Coachmen posts $3 million loss in quarter

July 24, 2008

Anonymous The Goshen News Thu Jul 24, 2008, 07:41 AM EDT

MIDDLEBURY, Ind. — Coachmen Industries Inc. reported a $3 million loss in its second quarter. The loss is less than the $10.1 million deficit for the same quarter in 2007.

The loss is due to the slumping recreation vehicle market. The company’s housing segment posted a profit.

“Although we continued to implement substantial operational improvements and cost saving projects, because of the unexpectedly rapid and deep fall in the RV markets, Coachmen Industries Inc. reported a $3 million loss for the quarter ending June 30, 2008.

“Our Housing Group achieved another profitable quarter. However, the tremendous strides in cost reductions accomplished by our RV Group were insufficient to overcome the effects of extreme fuel prices and a continuing credit crisis, which has resulted in the lowest consumer confidence in over 16 years,” said Richard M. Lavers, president and chief executive officer.

“Our loss of $3 million for the quarter is obviously not what we strove to achieve, but it does represent an improvement in bottom line performance of $7.2 million or 71 percent from 2007 in the face of a 35 percent decrease in net sales. Through the first half, we have reduced our loss to $1.6 million from $21.5 million in 2007, an improvement of 93 percent, which is commendable given what is happening in both the housing and RV markets.

“Our operating expenses are tracking at less than 55 percent of last year’s level. These results demonstrate that the actions we have taken are working, and will allow us to weather this down cycle. Nevertheless, we must — and will — take even further measures to bring our costs in line with the revenues that are the reality of these market conditions,” Lavers said.

Housing Group

“The Housing Group’s core business of single family homes was again adversely affected by the dismal conditions in the nationwide housing market,” said Housing Group President Rick Bedell. “However, overall we are one of the very few housing businesses in the country to not only continue, but to increase our profits.

“A combination of our major project activities, improved gross margins and reduced operating expenses, helped to generate a pre-tax profit of $3.1 million compared with a pre-tax profit of $1.1 million for the year-ago quarter,” Bedell said.

Text Only

Breaking News

Critics troubled by changes in child services
The number of reports of child abuse and neglect that have been determined not to merit further investigation has more than doubled statewide since Indiana's Department of Child Services moved to a centralized call center.

February 11, 2012
Coroner: South Bend hiker found in Va. was suffocated
An autopsy has concluded that an Indiana man whose body was found off the Appalachian Trail in Virginia was suffocated.

February 11, 2012
Howe. man accused of faking death going to prison
A northern Indiana man authorities say faked his own death is heading to prison after pleading guilty to passport fraud and identity theft.

February 11, 2012
'Pancake Club' makes a difference
They make pancakes — lots of pancakes. The Exchange Club of Elkhart County is even known as “The Pancake Club.”

February 11, 2012 1 Photo
Local boy receives hearing aid help
Seven-year-old Alex Rial is quick with a hug. He has a sweet smile and an engaging personality. He loves going to church and isn’t afraid to talk about his faith. In short, Alex is a special kid.

February 11, 2012 1 Photo
Election 2012: Contests set for primary
There will be races for one County Commissioner seat and seven will seek three at-large posts on the County Council in the Republican primary election this year.

February 11, 2012 1 Photo
Daniels would consider post under GOP president
Indiana Gov. Mitch Daniels, who decided last year against a presidential run, says he would consider serving in the Cabinet of a new Republican president but believes it’s “very improbable” the eventual nominee would tap him as a running mate.

February 10, 2012 1 Photo
Finding the perfect filler for your garden
Rose mallow is a great garden filler. It’s origins are the genus malvaceae (mallow family) and if you are like I am, the mallow family gets rather confusing.

February 10, 2012 1 Photo
Driver killed in Nappanee crash
An Albion driver was killed in a car-truck head-on crash in Nappanee at 8:55 a.m. Friday.

February 10, 2012
SLIDESHOW: Daddy-Daughter Dance Dads took their daughters out for a night of dancing during the annual Daddy-Daughter Dance in the Community Building of the Elkhart County Fairgrounds Thursday night. The event was sold out, according to organizers.
February 10, 2012 1 Photo
More Breaking News Headlines

The Goshen Housing Authority has a $571,050 shortfall. Should the Goshen City Council use money from its $4.7-million “rainy day” fund to pay the debt and maintain the current level of service provided by the voucher program?

Breaking News

Search Results

Coachmen posts $3 million loss in quarter

The Goshen Housing Authority has a $571,050 shortfall. Should the Goshen City Council use money from its $4.7-million “rainy day” fund to pay the debt and maintain the current level of service provided by the voucher program?

Site Map