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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, Jan. 20, 2003
COACHMEN INDUSTRIES, INC. EXPECTS SOLID GAIN IN
FOURTH QUARTER AND FULL YEAR 2002 EARNINGS
o Expected fourth quarter earnings of $0.17 per share and expected
full year 2002 earnings of $0.62 per share mark significant
improvement over year-earlier periods.
ELKHART, IND. - Coachmen Industries, Inc. (NYSE: COA) today announced that it
expects fourth quarter earnings of $0.17 per share, a 289% increase over a loss
of $0.09 per share in the fourth quarter of 2001. The Company expects full year
2002 earnings of $0.62 per share; a 348% increase over a loss of $0.25 per share
in 2001.
Claire C. Skinner, Chairman, Chief Executive Officer and President, remarked,
"By any measure, we had a remarkable year. We not only returned to profitability
during 2002, but we also achieved a significant improvement in our earnings.
While we expect our full year earnings to fall below our very aggressive
earnings goal of $0.75 per share, we are extremely pleased with the turn-around
we have accomplished this year and expect to continue in 2003.
"We delivered vast improvements in our Recreational Vehicle business during the
year and continued to achieve gains in wholesale market share. Our success at
the RV industry trade show in Louisville, Kentucky in December, where our sales
were up 31 percent compared to last year, point to a very solid start in 2003,"
Skinner added. "Our Modular Housing and Building segment is also showing
improvement, despite some difficulties encountered late in the year. Performance
on the residential side was hurt by weather-related shipment delays in the
fourth quarter, while sluggish demand continued on the commercial and
telecommunications side. With the fourth quarter behind us, and assuming
reasonable industry and economic conditions ahead, we are excited about our
prospects in 2003."
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Coachmen Industries, Inc. Fourth Quarter Earnings
Page 2
January 20, 2003
Coachmen will report its full financial results after the market closes on
Tuesday, February 11th, followed by a conference call and webcast on Wednesday,
February 12th, at 9:00 a.m. Eastern time.
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
telecommunications structures are manufactured by the Company's Miller Building
Systems subsidiary. Coachmen is a publicly held company with stock listed on the
New York Stock Exchange (NYSE) under the COA ticker symbol.
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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