-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, GA9KQJvahhFRe+7zf4Ow5+yeTnZmWj4ZDBrqEMPHjGJR+ZTxPCHUCpqwbkajHUH9 Zfim3DXFrYFgLSv3vXovYw== 0000021212-99-000007.txt : 19990514 0000021212-99-000007.hdr.sgml : 19990514 ACCESSION NUMBER: 0000021212-99-000007 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990331 FILED AS OF DATE: 19990513 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COACHMEN INDUSTRIES INC CENTRAL INDEX KEY: 0000021212 STANDARD INDUSTRIAL CLASSIFICATION: MOTOR HOMES [3716] IRS NUMBER: 351101097 STATE OF INCORPORATION: IN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-07160 FILM NUMBER: 99619846 BUSINESS ADDRESS: STREET 1: 601 E BEARDSLEY AVE STREET 2: P O BOX 3300 CITY: ELKHART STATE: IN ZIP: 46514 BUSINESS PHONE: 2192620123 MAIL ADDRESS: STREET 1: 601 E BEARDSLEY AVE CITY: ELKHART STATE: IN ZIP: 46515 10-Q 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Form 10-Q (MARK ONE) (X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 1999 OR ( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________________to__________________ Commission file number 1-7160 COACHMEN INDUSTRIES, INC. (Exact name of registrant as specified in its charter) INDIANA 35-1101097 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification number) 601 EAST BEARDSLEY AVENUE, ELKHART, INDIANA 46514 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code 219-262-0123 Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No _ Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practical date: At April 30, 1999: Common Shares, without par value 16,662,086 shares outstanding including an equivalent number of common share purchase rights. 1 COACHMEN INDUSTRIES, INC. INDEX Page No. PART I. FINANCIAL INFORMATION Financial Statements: Condensed Consolidated Balance Sheets- March 31, 1999 and December 31, 1998 3-4 Condensed Consolidated Statements of Income- Three Months Ended March 31, 1999 and 1998 5 Condensed Consolidated Statements of Cash Flows- Three Months Ended March 31, 1999 and 1998 6 Notes to Condensed Consolidated Financial Statements 7-8 Management's Discussion and Analysis of Financial Condition and Results of Operations 9-13 PART II. OTHER INFORMATION 14 Item 6. Exhibits and Reports on Form 8-K SIGNATURES 14 This Form 10-Q contains certain statements that are "forward- looking" statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. These forward looking statements involve risks and uncertainties, and are dependent on factors which may include, but are not limited to, the availability of gasoline, which can impact sales of recreational vehicles; availability of chassis, which are used in the production of many of the Company's recreational vehicle products; interest rates, which affect the affordability of the Company's products; government laws and regulations which may effect the way business is conducted; and also on the state of the recreational vehicle and modular housing industries in the United States. Other factors affecting forward-looking statements include competition in these industries and the Company's ability to maintain or increase gross margins which are critical to the profitability whether there are or are not increased sales; and the Company's ability to make its software and equipment year 2000 compliant. At times, the Company's actual performance differs materially from its projections and estimates regarding the economy, the recreational vehicle and housing industries and other key performance indicators. Readers of this Report are cautioned that reliance on any forward- looking statements involves risks and uncertainties. Although the Company believes that the assumptions on which the forward-looking statements contained herein are reasonable, any of those assumptions could prove to be inaccurate given the inherent uncertainties as to the occurrence or nonoccurrence of future events. There can be no assurance that the forward-looking statements contained in this Report will prove to be accurate. The inclusion of a forward-looking statement herein should not be regarded as a representation by the Company that the Company's objectives will be achieved. 2 COACHMEN INDUSTRIES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS MARCH 31, DECEMBER 31, 1999 1998 ASSETS CURRENT ASSETS Cash and temporary cash investments $ 20,361,439 $ 23,009,502 Short-term investments 32,167,035 31,279,433 Trade receivables, less allowance for doubtful receivables 1999 - $1,135,000 and 1998 - $768,000 50,638,630 27,584,551 Other receivables 1,905,549 1,838,171 Refundable income taxes 3,741,000 3,741,000 Inventories 95,322,152 93,349,453 Prepaid expenses and other 1,588,112 1,341,175 Deferred income taxes 3,268,000 3,268,000 Total current assets 208,991,917 185,411,285 PROPERTY AND EQUIPMENT, at cost Land and improvements 11,059,078 11,016,684 Buildings and improvements 55,515,359 53,761,414 Machinery and equipment 21,310,460 19,712,798 Transportation equipment 11,966,040 11,175,667 Office furniture and fixtures 10,091,183 8,850,146 Total property and equipment, at cost 109,942,120 104,516,709 Less, Accumulated depreciation 43,067,486 41,444,585 Net property and equipment 66,874,634 63,072,124 OTHER ASSETS Real estate held for sale 2,622,219 2,622,218 Rental properties 1,357,422 1,371,915 Intangibles, less accumulated amortization 1999 - $548,559 and 1998 - $516,913 4,521,419 4,553,105 Deferred income taxes 579,000 579,000 Other 10,904,348 10,866,639 Total other assets 19,984,408 19,992,877 TOTAL ASSETS $295,850,959 $268,476,286 The accompanying notes are part of the condensed consolidated financial statements. 3 COACHMEN INDUSTRIES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (CONT'D) MARCH 31, DECEMBER 31, 1999 1998 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Current maturities of long-term debt $ 1,825,175 $ 2,125,175 Accounts payable, trade 35,294,111 18,997,193 Accrued wages, salaries and commissions 4,273,690 4,357,878 Accrued dealer incentives 4,970,398 3,783,628 Accrued warranty expense 6,308,975 6,138,081 Accrued income taxes 5,461,998 1,509,429 Accrued insurance 1,786,739 1,862,811 Other liabilities 7,953,467 6,943,999 Total current liabilities 67,874,553 45,718,194 LONG-TERM DEBT 8,966,303 10,191,476 OTHER 6,470,716 7,108,956 Total liabilities 83,311,572 63,018,626 SHAREHOLDERS' EQUITY Common shares, without par value: authorized 60,000,000 shares; issued 1999 - 20,906,984 shares and 1998 - 20,842,568 shares 89,704,680 89,105,324 Additional paid-in capital 3,933,978 3,866,398 Retained earnings 151,999,618 145,613,994 Treasury shares, at cost: 1999 - 4,253,764 Shares and 1998 - 4,257,985 shares (33,098,889) (33,128,056) Total shareholders' equity 212,539,387 205,457,660 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $295,850,959 $268,476,286 The accompanying notes are part of the condensed consolidated financial statements. 4 COACHMEN INDUSTRIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME THREE MONTHS ENDED MARCH 31, 1999 1998 Net sales $211,025,425 $175,637,459 Cost of goods sold 183,452,011 152,261,070 Gross profit 27,573,414 23,376,389 Operating expenses: Selling and delivery 10,120,068 9,066,279 General and administrative 6,972,411 6,775,098 17,092,479 15,841,377 Operating income 10,480,935 7,535,012 Nonoperating income (expense): Interest expense (433,788) (465,160) Investment income 346,736 1,128,083 Gain on sale of properties, net 3,364 5,034 Other, net 332,075 873,446 248,387 1,541,403 Income before income taxes 10,729,322 9,076,415 Income taxes 3,512,000 2,777,000 Net income $ 7,217,322 $ 6,299,415 Earnings per common share: Basic $ .43 $ .36 Diluted $ .43 $ .36 Number of common shares used in the computation of earnings per share: Basic 16,624,957 17,339,620 Diluted 16,630,962 17,633,166 Cash dividends per common share $ .05 $ .05 The accompanying notes are part of the condensed consolidated financial statements. 5 COACHMEN INDUSTRIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS THREE MONTHS ENDED MARCH 31, 1999 1998 CASH FLOWS FROM OPERATING ACTIVITIES Net cash provided by (used in) operating activities $ 6,842,126 $ (6,180,627) CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from: Sale of short-term investments 31,348,071 31,291,922 Sale of properties - 111,262 Acquisitions of: Short-term investments (33,086,493) (36,352,312) Property and equipment (5,675,817) (4,365,594) Businesses - (9,001,812) Other (610,140) 322,705 Net cash (used in) investing activities (8,024,379) (17,993,829) CASH FLOWS FROM FINANCING ACTIVITIES Payments of long-term debt (1,525,173) (1,558,512) Issuance of common shares under stock option and stock purchase plans 599,356 741,744 Tax benefit from stock options exercised 291,705 461,322 Cash dividends paid (831,698) (867,091) Net cash (used in) financing activities (1,465,810) (1,222,537) Decrease in cash and temporary cash investments (2,648,063) (25,396,993) CASH AND TEMPORARY CASH INVESTMENTS Beginning of period 23,009,502 71,427,918 End of period $ 20,361,439 $ 46,030,925 Noncash investing and financing activities: Liabilities assumed in acquisitions of businesses $ - $ 795,000 The accompanying notes are part of the condensed consolidated financial statements. 6 COACHMEN INDUSTRIES, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 1. The consolidated balance sheet data as of December 31, 1998 was derived from audited financial statements, but does not include all disclosures required by generally accepted accounting principles. 2. In the opinion of management, the information furnished herein includes all adjustments of a normal and recurring nature necessary to reflect a fair statement of the interim periods reported. The results of operations for the three months ended March 31, 1999 are not necessarily indicative of the results to be expected for the full year. 3. Inventories consist of the following: March 31, December 31, 1999 1998 Raw material $ 35,514,075 $ 29,691,805 Work-in-process 10,259,453 11,511,459 Finished goods 48,724,035 52,146,189 Total $ 95,322,152 $ 93,349,453 3. The Company was contingently liable at March 31, 1999 to banks and other financial institutions on repurchase agreements in connection with financing provided by such institutions to most of the Company's independent dealers in connection with their purchase of the Company's recreational vehicle products. These agreements provide for the Company to repurchase its products from the financing institution in the event that they have repossessed them upon a dealer's default. The risk of loss resulting from these agreements is spread over the Company's numerous dealers and is further reduced by the resale value of the products repurchased. The Company is involved in various legal proceedings which are ordinary litigations incidental to the industry and which are covered in whole or in part by insurance. Management believes that any liability which may result from these proceedings will not be significant. 4. In 1998, the Company adopted SFAS No. 131, "Disclosures about Segments of an Enterprise and Related Information". The Company has determined that its reportable segments are those that are based on the Company's method of internal reporting, which disaggregates its business by product category. The Company's two reportable segments are: Vehicles (recreational, vans and specialized), including related parts and supplies, and Housing (modular). The Company evaluates the performance of its segments and allocates resources to them based on pretax income. Differences between reported segment amounts and corresponding consolidated totals represent corporate expenses for administrative functions and costs or expenses relating to property and equipment that are not allocated to segments. The table below presents information about segments used by the chief operating decision maker of the Company for the three months ended March 31, 1999 and 1998: 7 1999 1998 Net sales: Vehicles $178,795,830 $149,582,057 Housing 32,229,595 26,055,402 Consolidated total $211,025,425 $175,637,459 Pretax income: Vehicles $ 8,995,963 $ 6,788,649 Housing 2,344,594 690,765 Other reconciling items (611,235) 1,597,001 Consolidated total $ 10,729,322 $ 9,076,415 Total assets: Vehicles $169,621,993 $149,054,900 Housing 42,510,976 35,623,340 Other reconciling items 83,717,990 89,927,130 Consolidated total $295,850,959 $274,605,370 5. Change in Accounting Principle Effective January 1, 1999, the Company adopted SOP 98-1, Accounting for Costs of Computer Software. For years beginning after December 15, 1998, SOP 98-1 requires internal and external costs incurred to develop internal-use computer software during the application development stage to be capitalized and amortized over the software's useful life. During the quarter ended March 31, 1999, the Company capitalized $782,000 of internal costs which previously would have been expensed under generally accepted accounting principles. These capitalized internal costs are related to the Company's new enterprise computer system which is currently being implemented. The effect of this change in accounting principle for the quarter ended March 31, 1999 was to increase net income by approximately $500,000, or $.03 per share (basic and diluted). 8 COACHMEN INDUSTRIES, INC. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following is management's discussion and analysis of certain Significant factors which have affected the Company's financial Condition, results of operations and cash flows during the periods Included in the accompanying condensed consolidated financial Statements. A summary of the changes in the principal items included in the Condensed consolidated statements of income is shown below. Comparison of Three Months Ended March 31, 1999 and 1998 Increases (Decreases) Amount Percentage Net sales $ 35,387,966 20.1% Cost of goods sold 31,190,941 20.5 Selling and delivery expenses 1,053,789 11.6 General and administrative expenses 197,313 2.9 Interest expense (31,372) (6.7) Investment income (781,347) (69.3) Gain on sale of properties, net (1,670) * Other, net (541,371) (62.0) Income before income taxes 1,652,907 18.2 Income taxes 735,000 26.5 Net income 917,907 14.6 * Not meaningful 9 NET SALES Consolidated net sales for the quarter ended March 31, 1999 were $211,025,425, an increase of 20.1% over the $175,637,459 reported in the same quarter of 1998. The Company's vehicle segment, which includes the parts and supply businesses, experienced a sales increase of 19.5%. Although unit and dollar sales of towable products increased from the 1998 period, unit and dollar sales of motorized products posted the largest sales gains. The Company's housing segment experienced a 23.7% increase in net sales for the quarter compared to last year's first quarter. While both the RV and housing segments were up in the number of units sold, the RV segment experienced an increase, and the housing segment a slight decrease, in the average sales price per unit. COST OF GOODS SOLD Cost of goods sold increased 20.5% or $31,190,941 for the three months ended March 31, 1999. The increase is substantially in line with the increase in net sales. Cost of goods sold as a percentage of net sales was 86.9% for the 1999 quarter and 86.7% for the 1998 quarter. While the housing segment experienced a decrease in the cost of goods sold, the overall percentage increase is attributable to an RV segment sales mix with increased motorized products, as well as, higher priced chassis due to an increase in the sale of diesels engines. In addition, this segment experienced higher labor costs, including training and other costs associated with the construction of a new motorhome production plant, which is scheduled for completion in May 1999. OPERATING EXPENSES As a percentage of net sales, operating expenses, which include selling, delivery, general and administrative expenses, were 8.1% and 9.0% for the quarters ended March 31, 1999 and 1998, respectively. Selling expenses decreased to 4.3% of net sales from 4.8% in 1998 while delivery expenses increased to .5% from .3% in the same 1998 quarter. General and administrative expenses were 3.3% of net sales for the first quarter of 1999 and 3.9% of net sales for the first quarter of 1998. The overall decrease in operating expenses as a percentage of net sales is consistent with an increase in sales due to the fixed nature of many of the expenses in this category. INTEREST EXPENSE Interest expense was $433,788 and $465,160 for the quarters ended March 31, 1999 and 1998, respectively. This decrease reflects the pay-down of long-term debt, as well as, the amount of amount of current year's increase in the cash surrender value of the Company's investment in life insurance contracts. These life insurance contracts have been purchased to fund obligations under deferred compensation agreements with executives and other key employees. The interest costs associated with deferred compensation obligations and with the borrowings against the cash value of the insurance policies are partially offset by the increases in cash surrender values. INVESTMENT INCOME Investment income decreased $781,247 for the 1999 quarter from 1998. This decrease was principally attributable to an increase in realized losses on sales of investment securities along with a $146,000 reduction 10 of interest and dividend income which resulted from less invested funds during the current quarter versus last year's first quarter. GAIN ON THE SALE OF PROPERTIES, NET The net gain on the sale of properties for the quarter ended March 31, 1999 was $3,364 while the comparative quarter in 1998 was a gain of $5,034. This classification represents the net result of the amount of gain or loss recognized upon the disposition of various small properties. OTHER, NET Other income, net, represents income of $332,075 for the 1999 first quarter and $873,446 for the 1998 first quarter. The larger amount in 1998 is principally attributed to the recognition of $762,000 of key-man life insurance proceeds during the quarter. INCOME TAXES For the first quarter ended March 31, 1999, the effective tax rate was 32.7% compared to a first quarter tax rate of 30.6% in 1998. The Company's effective tax rate fluctuates based upon the states where sales occur and also with the level of export sales. The first quarter of 1998 was also impacted by the amount of nontaxable income realized from the recognition of key-man life insurance proceeds. LIQUIDITY AND CAPITAL RESOURCES The Company generally relies on funds from operations as its primary source of liquidity. In addition, the Company maintains an unsecured committed line of credit, which totaled $30 million at March 31, 1999, to meet its seasonal working capital needs. At March 31, 1999, there were no borrowings against this line of credit. For the three months ended March 31, 1999, the major use of cash was with investing activities. The main investing activities were purchases, net of sales, of short-term investments and capital expenditures. Property and equipment acquisitions consumed cash during the quarter primarily from the construction of a motorized product manufacturing facility in Indiana, as well as, software and additional hardware requirements in connection with the Company's implementation of a new enterprise computer system. The significant use of cash in operating activities was the increase in receivables, partially offset by increases in trade payables. The negative cash flow from financing activities was primarily for cash dividends and repayment of long-term debt. At March 31, 1999, working capital increased to $141.1 million from $139.7 million at December 31, 1998. The $23.6 million increase in current assets at March 31, 1999 versus December 31, 1998, was primarily due to increased receivables. The slightly smaller increase in current liabilities of $22.2 million is substantially due to increased trade payables, accrued income taxes and other accrued liabilities. Year 2000 The Year 2000 issue relates to the way computer systems, software and some equipment define calendar dates; they could fail or make miscalculations due to interpreting a date including "00" to mean 1900, not 2000. In 1997, the Company determined that certain of its computer software was originally programmed using two digits rather than four to define the applicable year. As a result, this software could have been 11 unable to process transactions beyond December 31, 1999. If correction or replacement of the software was not completed in a timely manner, the Year 2000 issue could have a material impact on the Company's operations and could result in an interruption in, or failure of, certain normal business activities or operations. The assessment phase of the Company's software, systems and equipment began in 1997. It was initially determined that the systems most likely to be affected by the Year 2000 issue were the general accounting systems and payroll. To remedy the Year 2000 issue with regard to these areas, the Company began devoting significant resources to replace the affected software with a new enterprise computer system. It was decided that this enterprise computer system should also be implemented for the manufacturing processes. The implementation of the general accounting systems and payroll is complete as of March 31, 1999. As of this date, the implementation status for manufacturing processes is estimated to be approximately 75% complete for the vehicle segment and approximately 60% complete for the housing segment. Full testing and implementation of the new computer system for all divisions of the Company is occurring on an ongoing basis throughout 1999 and is expected to be complete in adequate time to enable proper processing of transactions throughout the Company before January 1, 2000. The Company also initiated a senior management focus team in 1998 to identify and review other possible business system failures that could occur and to assess the need for contingency plans. The focus team is in the process of determining if the Company's equipment with embedded systems is Year 2000 compliant. The focus team does not believe the Company's equipment is, for the most part, calendar-date sensitive. Nonetheless, it has initiated an inventory of all such equipment, including telecommunications equipment and facilities. Those business systems considered most critical to continued operations are being given the highest priority. The Company believes the key risk factors associated with Year 2000 are those from outside the Company that it cannot directly control, such as the readiness of its key material suppliers, dealers, customers, financial institutions and public infrastructure suppliers. The Company relies on third parties to provide goods and services necessary for the manufacture and distribution of its products. The focus team is in the process of identifying and communicating with third-party suppliers about the status of their compliance with Year 2000. As of March 31, 1999, the Company has received responses from approximatelly 75% of its critical component third-party suppliers and has received responses from approximately 50% of its non-critical component suppliers. The Company is currently determining the status of their readiness by analyzing these responses. The Company sells its products to numerous independent dealers. Management believes the risk associated with Year 2000 compliance by the dealers is minimized since the risk is spread among the dealers. Due to the uncertainty of the Year 2000 readiness of the remaining critical and non-critical third parties, the Company is currently unable to determine whether the consequences of Year 2000 failures of third parties will have a material impact on the Company's operations. While the Company is working diligently to obtain assurance from its mission critical third parties that they will be compliant, there can be no assurance that the systems of any third party on which the Company's operations rely will be timely compliant. Nevertheless, the Company does not anticipate a material impact on its operations from direct interfaces with third parties. The focus team is in the process of assessing the risk and the need to develop contingency plans to address potential disruptions that could be caused by third parties. 12 The Company believes the worst case scenario for Year 2000 issues would be the disruption or unavailability of utility services. This could hinder or stop the performance of normal business functions, such as manufacturing and selling, and might disrupt retail demand. However, due to the multiple business locations of the Company, its manufacturing facilities, and its owned and independent retail outlets, normal business functions could continue at those locations where utility disruptions or unavailability did not occur. If they do occur, it is expected they will be temporary, and some utility services may be available from remote locations, as through electric grids. The focus team is in the process of determining whether a contingency plan is feasible to mitigate worst case disruptions. The worst case scenario could include halting of production due to the inability of a single source supplier to deliver a critical product or component. The Company is implementing a contingency plan to identify replacement suppliers if a key supplier is unable to adequately assure the Company that it will be compliant, and to closely monitor inventory levels of critical components. The largest exposure appears to be the Company's interface with chassis manufacturers for order processing. The Company believes these order processing systems to be Year 2000 compliant based on statements from representatives of the companies involved. The chassis suppliers have also advised the Company that the chassis are Year 2000 compliant. Based on a review of its products by segment, vehicles and housing, the Company has determined that the products it has sold and will continue to sell should not require remediation to be Year 2000 compliant. Accordingly, the Company does not believe that the Year 2000 presents a material exposure as it relates to the Company's products. The objective of the Company and each of its operating subsidiaries is to have all of their significant business systems, including those that affect facilities and manufacturing activities, functioning properly with respect to Year 2000, before January 1, 2000. The total cost is currently estimated to be in excess of $6.5 million, of which approximately $4.7 million has been incurred as of March 31, 1999. Of the amount incurred, $.9 million has been expensed and $3.8 million has been capitalized for new systems and equipment. All costs are being funded through operating cash flows. These costs do not include any costs associated with the implementation of contingency plans. If determined to be feasible, the Company intends to create its contingency plans by September 1999. 13 PART II. OTHER INFORMATION Item 6. Exhibits and Reports on Form 8-K (a) Exhibits Exhibit 27 - Financial Data Schedule (b) Reports on Form 8-K None SIGNATURES Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. COACHMEN INDUSTRIES, INC. (Registrant) /s/ CLAIRE C. SKINNER Date: May 13, 1999 _______________________________ Claire C. Skinner, Chairman of The Board & Chief Executive Officer /s/ WILLIAM M. ANGELO Date: May 13, 1999 _______________________________ William M. Angelo, Vice President & Chief Accounting Officer 14 EX-27 2
5 This schedule contains summary financial information extracted from the consolidated statement of income and consolidated balance sheet and is qualified in its entirety by reference to such financial statements. 0000021212 COACHMEN INDUSTRIES, INC. 1000 3-MOS DEC-31-1999 MAR-31-1999 20,361 32,167 51,774 1,135 95,322 208,992 109,942 43,067 295,851 67,875 8,966 56,606 0 0 155,934 295,851 211,025 211,025 183,452 200,544 (248) 345 434 10,729 3,512 7,217 0 0 0 7,217 .43 .43
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