Coachmen Industries Inc. lost $3.5 million during the first half of this year, but Chairman Claire Skinner believes that loss will be wiped-out during the second half of 2001.
Skinner issued her statement hours before the suspected terrorist attacks on New York City and Washington, D.C., which could have a seriously negative impact on consumer confidence.
Coachmen’s $3.5 million loss during the first half of this year is equivalent to 22 cents per share. Skinner believes Coachmen will finish this year either at breakeven or earn up to 5 cents a share.
Total sales revenue for 2001 are expected to range from $600 million to $630 million, she said.
About 63% of Coachmen’s sales revenue comes from its RV business. The remainder comes from its modular home and modular structures businesses.
“Our earlier projections assumed that the general economic conditions would recover during the second half of the year, which clearly has not occurred,” Skinner said. “The economy in general, and consumer confidence in particular, has continued to repress demand for recreational vehicles.
“Despite lower-than-anticipated economic recovery, we are quite pleased to be able to maintain profitability in the near term and are optimistic about the future,” Skinner continued. “Attitudes among our dealers remain positive and production rates are currently increasing due to the strong response to the company’s new 2002 product offerings.”