10-Q 1 r10q0201.txt 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 June 30, 2001 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) 2831 Dexter Drive, 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 July 31, 2001: Common Shares, without par value 15,862,776 shares outstanding including an equivalent number of common share purchase rights. COACHMEN INDUSTRIES, INC. INDEX Page No. PART I. FINANCIAL INFORMATION Financial Statements: Condensed Consolidated Balance Sheets- June 30, 2001 and December 31, 2000 4-5 Condensed Consolidated Statements of Operations- Three and Six Months Ended June 30, 2001 and 2000 6 Condensed Consolidated Statements of Cash Flows- Six Months Ended June 30, 2001 and 2000 7 Notes to Condensed Consolidated Financial Statements 8-11 Management's Discussion and Analysis of Financial Condition and Results of Operations 12-15 PART II. OTHER INFORMATION Item 4. Submission of Matters to a Vote of Security Holders 16 Item 6. Exhibits and Reports on Form 8-K 16 SIGNATURES 17 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 and price 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; the functioning of the Company's information technology systems, which can impact the Company's day-to-day operations; changing government regulations, such as those covering accounting standards, environmental matters or product warranties and recalls, which may affect costs of operations, revenues, product acceptance and profitability; legislation governing the relationships of the Company with its recreational vehicle dealers, which may affect the Company's options and liabilities in the event of a general economic downturn; the impact of economic uncertainty on high-cost discretionary product purchases; and also on the state of the recreational vehicle and modular housing and building 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 profitability whether there are or are not increased sales. At times, the Company's actual performance differs materially from its projections and estimates regarding the economy, the recreational vehicle industry, the housing and building 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. For further discussion of the elements involved in the Report, see the Company's most recent Annual Report or Form 10-K. COACHMEN INDUSTRIES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) JUNE 30, DECEMBER 31, 2001 2000 ASSETS CURRENT ASSETS Cash and temporary cash investments $ 25,098 $ 2,614 Marketable securities 13,987 18,737 Trade receivables, less allowance for doubtful receivables 2001 - $1,235 and 2000 - $1,066 27,497 37,743 Other receivables 3,008 2,336 Refundable income taxes 2,108 4,600 Inventories 86,514 97,315 Prepaid expenses and other 3,222 2,221 Deferred income taxes 9,077 8,384 Total current assets 170,511 173,950 PROPERTY AND EQUIPMENT, at cost 142,168 139,029 Less, Accumulated depreciation 57,684 54,866 Property and equipment, net 84,484 84,163 INTANGIBLES, net of accumulated amortization 2001 - $1,474 and 2000 - $917 19,087 15,983 OTHER 28,663 22,350 TOTAL ASSETS $302,745 $296,446 The accompanying notes are part of the condensed consolidated financial statements. COACHMEN INDUSTRIES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) JUNE 30, DECEMBER 31, 2001 2000 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Current maturities of long-term debt $ 865 $ 865 Accounts payable, trade 20,310 24,015 Accrued income taxes 269 845 Accrued expenses and other liabilities 39,667 31,988 Total current liabilities 61,111 57,713 LONG-TERM DEBT 19,945 11,795 DEFERRED INCOME TAXES 3,349 3,370 OTHER 8,580 8,619 TOTAL LIABILITIES 92,985 81,497 SHAREHOLDERS' EQUITY Common shares, without par value: authorized 60,000 shares; issued 2001 - 21,033 shares and 2000 - 21,020 shares 90,966 90,861 Additional paid-in capital 5,692 5,563 Accumulated other comprehensive net loss (1,206) Retained earnings 164,671 169,766 Treasury shares, at cost: 2001 - 5,186 Shares and 1999 - 5,317 shares (50,363) (51,241) TOTAL SHAREHOLDERS' EQUITY 209,760 214,949 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $302,745 $296,446 The accompanying notes are part of the condensed consolidated financial statements. COACHMEN INDUSTRIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts) THREE MONTHS SIX MONTHS ENDED JUNE 30, ENDED JUNE 30, 2001 2000 2001 2000 Net sales $162,359 $194,699 $315,283 $395,911 Cost of sales 134,300 164,184 271,102 335,246 Gross profit 28,059 30,515 44,181 60,665 Operating expenses: Delivery 8,500 8,352 16,343 16,633 Selling 7,210 8,707 14,101 16,314 General and administrative 8,870 7,974 17,685 15,792 Total operating expenses 24,580 25,033 48,129 48,739 Operating income (loss) 3,479 5,482 (3,948) 11,926 Nonoperating income (expense): Interest expense (977) (626) (1,551) (1,055) Investment income (loss) (41) 388 111 261 Gain on sale of properties, net 67 6 62 36 Other income (expense), net (281) 105 (219) 387 Total nonoperating (Expense), net (1,232) (127) (1,597) (371) Income (loss) before income taxes 2,247 5,355 (5,545) 11,555 Income taxes 823 1,655 (2,029) 3,825 Net income (loss) $ 1,424 $ 3,700 $ (3,516) $ 7,730 Earnings (loss) per common share: Basic $ .09 $ .24 $ (.22) $ .50 Diluted $ .09 $ .24 $ (.22) $ .50 Number of common shares used in the computation of earnings (loss) per common share: Basic 15,778 15,566 15,773 15,559 Diluted 15,855 15,581 15,773 15,571 Cash dividends per common share $ .05 $ .05 $ .10 $ .10 The accompanying notes are part of the condensed consolidated financial statements. COACHMEN INDUSTRIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) SIX MONTHS ENDED JUNE 30, 2001 2000 CASH FLOWS FROM OPERATING ACTIVITIES Net cash provided by operating activities $ 27,568 $ 12,982 CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from: Sale of marketable securities 30,251 72,844 Sale of properties 105 79 Sale of businesses - 2,351 Acquisitions of: Marketable securities (27,993) (62,794) Property and equipment (3,093) (6,497) Businesses, net of cash acquired (7,273) (7,201) Other 490 866 Net cash (used in) investing activities (7,513) (352) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from long-term debt 13,500 - Payments of long-term debt (10,017) (1,796) Issuance of common shares under stock option and stock purchase plans 525 320 Tax benefit from stock options exercised - 71 Cash dividends paid (1,579) (1,559) Net cash provided by (used in) financing activities 2,429 (2,964) Increase(decrease)in cash and temporary cash investments 22,484 9,666 CASH AND TEMPORARY CASH INVESTMENTS Beginning of period 2,614 4,269 End of period $ 25,098 $ 13,935 The accompanying notes are part of the condensed consolidated financial statements. COACHMEN INDUSTRIES, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (in thousands) 1. BASIS OF PRESENTATION The consolidated balance sheet data at December 31, 2000 was derived from audited financial statements, but does not include all disclosures required by generally accepted accounting principles. 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 and six-month periods ended June 30, 2001 are not necessarily indicative of the results to be expected for the full year. 2. SEGMENT 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: Recreational Vehicles, including related parts and supplies, and Modular Housing and Building. 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 and six month periods ended June 30, 2001 and 2000: Three Months Six Months Ended June 30, Ended June 30, 2001 2000 2001 2000 Net sales: Recreational vehicles $ 93,914 $148,815 $200,178 $311,259 Modular housing and building 68,445 45,884 115,105 84,652 Consolidated total $162,359 $194,699 $315,283 $395,911 Pretax income (loss): Recreational vehicles $ (1,998) $ 3,096 $ (7,509) $ 8,963 Modular housing and building 5,723 4,173 6,198 6,027 Other reconciling items _ (1,478) (1,914) (4,234) (3,435) Consolidated total $ 2,247 $ 5,355 $ (5,545) $ 11,555 June 30, December 31, 2001 2000 Total assets: Recreational vehicles $ 95,893 $139,383 Modular housing and building 110,753 100,340 Other reconciling items 96,099 56,723 Consolidated total $302,745 $296,446 3. INVENTORIES Inventories consist of the following: June 30, December 31, 2001 2000 Raw materials $ 23,527 $ 35,963 Work in process 13,013 8,244 Finished goods 49,974 53,108 Total $ 86,514 $ 97,315 4. EARNINGS PER SHARE Basic earnings per share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding plus the dilutive effect of stock options and stock awards. The dilutive effect of stock options and awards did not enter into the computation of diluted earnings per share for the six months ended June 30, 2001, because their inclusion would have been antidilutive. The sum of quarterly earnings per share for the two quarters may not equal year-to-date earnings per share due to rounding and changes in the diluted potential common shares. 5. COMPREHENSIVE INCOME Other comprehensive loss represents unrealized depreciation of available-for-sale securities, net of deferred income taxes. Other comprehensive loss was $(190) and $(1,206) for the 2001 second quarter and six months, respectively. There was no other comprehensive income recorded for the quarter or six months ended June 30, 2000. Total comprehensive income (loss) combines reported net income (loss) and other comprehensive loss. Total comprehensive income (loss) for the quarters ended June 30, 2001 and 2000 was $1,234 and $3,700, respectively, and $(4,722) and $7,730 for the six months ended June 30, 2001 and 2000, respectively. 6. COMMITMENTS AND CONTINGENCIES The Company was contingently liable at June 30, 2001 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. Historically, the Company has not experienced significant losses under these agreements. However, in the fourth quarter of 2000 and continuing to a lesser extent through the second quarter of 2001, as a result of business conditions affecting the recreational vehicle industry, the Company experienced losses under repurchase agreements. Accordingly, the Company is recording an accrual for estimated losses under repurchase agreements. 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 the ultimate outcome of these matters and any liabilities in excess of insurance coverage and self-insurance accruals will not have a material adverse impact on the Company's consolidated financial position or on its future business operations. 7. ACQUISITION OF A BUSINESS On February 12, 2001, the Company acquired all of the issued and outstanding shares of capital stock of Kan Build, Inc. ("Kan Build"), a manufacturer of modular buildings with facilities in Osage City, Kansas; Loveland, Colorado; and a new plant under construction in Millikin, Colorado. The purchase price aggregated $21.6 million and consisted of $8.9 million cash paid at closing and the assumption of $12.7 million of liabilities. The excess of purchase price over fair value of assets acquired ("goodwill"), which approximated $3.7 million, is being amortized on a straight- line basis over 20 years. The acquisition was accounted for as a purchase and the operating results of Kan Build are included in the Company's consolidated financial statements from the date of acquisition. During the second quarter of 2001, all manufacturing operations in the Loveland, Colorado facility were relocated to the newly constructed facility in Millikin, Colorado. The lease on the Loveland, Colorado facility was subsequently terminated. Unaudited pro forma financial information as if this acquisition had occurred at the beginning of each period is as follows: Six Months Ended June 30, 2001 2000 Net sales $318,806 $410,103 Net income (loss) (3,494) 8,287 Earnings (loss) per share: Basic $ (.22) $ .53 Diluted (.22) .53 8. NEW AND PENDING ACCOUNTING PRONOUNCEMENTS Effective January 1, 2001, the Company adopted two new accounting pronouncements of the Emerging Issues Task Force ("EITF") of the Financial Accounting Standards Board ("FASB"). EITF 00-10, "Accounting for Shipping and Handling Fees and Costs," requires freight billed to customers to be considered as sales revenue. Previously, the Company netted freight billed to customers against delivery expenses. EITF 00-22, "Accounting for Points and Certain Time or Volume-Based Sales Incentive Offers...," requires certain volume-based sales rebates to be netted against sales revenue. Previously, the Company included such rebates in selling expenses. Net sales, delivery expenses and selling expenses for prior periods have been restated to conform with the current presentation. The adoption of these two new EITF pronouncements had no impact on net income. In June 2001, the FASB issued Statement of Financial Accounting Standards ("SFAS") No. 142, "Goodwill and Other Intangible Assets." Under SFAS No. 142, goodwill and other intangible assets that have indefinite useful lives will not be amortized but rather will be tested at least annually for impairment. The provisions of SFAS No. 142 are required to be applied starting with fiscal years beginning after December 15, 2001 and, accordingly, the Company will adopt SFAS No. 142 for its fiscal year commencing January 1, 2002. The Company has not made a determination as to the effect of adopting SFAS No. 142. COACHMEN INDUSTRIES, INC. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (in thousands, except per share amounts) 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 Six Months Ended June 30, 2001 and 2000 Increases (Decreases) Amount Percentage Amount Percentage Net sales $ (32,340) (16.6)% $(80,628) (20.4)% Cost of sales (29,884) (18.2) (64,144) (19.1) Delivery expense 148 1.8 (290) (1.7) Selling expenses (1,497) (17.2) (2,213) (13.6) General and administrative expenses 896 11.2 1,893 12.0 Interest expense 351 56.1 496 47.0 Investment income (429) n/m (150) n/m Gain on sale of properties, net 61 n/m 26 n/m Other income, net (386) n/m (606) n/m Income (loss) before income taxes (3,108) (58.0) (17,100) (148.0) Income taxes (832) (50.3) (5,854) (153.0) Net income (loss) (2,276) (61.5) (11,246) (145.5) n/m - not meaningful NET SALES Consolidated net sales for the quarter ended June 30, 2001 were $162.4 million, a decrease of 16.6% from the $194.7 million reported for the corresponding quarter last year. Net sales for the six months were $315.3 million, representing a decrease of 20.4% from the $395.9 million reported for the same period in 2000. The Company's recreational vehicle segment experienced a net sales decrease of 36.9% for the quarter and a decrease of 35.7% for the six months. Both the motorized and towable products had decreases in the number of units and sales dollars from the 2000 periods reflecting a continuing industry-wide softness in the recreational vehicle industry during the three and six month comparable periods. After adjustments for sold or discontinued RV operations, sales for 2000 were $128.3 million for the second quarter and $276.8 million for the first six months of the year. The Company's modular housing and building segment experienced a net sales increase for the 2001 quarter of 49.2% and 36.0% for the six months. This increase was principally attributable to net sales of acquired businesses during the past twelve-month period. COST OF SALES Cost of sales decreased 18.2% or $29.9 million for the three months and 19.1% or $64.1 million for the six months ended June 30, 2001. The decrease for the quarter is greater than the decrease in net sales while the decrease for the six months is less than the decrease in net sales for the corresponding period. As a percentage of sales, cost of sales decreased 1.6 percentage points and increased 1.3 percentage points for the quarter and six months, respectively, from the comparable prior year periods. The most recent quarter was favorably impacted by cost cutting efforts, particularly in the recreational vehicle segment and book to physical inventory adjustments, particularly in the modular housing and building segment. Several recreational vehicle manufacturing facilities were consolidated during the most recent six months with anticipation of improving the utilization of the remaining facilities. OPERATING EXPENSES As a percentage of net sales, operating expenses, which include delivery, selling, general and administrative expenses, were 15.1% and 15.3% for the 2001 quarter and six months compared to 12.9% and 12.3% for the quarter and six months of 2000. As a percentage of net sales, delivery expenses increased by .9 percentage points for the three months and 1.0 percentage points for the six months compared to the prior year three and six month periods. This increase was mainly attributable to higher fuel costs and fuel surcharges from outside carriers. In addition, as a result of lower sales volume in the current periods, there was less efficient utilization of Company-owned transportation equipment. Selling expenses, at 4.4% of net sales for the quarter ended June 30, 2001, were approximately the same when compared to the second quarter of the previous year. For the six month period, selling expenses in 2001, as a percentage of net sales of 4.5%, were .4 percentage points higher than the 4.1% in 2000. While total dollars spent were down 13.6% for the six month period, revenue declined 20.4%. General and administrative expenses were 5.5% of net sales for the second quarter compared to 4.1% for the 2000 corresponding quarter and 5.6% of net sales for the six month period compared to 4.0% for 2000. These increases in both the quarter and six month periods were primarily the result of goodwill amortization for companies acquired during the past twelve month period, which were not included in last year's results for the first six months. INTEREST EXPENSE Interest expense was $977 and $1,551 for the three and six month periods in 2001 compared to $626 and $1,055 in the same periods last year. Interest expense varies with the amount of long-term debt and the increase in cash surrender value for the Company's investment in life insurance contracts. These life insurance contracts were 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. The increase in interest expense is primarily the result of borrowing for the Kan Build acquisition and Industrial Revenue Bonds assumed in the acquisitions of Mod-U-Kraf Homes, Inc. and Miller Building Systems, Inc. during 2000. INVESTMENT INCOME (LOSS) There was an investment loss of $41 for the quarter ended June 30, 2001 compared to investment income of $388 for the second quarter of 2000. For the six month period, investment income in 2001 of $111 is 57.5% less than the $261 of investment income from the previous year. This decrease in investment income is principally attributable to realized losses incurred from the sale of preferred stocks of certain utility companies as well as a reduction of interest income resulting from lower interest rates during the 2001 periods. GAIN ON THE SALE OF PROPERTIES, NET There was a net gain on the sale of properties for the second quarter of 2001 of $67 compared with a gain of $6 in the same quarter of 2000. The net gain on the sale of properties for the first six months of 2001 and 2000 was $62 and $36, respectively. This classification represents the net result of the amount of gain or loss recognized upon the disposition of various small properties. OTHER INCOME, NET Other income, net, represents an expense of $281 for the second quarter and $219 for the six months compared to income of $105 and $387 for the 2000 second quarter and six months, respectively. The most significant item was a $400 charge recorded in the current quarter to write-down the carrying value of Georgia property held for sale. The property was written-down to its estimated fair value based on its sale subsequent to June 30, 2001. INCOME TAXES For the second quarter and six months ended June 30, 2001, the effective tax rate was 36.6% compared with a second quarter and 2000 year-to-date effective tax rate of 30.9% and 33.1%, respectively. The Company's effective tax rate fluctuates based upon the states where sales occur, with the level of export sales, and also with the amount of nontaxable dividend income on investments. LIQUIDITY AND CAPITAL RESOURCES The Company generally relies on funds from operations as its primary source of liquidity. In addition, the Company maintains a $50 million unsecured bank line of credit to meet its seasonal working capital needs. At June 30, 2001, there was $8.5 million borrowed against this line of credit. For the six months ended June 30, 2001, the major source of cash was from operating activities. Net cash provided by operating activities aggregated $27,568 and $12,982 for the six months ended June 30, 2001 and 2000, respectively. The significant items in operating activities for the six months ended June 30, 2001 were depreciation, a decrease in trade accounts receivable, a decrease in inventories and an increase in accrued expenses. The positive cash flow from these items was partially offset by the net loss and a decrease in accounts payable. The cash used in investing activities included the purchase of Kan Build and the acquisition of property and equipment. The cash provided by financing activities consisted of proceeds from long-term debt (used to fund the purchase of Kan Build), partially offset by cash dividends paid and the repayment of long-term debt. At June 30, 2001, working capital decreased to $109.4 million from the $116.2 million at December 31, 2000. The $3.5 million decrease in current assets at June 30, 2001 versus December 31, 2000, was primarily due to decreases in trade accounts receivable and inventories. This was mostly offset by increases in cash and marketable securities which increased $17.7 million during the six month period. The increase in current liabilities of $3.4 million is primarily due to customer deposits offset partially by a decrease in accounts payable. PART II. OTHER INFORMATION Item 4. Submission of Matters to a Vote of Security Holders a) The annual meeting of the shareholders of Coachmen Industries, Inc. was held on May 3, 2001. b) The following nominees were elected Directors for a one-year term: Claire C. Skinner Thomas H. Corson Keith D. Corson Fredrick M. Miller William P. Johnson Philip G. Lux Edwin W. Miller Robert J. Deputy Donald W. Hudler Geoffrey B. Bloom c) The tabulation of votes for each Director nominee was as follows: For Withheld Election of Directors: Claire C. Skinner 14,623,142 153,744 Thomas H. Corson 14,622,722 154,164 Keith D. Corson 14,622,922 153,964 Fredrick M. Miller 14,623,322 153,564 William P. Johnson 14,623,322 153,564 Philip G. Lux 14,622,705 154,181 Edwin W. Miller 14,623,322 153,564 Robert J. Deputy 14,623,322 153,564 Donald W. Hudler 14,622,922 153,964 Geoffrey B. Bloom 14,623,322 153,564 Item 6. Exhibits and Reports on Form 8-K (a) Exhibits None (b) Reports on Form 8-K during the quarter ended June 30, 2001 Form 8-K, dated May 7, 2001, reporting an Item 5 event (a press release announcing first quarter results and declaring 75th consecutive quarterly dividend). Form 8-K, dated June 19, 2001, reporting an Item 5 event (a press release regarding appointment of Chief Financial Officer and Senior Vice President of Human Resources). 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) Date: August 13, 2001 _____________________________________ Joseph P. Tomczak, Executive Vice President and Chief Financial Officer Date: August 13, 2001 _____________________________________ Gary L. Near, Vice President and Controller 1 16