• The Company reported a net loss of $8.1 million for the fourth quarter of 2006 and $24.3 million for the 2006 fiscal year
• This compares to a net loss of $7.0 million for the fourth quarter of 2005 and $19.8 million for the 2005 fiscal year.

 Key points made by Brad Albrechtsen, the Company's president and chief executive officer included:

• the supplier defective fiberglass issue resulted in substantial unexpected costs
• compounded by a continued decline in the Class A industry
• this created an environment of severe uncertainty that began to significantly adversely affect the Company, its employees, suppliers, customers, and dealers
• the challenges increased in the third and fourth quarters of 2006, and continued into the first quarter of 2007. 
• "As a result, we expect continued losses through the next couple of quarters."
• "The turning point was the sale of Country Coach on February 20, 2007, which resulted in the infusion of $38 million of cash and enabled us to pay off our line of credit, pay down our suppliers, and end the uncertainty of the process."
• "We are pleased to be in a position where we can once again turn our full attention to providing our dealers and customers with some of the finest motorhomes in the industry," continued Albrechtsen. "The Company is in the process of dramatically resizing itself to be profitable at current demand levels, including significantly reducing our operating footprint by consolidating onto a portion of the Perris property, and analyzing other alternatives. We are looking at and implementing numerous strategic initiatives to increase sales, lower costs, and increase margins."

You can read the full press release here
See also Country Coach sale story
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