Exhibit 99
For Immediate Release
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PRESS RELEASE [LETTERHEAD OF
- ----------------------------------------------- DREW INDUSTRIES INCORPORATED]
Date: November 21, 2002
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Contact: Leigh J. Abrams, President and CEO
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Phone: (914) 428-9098 Fax: (914) 428-4581
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E Mail: Drew@drewindustries.com
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DREW INDUSTRIES RESUMES SHIPMENTS
TO OAKWOOD HOMES
WHITE PLAINS, NEW YORK - NOVEMBER 21, 2002 - Drew Industries Incorporated (AMEX:
DW) announced today that it has resumed shipments of manufactured home products
to Oakwood Homes Corporation, which filed for Chapter 11 bankruptcy last week.
Oakwood represented less than five percent of Drew's consolidated sales during
the twelve months ended September 30, 2002.
Greensboro, N.C.-based Oakwood Homes, a producer and retailer of manufactured
housing, filed the Chapter 11 petition as part of the restructuring of its debt
and guarantee obligations. In a press release issued Friday, November 15,
Oakwood's CEO said Oakwood's expectation is to operate on a "business as usual"
basis. Oakwood currently owes Drew subsidiaries an aggregate of less than $1
million for manufactured housing components sold and delivered to Oakwood. A
portion of this receivable from Oakwood is covered by Drew's allowance for
doubtful accounts.
The U.S. Bankruptcy Court in Wilmington, Delaware authorized Oakwood to utilize
a $15 million interim cash collateral line of credit until debtor-in-possession
financing is arranged. Based upon this authorization, Drew's Kinro and Lippert
operating subsidiaries have agreed to resume shipments to Oakwood on mutually
acceptable terms.
"Oakwood has always been a valued customer, and we are comfortable shipping them
manufactured housing components during their restructuring," said Leigh J.
Abrams, President and CEO of Drew. "However, we will closely monitor Oakwood's
bankruptcy proceedings and regularly assess our position and options as an
important supplier to Oakwood.
"We are aware that bankruptcy may impact Oakwood's market share position. Yet,
given the status of Kinro and Lippert as key suppliers to virtually all of the
other manufactured housing companies, we do not expect our business to be
materially impacted over the long-term."
About Drew
Drew, through its wholly-owned subsidiaries, Kinro and Lippert Components,
supplies a broad array of components for manufactured homes and RV's.
Manufactured products include windows and screens, doors, chassis, chassis
parts, chassis slide-out systems, bath and shower units, roofing and new and
refurbished axles. The Company also distributes new and refurbished tires. From
40 factories located throughout the United States and one factory in Canada,
Drew serves most major national manufactured home and RV manufacturers in an
efficient and cost-effective manner. Additional information about Drew and its
products can be found at www.drewindustries.com.
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Forward Looking Statements
This press release contains certain statements, including the Company's plans
and expectations regarding its operating strategy, products and costs, and its
views of the prospects of the manufactured housing and recreational vehicle
industries, which are forward-looking statements and are made pursuant to the
safe harbor provisions of the Securities Litigation Act of 1995. These
forward-looking statements reflect the Company's views, at the time such
statements were made, with respect to the Company's future plans, objectives,
events and financial results, such as revenues, expenses, income, earnings per
share, capital expenditures, and other financial items. Forward-looking
statements are not guarantees of future performance; they are subject to risks
and uncertainties. The Company does not undertake to update forward-looking
statements to reflect circumstances or events that occur after the date the
forward-looking statements are made.
There are a number of factors, many of which are beyond the Company's control,
which could cause actual results and events to differ materially from those
described in the forward-looking statements. These factors include pricing
pressures due to competition, raw material costs (particularly aluminum, vinyl,
steel, glass, ABS resin, and tires), availability of retail and wholesale
financing for manufactured homes, availability and costs of labor, inventory
levels of retailers and manufacturers, the financial condition of our customers,
interest rates, and adverse weather conditions impacting retail sales. In
addition, general economic conditions and consumer confidence may affect the
retail sale of manufactured homes and RV's.
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