Coachmen Industries, Inc. Shareholders Overwhelmingly Approve Sale of RV Group’s Assets

December 19, 2008

MIDDLEBURY, Ind., Dec. 19 /PRNewswire-FirstCall/ — Coachmen Industries,
Inc. (NYSE: COA) today announced the results of its Special Meeting of
shareholders. “Coachmen shareholders overwhelmingly approved the agreement
signed on November 20th for the sale of Coachmen’s Recreation Vehicle business
to Forest River, Inc. with a rate of over 99% in favor of the transaction,”
announced Rick Lavers, CEO of Coachmen. The sale was approved by Coachmen’s
board of directors last month.

Lavers added: “Based upon the approval of the shareholders today, we
anticipate that the agreement with Forest River will be completed before the
end of the year. Our Company will emerge from this transaction as a systems-
built housing company with a growing specialty vehicle business. Our
headquarters will remain in Elkhart County.”

“We are grateful to our shareholders for endorsing what we believe will be
a very sound business transaction for both companies. It is now management’s
task to build on this new foundation to make the restructured company
profitable in economic conditions that continue to present enormous
challenges,” concluded Lavers.

Coachmen Industries, Inc. is one of America’s leading manufacturers of
systems-built homes and commercial buildings, with prominent subsidiaries in
each industry. The Company’s well-known brand names include ALL AMERICAN
HOMES(R) and MOD-U-KRAF(R) and is one of the nation’s largest producers of
systems-built homes, and also a major builder of commercial structures.
Coachmen is also entering the specialty bus business through a joint venture
to manufacture the ARBOC Mobility series of ADA compliant buses. Coachmen
Industries, Inc. is a publicly held company with stock listed on the New York
Stock Exchange (NYSE) under the ticker COA.

This release contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Investors are cautioned not
to place undue reliance on forward-looking statements, which are inherently
uncertain. Actual results may differ materially from that projected or
suggested due to certain risks and uncertainties including, but not limited
to, the potential fluctuations in the Company’s operating results, increased
interest rates the availability for floorplan financing for the Company’s
recreational vehicle dealers and corresponding availability of cash to
Company, uncertainties and timing with respect to sales resulting from
recovery efforts in the Gulf Coast, uncertainties regarding the impact on
sales of the disclosed restructuring steps in both the recreational vehicle
and housing and building segments, the ability of the company to generate
taxable income in future years to utilize deferred tax assets and net
operating loss carry-forwards available for use, the impact of performance on
the valuation of intangible assets, the availability and the price of
gasoline, price volatility of raw materials used in production, the Company’s
dependence on chassis and other suppliers, the availability and cost of real
estate for residential housing, the supply of existing homes within the
company’s markets, the impact of home values on housing demand, the impact of
sub-prime lending on the availability of credit for the broader housing
market, the ability of the Company to perform in new market segments where it
has limited experience, adverse weather conditions affecting home deliveries,
competition, government regulations, legislation governing the relationships
of the Company with its recreational vehicle dealers, dependence on
significant customers within certain product types, consolidation of
distribution channels in the recreational vehicle industry, consumer
confidence, uncertainties of matters in litigation, current litigation
relating to and Congressional inquiry surrounding the Company’s use of
components containing formaldehyde in its products, further developments in
the war on terrorism and related international crises, oil supplies, and other
risks identified in the Company’s SEC filings. While Coachmen has entered into
an agreement, there can be no assurance that the transaction will be
completed, or completed on Coachmen’s time schedule.

SOURCE Coachmen Industries, Inc.

Source: newswire

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