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EXHIBIT 99.1
COACHMEN INDUSTRIES, INC.
2831 Dexter Drive o P.O. Box 3300 o Elkhart, Indiana 46515
o 574/262-0123 o Fax 574/262-8823
NEWS RELEASE
For immediate release Friday, October 10, 2003
COACHMEN INDUSTRIES, INC. EXPECTS SIGNIFICANTLY IMPROVED THIRD QUARTER
PERFORMANCE
o Anticipated third quarter profit exceeds market consensus estimate by
32% to 40%
o Company expects highest earnings level in 16 quarters: $0.33 to $0.35
per share.
o Sales increase expected to be 13% over last year.
ELKHART, IND. - Coachmen Industries, Inc. (NYSE: COA) today announced it expects
improved financial results for the third quarter ended September 30, 2003. The
Company expects net income of between $0.33 and $0.35 per share compared to
$0.18 per share in the second quarter, a loss of $0.18 in the first quarter, and
income of $0.27 per share in the third quarter of 2002. Coachmen also expects a
13% increase in sales for the third quarter compared with the year-ago quarter.
These anticipated third quarter results exceed the market consensus estimate of
$0.25 per share, and are consistent with the Company's forecast for full-year
results. Earnings of $0.33 to $0.35 per share would be the highest level of
quarterly earnings in the last 16 quarters.
These results are preliminary and subject to final review. Coachmen will report
full third quarter financial results after close of the market on Monday,
October 27, 2003 and hold a conference call to discuss these results at 10:00
a.m. Eastern time on Tuesday, October 28, 2003.
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) subsidiaries. Modular commercial structures are manufactured
by the Company's Miller Building Systems subsidiary. Prodesign, LLC is a
subsidiary that produces custom
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Coachmen Industries, Inc. Expects Improved Third Quarter Results
Page 2
October 10, 2003
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composite and thermoformed 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.
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, THE AVAILABILITY AND COST OF REAL ESTATE FOR RESIDENTIAL
HOUSING, THE ABILITY OF THE HOUSING AND BUILDING SEGMENT TO PERFORM IN NEW
MARKET SEGMENTS WHERE IT HAS LIMITED EXPERIENCE, 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, FURTHER DEVELOPMENTS
IN THE WAR ON TERRORISM AND RELATED INTERNATIONAL CRISES, OIL SUPPLIES, 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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