8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C.  20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported:  April 27, 2009

COACHMEN INDUSTRIES, INC.

(Exact name of registrant as specified in its charter)

INDIANA	1-7160	35-1101097
(State or other jurisdiction	(Commission File Number)	(I.R.S. Employer
of incorporation or organization)		Identification No.)
2831 Dexter Drive, Elkhart, Indiana		46514
(Address of Principal Executive Offices)		(Zip Code)
	(574) 266-2500
(Registrant’s telephone number,
including area code)
	N / A
(Former Name or Former Address,
if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

□ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

□ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

□ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

□ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

ITEM 2.02.  RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On April 27, 2009, Coachmen Industries, Inc. issued the press release attached as Exhibit 99.1 to this Form 8-K and incorporated by reference herein. This press release announced the company's operating results for the first quarter ended March 31, 2009.

ITEM 9.01.  FINANCIAL STATEMENTS AND EXHIBITS

(d)  The following exhibit is furnished as a part of this Report:

99.1 Press Release dated April 27, 2009 (earnings release)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

COACHMEN INDUSTRIES, INC.

Date:	April 28, 2009	By:	/s/ James T. Holden
			James T. Holden, Secretary
			Printed Name and Title

EX-99

COACHMEN INDUSTRIES, INC.

2831 Dexter Drive • P.O. Box 3300 • Elkhart, Indiana 46514 • 574/266-2500 • Fax 574/266-2559

NEWS RELEASE

For immediate release Monday, April 27, 2009

COACHMEN INDUSTRIES, INC. ANNOUNCES NET PROFIT BUT LOSS FROM CONTINUING OPERATIONS

Elkhart, IN - Coachmen Industries, Inc. (OTC:COHM.PK), a premier systems-built construction company and manufacturer of specialty vehicles, today announced its financial results for the first quarter ended March 31, 2009.

“According to the U.S. Census Bureau, single family housing starts for the quarter were down 51.7% nationwide versus the same quarter in 2008, on the heels of a decline of a 40.5% for the full year 2008,” commented Richard M. Lavers, President and Chief Executive Officer.  “The Housing Group delivered fewer single family homes than planned in these deteriorating market conditions and did not have a major military project to buoy our business during the quarter.  As a result, despite reductions in force, temporary shutdowns and other cost-cutting measures, the Housing Group posted a larger-than-anticipated loss for the quarter.  We have redoubled our efforts in pursuing major project opportunities, particularly in the military construction arena, and have taken actions to reduce our operating costs during this incredibly challenging period.

“However, we did post a profit for the quarter due to the booking of our settlement of the Kemlite RV sidewall matter with Crane Composites.  Further, we established a new financing partnership with Lake City Bank,” stated Mr. Lavers.  “These are significant steps toward resolving the severe liquidity problems which have plagued the Company since last winter, when Coachmen's then-principal lender terminated our credit facility.  Nonetheless, we cannot be overly sanguine, as we have immediate cash requirements while the funds from the settlement will not be available until later next month.”

Net sales from continuing operations for the first quarter were $11.3 million compared to $30.8 million reported for the same period in 2008. Gross profit for the quarter decreased to a loss of ($2.1) million, or (18.4%) of revenues, from a profit of $5.5 million, or 17.9% of revenues, for the first quarter of 2008. The Company reported a net loss from continuing operations of ($6.1) million, or ($0.39) per share, versus a net profit from continuing operations of $1.3 million, or $0.08 per share, in the first quarter of 2008.  Net income, including discontinued operations, was $8.3 million, or $0.53 per share, in the first quarter of 2009, versus a net profit of $1.3 million, or $0.08 per share, in the first quarter of 2008.

Coachmen Industries, Inc. Announces First Quarter Results

Page 2

April 27, 2009                                                                                                                                 

“While sales of the Spirit of Mobility buses produced for our joint venture, ARBOC Mobility, were relatively modest in the first quarter as we received positive Altoona test reports and Canadian approvals only in January – we expect increasing revenues and contributions from this segment of the business going forward,” stated Lavers.

Coachmen Industries will conduct a conference call to discuss the Company’s financial results at 10:00 a.m. (Eastern Time), Tuesday, April 28, 2009.  Members of the news media, investors and the general public are invited to access a live broadcast of the conference call over the internet at www.earnings.com. The online replay will be available at approximately 12:00 p.m. (Eastern Time) and continue for 30 days.

Coachmen Industries, Inc. is one of America's premier systems-built construction companies under the ALL AMERICAN BUILDING SYSTEMS®, ALL AMERICAN HOMES® and MOD-U-KRAF® brands, as well as a manufacturer of specialty vehicles. Coachmen Industries, Inc. is a publicly held company with stock quoted and traded on the over-the-counter markets under the ticker COHM.PK.

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, liquidity, the ability of the Company to bond major government contracts, availability of working capital, availability of credit to the Company and its customers, the depth and duration of the recession, the ability to produce buses to meet demand, the potential fluctuations in the Company's operating results, price volatility of raw materials used in production, the availability and cost of real estate for residential housing, the supply of existing homes within the company's markets, government regulations, dependence on significant customers within certain product types, consolidation of distribution channels, consumer confidence, uncertainties of matters in litigation, and other risks identified in the Company's SEC filings.

For financial information:

Colleen A. Zuhl

Chief Financial Officer

574-266-2500

For investor information:

James T. Holden

Corporate Secretary and Assistant General Counsel

574-266-2500

Coachmen Industries, Inc. Announces First Quarter Results

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April 27, 2009                                                                                                                                 

Coachmen Industries, Inc. and Subsidiaries

Consolidated Statements of Operations

(in thousands, except per share amounts)

(Unaudited)

	Three Months Ended March 31,
	2009			2008
Net sales	$	11,280		$	30,839
Gross profit - $		(2,076	)		5,524
Gross profit - %		(18.4	)%		17.9	%
GS&A - $		4,226			4,277
GS&A - %		37.5	%		13.9	%
(Gain) loss on sale of assets, net - $		1			(26	)
(Gain) loss on sale of assets, net - %		-	%		0.1	%
Total operating expenses - $		4,227			4,251
Total operating expenses - %		37.5	%		13.8	%
Operating income (loss) - $		(6,303	)		1,273
Operating income (loss) - %		(55.9	)%		4.1	%
Outside interest expense		865			287
Outside investment income		(247	)		(227	)
Other income		(801	)		(39	)
Other (income) expense		(183	)		21
Pre-tax income (loss) from continuing operations - $		(6,120	)		1,252
Pre-tax income (loss) from continuing operations - %		(54.3	)%		4.1	%
Tax expense (credit)		-			-
Net income (loss) from continuing operations		(6,120	)		1,252
Discontinued operations:
Loss from discontinued RV operations (net of taxes)		(289	)		(109	)
Income on sale of discontinued RV assets (net of taxes)		-			183
Income from legal settlement (net of taxes of $188)		14,722			-
Income from discontinued operations		14,433			74
Net income		8,313			1,326
Income (loss) per share - Basic & Diluted
Continuing operations		(0.39	)		0.08
Discontinued operations		0.92			-
Net income (loss) per share – Basic & Diluted	$	0.53		$	0.08
Weighted average shares outstanding:
Basic		15,807			15,749
Diluted		15,807			15,758

Coachmen Industries, Inc. Announces First Quarter Results

Page 4

April 27, 2009                                                                                                                                 

 Coachmen Industries, Inc. and Subsidiaries

Consolidated Balance Sheets

(in thousands)

	March 31,		December 31,
	2009		2008
Assets	(Unaudited)
CURRENT ASSETS
Cash and cash equivalents	$	2,429	$	15,745
Restricted cash		925		1,600
Accounts receivable		2,745		1,837
Inventories		20,197		19,910
Refundable income taxes		1,480		1,559
Prepaid expenses and other		22,834		9,056
Assets held for sale		2,914		2,913
Total current assets		53,524		52,620
Property, plant and equipment, net		30,716		30,922
Cash value of life insurance, net of loans		2,551		4,710
Restricted cash – long term		15,928		17,321
Other		1,825		1,831
TOTAL ASSETS	$	104,544	$	107,404
Liabilities and Shareholders' Equity
CURRENT LIABILITIES
Short-term borrowings & current portion of LT debt	$	3,164	$	819
Accounts payable, trade		8,638		11,414
Floor plan notes payable		-		3,096
Accrued income taxes		1,643		1,470
Accrued expenses and other liabilities		23,399		31,127
Total current liabilities		36,844		47,926
Long-term debt		2,171		2,190
Postretirement deferred compensation benefits		3,084		3,104
Deferred income taxes		457		457
Other		911		1,038
Total liabilities		43,467		54,715
Total shareholders' equity		61,077		52,689
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	104,544	$	107,404

Coachmen Industries, Inc. Announces First Quarter Results

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April 27, 2009                                                                                                                                 

Coachmen Industries, Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(in thousands)

(Unaudited)

	Three Months Ended March 31,
	2009			2008
Net income	$	8,313		$	1,326
Depreciation		666			1,377
Changes in current assets and liabilities		(25,360	)		(19,147	)
Net cash used in operating activities		(16,381	)		(16,444	)
Net cash provided by (used in) investing activities		2,423			(1,768	)
Net borrowings		682			19,196
Issuance of stock		(40	)		35
Net cash provided by financing activities		642			19,231
Increase (decrease) in cash and cash equivalents		(13,316	)		1,019
Beginning of period		15,745			1,549
End of period	$	2,429		$	2,568

Coachmen Industries, Inc. Announces First Quarter Results

Page 6

April 27, 2009                                                                                                                                 

Coachmen Industries, Inc. and Subsidiaries

Segment Data – Continuing Operations

(in thousands)

 (Unaudited)

	Three Months Ended March 31,
	2009				2008
Net sales
Specialty Vehicles		$	1,071			$	-
Housing			10,209				30,839
Other			-				-
Consolidated total		$	11,280			$	30,839
Gross profit
Specialty Vehicles		$	(433	)		$	(146	)
Housing			(1,634	)			5,671
Other			(9	)			(1	)
Consolidated total		$	(2,076	)		$	5,524
Gross profit percentage
Specialty Vehicles			(40.4	)%			-	%
Housing			(16.0	)%			18.4	%
Other			n / m	%			n / m	%
Consolidated total			(18.4	)%			17.9	%
Operating expenses
Specialty Vehicles		$	286			$	-
Housing			2,846				4,291
Other			1,095				(40	)
Consolidated total		$	4,227			$	4,251
Operating expenses percentage
Specialty Vehicles			26.7	%			n / m	%
Housing			27.9	%			13.9	%
Other			n / m	%			n / m	%
Consolidated total			37.5	%			13.8	%
Operating income (loss)
Specialty Vehicles		$	(719	)		$	(146	)
Housing			(4,479	)			1,380
Other			(1,105	)			39
Consolidated total		$	(6,303	)		$	1,273
Pre-tax income (loss) from continuing operations
Specialty Vehicles		$	(733	)		$	(146	)
Housing			(4,504	)			1,358
Other			(883	)			40
Consolidated total		$	(6,120	)		$	1,252