Coachmen Inc. issues 'cautionary statement'

Business

October 28, 2009

Anonymous The Goshen News Wed Oct 28, 2009, 08:58 AM EDT

ELKHART — Coachmen Industries Inc. this weekened issued a cautionary statement regarding its third-quarter results. Company officials anticipate posting a third-quarter loss.

“During the third quarter, single-family home sales remained depressed at very low levels,” according to a Coachmen satement. “The company saw virtually none of the widely predicted rebound in the housing markets.

“Potential buyers remained unable to obtain financing,” company officials stated. “In addition, several major projects the company anticipated were postponed by the developers or deferred. On the specialty vehicle side, General Motors interrupted the supply of chassis used on the ARBOC Mobility Bus in August and subsequently curtailed 2010 model diesel chassis for the U.S. market.

“As a result of these challenges, the company’s revenues were lower than anticipated,” the release continued. “Although the company has taken additional action to further reduce its costs of operations, the company will again post a loss for the third quarter.”

Company officials will provide details when the earnings report is released later this month.

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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?

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Coachmen Inc. issues 'cautionary statement'

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?

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