-----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, CMRVn40Qr6arj8vZYqjHywvdJMg3YxztzuJjPGBmg+tqK6iq7XRhGuUls0yCv70/ dAK2FOwX6zwozto2AvCgaQ== 0000021212-06-000067.txt : 20060629 0000021212-06-000067.hdr.sgml : 20060629 20060629111948 ACCESSION NUMBER: 0000021212-06-000067 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20051231 FILED AS OF DATE: 20060629 DATE AS OF CHANGE: 20060629 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: 11-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-07160 FILM NUMBER: 06932214 BUSINESS ADDRESS: STREET 1: 2831 DEXTER DRIVE CITY: ELKHART STATE: IN ZIP: 46514 BUSINESS PHONE: 5742620123 MAIL ADDRESS: STREET 1: PO BOX 3300 STREET 2: 2831 DEXTER DRIVE CITY: ELKHART STATE: IN ZIP: 46515 11-K 1 form_11k12312005.htm 12/31/2005 FORM 11-K 12/31/2005 Form 11-K
 


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

_________________________
 
FORM 11-K
__________________________


(Mark One)

[X] Annual report pursuant to Section 15(d) of the Securities Exchange Act of 1934
 
For the fiscal year ended December 31, 2005

OR

[   ] Transition Report pursuant to Section 15(d) of the Securities Exchange Act of 1934

For the transition period from _____ to _____
Commission file number 001-07160

A. Full title of the plan and the address of the plan, if different from that of the issuer named below:

COACHMEN INDUSTRIES, INC.
RETIREMENT PLAN AND TRUST

B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

Coachmen Industries, Inc.
2831 Dexter Drive
Elkhart, Indiana 46514
 
 
 
 
 
 
RETIREMENT PLAN AND TRUST
Elkhart, Indiana

Financial Statements and Supplemental Schedule
December 31, 2005 and 2004


 
CONTENTS


 
 


 
 


 
 
Plan Administrator
Coachmen Industries, Inc. Retirement Plan and Trust
Elkhart, Indiana
 

We have audited the accompanying statements of net assets available for benefits of the Coachmen Industries, Inc. Retirement Plan and Trust (the "Plan") as of December 31, 2005 and 2004, and the related statements of changes in net assets available for benefits for the years then ended. These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2005 and 2004, and the changes in net assets available for benefits for the years then ended in conformity with U.S. generally accepted accounting principles.

Our audit of the 2005 financial statements was conducted for the purpose of forming an opinion on the basic 2005 financial statements taken as a whole. The supplemental Schedule H, Line 4i - Schedule of Assets (Held at End of Year) as of December 31, 2005 is presented for the purpose of additional analysis and is not a required part of the basic financial statements but is supplementary information required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplemental schedule is the responsibility of the Plan’s management. The supplemental schedule has been subjected to the auditing procedures applied in the audit of the basic 2005 financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic 2005 financial statements taken as a whole.



/s/ Crowe Chizek and Company LLC




South Bend, Indiana
June 27, 2006



- 1 -
 
Statements of Net Assets Available for Benefits

                                                                  
 
 
 December 31,
 
 
 
2005
  
 
2004
 
 
 
 
    
 
 
  
 
Assets
 
 
    
 
 
  
 
Investments (Note 3)
 
$
28,055,792
  
 
$
26,798,614
 
Accrued investment income
 
 
 
  
 
 
4,687
 
Contributions receivable
 
 
    
 
 
  
 
    Employee
 
 
98,155
 
 
 
63,812
 
    Employer
 
 
31,242
 
 
 
19,131
 
Loans receivable
   
999,642
       5,425  
Cash
 
 
-
 
 
 
803
 
 
 
 
    
 
 
  
 
Net assets available for benefits
 
$
29,184,831
 
 
$
26,892,472
 

 
 
 
See accompanying notes to financial statements.

 
 
- 2 -
 
Statements of Changes in Net Assets Available for Benefits

 
                                                           
 
 
  Years Ended December 31,
 
 
 
2005
  
 
2004 
 
 
 
 
  
 
 
 
Additions to net assets attributed to:
 
 
  
 
 
 
Interest and dividends
 
$
515,626
  
 
$
300,489
 
Net appreciation (depreciation) in fair value of investments
 
 
(79,900
 ) 
 
 
1,971,143
 
KanBuild transfer (Note 1)
    
899,288
          
Contributions
 
 
    
 
 
  
 
Employee
 
 
3,956,153
  
 
 
3,973,049
 
Employer
 
 
1,216,671
  
 
 
1,262,930
 
Rollovers
 
 
154,710
  
 
 
95,646
 
 
 
 
5,327,534
  
 
 
5,331,625
 
Total additions
 
 
6,662,548
  
 
 
7,603,257
 
 
 
 
    
 
 
  
 
Deductions from net assets attributed to:
 
 
    
 
 
  
 
Benefits paid to participants
 
 
4,333,392
  
 
 
2,576,062
 
Administrative expenses
 
 
36,797
  
 
 
13,328
 
Total deductions
 
 
4,370,189
  
 
 
2,589,390
 
 
 
 
    
 
 
  
 
Net increase
 
 
2,292,359
  
 
 
5,013,867
 
 
 
 
    
 
 
  
 
Net assets available for benefits
 
 
    
 
 
  
 
Beginning of year
 
 
26,892,472
  
 
 
21,878,605
 
 
 
 
    
 
 
  
 
End of year
 
$
29,184,831
 
 
$
26,892,472
 

 

 
 
See accompanying notes to financial statements.

 
 
- 3 -
 
    Notes to Financial Statements
    December 31, 2005 and 2004


     1.   PLAN DESCRIPTION
 
The following description of the Coachmen Industries, Inc. Retirement Plan and Trust (the “Plan”) provides only general information. Participants should refer to the Plan agreement for a more complete description of the Plan's provisions.

General: The Plan is a defined contribution plan covering all full-time employees of Coachmen Industries, Inc. and its subsidiaries (individually and collectively referred to as the "Company" or "Employer") who have three months of service (six months from July 1, 2004 through December 31, 2004 and one year of service prior to July 1, 2004) and are 18 years of age, except those employees covered under a collective bargaining agreement. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 ("ERISA").

Effective November 1, 2002, employees of a wholly owned subsidiary, which was acquired in 2001, were allowed to contribute to the Plan. Effective January 1, 2005, the net assets of the plan of the acquired company, which aggregated $899,288, were transferred into the Plan.

Contributions: The Company can make matching and discretionary profit sharing contributions to the Plan as determined by management of the Company. Contributions may be made in either cash or Coachmen Industries, Inc. common stock. Twenty-five percent (25%) of the Employer match is restricted to Employer stock and cannot be sold until age 55; at that time 20% per year can be sold. Effective January 1, 2005, the restriction of the Employer match to Employer stock was removed, as a result participants are able to reallocate amounts that were previously employer directed. Participants may contribute up to 50% of their annual compensation to the Plan (20% of their annual compensation for contributions prior to January 1, 2005), not to exceed limits established by the Internal Revenue Service. Participants who qualify may also make annual catch-up contributions to the Plan. Participant contributions and any non-restricted Employer contributions are invested in various funds available to the Plan as directed by the participants. Profit sharing contributions are allocated to participants based on compensation.

Participant Accounts: Each participant's account is credited with the participant's contributions and an allocation of (a) the Company's contribution and (b) Plan earnings, net of administrative expenses. Allocations of the Company's contributions are based on annual compensation. Allocations of Plan earnings are based on account balances, as defined. The benefit to which a participant is entitled is the benefit that can be provided from the participant's account. Prior to January 1, 2005, the Plan did not allow for participant loans, however, participant loans of merged plans, outstanding as of the effective dates of the mergers, were allowed as investments of the Plan until paid in full. Participants pay interest on these loans at a fixed rate based on the prime rate at the time of loan origination, which is credited to the participant’s account. The loans are collateralized by the participant’s vested account balance. Effective January 1, 2005, the Plan was amended to permit participant loans.

Loan Provisions: Beginning January 1, 2005, participants may borrow from their fund accounts a minimum of $1,000 up to a maximum of $50,000 or 50 percent of the participant vested account balance, whichever is less. The loans are secured by the balance in the participant’s account and bear interest at rates which are commensurate with local prevailing rates as determined by the Plan administrator. 

Vesting: Participants are immediately vested in their voluntary contributions plus actual earnings therein. Vesting in the remainder of their accounts is based on years of credited service. A participant is 20% vested after the first year with an additional 20% vesting each year thereafter until fully vested. Participants become 100% vested in the event of death, disability or retirement at the normal retirement date.

Payment of Benefits: Upon termination of service, a participant may elect to receive a lump-sum amount equal to the value of his or her account. Included in net assets available for benefits are amounts allocated to individuals who have elected to withdraw from the Plan but have not been paid. Amounts allocated to these individuals aggregated $33,772 and $14,130 at December 31, 2005 and 2004, respectively.


 
- 4 -
 
Coachmen Industries, Inc. Retirement Plan and Trust
Notes to Financial Statements
December 31, 2005 and 2004
 
 
1.     PLAN DESCRIPTION, Continued

Forfeitures: Upon termination, participant nonvested amounts are forfeited to the Plan and are used to reduce future Employer matching contributions. As of December 31, 2005 and 2004, there were $44,394 and $27,412, respectively, of forfeitures available to reduce future Employer contributions. During the years ended December 31, 2005 and 2004, $25,275 and $27,401, respectively, of forfeitures were used to reduce Employer matching contributions.


2.     ACCOUNTING POLICIES

The following is a summary of the significant accounting policies followed in the preparation of the Plan's financial statements:

Basis of Accounting: The financial statements are prepared using the accrual basis of accounting.

Valuation of Investments: Investments are reported at fair value. The fair values of investments in mutual funds and Coachmen Industries, Inc. common stock are determined by quoted market prices. The fair value of investments in common collective trust funds are based upon the net asset values of the funds, as reported by the custodian. Participant loans are valued at cost which approximates fair value. Purchases and sales of securities are recorded on a trade-date basis. The cost of investments sold is determined using the average cost method.

The Plan presents in its statements of changes in net assets available for benefits the net appreciation (depreciation) in the fair value of its investments, which consists of realized gains or losses and unrealized appreciation (depreciation) on those investments.

Contributions: Contributions from employees, including any related Employer matching contributions, are recorded in the period the Employer withholds payroll deductions from Plan participants.

Payment of Benefits: Benefits are recorded when paid.

Use of Estimates in the Preparation of Financial Statements: The preparation of financial statements in conformity with U.S. (United States) generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of additions to and deductions from net assets available for benefits during the reporting period. Actual results could differ from those estimates.

Risks and Uncertainties: The Plan provides for various investment options in any combination of Coachmen Industries, Inc. common stock, common collective trust funds and mutual funds. The underlying investment securities are exposed to various risks, such as interest rate, market and credit. Due to the level of risk associated with certain investment securities and the level of uncertainty related to changes in the value of investment securities, it is at least reasonably possible that changes in risks in the near term could materially affect participants' account balances and the amounts reported in the statements of net assets available for benefits and the statements of changes in net assets available for benefits.

 
 
- 5 -
 
Coachmen Industries, Inc. Retirement Plan and Trust
Notes to Financial Statements
December 31, 2005 and 2004


3.     INVESTMENTS

The following investments, at fair value, were 5% or more of the Plan's net assets at December 31, 2005 and 2004:

 
 
2005
    
2004
 
 
 
 
      
 
  
 
ABN AMRO Growth "N" Fund
 
 $
5,332,384
    
 $
5,263,440
 
ABN AMRO Income Plus Fund
 
 
3,441,282
    
 
3,836,092
 
ABN AMRO Veredus Aggressive Growth Fund
 
 
3,820,497
   
 
3,880,090
 
Janus Balanced Fund
 
 
-
   
 
2,812,675
 
Pimco Total Return Fund
 
 
2,459,167
   
 
2,041,725
 
ABN AMRO S&P 500 Index Fund
 
 
2,228,939
   
 
2,209,089
 
Coachmen Industries, Inc. common stock
 
 
1,061,182
   
 
1,754,645
 
Dodge & Cox Stock Fund
 
 
2,984,812
   
 
2,175,962
 
Putnam International Growth Fund
 
 
-
   
 
1,395,915
 
Julius Baer International Equity Fund
    
2,339,524
      
263,448
  
American Balanced Fund
   
3,525,339
      
439,394
  

During the years ended December 31, 2005 and 2004, the Plan's investments (including investments bought, sold, and held during the year) appreciated (depreciated) in value as follows:

 
 
 2005
 
  
 2004
 
 
 
 
 
  
 
 
Mutual funds
 
$
242,507
 
  
$
1,623,009
 
Common trust funds
 
 
239,587
 
  
 
338,245
 
Coachmen Industries, Inc. common stock
 
 
(561,994
)
  
 
9,889
 
 
 
 
  
 
  
 
  
 
 
 
$
(79,900
)
  
$
1,971,143
 

The 2004 nonparticipant directed investments of the Plan resulting from the first 25% of the Employer matching contribution are commingled with other participant directed investments in the ABN AMRO Income Plus Fund, ABN AMRO Investor Money Market Fund and the Coachmen Industries, Inc. common stock. The Plan is unable to separately account for the nonparticipant directed portions of these funds. Accordingly, the information presented below reflects the aggregate balances and activity in the ABN AMRO Income Plus Fund, ABN AMRO Investor Money Market Fund and the Coachmen Industries, Inc. common stock which contain 100% of the 2004 nonparticipant directed net assets of the Plan. Effective January 1, 2005, the restriction of the Employer match to Employer stock was removed and all investments are now 100% participant directed.

 
 
- 6 -
 
Coachmen Industries, Inc. Retirement Plan and Trust
Notes to Financial Statements
December 31, 2005 and 2004


3.     INVESTMENTS, Continued

During 2004 and prior, twenty-five percent (25%) of the Employer match was restricted to Employer stock and could not be sold until age 55; at that time 20% per year could be sold. Effective January 1, 2005, the restriction of the Employer match to Employer stock was removed and prior year matches of Employer stock are free of any time restrictions. Information about the net assets available for benefits as of December 31, 2004, and the significant components of the changes in net assets available for benefits for the year then ended, relating to the partially nonparticipant-directed investments was as follows:

             
December 31,
  
 
 
          
2004
 
Net Assets Available for Benefits:
 
        
 
 
 
Coachmen Industries, Inc. common stock
 
        
 
$
1,754,645
 
Common trust fund
 
        
 
 
3,836,092
 
Money market fund
 
        
 
 
33,496
 
 
 
        
 
$
5,624,233
 


 
 
 
 
 
 
December 31,
  
           
2004
  
Change in Net Assets Available for Benefits:
                
Contributions
           $ 
962,213
  
Net appreciation in fair value of investments
            
140,685
  
Benefits paid to participants
            
(623,159
 ) 
Other
            
2,960
  
            $ 
483,099
  
 
 
4.     PLAN TERMINATION

Although it has not expressed any intent to do so, the Company has the right under the Plan to terminate the Plan subject to the provisions of the Internal Revenue Code (“IRC”) and ERISA. In the event of Plan termination, participants will become fully vested in their accounts.


5.     TAX STATUS AND REPORTING

The Plan, which the Company has adopted, is a prototype non-standardized profit sharing plan and the Internal Revenue Service has determined and informed the sponsor of the prototype by a letter dated November 27, 2001 that the prototype plan is designed in accordance with applicable sections of the IRC. Although the Plan has been amended, the Company believes that the Plan is currently designed and operated in compliance with the applicable requirements of the IRC.

 
 
- 7 -
 
Coachmen Industries, Inc. Retirement Plan and Trust
Notes to Financial Statements
December 31, 2005 and 2004


5.     TAX STATUS AND REPORTING, Continued
 
The following is a reconciliation of net assets available for benefits per the accompanying financial statements at December 31, 2005 and 2004 to Form 5500:

 
 
2005
 
  
2004
 
Net assets available for benefits per the financial statements
 
$
29,184,831
 
  
$
26,892,472
 
Amounts allocated to withdrawing participants
      -        (14,130 ) 
Certain deemed distributions of participant loans
 
 
(2,164
)
  
 
-
 
Net assets available for benefits per the Form 5500
 
$
29,182,667
 
  
$
26,878,342
 

The following is a reconciliation of benefits paid to participants per the accompanying financial statements for the years ended December 31, 2005 and 2004 to Form 5500:

 
 
2005
 
  
2004
 
Benefits paid to participants per the financial statements
 
$
4,333,392
 
  
$
2,576,062
 
Add:
 
 
 
 
  
 
 
 
Amounts allocated to withdrawing participants, current year
 
 
-
 
  
 
14,130
 
Amounts allocated to certain deemed distributions of participant loans, current year
     2,164        -  
Less:
 
 
 
 
  
 
 
 
Amounts allocated to withdrawing participants, prior year
 
 
(14,130
)
  
 
(28,104
)
 
 
 
 
 
  
 
 
 
Benefits paid to participants per Form 5500
 
$
4,321,426
 
  
$
2,562,088
 


6.     PARTIES-IN-INTEREST TRANSACTIONS

Parties-in-interest are defined under Department of Labor regulations as any fiduciary of the Plan, any party rendering service to the Plan, the Employer and certain others. The Company provides certain accounting, recordkeeping and administrative services to the Plan for which it receives no compensation. Fees paid by the Plan to Principal Financial Group, trustee of the plan as of December 31, 2005 and ABN AMRO Trust Services Company, trustee of the Plan from January 1, 2005 through December 12, 2005, were $36,797 and $13,328 for the years ended December 31, 2005 and 2004, respectively. Cash dividends of $24,112 and $23,039 were paid to the Plan by Coachmen Industries, Inc. for 2005 and 2004, respectively.

 
 
- 8 -
 
Coachmen Industries, Inc. Retirement Plan and Trust
Notes to Financial Statements
December 31, 2005 and 2004


6.     PARTIES-IN-INTEREST TRANSACTIONS, Continued

The Plan held the following party-in-interest investments:

 
 
 
 
  2005
 
  
 2004
 
Coachmen Industries, Inc.
 
 
 
Common Stock
(86,459 shares and 101,074 shares at December 31, 2005 and 2004, respectively)
 
$
1,061,182
 
  
$
1,754,645
 
ABN AMRO
 
 
Income Plus Fund
 
 
3,441,282
 
  
 
3,836,092
 
ABN AMRO
 
 
Growth "N" Fund
 
 
5,332,384
 
  
 
5,263,440
 
ABN AMRO
 
 
S&P 500 Index Fund
 
 
2,228,939
 
  
 
2,209,089
 
ABN AMRO
 
 
Veredus Aggressive Growth Fund
 
 
3,820,497
 
  
 
3,880,090
 
ABN AMRO
 
 
Investor Money Market Fund
 
 
-
 
  
 
33,496
 
Participants 
 
 
Participant Loans 
 
 
999,642
 
  
 
5,425
 
 

 
- 9 -
 
 

 

SUPPLEMENTAL SCHEDULE



 
December 31, 2005

Name of Plan Sponsor:  Coachmen Industries, Inc.
Employer Identification Number:  35-1101097
Three-Digit Plan Number:    001
 
 
 
 
 Description of Investment
 
 
 
 
 
 
 Identity of Issuer, Borrower, Lessor, or Similar Party
 
 Including Maturity Date, Rate of Interest, Collateral, Par or Maturity Value
 
 Cost
 
 Fair Value
 
 
 
 
 Mutual Funds
 
 
 
 
 
 
 Dodge & Cox Funds
 
 Dodge & Cox Stock Fund (21,715 units)
 
 #
 $
2,984,812
 
 
 
 
 
 
 
 
 
 
 *
 ABN AMRO
 
 ABN AMRO Growth "N" Fund (239,228 units)
 
 #
 
5,332,384
 
 
 
 
 
 
 
 
 
 
 
 Royce
 
 Royce Total Return Fund (76,404 units)
 
 #
 
962,666
 
 
 
 
 
 
 
 
 
 
*
 ABN AMRO
 
 ABN AMRO Veredus Aggressive Growth Fund (198,881 units)
 
 #
 
 3,820,497
 
 
 
 
 
 
 
 
 
 
 
 Pimco Funds
 
 Pimco Total Return Fund (234,206 units)
 
 #
 
2,459,167
 
 
 
 
 
 
 
 
 
 
 
 American Funds
 
 American Balanced Fund (198,053 units)
 
 #
 
3,525,339
 
 
 
 
 
 
 
 
 
 
 
 Julius Baer
 
 Julius Baer International Equity Fund (63,192 units)
 
 #
 
2,239,524
 
 
 
 
 
 
 
 
 
 
 
 
 
 Total mutual funds
 
 
 
 21,324,389
 
 
 
 
 
 
 
 
 
 
 
 
 
 Common Trust Funds
 
 
 
 
 
 *
 ABN AMRO
 
 ABN AMRO Income Plus Fund (584,618 units)
 
 #
 
3,441,282
 
 
 
 
 
 
 
 
 
 
 *
 ABN AMRO
 
 ABN AMRO S & P 500 Index Fund (429,303 units)
 
 #
 
 2,228,939
 
 
 
 
 
 
 
 
 
 
 
 
 
 Total common trust funds
 
 
 
5,670,221
 
 
 
 
 
 
 
 
 
 
 
 
 
 Common Stock
 
 
 
 
 
 *
 Coachmen Industries, Inc.
 
 Coachmen Industries, Inc. common stock (86,459 shares)
 
 #
 
 1,061,182
 
                 
     
 Total investments
      
28,055,792
  
 
 
 
 
 
 
 
 
 
 
 
 
 Participant Loans
 
 
 
 
 
 *
 Participant loans
 
 $ 999,642 principal amount, interest rates ranging from 5.25 % to 7.25 %, with various maturity dates
 
 
 
999,642
 
 
 
 
 
 
 
 
 
 
 
 
 
 Total
 
 
 $
29,055,434
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 *     Party-in-interest
 
 
 
 
 
 
 
 
 #     Form 5500 does not require cost information for participant-directed investments  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
- 10 -
 
THE PLAN. Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the retirement plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

COACHMEN INDUSTRIES, INC.                        
RETIREMENT PLAN AND TRUST                    

By:   /s/ Leslie Thimlar                                            
Leslie Thimlar, Member of Retirement                 
Benefits Committee, Administrator of the Plan  

June 29, 2006


 
- 11 -
 

 
 
 EXHIBIT INDEX
 
 EXHIBIT
 
SEQUENTIALLY 
 NUMBER
 DESCRIPTION
NUMBERED PAGE
 
 
 
 23
 12
 
 
 
 

 
 


CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We hereby consent to the incorporation by reference in the Registration Statement on Form S-8 (No. 333-52378) of Coachmen Industries, Inc. of our report dated June 27, 2006, appearing in this Annual Report on Form 11-K of Coachmen Industries, Inc. Retirement Plan and Trust for the year ended December 31, 2005.


/s/ Crowe Chizek and Company LLC
 

South Bend, Indiana
June 27, 2006

 
 
- 12 -
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