8-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, DC 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): March 16, 2009

DREW INDUSTRIES INCORPORATED

(Exact name of registrant as specified in its charter)

Delaware	0-13646	13-3250533
(State or other jurisdiction	(Commission File Number)	(I.R.S. Employer
of incorporation)		Identification No.)

200 Mamaroneck Avenue, White Plains, New York	10601
(Address of principal executive offices)	(Zip Code)

Registrant's telephone number, including area code: (914) 428-9098

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 (see General Instruction A.2. below):

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

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

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

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

Item 8.01 Other Events

a) Slides for Investor Presentation as contained in Exhibit 99.1.

Item 9.01 Financial Statements and Exhibits

Exhibits

99.1 Slides for Investor Presentation

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 hereunto duly authorized.

DREW INDUSTRIES INCORPORATED
(Registrant)
By:	/s/ Joseph S. Giordano III
	Joseph S. Giordano III
	Chief Financial Officer and Treasurer

Dated: March 16, 2009

2

EX-99.1

2003

2003

A Leading National Supplier of a Wide Variety of

Components for RVs and Manufactured Homes

Exhibit 99.1

This presentation may contain certain “forward-looking statements” within the meaning of the Private Securities Litigation
Reform Act of 1995 with respect to financial condition, results of operations, business strategies, operating efficiencies or
synergies, competitive position, growth opportunities for existing products, plans and objectives of management, markets
for the Company’s common stock and other matters. Statements in this presentation that are not historical facts are
“forward-looking statements” for the purpose of the safe harbor provided by Section 21E of the Securities Exchange Act of
1934 and Section 27A of the Securities Act of 1933.  

Forward-looking statements, including, without limitation, those relating to our future business prospects, revenues,
expenses and income, whenever they occur in this presentation, are necessarily estimates reflecting the best judgment of
our senior management at the time such statements were made, and involve a number of risks and uncertainties that
could cause actual results to differ materially from those suggested by forward-looking statements. The Company does
not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the
forward-looking statements are made.  You should consider forward-looking statements, therefore, in light of various
important factors as identified in this presentation and in our Form 10-K for the year ended December 31, 2008, and in our
subsequent  Form 10-Qs filed with the SEC.  

There are a number of factors, many of which are beyond the Company’s control, which could cause actual results and
events to differ materially from those described in the forward-looking statements. These factors include pricing pressures
due to domestic and foreign competition, costs and availability of raw materials (particularly steel and related
components, vinyl, aluminum, glass and ABS resin), availability of credit for financing the retail and wholesale  purchase of
manufactured homes and recreational vehicles, availability and costs of labor, inventory levels of retailers and
manufacturers, levels of repossessed manufactured homes and RVs, the disposition into the market by FEMA, by sale or
otherwise, of RVs or manufactured homes purchased by FEMA in connection with natural disasters, changes in zoning
regulations for manufactured homes, continuing sales decline in either the RV or manufactured housing industries, the
financial condition of our customers, the financial condition of retail dealers of RVs and manufactured homes, retention of
significant customers, interest rates, oil and gasoline prices, and the outcome of litigation. In addition, national and
regional economic conditions and consumer confidence may affect the retail sale of recreational vehicles and
manufactured homes.

Forward-Looking Statements

- 2 -

About Drew Industries

A leading national manufacturer of quality
components for Recreational Vehicles (RV) and
Manufactured Homes (MH)

- 3 -

(1)

EBITDA is operating profit plus depreciation, amortization and goodwill impairment
(see page 35).

MH Segment sales

RV Segment sales

EBITDA⁽¹⁾

- 4 -

Financial Performance

Sales and EBITDA (in millions)

Kinro, Inc. -Acquired 1980

Aluminum windows for RVs

Doors for RVs and MHs

Aluminum and vinyl windows and screens for MHs

Bath and shower units, and sinks for MHs and RVs

Thermoformed exterior panels for RVs

Lippert Components, Inc. -Acquired 1997

Chassis and chassis parts for RVs and MHs

RV slide-out mechanisms and solutions

Manual, electric, and hydraulic stabilizer and lifting
systems for RVs

Entry and baggage doors for RVs

Axles and suspension systems

Toy hauler RV ramp doors  

Furniture and mattresses for RVs

Entry steps for RVs

Specialty trailers for boats, personal watercraft and
hauling equipment

Drew’s Companies

- 5 -

Drew’s Management Team

INNOVATIVE &
EXPERIENCED
MANAGEMENT

Jason D. Lippert, CEO, President and Chairman
of Lippert and Kinro 13+ years

LIPPERT - KINRO

Jason Lippert

Highly respected and
experienced management:

- 6 -

Leigh J. Abrams, Chairman 35+ years

Fredric M. Zinn, President and CEO

25+ years

DREW

Leigh Abrams

Fredric  Zinn

Drew’s Segments – 2008

- 7 -

Revenues - $511 million

Segment Operating Profit - $40 million

MH = $11 million

28%

RV = $29 million

72%

Drew’s Products

Sales - $511 million

12 Months Ended December 31, 2008

RV Chassis, Slide-outs
and Other Chassis
Parts: $228 million

RV Windows and
Doors: $79 million

Other: $3 million

MH and RV Bath
Products: $21 million

Specialty Trailers:

$14 million

RV and MH Axles and
Tires: $34 million

MH Chassis and Chassis
Parts: $57 million

MH Windows and
Screens: $63 million

- 8 -

Furniture Products:

$12 million

Supplier to Industry Leaders

Outstanding customer service and national coverage, with 29
production facilities (approximately 2.6 million sq. ft.), make us a key
partner with our customers, including:

Other than Thor and Berkshire Hathaway, no customer represents
more than 6% of consolidated net sales.

- 9 -

Forest River (owned by Berkshire Hathaway – largest customer)

Heartland Recreational Vehicles, LLC (privately owned)

Jayco/Starcraft (privately owned)

Skyline (NYSE: SKY)

Thor  (NYSE: THO) – 2^nd largest customer

Champion (NYSE: CHB)

Clayton (owned by Berkshire Hathaway – largest customer)

Palm Harbor (Nasdaq: PHHM)

Skyline (NYSE: SKY)

RV

MH

Economic and Market Conditions

- 10 -

Increase sales and profitability through

Market share growth

New product introductions

Strategic acquisitions

Operational efficiencies

This strategy accomplished through

Outstanding customer service

Motivating management through strong profit incentives

Low cost manufacturing:

Optimizing production efficiencies through state-of-the-art
manufacturing technology and stringent cost controls

Facility consolidations and fixed cost reductions

R & D efforts

Disciplined and patient acquirer

Business Strategy

- 11 -

Content Per Vehicle - RV

Operating

profit margin 8.7%10.0%11.6%9.8%9.7%8.6%12.8%7.8%

- 12 -

(1)

Includes historical sales for acquisitions assuming the acquisition was made at the beginning of the period.

See Page 18 for Industry Information

Peak potential is $3,500 to $3,800 per RV

90+% of RV Segment sales are for Towable RVs

(1)

Peak potential is $3,600 to $4,000 per home

Content Per Home - MH

Operating

Profit margin10.8%10.9%10.8%10.5%10.6%9.1%8.5%7.7%

See Page 21 for Industry Information

- 13 -

Acquisitions and Product Line
Extension

- 14 -

Drew is a disciplined and patient acquirer

Replace competitors and other suppliers which have
ceased operations by acquiring their assets

Complimentary to our core RV (including specialty
trailers) and MH markets

Seek products or technologies that we can expand
through our nationwide customer base and factory
network

Become a more extensive supplier to our customers

New Product Introductions

- 15 -

Began
production of
entry doors for
RVs

Introduce RV
slide out
mechanisms

Began
Production of
axles for
towable RVs

1997

2008

2001

2000

2006

2004

2007

ACQUIRE

LIPPERT
COMPONENTS:

Primarily steel chassis
& parts for MH

ACQUIRE

BETTER BATH:

Adding thermo-
formed products

ACQUIRE
HAPPIJAC:

Adding
patented  bed
lifts for RVs

ACQUIRE

EXTREME
ENGINEERING

expanding specialty
trailer product line

ACQUIRE
SEATING
TECHNOLOGY:

Adding furniture
for RVs

ACQUIRE
COACH STEP:

Adding electric
steps for motor
homes

Introduced RV
suspension
products

Expand
into steel
chassis for
towable
RVs

Investments

Kinro and Lippert

have extensive R&D

departments

Since January 1998

Invested over $155 million

in plant and equipment

Invested nearly $161 million for acquisitions

Invested $28 million for stock repurchases at
an average price of $5.85 per share through
December 31, 2008

- 16 -

88% of industry 2008 unit sales

47% of 2007 wholesale dollar
sales, or $5.5 billion

Retail cost $4,000 to $100,000 per
unit. Average about $20,000

RV Market

12% of industry 2008 unit sales

53% of 2007 wholesale dollar
sales, or $6.1 billion

Retail cost $41,000 to $400,000+
per unit. Average about $100,000

Travel trailer

Fifth wheel travel trailer

Travel trailer with
expandable ends

Folding camping trailer

Sport utility RV

“Toy Hauler”

Type C Motorhome

Truck camper

TOWABLERVS (90+% of Drew’s RV Segment revenues)

MOTORHOMES (5% of Drew’s RV Segment revenues)

Type B Motorhome

Type A Motorhome

- 17 -

90+% of Drew’s RV product sales are for Travel Trailers and 5 ^th Wheel RVs

Excludes emergency living units purchased by FEMA in

2005 and 2006. Projection for 2009 is the latest published by the RVIA.

(Units in thousands, Sales in millions)

- 18 -

Travel Trailers & 5^th Wheel

Other Towables  

Motorhomes   

Drew’s RV Sales

130

257

293

321

300

311

321

370

384

391

353

237

RVs - Industry Wholesale Shipments

Industry

Units

Drew

Sales

Positive Demographic Trends

Americans 50 and over are a prime market for RVs

According to March 2004 census projections,

there are expected to be

20 million more people

over 50 by 2014

Industry Advertising

Campaign

Target Market 25 and over

Airport security hassles and high airline ticket
prices increase RV travel use

Trends In RV Market

STRONG LONG-TERM GROWTH
PROSPECTS

- 19 -

How RVs Are Used

Shift in U.S. culture toward more RV-related
activities

College and NFL football games

NASCAR events

More economical

family vacations

Typical RV family vacation

up to 74% less expensive

Many RVs are “parked” over the long-term
as second homes

STRONG LONG-TERM GROWTH PROSPECTS

- 20 -

- 21 -

MH – Industry Production

Drew’s MH Segment remained profitable every quarter since 1998.

Single-Section

Multi-Sections

Drew’s MH Sales

61%

65%

70%

75 %

$177

78%

80%

74%

64%

72%

63%

68%

$220

$221

$183

$134

$154

$147

$152

$191

$196

(Units in thousands, Dollars in millions)

373

349

96

82

117

147

131

131

168

193

251

Industry

Units

Drew

Sales

$142

Manufactured Housing (MH) Market

Cost per sq. ft. is $40 for MH vs.

$92 for site-built homes

Average retail price of

$64,200 for a 1,600 sq. ft. MH

9 million manufactured

homes across the U.S.

Improved quality,

appearance and safety

Studies have shown that MHs built since 1995 sustain

no more damage in hurricanes than site-built homes

Industry production was down 78% from 1998 to 2008.

Drew has remained profitable in its MH segment through this  
industry downturn.

- 22 -

STRONG LONG-TERM GROWTH
PROSPECTS

MH: Other Favorable Factors

Affordability and quality

Baby Boomers retiring in increasing numbers

Dealer and manufacturer inventory levels are
reasonable

Favorable HUD code revisions

Improved industry image

Advertising campaign may
begin in 2009

- 23 -

STRONG LONG-TERM GROWTH
PROSPECTS

MH: Industry Financing Trends

- 24 -

Improved lending practices

The American Recovery Act of 2009 authorizes a
tax credit of up to $8,000 for qualified first time
home buyers

Recently passed legislation increased FHA insured
chattel loan limits (home only) on manufactured
homes from $48,600 to $69,678  

Pressure on Fannie Mae/Freddie Mac to support
MH loans

Conventional financing more common than
chattel; improves collateral

Subprime market woes could help MH

STRONG LONG-TERM GROWTH
PROSPECTS

Financial Performance

(December 31 unless noted)

- 25 -

Stock Price History

Drew has 22 million shares outstanding and a
market capitalization of approximately $137
million as of March 12, 2009

During 2008, Drew repurchased 447,400 shares of its common stock at an
aggregate of $8.3 million, or an average price of $18.58 per share

Operating Results

Year Ended December 31, (except as noted)

FINANCIAL PERFORMANCE

(1)

Sales declines due to reductions in industry-wide shipments of RVs and Manufactured Homes.

(2)

Adjusted 2008 excludes goodwill impairment and executive retirement charges (see page 36).

(3)

EBITDA is operating profit plus depreciation, amortization and goodwill impairment (see page 35).

- 26 -

Results By Segment

(1)Sales declines due to reductions in industry-wide shipments of RVs and Manufactured Homes.

See page 37 for a reconciliation to consolidated results.

- 27 -

FINANCIAL PERFORMANCE

Operating Results

Three Months Ended December 31,

- 28 -

FINANCIAL PERFORMANCE

(1)

Excludes impairment and executive retirement charges (see page 36).

Results By Segment

Three Months Ended December 31,

See Press Release dated February 11, 2009 for a reconciliation to consolidated results.

- 29 -

FINANCIAL PERFORMANCE

(1)

Sales declines due to reductions in industry-wide shipments of RVs and Manufactured Homes.

Balance Sheet

- 30 -

FINANCIAL PERFORMANCE

1)

Days sales in accounts receivable is the most recent month’s net sales divided by
accounts  receivable, net, at the end of the period.

2)

Inventory turns is cost of goods sold for the last twelve months divided by average
inventory for the last twelve months.

Financial Strength

(1)

EBITDA is operating profit plus depreciation, amortization and goodwill  impairment (see page 35).

(2)

Includes a goodwill impairment of $5.5 million and executive retirement charges of $2.7 million.

- 31 -

FINANCIAL PERFORMANCE

Peer comparison

Source: Capital IQ, Mach 12, 2009, data obtained from Yahoo! Finance, which is provided
by Thomson Financial and is based on fiscal 2009 analyst projections.

- 32 -

FINANCIAL PERFORMANCE

Analyst Coverage

- 33 -

Avondale Partners, LLC

Kathryn Thompson – (615) 467-5637

Sidoti & Company, LLC

Scott Stember – (212) 453-7017

CJS Securities

Torin Eastburn – (914) 287-7600

Janney Montgomery Scott LLC

John T. G. Rogers – (202) 955-4316

Thank you!

Joseph S. Giordano III

Chief Financial Officer

914-428-9098

joe@drewindustries.com

OR

VISIT OUR WEBSITE:

www.drewindustries.com

For more information contact:

- 34 -

Fredric M. Zinn

President and CEO

914-428-9098

fred@drewindustries.com

Reconciliation of Operating
Profit to EBITDA

- 35 -

FINANCIAL PERFORMANCE

Reconciliation of Adjusted
Results to Actual

FINANCIAL PERFORMANCE

(1)

Includes goodwill impairment of $5.3 million after direct impact on incentive compensation and
executive retirement charges of $2.7 million.

- 36 -

FINANCIAL PERFORMANCE

- 37 -

Other non-segment items for the twelve months ended 12/31/08 include a $5.5 million
goodwill impairment and a $2.7 million charge for executive retirement.

Reconciliation of Segment Results  
to Consolidated