Coachmen Industries Inc. earned a $1 million net profit during the third quarter despite a 44% decline in RV sales revenue and a $1.6 million pretax loss from its RV operations, the company reported after the stock market closed today (Nov. 7).
Coachmen’s $1 million net income during the three months ended Sept. 30 compares with a $2.3 million profit earned a year earlier.
After the first nine months of this year, Coachmen was in the red $2.5 million net, compared with a $10 million net profit earned during the first nine months of 2000.
The Elkhart, Ind.-based company’s combined RV and modular structures sales totaled $149.6 million in the third quarter, a 21% decline from the year earlier period.
Coachmen’s RV sales revenue plunged 44% during the third quarter to $78.5 million, while its modular structures sales increased 47% to $71.1 million.
During the first nine months of this year, Coachmen’s total sales declined 20% to $464.9 million and its RV sales fell 38% to $278.7 million.
“Based upon the recent events and current economic trends, we anticipate operating at or slightly below break-even in the fourth quarter,” said Claire Skinner, chairman, president and CEO. “We believe, however, that the results of the actions we have taken to realign our operations, reduce expenses and complete accretive acquitions (in modular structures) will lead to fourth quarter results significantly improved from the loss of $7.8 million in the fourth quarter of 2000.”