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Article Excerpt
ELKHART, Ind., July 29 /PRNewswire-FirstCall/ -- Coachmen Industries, Inc. today announced its financial results for the second quarter ended June 30, 2009.
"Overall, sales are less than one half what they were in 2008 as we continue to remain mired in the worst housing market in the last hundred years," commented Richard M. Lavers, President and Chief Executive Officer. "However, our business is beginning to show significant improvement. We have shaved our losses to one third of what they were in the first quarter. We have experienced three months of modest but sequential revenue improvement, and both segments of our business posted modest profits in June. This is directly attributable to success in obtaining major project business, increased bus sales, and the steps taken to reduce our operating costs. We posted a positive gross profit and slashed GS & A. We were essentially cash-neutral from operating activities in the second quarter. Tail liabilities from the sale of the RV business last December continue to decline and appear to be on track with projections. We are now heading in the right direction despite general economic conditions."
Net sales from continuing operations for the second quarter were $17.7 million, compared to $11.3 million for the first quarter of 2009. Gross...
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