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):  October 28, 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 October 28, 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 third quarter ended September 30, 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 October 28, 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:	October 28, 2009	By:	/s/ James T. Holden
			James T. Holden, Secretary
			Printed Name and Title

EX-99.1

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 October 28, 2009

COACHMEN INDUSTRIES, INC. GENERATES POSITIVE OPERATING CASH AND FIRST QUARTERLY PROFIT FROM BUSES DESPITE CONSOLIDATED THIRD QUARTER LOSS

Elkhart, IN - Coachmen Industries, Inc. (OTC:COHM.PK) today announced its financial results for the third quarter ended September 30, 2009.

“Despite many predictions in the popular and trade press that the housing market would turn in the second half of this year, through the third quarter, our Company saw no sales evidence of any rebound in the housing markets; the beginning of the end of the slide, a bottoming, perhaps, but no sign of any increase,” commented Richard M. Lavers, President and Chief Executive Officer. “Year-over-year comparisons were affected by the decrease in sales revenue due to the housing markets, however, I am very pleased that we generated positive cash flow from operations of more than $2 million during the third quarter and that our unrestricted cash balance increased during the quarter by $1.1 million. In these economic conditions, cash conservation is critical. We placed a premium on managing our available resources prudently, and these results attest to those efforts. The announcement we made today of a new $20 million financing arrangement, coupled with the word of more than $16 million in new major housing projects, is also very good news for our Company.”

Net sales from continuing operations for the third quarter were $16.1 million, compared to $31.6 million for the third quarter of 2008. Gross profits for the quarter were a loss of ($944,000), or (5.9)% of revenue, as compared to a gross profit of $4.85 million, or 15.4% of revenue, in the third quarter of 2008. The Company reported a net loss from continuing operations of ($5.19) million, or ($0.32) per share, versus a net loss from continuing operations of ($3.8) million, or ($0.24) per share, in the third quarter of 2008. Net loss, including discontinued operations, was ($3.9) million, or ($0.24) per share in the third quarter of 2009, versus a net loss of ($14.5) million, or ($0.92) per share in the third quarter of 2008. Net book value per share as of September 30, 2009 was $3.40.

Housing Group

Housing Group President Rick Bedell commented: “The loss generated by the Housing Group during the quarter is largely attributable to under-absorption of overhead due to low production levels as a direct result of continuing market conditions.  One of the biggest challenges in the Housing Group's core business of single-family homes has been financing for our customers.  We have a steady stream of people who want to buy our homes, but who are unable to obtain financing because of prevailing credit restrictions.  We also experienced delays in a number of major project contracts during the third quarter.”

Coachmen Industries, Inc. Announces Third Quarter Results

Page 2 of 4

October 28, 2009                                             

Specialty Vehicle Group

Lavers concluded: “Sales of the Spirit of Mobility buses produced for our joint venture ARBOC Mobility continue to increase.  However, the rate of increase was slowed by production issues at General Motors, most notably the plant shutdowns during the summer months, which delayed 2009 chassis shipments to September. Despite these challenges, and although the Specialty Vehicle Group (including the tail of some service parts operations) reported a slight overall loss for the quarter, this is the first full quarter that the bus portion of this segment has reported a profit. We anticipate this upward trend will continue.”

The Company will provide more details in an update to its shareholders to be issued within the next week.

About Coachmen Industries

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 Third Quarter Results

Page 3 of 4

October 28, 2009                                                                                                                                < /font>

Coachmen Industries, Inc. and Subsidiaries

Condensed Consolidated Statements of Operations

(in thousands, except per share amounts)

(Unaudited)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2009			2008			2009			2008
Net sales	$	16,074		$	31,566		$	45,088		$	100,738
Gross profit - $		(944	)		4,852			(2,168	)		17,344
Pre-tax income (loss) from continuing operations		(5,159	)		(3,796	)		(14,166	)		401
Net income (loss) from continuing operations		(5,193	)		(3,796	)		(14,147	)		401
Income (loss) from discontinued operations		1,298			(10,667	)		15,317			(16,500	)
Net income (loss)		(3,895	)		(14,463	)		1,170			(16,099	)
Net income (loss) per share - Basic & Diluted	$	(0.24	)	$	(0.92	)	$	0.07		$	(1.02	)
Weighted average shares outstanding - Basic		16,024			15,815			15,946			15,787
Weighted average shares outstanding - Diluted		16,024			15,815			15,965			15,787

Condensed Segment Data – Continuing Operations

(Unaudited)  (in thousands)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2009			2008			2009			2008
Net sales
Specialty Vehicles	$	3,948		$	803		$	7,887		$	1,209
Housing		12,126			30,763			37,201			99,529
Other		-			-			-			-
Consolidated total	$	16,074		$	31,566		$	45,088		$	100,738
Gross profit
Specialty Vehicles	$	265		$	(79	)	$	(330	)	$	(385	)
Housing		(1,202	)		4,931			(1,814	)		17,729
Other		(7	)		-			(24	)		-
Consolidated total	$	(944	)	$	4,852		$	(2,168	)	$	17,344
Pre-tax income (loss) from continuing operations
Specialty Vehicles	$	(22	)	$	(79	)	$	(1,190	)	$	(386	)
Housing		(4,650	)		572			(11,367	)		4,981
Other		(487	)		(4,289	)		(1,609	)		(4,194	)
Consolidated total	$	(5,159	)	$	(3,796	)	$	(14,166	)	$	401

Coachmen Industries, Inc. Announces Third Quarter Results

Page 4 of 4

October 28, 2009                                                                                                                                < /font>

 Coachmen Industries, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(in thousands)

	September 30,		December 31,
	2009		2008
Assets	(Unaudited)
CURRENT ASSETS
Cash and cash equivalents	$	4,829	$	15,745
Accounts receivable		3,220		1,837
Inventories		16,744		19,910
Prepaid expenses and other current assets		13,721		15,128
Total current assets		38,514		52,620
Property, plant and equipment, net		29,067		30,922
Other		18,112		23,862
TOTAL ASSETS	$	85,693	$	107,404
Liabilities and Shareholders' Equity
CURRENT LIABILITIES
Short-term borrowings & current portion of LT debt	$	1,064	$	819
Accounts payable, trade		5,828		11,414
Accrued expenses and other liabilities		16,651		32,597
Floorplan notes payable		-		3,096
Total current liabilities		23,543		47,926
Long-term debt		3,885		2,190
Other long-term liabilities		4,124		4,599
Total liabilities		31,552		54,715
Total shareholders' equity		54,141		52,689
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	85,693	$	107,404

Condensed Consolidated Statements of Cash Flows

(Unaudited)  (in thousands)

	Nine Months Ended
	September 30,
	2009			2008
Net income (loss)	$	1,170		$	(16,099	)
Depreciation		1,910			3,872
Changes in current assets and liabilities		(17,337	)		(7,327	)
Net cash used in operating activities		(14,257	)		(4,900	)
Net cash provided by (used in) investing activities		3,073			(1,010	)
Net borrowings		296			6,869
Issuance (purchase) of stock		(28	)		113
Net cash provided by financing activities		268			6,982
Increase (decrease) in cash and cash equivalents		(10,916	)		1,072
Beginning of period cash and cash equivalents		15,745			1,549
End of period cash and cash equivalents	$	4,829		$	2,621