LAFAYETTE, Ind. — Wabash National Corporation (NYSE: WNC) today provided an update on the status of its delayed Annual Report on Form 10-K for the fiscal year ended December 31, 2008.

On March 16, 2009, the Company filed a notification of late filing indicating that it was unable to complete and file the Form 10-K by its original due date because it was continuing to assess its financial position and liquidity requirements in light of recent and ongoing economic conditions that have negatively impacted the Company’s operating results and caused instability in the capital markets. As part of this process the Company has been negotiating amendments to its Second Amended and Restated Loan and Security Agreement (“Revolving Credit Facility”). This process has required a substantial commitment of the Company’s resources and has impeded its ability to finalize its financial statements and to prepare the disclosures required in the Form 10-K. The Company anticipates filing the delayed Form 10-K by April 15, 2009.

Wabash National Corporation (NYSE: WNC) today provided an update on the status of its delayed Annual Report on Form 10-K for the fiscal year ended December 31, 2008.

While the Company was in compliance with its financial covenants under its Revolving Credit Facility at December 31, 2008, because the Company has not delivered audited financial statements to the lenders by today, March 31, 2009, an event of default will be deemed to occur under the Revolving Credit Facility, which will permit the lenders to increase the interest on the outstanding principal by 2%, to cause an acceleration of the maturity of borrowings, to restrict advances, and to terminate the Revolving Credit Facility. The Company is negotiating a forbearance agreement with the lenders to address the consequences of the default and to provide additional liquidity while the Company continues discussions to amend the Revolving Credit Facility and to waive any events of default. There can be no assurance that a forbearance agreement will be entered into or that an amendment or waiver will be obtained. If a satisfactory amendment cannot be reached, there is substantial doubt about the Company’s ability to continue as a going concern. Management anticipates that the report of the Company’s independent public accountants on the 2008 financial statements will contain an explanatory paragraph to that effect.

Dick Giromini, President and Chief Executive Officer, stated, “Our priority continues to be working diligently with our lenders to renegotiate our Revolving Credit Facility and improving our liquidity position. However, as stewards of the Company we recognize our responsibility to act prudently, and thus, we are exploring all of our options to maximize shareholder value.”

Strategic Alternatives
The Board of Directors has authorized management to pursue and evaluate a wide range of strategic alternatives available to the Company. Strategic alternatives to be considered may include but are not limited to, select business divestitures, changes to the Company’s capital structure, or a possible sale, merger or other business combination involving the Company. There can be no assurance that this review will result in any specific transaction. The Company does not expect, and undertakes no obligation, to disclose any further developments with respect to the exploration of strategic alternatives unless, and until after, the Board of Directors has approved a transaction or other strategic alternative.

About Wabash National Corporation
Headquartered in Lafayette, Ind, Wabash National Corporation (NYSE: WNC) is one of the leading manufacturers of semi trailers in North America. Established in 1985, Wabash National specializes in the design and production of dry freight vans, refrigerated vans, flatbed trailers, drop deck trailers, dump trailers, truck bodies and intermodal equipment. They also operate two wholly-owned subsidiaries: Transcraft Corporation, a manufacturer of flatbed, drop deck, dump trailers and truck bodies; and Wabash National Trailer Centers, trailer service centers and retail distributors of new and used trailers and aftermarket parts throughout the U.S.

LAFAYETTE, Ind. — Wabash National Corporation (NYSE: WNC) reported a net loss of $110.7 million, or $3.69 per diluted share, for the fourth quarter of 2008 on net sales of $230.7 million. For the same quarter last year, the Company reported net income of $5.6 million, or $0.18 per diluted share, on net sales of $257.8 million. For the twelve months ending December 31, 2008, net losses totaled $124.7 million, or $4.16 per diluted share, on net sales of $836.2 million. For the comparable period in 2007, the Company reported net income of $16.3 million, or $0.52 per diluted share, on net sales of $1.1billion.

Fourth quarter and full year 2008 results include previously announced non-cash charges related to a goodwill impairment of $66.3 million and a charge to income tax expense of approximately $23.1 million related to establishing a full valuation allowance on previously established net deferred tax assets. Results for the fourth quarter and full year 2007 include the recognition of $3.3 million of foreign currency gains related to the Company’s sale of its Canadian branches and a gain of $0.5 million on the early retirement of long-term debt.

Dick Giromini, President and Chief Executive Officer, stated, “Today’s operating environment within the markets we serve is as challenging as any in the history of Wabash National and the broader industry. As expected, the fourth quarter proved to be the most difficult quarter of the year, as margins were adversely impacted by the overhang of high raw material costs from prior periods, combined with a challenging pricing environment. To a lesser extent, our performance during the quarter was also impacted by fewer production days related to the holiday season and an extended annual shutdown. Despite these challenges, we nonetheless were successful in increasing our market share as a result of our industry-leading product offerings and the strength of our customer base. Additionally, our diversification efforts received a jumpstart with the award of the PODS manufacturing agreement, and the ramp-up of our Cadiz, KY aluminum flatbed and dump acquisition.

“Our order backlog as of December 31, 2008 was approximately $110 million driven by slow order placement as customers continue to maintain a wait and see approach,” continued Giromini. “In response to the near-term outlook for the broader economy, our industry, and for Wabash National, we continue to proactively and aggressively implement cost reduction actions to improve both our operating performance and our liquidity. Recent actions include:

• Staffing reductions now totaling 180 salaried associates, bringing total salaried headcount reductions to over 30% since the beginning of the industry downturn in early 2007,
• Base salary reductions of 10% for all Officers of the Company and temporary reductions of 10% of annualized base salary for all remaining salaried associates,
• Continued close monitoring of the costs associated with hourly associates including the elimination of certain incentives,
• Cancelled or delayed non-critical development and capital projects.

“We are successfully working with our suppliers on improved prices and terms, and we have initiated discussions with our bank group to modify our revolving credit facility to seek to assure continued availability at appropriate levels in light of current operating conditions. These discussions are at an early stage but members of our bank group were with us in the tough times earlier this decade and we feel we have a good and constructive relationship with the group. We are also exploring ways to strengthen our financial position through capital-raising or other steps.

“We will continue to closely monitor our cost structure going forward and will act decisively to right size the business further if market dynamics dictate. We are confident we are taking the necessary steps to prudently manage the business in spite of a very difficult operating environment.”

Non-Cash Charges
During the fourth quarter, the Company recorded non-cash charges relating to goodwill impairment and income tax expense. After reviewing goodwill for impairment during the fourth quarter, the Company determined that its goodwill, related to its platform trailer (resulting from the acquisition of Transcraft) and wood products manufacturing operations, was impaired and recorded a charge of $66.3 million. The determination that goodwill was impaired was made after considering the current macroeconomic environment, the depressed market price of the Company’s common stock, and the present value of expected future cash flows.

Additionally, the Company reported a fourth quarter charge to income tax expense of $23.1 related to establishing a full valuation allowance on its previously established net deferred tax assets. The Company considered all available evidence, both positive and negative, and concluded that it was no longer more likely than not that it would realize the value of its net deferred tax assets.

Director Resignation
Effective February 12, 2009, Mr. William Greubel, resigned as a member of our Board of Directors. We thank Bill for his dedicated service to Wabash National since 2002 as President and CEO, Chairman of the Board of Directors, and most recently as Director.

Fourth Quarter and Full Year 2008 Conference Call
Wabash National Corporation conducted a conference call to review and discuss its fourth quarter, and full year results on Tuesday, February 17, 2009, at 10:00 a.m. EST. The call has been archived at www.wabashnational.com and will remain available through May 12, 2009.

LAFAYETTE, Ind. — Wabash National Corporation (NYSE: WNC) today announced it will conduct a conference call to review and discuss its year end financial results on Tuesday, February 17, 2009, at 10:00 a.m. EST. Wabash National is scheduled to release its results on Monday, February 16, 2009, after the close of the financial markets.

The phone number to access the conference call is 877-407-8035. A live audio webcast of the call will be available through the company’s website at www.wabashnational.com. For those unable to participate in the webcast, a recording of the call will be archived at their Web site within three hours of its conclusion and will remain available through May 12, 2009.

LAFAYETTE, Ind. –– Wabash National Corporation (NYSE: WNC) today announced that new trailer unit shipments for the fourth quarter and full year 2008 are expected to be 9,300 and 33,300 units, respectively. In addition, the Company has implemented additional cost reduction actions that will substantially decrease its corporate overhead and operating costs in light of continued macroeconomic and industry related headwinds.

In meetings conducted with all salaried associates earlier today, the following actions were outlined:

• Further salaried workforce headcount reductions of 25 associates, or 5%, bringing total salaried headcount reductions to over 25%, or approximately 170 associates, since the beginning of the industry downturn in early 2007
• A 10% reduction in base salary for Executive Officers and the Senior Management team
• A temporary reduction of 10% of annualized base salary for all remaining exempt-level salaried associates, combined with a reduction in the standard work week for most from 40 hours to 36 hours
• A temporary reduction in the standard paid work week from 40 hours to 36 hours for all non-exempt associates
• Introduction of a Voluntary Unpaid Layoff Program with continuation of benefits
• Continued close regulation of the work-day and headcount of hourly associates

These actions are expected to be substantially complete and in effect by February 1, 2009, and are incremental to previous actions taken during this downturn. Previous actions included idling of plants and assembly lines, Lafayette consolidation and transformation initiatives, salaried workforce reductions, reductions in total compensation awards to executives and other eligible participants, a temporary reduction of 401K Company match, the suspension of any Company match for non-qualified plan participants, as well as the recently announced suspension of dividend distributions. Going forward, these recent actions are estimated to generate annualized net cash savings of approximately $20 million.

Dick Giromini, President and Chief Executive Officer, stated, “Fourth quarter and full year 2008 new trailer unit shipments will exceed the high end of our estimates of 9,000 and 33,000 units, respectively, gaining significant market share within our dry van business. However, our consolidated unit shipments have fallen dramatically from 59,400 in 2006, the peak year of this past cycle. Since that time we have taken numerous, proactive steps towards realigning our cost structure with current and expected demand levels. Giromini continued, “The most recent actions dovetail with our previous cost optimization initiatives implemented during the past two years. While these are difficult decisions to make, we continue to operate in a challenging market environment and believe it is prudent to optimize our cost structure and maximize our cash flow.”

In addition to the aforementioned cost reduction actions, the Company announced today that it anticipates recording two non-cash charges during the fourth quarter of 2008. After reviewing goodwill for impairment during the fourth quarter, the Company determined that its goodwill, primarily related to its acquisition of Transcraft but including all goodwill in its manufacturing segment, was impaired. Accordingly, the Company anticipates recording a non-cash goodwill impairment charge of up to approximately $66 million in its fourth quarter results. The determination that goodwill was impaired was made after considering the current macroeconomic environment, the depressed market price of the Company’s common stock, and the present value of expected future cash flows.

The Company also anticipates reporting an additional charge to income tax expense for the fourth quarter of approximately $23 million related to establishing a full valuation allowance on its net deferred tax assets. The Company considered all available evidence, both positive and negative and concluded that it was no longer more likely than not that it would realize the full value of its net deferred tax assets.

Bob Smith, Senior Vice President and Chief Financial Officer, commented, “While these charges are prudent and necessary to take in light of the current environment, they are non-cash in nature and do not have any impact on our future operations, liquidity, cash flow or borrowing base.”

LAFAYETTE, Ind.–– Wabash National Corporation (NYSE: WNC) and PODS Enterprises today announced that Wabash National’s DuraPlate Products Group has signed a multi-year agreement to build and service all of PODS’ portable storage container requirements.

PODS (Portable On Demand Storage) is one of the largest and most recognized brands in the storage and moving industry. The agreement will allow PODS to concentrate on growing their business, while the production and service of the PODS portable storage units will be provided by Wabash National. PODS has over 137,000 portable storage containers in use today.

“As industry leaders, both PODS and Wabash National are excited about our new DuraPlate containers that are not only American-made, but will result in greater efficiencies for PODS,” said Tom Ryan, president and chief executive officer of PODS.

Early this year, Wabash National introduced their NextSteps strategic plan, which included the launch of the DuraPlate Products Group. “One of the key initiatives of our strategic plan is to diversify and grow our business by leveraging our DuraPlate panel technology into other industry segments,” said Dick Giromini, president and chief executive officer of Wabash National. “Our newly developed partnership with PODS jumpstarts that effort.”

“This agreement is an outstanding fit for both companies,” said Jamie Scarcelli, vice president and general manager of DuraPlate Products Group. “PODS is a company that has a strong business plan for growth, and Wabash National will be right there with them as they grow, providing the best container in the business.”

LAFAYETTE, Ind. –– Wabash National Corporation (NYSE: WNC) announced today that the Board of Directors voted to suspend the payment of quarterly cash dividends on the Company’s common stock, effective immediately, due to the impact of continued weak economic conditions and the uncertainty regarding the timing of a recovery.

Commenting on this action, Richard J. Giromini, President and Chief Executive Officer of the Company, said, “The suspension of dividend payments on our common stock which will save the company approximately $5.5 million annually is being taken given the extremely challenging economic environment and is consistent with our ongoing actions to reduce costs and enhance liquidity. We are confident that Wabash will emerge in a stronger position when the economy improves but, in the current downturn, the Board believes that focusing the Company’s full resources toward the operational needs of the business is the most prudent course of action.”

As of November 30, 2008, liquidity, cash plus available borrowings under the Company’s revolving credit facility, amounted to approximately $100 million.