Coachmen Industries Inc. announced today (Nov. 9) that it successfully merged Miller Building Systems into its modular housing subsidiary.
“The addition of Miller furthers our strategic plan to expand our modular construction segment,” said Claire Skinner, chairman, president and CEO. “With this addition, Coachmen’s modular segment now spans housing, commercial and the telecommunications industries.”
Coachmen also revealed that Miller, which had been a Nasdaq Stock Market-listed company, achieved a record $20.6 million in sales during the three months ended Sept. 30.
Sales revenue at Miller, a producer of modular structures for customers in telecommunications and other industries, was up 22% when compared with the same period in 1999.
However, Miller’s net income declined 51% during the three months ended Sept. 30 to $428,000. Miller’s after-tax income, exclusive of one-time-only items, increased 19% to $895,000 during the July-through-September of this year, compared with $753,000 a year earlier.
As a result of the merger, the owners of Miller common stock will get $8.40 a share, plus an additional 30 cents a share, if certain conditions are met. That means Coachmen will pay $25 million for Miller, and if the conditions are met, the price would climb to around $26 million.