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Coachmen Industries, Inc. Announces Net Profit But Loss From Continuing Operations.

Article Excerpt
ELKHART, Ind., April 27 /PRNewswire-FirstCall/ -- Coachmen Industries, Inc. , a premier systems-built construction company and manufacturer of specialty vehicles, today announced its financial results for the first quarter ended March 31, 2009.

"According to the U.S. Census Bureau, single family housing starts for the quarter were down 51.7% nationwide versus the same quarter in 2008, on the heels of a decline of a 40.5% for the full year 2008," commented Richard M. Lavers, President and Chief Executive Officer. "The Housing Group delivered fewer single family homes than planned in these deteriorating market conditions and did not have a major military project to buoy our business during the quarter. As a result, despite reductions in force, temporary shutdowns and other cost-cutting measures, the Housing Group posted a larger-than-anticipated loss for the quarter. We have redoubled our efforts in pursuing major project opportunities, particularly in the military construction arena, and have taken actions to reduce our operating costs during this incredibly challenging period.

"However, we did post a profit for the quarter due to the booking of our settlement of the Kemlite RV sidewall matter with Crane Composites. Further, we established a new financing partnership with Lake City Bank," stated Mr. Lavers. "These are significant steps toward resolving the...