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EXHIBIT 99.1
[Coachmen Industries, Inc. Logo]
NEWS RELEASE
For immediate release Monday, July 7, 2003
HOMEBUILDER ALL AMERICAN HOMES(R) ANNOUNCES PLANS TO
BECOME SUBDIVISION BUILDER
DECATUR, INDIANA - The Quarry, a planned residential community in Toledo, Ohio,
marks the first phase of a new strategic business plan for All American Homes,
LLC, according to Steve Kerr, President of the Fort Wayne, Ind.-based Company.
All American Homes is a subsidiary of Coachmen Industries (NYSE: COA).
Working with a developer, Kerr said the Company will sell the lots and build the
58 homes to go on them. Already widely recognized and respected for the
systems-built homes they construct on rural and/or scattered lots, becoming a
subdivision homebuilder is viewed as a logical component of the Company's
long-range growth plans.
"We want to change the way our Company is viewed. We're known as an
'on-your-lot' builder of high quality homes, and this is the first step towards
building entire subdivisions, planned communities and other large homebuilding
projects. We plan to become more aggressive in the market, and provide more
opportunities for homeowners to enjoy the quality and cost advantages of
systems-built homes," said Kerr.
All American(R) builds homes in a controlled factory environment and then moves
them to the building site for placement on permanent foundations, where skilled
craftsmen complete the building process. Constructed indoors in a quality- and
climate-controlled environment, the Company's systems-built homes have long been
known for their precision engineering. Reduced costs of 10 to 12 percent can be
realized because of the efficiencies of large material purchases, a longer
construction season and the elimination of weather and labor delays.
Construction time is also significantly reduced as an All American systems-built
home can be built and delivered in as little as 8 to 12 weeks, a fraction of the
time it would take to build a home on-site using the conventional method.
In The Quarry, Kerr said All American Homes will build single-family homes that
will fall into the $199,000 to $350,000 retail price range, depending on the
extent of customization chosen by each homeowner. The Company will offer five
different floor plans ranging from 1600 sq. ft to 2400 sq. ft., including two
ranch models, two two-story models and a Cape Cod model. In addition, each floor
plan will have a choice of three different "looks" for the front of the home.
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Homebuilder All American Homes (R)
Announces Plans to Become Subdivision Builder
Page 2
July 7, 2003
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G&K Builders, Inc., an All American Homes systems-built homebuilder in Holland,
Ohio, will complete the construction of the homes on site. All American Homes
will have their first model home built and in place by late July, and a sales
center will also be open in the development. A community grand opening is
scheduled for September.
"We're very excited about this project," said Mike Newcomer, Director of Sales
for G&K Builders. "The Quarry is the most desirable location for a housing
development in the Toledo area, and building 58 new homes in this upscale
community will help demonstrate that All American's systems-built homes are
indistinguishable from traditional site-built homes."
Homes built by All American Homes, LLC are constructed to meet or exceed state
and local building codes. They're also designed to meet regional architectural
demands. All American Homes currently has production facilities in Decatur,
Ind.; Dyersville, Iowa; Milliken, Colo.; Osage City, Kan.; Rutherfordton, N.C.;
Springfield, Tenn. and Zanesville, Ohio. All American Homes(R) is a subsidiary
of Elkhart, Ind.-based Coachmen Industries, Inc.
Coachmen Industries, Inc., founded in 1964, 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 one of the largest systems-built home producers in the nation with its ALL
AMERICAN HOMES(R) subsidiary. Modular commercial structures are manufactured by
the Company's Miller Building Systems subsidiary. Prodesign, LLC is a subsidiary
that custom thermoforms composite and plastic parts for numerous industries
under the PRODESIGN(R) brand. Coachmen Industries, Inc. is a publicly held
company with stock listed on the New York Stock Exchange (NYSE) under the COA
ticker symbol.
For more information:
Jack Julo, Director of Business Development, All American Homes
Phone: 260-724-8044 (Decatur, IN)
E-mail: jjulo@allamericanhomes.com
World Wide Web: www.allamericanhomes.com or www.thequarrybygandk.com
Rich Allen, Corporate Communications, Coachmen Industries, Inc.
Phone: 574-262-0123 (Elkhart, IN)
E-mail: rallen@coachmen.com
World Wide Web: www.allamericanhomes.com or www.coachmen.com
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