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Coachmen Industries Inc. reports its full-year 2003 earnings were better than expected, although the RV oven shortage and bad weather slowing modular home deliveries resulted in the company earning less than it had originally hoped.
The New York Stock Exchange-listed company earned $2 million net during the three months ended Dec. 31, 25% decline from the $2.7 million it earned during the final three months of 2002.
During the full-year 2003, Coachmen’s net earnings totaled $7.4 million, a 26% decline from the $9.9 million in earned in 2002.
Coachmen orginially forecasted it would earn $8 million in 2003 but it lowered its forecast on Dec. 15 to $6.4 million to $7 million, due to the production inefficiencies caused by the oven shortage and modular home delivery delays.
“However, diligent efforts to mitigate these challenges during the second half of December resulted in higher earnings than previously expected,” the company reported Monday night (Feb. 2).
The oven and range shortage contributed to Coachmen’s RV segment reporting a pre-tax operating loss of $183,000 for the fourth quarter, which still represents a significant improvement over the $1.2 million pre-tax operating loss it incurred during the fourth quarter of 2002.
During the full-year 2003, Coachmen’s pre-tax RV-related operating profit increased 10% to $2.1 million, compared with $1.9 million in 2002.
Coachmen’s RV sales revenue increased 24% during the fourth quarter to $129 million and its RV sales for the full-year 2003 increased 12% to $488.2 million.