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Coachmen
post
2006
loss
Pre-tax
loss
of
$16.7m
for
the
year
"the
most
difficult
markets
we've
faced
since
1989"
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Coachmen
Industries,
on
January
30th
2007,announced
its
financial
results
for
the
fourth
quarter
and
full
year
ended
December
31,
2006.
The
following
is
from
the
press
release
(you
can
read
the
full
release
here.)
"In
2006,
we
encountered
contracting
markets
in
both
of
our
industry
segments
for
the
second
consecutive
year,
representing
the
most
difficult
markets
we've
faced
since
1989.
The
overall
markets
for
both
motorized
recreational
vehicles
and
housing
declined
by
more
than
10%.
During
the
past
year
the
recreational
vehicle
market
posted
a
second
straight
year
of
soft
results:
total
wholesale
shipments
of
Class
A
motorhomes
were
down
13.7%
for
the
year,
which
is
on
top
of
an
18.1%
decline
in
2005,
while
towable
shipment
growth
was
aided
by
demand
for
temporary
housing
in
hurricane-affected
regions
of
the
Gulf
Coast.
We
turned
in
a
pre-tax
loss
of
$16.7
million
for
the
year.
While
dramatically
less
than
2005,
any
loss
is
simply
unacceptable."
Sales
for
the
fourth
quarter
were
$115.8
million,
17.3%
less
than
the
$140.0
million
reported
for
the
same
period
last
year.
Recreational
Vehicle
Segment
"We
had
a
number
of
successes
in
the
fourth
quarter,
including
a
very
positive
reception
to
our
new
products
at
the
National
RV
Trade
Show
in
Louisville
and
a
significant
reduction
in
our
inventory
levels,"
said
Michael
R.
Terlep,
President
of
the
Coachmen
RV
Group.
"Despite
these
positive
developments,
our
much
lower
production
and
sales
levels
in
the
quarter
adversely
impacted
the
Group's
margins."
The
Company's
Recreational
Vehicle
Group
reported
sales
of
$83.3
million
during
the
fourth
quarter
of
2006,
down
14.3%
from
the
$97.2
million
reported
for
the
comparable
period
last
year,
due
to
the
continued
soft
demand
in
the
wholesale
and
retail
RV
market.
The
RV
Group
generated
a
pre-tax
loss
from
continuing
operations
for
the
fourth
quarter
of
$10.4
million
compared
with
a
pre-tax
loss
of
$16.8
million
for
the
year-ago
quarter.
For
the
full
year,
RV
Group
sales
decreased
22.5%
to
$404.7
million
from
$522.2
million
last
year.
Despite
the
lower
sales,
the
RV
Group's
pre-tax
loss
was
reduced
to
$25.4
million
versus
$40.8
million
in
2005.
RV
Group
finished
goods
inventory
was
reduced
by
$11.1
million
from
the
end
of
the
third
quarter
and
now
stands
at
$35.1
million.
Coachmen
Industries,
Inc.
is
one
of
America's
leading
manufacturers
of
recreational
vehicles,
systems-built
homes
and
commercial
buildings,
with
prominent
subsidiaries
in
each
industry.
The
Company's
well-known
RV
brand
names
include
COACHMEN(R),
GEORGIE
BOY(TM),
SPORTSCOACH(R)
and
VIKING(R).
Through
ALL
AMERICAN
HOMES(R),
Coachmen
is
one
of
the
nation's
largest
producers
of
systems-built
homes,
and
also
a
major
builder
of
commercial
structures
with
its
ALL
AMERICAN
BUILDING
SYSTEMS(TM)
products.
Coachmen
Industries,
Inc.
is
a
publicly
held
company
with
stock
listed
on
the
New
York
Stock
Exchange
(NYSE)
under
the
ticker
COA.
You
can
read
the
full
press
release
here
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