965,306	$	2,774,903
	Adjustments to reconcile net income to net cash
		provided by operating activities:
			Depreciation and amortization..................				2,154,410		2,279,203
			Loss (gain) on disposal of equipment........				14,178		(10,367)
			Changes in operating assets and liabilities				3,794,700		3,915,319
		Net cash provided by operating activities....					8,928,594		8,959,058
Cash flows from investing activities:
	Additions to property, plant and equipment............						(1,374,821)		(826,264)
	Proceeds from disposal of equipment......................						6,850		27,196
	(Increase) decrease in other assets...........................						15,516		(59,718)
		Net cash used in investing activities...............					(1,352,455)		(858,786)
Cash flows from financing activities:
	Proceeds from revolving line of credit and other
		long-term debt..................................................					11,511,811		35,863,174
	Repayments of revolving line of credit and other
		long-term debt..................................................					(14,019,570)		(43,541,110)
	Proceeds from exercise of stock options..................						87,634		---
	Acquisition of treasury stock...................................						---		(406,994)
		Net cash used in financing activities..............					(2,420,125)		(8,084,930)
Increase in cash and cash equivalents.........................							5,156,014		15,342
Cash and cash equivalents, beginning of period........							192,662		184,004
Cash and cash equivalents, end of period...................						$	5,348,676	$	199,346
The accompanying notes are a part of the consolidated financial statements.
Page 6 of 15

Supreme Industries, Inc. And Subsidiaries
Notes to Consolidated Financial Statements
NOTE A - BASIS OF PRESENTATION AND OPINION OF MANAGEMENT
The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and therefore do not include all of the information and financial statement disclosures necessary for a fair presentation of consolidated financial position, results of operations and cash flows in conformity with generally accepted accounting principles. In the opinion of management, the information furnished herein includes all adjustments necessary to reflect a fair statement of the interim periods reported. All adjustments are of a normal and recurring nature. The December 31, 2001 consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by generally accepted accounting principles.
NOTE B - INVENTORIES
Inventories, which are stated at the lower of cost or market with cost determined using the first-in, first-out method, consist of the following:
				June 30,			December 31,
				2002			2001
	Raw materials........................			$	16,414,806		$	15,974,583
	Work-in-progress...................				3,054,044			3,501,635
	Finished goods.......................				6,529,612			7,265,543
				$	25,998,462		$	26,741,761
The valuation of raw materials, work-in-progress and finished goods inventories at interim dates is based upon a gross profit percentage method and bills of materials. The Company has historically had favorable and unfavorable quarterly adjustments resulting from periodic physical inventories. The Company is continuing to refine its costing procedures for valuation of interim inventories in an effort to minimize book to physical inventory adjustments.
NOTE C - INTANGIBLE ASSETS
Intangible assets at June 30, 2002 subject to amortization consist of favorable lease commitments aggregating $1,048,167 less accumulated amortization of $879,811. Amortization expense for the three and six months ended June 30, 2002 was $17,603 and $35,206, respectively. Annual amortization expense is estimated to be $70,412 for 2002, $51,542 for each of the years 2003 and 2004 and $30,066 for 2005.
Intangible assets at June 30, 2002 not subject to amortization because they have indefinite lives consist of goodwill aggregating $2,330,864 less accumulated amortization of $1,595,850.
Page 7 of 15

NOTE D - EARNINGS PER SHARE
The number of shares used in the computation of basic and diluted earnings per share are as follows (in thousands):
					Three Months Ended				Six Months Ended
					June 30,				June 30,
					2002		2001		2002		2001
	Weighted average number of
		shares outstanding (used
		in computation of basic
		earnings per share)			10,812		10,799		10,805		10,820
	Effect of dilutive stock options				293		69		224		57
	Diluted shares outstanding
		(used in computation of
		diluted earnings per share)			11,105		10,868		11,029		10,877
NOTE E - NEW ACCOUNTING PRONOUNCEMENTS
The Company adopted SFAS No. 142, "Goodwill and Other Intangible Assets," effective January 1, 2002. SFAS No. 142 primarily addresses the accounting for goodwill and other intangible assets subsequent to their acquisition. The most significant changes made by SFAS 142 are: (1) goodwill and indefinite lived intangible assets will no longer be amortized, (2) goodwill will be tested for impairment at least annually at the reporting unit level, (3) other intangible assets deemed to have an indefinite life will be tested for impairment at least annually, and (4) the amortization period of intangible assets with finite lives will no longer be limited to 40 years. The effect of adopting SFAS No. 142 was to increase net income for the three and six months ended June 30, 2002 by $25,942 and $51,884, respectively. Adjusted net income for the three and six months ended June 30, 2001, as if the provisions of SFAS No. 142 had been applied retroactively to the beginning of those periods, would have been $1,626,633 or $.15 per basic and diluted share, and $2,826,787 or $.26 per basic and diluted share, respectively.
In June 2001, the FASB issued SFAS No. 143, "Accounting for Asset Retirement Obligations." SFAS No. 143 addresses accounting and reporting for obligations associated with the retirement of tangible long-lived assets and the associated asset retirement costs. This statement is effective for fiscal years beginning after June 15, 2002. The Company is currently assessing the impact of this new standard.
Page 8 of 15
NOTE F - RECLASSIFICATIONS
Certain items in the accompanying June 30, 2001 consolidated financial statements have been reclassified to conform to the 2002 presentation. The reclassifications had no impact on stockholders' equity, net income or cash flows as previously presented.
ITEM 2.		MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Results of Operations
Revenues for the quarter ended June 30, 2002 decreased $1.4 million to $59.5 million from $60.9 million for the quarter ended June 30, 2001. Revenues for the six months ended June 30, 2002 decreased $8.8 million to $109.4 from $118.2 million for the six months ended June 30, 2001. The decline in revenues for the six months ended June 30, 2002 when compared to the six months ended June 30, 2001 relates primarily to an industry-wide weakness in demand for the Company's products. However, the Company is beginning to see improving market conditions as evidenced by the relatively flat sales comparison of the three months ended June 30, 2002 to the three months ended June 30, 2001.
Gross profit as a percentage of revenues increased to 16.8% for the quarter ended June 30, 2002 compared to 15.4% for the quarter ended June 30, 2001. Gross profit as a percentage of revenues increased to 15.4% for the six months ended June 30, 2002 compared to 14.8% for the six months ended June 30, 2001. The improvements in gross profit resulted from lower material cost which was partially offset by increased labor and overhead expenses. The improved material cost resulted from a favorable physical inventory adjustment at the Company's main facility in Indiana, a change in product mix, declines in prices paid for certain raw material commodities and from improvements in scrap expense at the Company's fiberglass reinforced plywood supply facility. The increase in labor costs resulted from the Company outsourcing production labor in order to complete a large fleet order. The increase in overhead costs resulted, in part, from the rising cost of group health an d business insurance. During the quarter ended June 30, 2002, the Company announced the closing of its North Carolina manufacturing facility and recorded charges totaling $204,000 relating to employee severance, vacation and inventory write-downs. Management does not anticipate any significant additional costs related to this plant closure.
Selling, general and administrative expenses as a percentage of revenues increased to 10.3% for the quarter ended June 30, 2002 compared to 9.8% for the quarter ended June 30, 2001. Selling, general and administrative expenses as a percentage of revenues increased to 10.5% for the six months ended June 30, 2002 compared to 9.7% for the six months ended June 30, 2001. For the three and six months ended June 30, 2002, an increase in general and administrative expenses as a percentage of revenues was partially offset by a decrease in selling expenses. The increase in general and administrative expenses was principally attributable to an investment in personnel to improve engineering and bill of material accuracy.
Page 9 of 15
Interest expense for the quarter ended June 30, 2002 decreased $354,959 to $273,240 from $628,199 for the quarter ended June 30, 2001. Interest expense for the six months ended June 30, 2002 decreased $823,534 to $547,591 from $1,371,125 for the six months ended June 30, 2001. The Company achieved the significant interest expense decline by reducing debt by 36% during the twelve months ended June 30, 2002 coupled with the decline in interest rates during the same period. The Company also achieved significant interest expense reductions by negotiating more favorable terms with chassis manufacturers on the Company's consigned chassis inventories.
Net income for the quarter ended June 30, 2002 was $2,163,500 compared to $1,600,691 for the quarter ended June 30, 2001. Net income for the six months ended June 30, 2002 was $2,965,306 compared to $2,774,903 for the six months ended June 30, 2002. Basic earnings per share for the three and six months ended June 30, 2002 were $.20 and $.27, respectively, compared to $.15 and $.26, respectively, for the three and six months ended June 30, 2001. Diluted earnings per share for the three and six months ended June 30, 2002 were $.19 and $.27, respectively, compared to $.15 and $.26, respectively, for the three and six months ended June 30, 2001.
Liquidity and Capital Resources
Cash flows from operating activities were the major sources of funds for operations, capital expenditures and to service debt during the first six months of 2002. The largest components of cash provided by operations were decreased accounts receivable of $3.1 million, net income of $3.0 million, depreciation and amortization of $2.2 million and decreased inventories of $.7 million. The largest component of cash used by operations was a reduction of other accrued liabilities of $.5 million.
The Company invested $1.4 million in property, plant and equipment during the first six months of 2002 compared to $.8 million during the first six months of 2001.
The significant financing activity which used cash during the first six months of 2002 was a $2.5 million reduction in debt.
The Company believes that cash flows generated from operations and funds available under the Company's revolving line of credit will be sufficient to meet the Company's cash needs during the remainder of 2002.
Page 10 of 15
Forward-Looking Statements
This report contains forward-looking statements, other than historical facts, which reflect the view of the Company's management with respect to future events. When used in this report, words such as "believe," "expect," "anticipate," "estimate," "intend," and similar expressions, as they relate to the Company or its plans or operations, identify forward-looking statements. Such forward-looking statements are based on assumptions made by and information currently available to the Company's management. Although management believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations are reasonable, and it can give no assurance that such expectations will prove to have been correct. Important factors that could cause actual results to differ materially from such expectations include, without limitation, limitations on the availability of chassis on which the Company's product is depend ent, availability of raw materials and severe interest rate increases. The forward-looking statements contained herein reflect the current views of the Company's management with respect to future events and are subject to those factors and other risks, uncertainties and assumptions relating to the operations, results of operations, cash flows and financial position of the Company. The Company assumes no obligation to update the forward-looking statements or to update the reasons actual results could differ from those contemplated by such forward-looking statements.
Page 11 of 15
PART II. OTHER INFORMATION
ITEM 4.		SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
Supreme Industries, Inc.'s annual meeting of stockholders was held on May 1, 2002. Below is a summary of matters voted upon at that meeting.
	a)	The following individuals were elected Directors by the holders of the Company's Class A Common Stock by a vote of 6,552,728 to 505,678 with no abstentions:
			Rick L. Horn
			Rice M. Tilley, Jr.
			H. Douglas Schrock
		The following individuals were elected Directors by the holders of the Company's Class B Common Stock by a vote of 1,917,394 to 0 with no abstentions:
			William J. Barrett
			Robert J. Campbell
			Thomas Cantwell
			Herbert M. Gardner
			Omer G. Kropf
			Robert W. Wilson
	b)	Crowe, Chizek and Company LLP was ratified as the Company's independent auditors by the holders of the Company's Class A Common Stock by a vote of 6,662,108 to 393,275 with 3,023 abstaining.
ITEM 6.		EXHIBITS AND REPORTS ON FORM 8-K
	a)	Exhibits:
			Exhibit 99.1 - Certification of Chief Executive Officer
			Exhibit 99.2 - Certification of Chief Financial Officer
	b)	Reports on Form 8-K: None
Page 12 of 15
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
					SUPREME INDUSTRIES, INC.
DATE: August 13, 2002					BY: /s/ ROBERT W. WILSON
					Robert W. Wilson
					Executive Vice President, Treasurer, Chief Financial Officer and Director (Principal Financial and Accounting Officer)
					(Signing on behalf of the Registrant and as Principal Financial Officer)
Page 13 of 15
Exhibit 99.1
Certification of Chief Executive Officer of Supreme Industries, Inc. Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
This certification is furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350) and accompanies the quarterly report on Form 10-Q (the "Form 10-Q") for the quarter ended June 30, 2002 of Supreme Industries, Inc. (the "Company"). I, Herbert M. Gardner, the Chief Executive Officer of the Company, certify that, to the best of my knowledge:
(1) The Form 10-Q fully complies with the requirements of section 13(a) or section 15(d) of the Securities Exchange Act of 1934; and
(2) The information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.
Dated: August 13, 2002
					/s/ Herbert M. Gardner Chief Executive Officer
Page 14 of 15
Exhibit 99.2
Certification of Chief Financial Officer of Supreme Industries, Inc. Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
This certification is furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350) and accompanies the quarterly report on Form 10-Q (the "Form 10-Q") for the quarter ended June 30, 2002 of Supreme Industries, Inc. (the "Company"). I, Robert W. Wilson, the Chief Financial Officer of the Company, certify that, to the best of my knowledge:
(1) The Form 10-Q fully complies with the requirements of section 13(a) or section 15(d) of the Securities Exchange Act of 1934; and
(2) The information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.
Dated: August 13, 2002
					/s/ Robert W. Wilson Chief Financial Officer
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