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EXHIBIT 99.1
COACHMEN INDUSTRIES, INC.
2831 Dexter Drive P.O. Box 3300 Elkhart, Indiana 46515
574/262-0123 Fax 574/262-8823
NEWS RELEASE
For immediate release Monday, August 5, 2002
COACHMEN INDUSTRIES, INC. ANNOUNCES 20%
INCREASE IN QUARTERLY DIVIDEND; COMPANY TO
RESUME SHARE REPURCHASE PROGRAM
ELKHART, IND. - Coachmen Industries, Inc. (NYSE: COA) today announced that its
Board of Directors has increased the Company's quarterly dividend from $0.05 to
$0.06 per share. The $0.06 dividend will be distributed on September 12, 2002 to
shareholders of record as of August 22, 2002. This is the 80th consecutive
quarter that Coachmen Industries has paid dividends. The Company has
approximately 16.0 million shares of common stock outstanding. Coachmen
Industries also announced that, depending on market conditions, the Company
intends to repurchase additional shares of its common stock. The Company is
authorized to repurchase up to 871,000 additional shares under its current share
repurchase program.
Claire C. Skinner, Chairman, Chief Executive Officer and President, remarked,
"Increasing shareholder value is our highest priority. We are very pleased to
reward our shareholders with a 20 percent increase in our quarterly dividend.
Additionally, we clearly recognize the value to our investors of buying back our
common stock at prices we consider to be very good investments. These
initiatives, plus our significant progress on improving our financial
performance in 2002, should translate into even further increases in shareholder
value."
Founded in 1964, Coachmen Industries, Inc. is one of the nation's leading
manufacturers of recreational vehicles with well-known brand names including
Coachmen(R), Georgie Boy(R), Shasta(R) and Viking(R). Coachmen Industries is
also the largest modular home producer in the nation with its All American
Homes(R) and Mod-U-Kraf(R) subsidiaries. Modular commercial and
telecommunication structures are manufactured by the Company's Miller Building
Systems subsidiary. Prodesign, a custom thermoformer of composite and plastic
parts, supplies components to numerous industries. Coachmen is a publicly held
company with stock listed on the New York Stock Exchange (NYSE) under the COA
ticker symbol.
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Coachmen Industries, Inc. Increases Dividend, To Resume Share Repurchase Program
Page 2
August 5, 2002
THIS RELEASE CONTAINS FORWARD-LOOKING STATEMENTS WITHIN THE MEANING OF THE
PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. INVESTORS ARE CAUTIONED NOT TO
PLACE UNDUE RELIANCE ON FORWARD-LOOKING STATEMENTS, WHICH ARE INHERENTLY
UNCERTAIN. ACTUAL RESULTS MAY DIFFER MATERIALLY FROM THAT PROJECTED OR SUGGESTED
DUE TO CERTAIN RISKS AND UNCERTAINTIES INCLUDING, BUT NOT LIMITED TO THE
POTENTIAL FLUCTUATIONS IN THE COMPANY'S OPERATING RESULTS, THE CONDITION OF THE
TELECOMMUNICATIONS INDUSTRY WHICH PURCHASES MODULAR STRUCTURES, THE AVAILABILITY
AND THE PRICE OF GASOLINE, THE COMPANY'S DEPENDENCE ON CHASSIS SUPPLIERS,
INTEREST RATES, COMPETITION, GOVERNMENT REGULATIONS, LEGISLATION GOVERNING THE
RELATIONSHIPS OF THE COMPANY WITH ITS RECREATIONAL VEHICLE DEALERS, THE IMPACT
OF CONSUMER CONFIDENCE AND ECONOMIC UNCERTAINTY ON HIGH-COST DISCRETIONARY
PRODUCT PURCHASES AND OTHER RISKS IDENTIFIED IN THE COMPANY'S SEC FILINGS.
For more information:
Joseph P. Tomczak
Executive Vice President and
Chief Financial Officer
574-262-0123
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