Coachmen Industries Inc. returned to profitability during the second quarter despite sharply lower RV sales revenue.
The RV and modular homebuilder earned $1.4 million during the three months ended June 30, partially offsetting losses incurred during the two previous quarters.
However, after the first six months of this year, Coachmen still was in the red $3.5 million, compared with a net profit of $7.7 million earned during the first half of 2000.
Coachmen should remain profitable during the remainder of this year although “at lower levels that previously forecasted due to a softer than anticipated economy,” said Claire Skinner, chairman, president and CEO.
Meanwhile, Coachmen’s total sales revenue declined 17% during the second quarter to $162.4 million and its sales during the first half of this year were down 20% to $315.3 million.
Coachmen’s RV sales revenue declined 37% during the second quarter to $93.9 million and its RV sales during the first half of this year were down 36% to $200.2 million.
The company lowered its RV inventory by $11.7 million during the second quarter and Skinner added, “We are very encouraged by the strong response to our 2002 RV models recently unveiled at our Annual Dealer Seminar. As a result of the orders placed by our dealers, we are increasing production rates in many of our facilities.”