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Coachmen Industries Inc. revealed today (Jan. 20) that it earned around $2.7 million, or 17 cents a share, during the fourth quarter and around $9.8 million, or 62 cents a share, during the full year 2002.
The Elkhart, Ind.-based RV and modular home builder will report its full financial results after the New York Stock Exchange closes on Feb. 11.
Coachmen’s net profit during the October-through-December period and full year 2002 compared with a loss of $1.4 million, or 9 cents a share, incurred during the fourth quarter of 2001 and the loss of $4 million, or 25 cents a share, during the full year 2001.
Coachmen has a little more than 15.8 million shares outstanding.
“By any measure, we had a remarkable year (in 2002),” said Claire Skinner, Coachmen’s chairman, president and CEO. “We not only returned to profitability during 2002, but we also achieved a significant improvement in our earnings.
“While we expect our full-year (2002) earnings to fall below our very aggressive earnings goal of 75 cents a share (or $11.9 million), we are extremely pleased with the turnaround we have accomplished and expect it to continue in 2003,” she added.
Coachmen’s RV business “delivered vast improvements” during 2002 in terms of wholesale market share gains, Skinner said. Coachmen’s sales during the National RV Trade Show in Louisville last month were up 31% when compared with the Louisville show a year earlier, which Skinner said points “to a very solid start in 2003.”
Meanwhile, she added, “Our modular housing and (commercial) building segment also is showing improvement, despite some recent difficulties encountered late (in 2002). Performance on the residential side was hurt by weather-related shipment delays in the fourth quarter, while sluggish demand continued on the commercial and telecommunications side. With the fourth quarter behind us, and assuming reasonable industry and economic conditions ahead, we are excited about our prospects in 2003.”