SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Form 10-Q
(MARK ONE)
(X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2001
OR
( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________________to__________________
Commission file number 1-7160
COACHMEN INDUSTRIES, INC.
(Exact name of registrant as specified in its charter)
INDIANA 35-1101097
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification number)
2831 Dexter Drive, Elkhart, Indiana 46514
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code 219-262-0123
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period
that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days. Yes X No _
Indicate the number of shares outstanding of each of the issuer's
classes of common stock, as of the latest practical date:
At July 31, 2001:
Common Shares, without par value 15,862,776 shares outstanding
including an equivalent number of common share purchase rights.
COACHMEN INDUSTRIES, INC.
INDEX
Page No.
PART I. FINANCIAL INFORMATION
Financial Statements:
Condensed Consolidated Balance Sheets-
June 30, 2001 and December 31, 2000 4-5
Condensed Consolidated Statements of Operations-
Three and Six Months Ended June 30, 2001 and 2000 6
Condensed Consolidated Statements of Cash Flows-
Six Months Ended June 30, 2001 and 2000 7
Notes to Condensed Consolidated Financial Statements 8-11
Management's Discussion and Analysis of Financial
Condition and Results of Operations 12-15
PART II. OTHER INFORMATION
Item 4. Submission of Matters to a Vote of Security Holders 16
Item 6. Exhibits and Reports on Form 8-K 16
SIGNATURES 17
This Form 10-Q contains certain statements that are "forward-looking"
statements within the meaning of Section 27A of the Securities Act of
1933 and Section 21E of the Securities Exchange Act of 1934, as
amended. These forward-looking statements involve risks and
uncertainties, and are dependent on factors which may include, but are
not limited to, the availability and price of gasoline, which can impact
sales of recreational vehicles; availability of chassis, which are used
in the production of many of the Company's recreational vehicle
products; interest rates, which affect the affordability of the
Company's products; the functioning of the Company's information
technology systems, which can impact the Company's day-to-day
operations; changing government regulations, such as those covering
accounting standards, environmental matters or product warranties and
recalls, which may affect costs of operations, revenues, product
acceptance and profitability; legislation governing the relationships of
the Company with its recreational vehicle dealers, which may affect the
Company's options and liabilities in the event of a general economic
downturn; the impact of economic uncertainty on high-cost discretionary
product purchases; and also on the state of the recreational vehicle and
modular housing and building industries in the United States. Other
factors affecting forward-looking statements include competition in
these industries and the Company's ability to maintain or increase gross
margins which are critical to profitability whether there are or are not
increased sales.
At times, the Company's actual performance differs materially from its
projections and estimates regarding the economy, the recreational
vehicle industry, the housing and building industries and other key
performance indicators. Readers of this Report are cautioned that
reliance on any forward-looking statements involves risks and
uncertainties. Although the Company believes that the assumptions on
which the forward-looking statements contained herein are reasonable,
any of those assumptions could prove to be inaccurate given the
inherent uncertainties as to the occurrence or nonoccurrence of future
events. There can be no assurance that the forward-looking statements
contained in this Report will prove to be accurate. The inclusion of a
forward-looking statement herein should not be regarded as a
representation by the Company that the Company's objectives will be
achieved. For further discussion of the elements involved in the
Report, see the Company's most recent Annual Report or Form 10-K.
COACHMEN INDUSTRIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
JUNE 30, DECEMBER 31,
2001 2000
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $ 25,098 $ 2,614
Marketable securities 13,987 18,737
Trade receivables, less allowance for
doubtful receivables 2001 - $1,235
and 2000 - $1,066 27,497 37,743
Other receivables 3,008 2,336
Refundable income taxes 2,108 4,600
Inventories 86,514 97,315
Prepaid expenses and other 3,222 2,221
Deferred income taxes 9,077 8,384
Total current assets 170,511 173,950
PROPERTY AND EQUIPMENT, at cost 142,168 139,029
Less, Accumulated depreciation 57,684 54,866
Property and equipment, net 84,484 84,163
INTANGIBLES, net of accumulated amortization
2001 - $1,474 and 2000 - $917 19,087 15,983
OTHER 28,663 22,350
TOTAL ASSETS $302,745 $296,446
The accompanying notes are part of the condensed consolidated financial
statements.
COACHMEN INDUSTRIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
JUNE 30, DECEMBER 31,
2001 2000
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Current maturities of long-term debt $ 865 $ 865
Accounts payable, trade 20,310 24,015
Accrued income taxes 269 845
Accrued expenses and other liabilities 39,667 31,988
Total current liabilities 61,111 57,713
LONG-TERM DEBT 19,945 11,795
DEFERRED INCOME TAXES 3,349 3,370
OTHER 8,580 8,619
TOTAL LIABILITIES 92,985 81,497
SHAREHOLDERS' EQUITY
Common shares, without par value: authorized
60,000 shares; issued 2001 - 21,033
shares and 2000 - 21,020 shares 90,966 90,861
Additional paid-in capital 5,692 5,563
Accumulated other comprehensive net loss (1,206)
Retained earnings 164,671 169,766
Treasury shares, at cost: 2001 - 5,186
Shares and 1999 - 5,317 shares (50,363) (51,241)
TOTAL SHAREHOLDERS' EQUITY 209,760 214,949
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $302,745 $296,446
The accompanying notes are part of the condensed consolidated financial
statements.
COACHMEN INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
THREE MONTHS SIX MONTHS
ENDED JUNE 30, ENDED JUNE 30,
2001 2000 2001 2000
Net sales $162,359 $194,699 $315,283 $395,911
Cost of sales 134,300 164,184 271,102 335,246
Gross profit 28,059 30,515 44,181 60,665
Operating expenses:
Delivery 8,500 8,352 16,343 16,633
Selling 7,210 8,707 14,101 16,314
General and administrative 8,870 7,974 17,685 15,792
Total operating expenses 24,580 25,033 48,129 48,739
Operating income (loss) 3,479 5,482 (3,948) 11,926
Nonoperating income (expense):
Interest expense (977) (626) (1,551) (1,055)
Investment income (loss) (41) 388 111 261
Gain on sale of
properties, net 67 6 62 36
Other income (expense), net (281) 105 (219) 387
Total nonoperating
(Expense), net (1,232) (127) (1,597) (371)
Income (loss) before
income taxes 2,247 5,355 (5,545) 11,555
Income taxes 823 1,655 (2,029) 3,825
Net income (loss) $ 1,424 $ 3,700 $ (3,516) $ 7,730
Earnings (loss) per common share:
Basic $ .09 $ .24 $ (.22) $ .50
Diluted $ .09 $ .24 $ (.22) $ .50
Number of common shares used in
the computation of earnings (loss)
per common share:
Basic 15,778 15,566 15,773 15,559
Diluted 15,855 15,581 15,773 15,571
Cash dividends per common share $ .05 $ .05 $ .10 $ .10
The accompanying notes are part of the condensed consolidated financial
statements.
COACHMEN INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
SIX MONTHS
ENDED JUNE 30,
2001 2000
CASH FLOWS FROM OPERATING ACTIVITIES
Net cash provided by
operating activities $ 27,568 $ 12,982
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from:
Sale of marketable securities 30,251 72,844
Sale of properties 105 79
Sale of businesses - 2,351
Acquisitions of:
Marketable securities (27,993) (62,794)
Property and equipment (3,093) (6,497)
Businesses, net of cash acquired (7,273) (7,201)
Other 490 866
Net cash (used in) investing activities (7,513) (352)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from long-term debt 13,500 -
Payments of long-term debt (10,017) (1,796)
Issuance of common shares under stock
option and stock purchase plans 525 320
Tax benefit from stock options exercised - 71
Cash dividends paid (1,579) (1,559)
Net cash provided by (used in)
financing activities 2,429 (2,964)
Increase(decrease)in cash and temporary
cash investments 22,484 9,666
CASH AND TEMPORARY CASH INVESTMENTS
Beginning of period 2,614 4,269
End of period $ 25,098 $ 13,935
The accompanying notes are part of the condensed consolidated financial
statements.
COACHMEN INDUSTRIES, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(in thousands)
1. BASIS OF PRESENTATION
The consolidated balance sheet data at December 31, 2000 was
derived from audited financial statements, but does not include all
disclosures required by generally accepted accounting principles.
In the opinion of management, the information furnished herein
includes all adjustments of a normal and recurring nature necessary
to reflect a fair statement of the interim periods reported. The
results of operations for the three and six-month periods ended June
30, 2001 are not necessarily indicative of the results to be
expected for the full year.
2. SEGMENT INFORMATION
The Company has determined that its reportable segments are those
that are based on the Company's method of internal reporting, which
disaggregates its business by product category. The Company's two
reportable segments are: Recreational Vehicles, including related
parts and supplies, and Modular Housing and Building. The Company
evaluates the performance of its segments and allocates resources to
them based on pretax income. Differences between reported segment
amounts and corresponding consolidated totals represent corporate
expenses for administrative functions and costs or expenses relating
to property and equipment that are not allocated to segments.
The table below presents information about segments used by the
chief operating decision maker of the Company for the three and
six month periods ended June 30, 2001 and 2000:
Three Months Six Months
Ended June 30, Ended June 30,
2001 2000 2001 2000
Net sales:
Recreational vehicles $ 93,914 $148,815 $200,178 $311,259
Modular housing
and building 68,445 45,884 115,105 84,652
Consolidated total $162,359 $194,699 $315,283 $395,911
Pretax income (loss):
Recreational vehicles $ (1,998) $ 3,096 $ (7,509) $ 8,963
Modular housing
and building 5,723 4,173 6,198 6,027
Other reconciling items _ (1,478) (1,914) (4,234) (3,435)
Consolidated total $ 2,247 $ 5,355 $ (5,545) $ 11,555
June 30, December 31,
2001 2000
Total assets:
Recreational vehicles $ 95,893 $139,383
Modular housing and building 110,753 100,340
Other reconciling items 96,099 56,723
Consolidated total $302,745 $296,446
3. INVENTORIES
Inventories consist of the following:
June 30, December 31,
2001 2000
Raw materials $ 23,527 $ 35,963
Work in process 13,013 8,244
Finished goods 49,974 53,108
Total $ 86,514 $ 97,315
4. EARNINGS PER SHARE
Basic earnings per share is computed by dividing net income (loss)
by the weighted average number of shares of common stock outstanding
during the period. Diluted earnings per share is computed by
dividing net income (loss) by the weighted average number of shares
of common stock outstanding plus the dilutive effect of stock
options and stock awards. The dilutive effect of stock options and
awards did not enter into the computation of diluted earnings per
share for the six months ended June 30, 2001, because their
inclusion would have been antidilutive.
The sum of quarterly earnings per share for the two quarters may
not equal year-to-date earnings per share due to rounding and
changes in the diluted potential common shares.
5. COMPREHENSIVE INCOME
Other comprehensive loss represents unrealized depreciation of
available-for-sale securities, net of deferred income taxes. Other
comprehensive loss was $(190) and $(1,206) for the 2001 second
quarter and six months, respectively. There was no other
comprehensive income recorded for the quarter or six months ended
June 30, 2000. Total comprehensive income (loss) combines reported
net income (loss) and other comprehensive loss. Total comprehensive
income (loss) for the quarters ended June 30, 2001 and 2000 was
$1,234 and $3,700, respectively, and $(4,722) and $7,730 for the six
months ended June 30, 2001 and 2000, respectively.
6. COMMITMENTS AND CONTINGENCIES
The Company was contingently liable at June 30, 2001 to banks
and other financial institutions on repurchase agreements in
connection with financing provided by such institutions to most of
the Company's independent dealers in connection with their purchase
of the Company's recreational vehicle products. These agreements
provide for the Company to repurchase its products from the
financing institution in the event that they have repossessed them
upon a dealer's default. The risk of loss resulting from these
agreements is spread over the Company's numerous dealers and is
further reduced by the resale value of the products repurchased.
Historically, the Company has not experienced significant losses
under these agreements. However, in the fourth quarter of 2000 and
continuing to a lesser extent through the second quarter of 2001, as
a result of business conditions affecting the recreational vehicle
industry, the Company experienced losses under repurchase
agreements. Accordingly, the Company is recording an accrual for
estimated losses under repurchase agreements.
The Company is involved in various legal proceedings which are
ordinary litigations incidental to the industry and which are
covered in whole or in part by insurance. Management believes that
the ultimate outcome of these matters and any liabilities in excess
of insurance coverage and self-insurance accruals will not have a
material adverse impact on the Company's consolidated financial
position or on its future business operations.
7. ACQUISITION OF A BUSINESS
On February 12, 2001, the Company acquired all of the issued and
outstanding shares of capital stock of Kan Build, Inc. ("Kan
Build"), a manufacturer of modular buildings with facilities in
Osage City, Kansas; Loveland, Colorado; and a new plant under
construction in Millikin, Colorado. The purchase price aggregated
$21.6 million and consisted of $8.9 million cash paid at closing and
the assumption of $12.7 million of liabilities. The excess of
purchase price over fair value of assets acquired ("goodwill"),
which approximated $3.7 million, is being amortized on a straight-
line basis over 20 years. The acquisition was accounted for as a
purchase and the operating results of Kan Build are included in the
Company's consolidated financial statements from the date of
acquisition.
During the second quarter of 2001, all manufacturing operations in
the Loveland, Colorado facility were relocated to the newly
constructed facility in Millikin, Colorado. The lease on the
Loveland, Colorado facility was subsequently terminated.
Unaudited pro forma financial information as if this acquisition had
occurred at the beginning of each period is as follows:
Six Months
Ended June 30,
2001 2000
Net sales $318,806 $410,103
Net income (loss) (3,494) 8,287
Earnings (loss) per share:
Basic $ (.22) $ .53
Diluted (.22) .53
8. NEW AND PENDING ACCOUNTING PRONOUNCEMENTS
Effective January 1, 2001, the Company adopted two new accounting
pronouncements of the Emerging Issues Task Force ("EITF") of the
Financial Accounting Standards Board ("FASB"). EITF 00-10,
"Accounting for Shipping and Handling Fees and Costs," requires
freight billed to customers to be considered as sales revenue.
Previously, the Company netted freight billed to customers against
delivery expenses. EITF 00-22, "Accounting for Points and Certain
Time or Volume-Based Sales Incentive Offers...," requires certain
volume-based sales rebates to be netted against sales revenue.
Previously, the Company included such rebates in selling expenses.
Net sales, delivery expenses and selling expenses for prior periods
have been restated to conform with the current presentation. The
adoption of these two new EITF pronouncements had no impact on net
income. In June 2001, the FASB issued Statement of Financial
Accounting Standards ("SFAS") No. 142, "Goodwill and Other
Intangible Assets." Under SFAS No. 142, goodwill and other
intangible assets that have indefinite useful lives will not be
amortized but rather will be tested at least annually for
impairment. The provisions of SFAS No. 142 are required to be
applied starting with fiscal years beginning after December 15,
2001 and, accordingly, the Company will adopt SFAS No. 142 for its
fiscal year commencing January 1, 2002. The Company has not made a
determination as to the effect of adopting SFAS No. 142.
COACHMEN INDUSTRIES, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
(in thousands, except per share amounts)
The following is management's discussion and analysis of certain
significant factors which have affected the Company's financial
condition, results of operations and cash flows during the periods
included in the accompanying condensed consolidated financial
statements.
A summary of the changes in the principal items included in the
condensed consolidated statements of income is shown below.
Comparison of
Three Months Six Months
Ended June 30, 2001 and 2000
Increases (Decreases)
Amount Percentage Amount Percentage
Net sales $ (32,340) (16.6)% $(80,628) (20.4)%
Cost of sales (29,884) (18.2) (64,144) (19.1)
Delivery expense 148 1.8 (290) (1.7)
Selling expenses (1,497) (17.2) (2,213) (13.6)
General and
administrative expenses 896 11.2 1,893 12.0
Interest expense 351 56.1 496 47.0
Investment income (429) n/m (150) n/m
Gain on sale of
properties, net 61 n/m 26 n/m
Other income, net (386) n/m (606) n/m
Income (loss) before income taxes (3,108) (58.0) (17,100) (148.0)
Income taxes (832) (50.3) (5,854) (153.0)
Net income (loss) (2,276) (61.5) (11,246) (145.5)
n/m - not meaningful
NET SALES
Consolidated net sales for the quarter ended June 30, 2001 were
$162.4 million, a decrease of 16.6% from the $194.7 million reported for
the corresponding quarter last year. Net sales for the six months were
$315.3 million, representing a decrease of 20.4% from the $395.9 million
reported for the same period in 2000. The Company's recreational
vehicle segment experienced a net sales decrease of 36.9% for the
quarter and a decrease of 35.7% for the six months. Both the motorized
and towable products had decreases in the number of units and sales
dollars from the 2000 periods reflecting a continuing industry-wide
softness in the recreational vehicle industry during the three and six
month comparable periods. After adjustments for sold or discontinued RV
operations, sales for 2000 were $128.3 million for the second quarter
and $276.8 million for the first six months of the year. The Company's
modular housing and building segment experienced a net sales increase
for the 2001 quarter of 49.2% and 36.0% for the six months. This
increase was principally attributable to net sales of acquired
businesses during the past twelve-month period.
COST OF SALES
Cost of sales decreased 18.2% or $29.9 million for the three months
and 19.1% or $64.1 million for the six months ended June 30, 2001. The
decrease for the quarter is greater than the decrease in net sales while
the decrease for the six months is less than the decrease in net sales
for the corresponding period. As a percentage of sales, cost of sales
decreased 1.6 percentage points and increased 1.3 percentage points for
the quarter and six months, respectively, from the comparable prior year
periods. The most recent quarter was favorably impacted by cost cutting
efforts, particularly in the recreational vehicle segment and book to
physical inventory adjustments, particularly in the modular housing and
building segment. Several recreational vehicle manufacturing facilities
were consolidated during the most recent six months with anticipation of
improving the utilization of the remaining facilities.
OPERATING EXPENSES
As a percentage of net sales, operating expenses, which include
delivery, selling, general and administrative expenses, were 15.1% and
15.3% for the 2001 quarter and six months compared to 12.9% and 12.3%
for the quarter and six months of 2000. As a percentage of net sales,
delivery expenses increased by .9 percentage points for the three months
and 1.0 percentage points for the six months compared to the prior year
three and six month periods. This increase was mainly attributable to
higher fuel costs and fuel surcharges from outside carriers. In
addition, as a result of lower sales volume in the current periods,
there was less efficient utilization of Company-owned transportation
equipment. Selling expenses, at 4.4% of net sales for the quarter ended
June 30, 2001, were approximately the same when compared to the second
quarter of the previous year. For the six month period, selling
expenses in 2001, as a percentage of net sales of 4.5%, were .4
percentage points higher than the 4.1% in 2000. While total dollars
spent were down 13.6% for the six month period, revenue declined 20.4%.
General and administrative expenses were 5.5% of net sales for the
second quarter compared to 4.1% for the 2000 corresponding quarter and
5.6% of net sales for the six month period compared to 4.0% for 2000.
These increases in both the quarter and six month periods were primarily
the result of goodwill amortization for companies acquired during the
past twelve month period, which were not included in last year's results
for the first six months.
INTEREST EXPENSE
Interest expense was $977 and $1,551 for the three and six month periods
in 2001 compared to $626 and $1,055 in the same periods last year.
Interest expense varies with the amount of long-term debt and the
increase in cash surrender value for the Company's investment in life
insurance contracts. These life insurance contracts were purchased to
fund obligations under deferred compensation agreements with executives
and other key employees. The interest costs associated with deferred
compensation obligations and with the borrowings against the cash value
of the insurance policies are partially offset by the increases in cash
surrender values. The increase in interest expense is primarily the
result of borrowing for the Kan Build acquisition and Industrial Revenue
Bonds assumed in the acquisitions of Mod-U-Kraf Homes, Inc. and Miller
Building Systems, Inc. during 2000.
INVESTMENT INCOME (LOSS)
There was an investment loss of $41 for the quarter ended June 30, 2001
compared to investment income of $388 for the second quarter of 2000.
For the six month period, investment income in 2001 of $111 is 57.5%
less than the $261 of investment income from the previous year. This
decrease in investment income is principally attributable to realized
losses incurred from the sale of preferred stocks of certain utility
companies as well as a reduction of interest income resulting from lower
interest rates during the 2001 periods.
GAIN ON THE SALE OF PROPERTIES, NET
There was a net gain on the sale of properties for the second quarter of
2001 of $67 compared with a gain of $6 in the same quarter of 2000. The
net gain on the sale of properties for the first six months of 2001 and
2000 was $62 and $36, respectively. This classification represents the
net result of the amount of gain or loss recognized upon the disposition
of various small properties.
OTHER INCOME, NET
Other income, net, represents an expense of $281 for the second quarter
and $219 for the six months compared to income of $105 and $387 for the
2000 second quarter and six months, respectively. The most significant
item was a $400 charge recorded in the current quarter to write-down the
carrying value of Georgia property held for sale. The property was
written-down to its estimated fair value based on its sale subsequent to
June 30, 2001.
INCOME TAXES
For the second quarter and six months ended June 30, 2001, the effective
tax rate was 36.6% compared with a second quarter and 2000 year-to-date
effective tax rate of 30.9% and 33.1%, respectively. The Company's
effective tax rate fluctuates based upon the states where sales occur,
with the level of export sales, and also with the amount of nontaxable
dividend income on investments.
LIQUIDITY AND CAPITAL RESOURCES
The Company generally relies on funds from operations as its primary
source of liquidity. In addition, the Company maintains a $50 million
unsecured bank line of credit to meet its seasonal working capital
needs. At June 30, 2001, there was $8.5 million borrowed against this
line of credit. For the six months ended June 30, 2001, the major source
of cash was from operating activities. Net cash provided by operating
activities aggregated $27,568 and $12,982 for the six months ended June
30, 2001 and 2000, respectively. The significant items in operating
activities for the six months ended June 30, 2001 were depreciation, a
decrease in trade accounts receivable, a decrease in inventories and an
increase in accrued expenses. The positive cash flow from these items
was partially offset by the net loss and a decrease in accounts payable.
The cash used in investing activities included the purchase of Kan Build
and the acquisition of property and equipment. The cash provided by
financing activities consisted of proceeds from long-term debt (used to
fund the purchase of Kan Build), partially offset by cash dividends
paid and the repayment of long-term debt.
At June 30, 2001, working capital decreased to $109.4 million from the
$116.2 million at December 31, 2000. The $3.5 million decrease in
current assets at June 30, 2001 versus December 31, 2000, was primarily
due to decreases in trade accounts receivable and inventories. This was
mostly offset by increases in cash and marketable securities which
increased $17.7 million during the six month period. The increase in
current liabilities of $3.4 million is primarily due to customer
deposits offset partially by a decrease in accounts payable.
PART II. OTHER INFORMATION
Item 4. Submission of Matters to a Vote of Security Holders
a) The annual meeting of the shareholders of Coachmen Industries,
Inc. was held on May 3, 2001.
b) The following nominees were elected Directors for a one-year
term:
Claire C. Skinner
Thomas H. Corson
Keith D. Corson
Fredrick M. Miller
William P. Johnson
Philip G. Lux
Edwin W. Miller
Robert J. Deputy
Donald W. Hudler
Geoffrey B. Bloom
c) The tabulation of votes for each Director nominee was as
follows:
For Withheld
Election of Directors:
Claire C. Skinner 14,623,142 153,744
Thomas H. Corson 14,622,722 154,164
Keith D. Corson 14,622,922 153,964
Fredrick M. Miller 14,623,322 153,564
William P. Johnson 14,623,322 153,564
Philip G. Lux 14,622,705 154,181
Edwin W. Miller 14,623,322 153,564
Robert J. Deputy 14,623,322 153,564
Donald W. Hudler 14,622,922 153,964
Geoffrey B. Bloom 14,623,322 153,564
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
None
(b) Reports on Form 8-K during the quarter ended June 30, 2001
Form 8-K, dated May 7, 2001, reporting an Item 5 event (a
press release announcing first quarter results and
declaring 75th consecutive quarterly dividend).
Form 8-K, dated June 19, 2001, reporting an Item 5 event (a
press release regarding appointment of Chief Financial
Officer and Senior Vice President of Human Resources).
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
COACHMEN INDUSTRIES, INC.
(Registrant)
Date: August 13, 2001 _____________________________________
Joseph P. Tomczak, Executive Vice
President and Chief Financial Officer
Date: August 13, 2001 _____________________________________
Gary L. Near, Vice President
and Controller
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