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Coachmen Industries (NYSE: COA) Snapshot

Updated 5/18/2008

 

Company Profile

 

Coachmen Industries, Inc. is a manufacturer of recreational vehicles and modular construction.

 

Recreational vehicles are manufactured under the Coachmen Recreational Vehicles, LLC, Sportscoach RV, Georgie Boy Manufacturing, LLC and Viking Recreational Vehicles, LLC  brand names. The Coachmen Companies produce a full line of recreational vehicles, including Class A motorhomes, Class C "mini" motorhomes, travel trailers, fifth wheel trailers and folding camping trailers.

 

Consolidated Charting

 

Consolidated Statements
  Quarter Ending    
COA Income Statement Q1-05 Q2-05 Q3-05 Q4-05 Q1-06 Q2-06 Q3-06 Q4-06 Q1-07 Q2-07 Q3-07 Q4-07    
  Mar-05 Jun-05 Sep-05 Dec-05 Mar-06 Jun-06 Sep-06 Dec-06 Mar-07 Jun-07 Sep-07 Dec-07   TTM
Revenue   205,117  208,978    198,036     139,977   162,554   155,321   130,715   115,792   130,244   149,762   123,855     76,979    480,840
Cost of Goods Sold  183,956  184,868    180,391     136,639   147,912   139,334   117,650   110,065   128,817   143,769   116,096     79,441    468,123
Gross Margin    21,161    24,110      17,645        3,338     14,642     15,987     13,065      5,727      1,427      5,993      7,759     (2,462)      12,717
As a % of Sales 10.3% 11.5% 8.9% 2.4% 9.0% 10.3% 10.0% 4.9% 1.1% 4.0% 6.3% -3.2%   2.6%
                             
Operating Expenses                            
R&D            -            -              -              -            -            -            -            -            -            -                  -
SG&A    23,125    27,842      28,450      22,219     16,259     10,574     12,746     19,183     12,048     12,914     12,131     11,929      49,022
Non Recurring           (4)        (45)        6,731              -     (2,677)     (3,372)       (291)            -            -      3,850       (143)       (427)        3,280
Depreciation            -            -              -              -            -            -            -            -            -            -                  -
Others             -            -              -          133            -      7,917      7,084     (2,349)       (445)               (445)
Operating Expenses     23,121    27,797      35,181      22,352     13,582     15,119     19,539     16,834     11,603     16,764     11,988     11,502      51,857
As a % of Sales 11.3% 13.3% 17.8% 16.0% 8.4% 9.7% 14.9% 14.5% 8.9% 11.2% 9.7% 14.9%   10.8%
                             
Operating Income    (1,960)    (3,687)     (17,536)     (19,014)      1,060         868     (6,474)   (11,107)   (10,176)   (10,771)     (4,229)   (13,964)     (39,140)
As a % of Sales -1.0% -1.8% -8.9% -13.6% 0.7% 0.6% -5.0% -9.6% -7.8% -7.2% -3.4% -18.1%   -8.1%
                             
Income from Continuing Operations                            
Total Other Income/Expenses Net         892        658          492           (85)         526         543      1,099       (529)         569         599         694         232        2,094
Earnings Before Interest And Taxes     (1,068)    (3,029)     (17,044)     (19,099)      1,586      1,411     (5,375)   (11,636)     (9,607)   (10,172)     (3,535)   (13,732)     (37,046)
Interest Expense       1,082        846          971           968         732         916            -         842         945         808         902        3,497
Income Before Tax     (2,150)    (3,875)     (18,015)     (19,099)         618         679     (6,291)   (11,636)   (10,449)   (11,117)     (4,343)   (14,634)     (40,543)
Income Tax Expense        (764)    (2,405)      (8,669)      (8,527)         214         199     (2,937)     19,177           (1)       (994)            1       (797)      (1,791)
Minority Interest             -            -              -              -            -            -            -            -            -            -            -            -              -
Net Income From Continuing Ops     (1,386)    (1,470)      (9,346)     (10,572)         404         480     (3,354)   (30,813)   (10,448)   (10,123)     (4,344)   (13,837)     (38,752)
                             
Non-recurring Events                            
Discontinued Operations             -            -              -      (2,956)      2,506       (176)       (162)       (121)            -            -            -            -              -
Extraordinary Items             -            -              -              -            -            -            -            -            -            -            -            -              -
Effect Of Accounting Changes             -            -              -              -            -            -            -            -            -            -            -            -              -
Other Items             -            -              -         (620)            -            -            -            -            -            -            -            -              -
Net Income     (1,386)    (1,470)      (9,346)     (14,148)      2,910         304     (3,516)   (30,934)   (10,448)   (10,123)     (4,344)   (13,837)     (38,752)
Preferred Stock And Other Adjustments                             
Net Income Applicable To Common Shares     (1,386)    (1,470)      (9,346)     (14,148)      2,910         304     (3,516)   (30,934)   (10,448)   (10,123)     (4,344)   (13,837)     (38,752)
As a % of Sales -0.7% -0.7% -4.7% -10.1% 1.8% 0.2% -2.7% -26.7% -8.0% -6.8% -3.5% -18.0%   -8.1%
                             
EBITDA    (7,706)    (1,360)     (15,421)     (20,562)      6,290      2,917     (3,870)   (10,258)     (8,206)   (10,172)      2,255   (13,732)     (31,256)
As a % of Sales -3.8% -0.7% -7.8% -14.7% 3.9% 1.9% -3.0% -8.9% -6.3% -6.8% 1.8% -17.8%   -6.5%
                             
COA Balance Sheet Quarter Ending    
  Mar-05 Jun-05 Sep-05 Dec-05 Mar-06 Jun-06 Sep-06 Dec-06 Mar-07 Jun-07 Sep-07 Dec-07   TTM
Current Assets                            
Cash And Cash Equivalents       6,163      4,905      16,175        2,780      8,906      3,791     11,728      2,651      3,669      3,255      3,109      1,549    
Short Term Investments         534            -              -              -            -            -            -            -            -          
Net Receivables     67,573    66,614      62,581      47,174     63,247     38,838     20,653     25,874     39,409     44,230     30,354     14,569    
Inventory   145,976  152,769    129,738     121,304   114,980   112,281   103,611     83,511     86,187     74,871     70,441     79,268    
Other Current Assets     10,943      3,247        4,343      27,666      3,281     23,909     33,152     17,966      6,618      2,013      4,013      3,804    
Total Current Assets   231,189  227,535    212,837     198,924   190,414   178,819   169,144   130,002   135,883   124,369   107,917     99,190    
                             
Long Term Assets                            
Property Plant and Equipment     82,161    82,293      73,795      67,581     63,506     59,847     58,348     57,018     55,895     55,640     54,263     52,932    
Goodwill     18,132    18,132      18,132      17,383     16,865     16,865     16,865     16,865     16,865     12,993     12,993     12,993    
Intangible Assets             -            -              -              -            -            -            -            -            -          
Accumulated Amortization             -            -              -              -            -            -            -            -            -          
Long Term Investments             -            -              -              -      7,219      7,208            -            -            -          
Other Long Term Assets     33,158    33,401      33,875      34,649     33,560     34,532     42,944     39,818     41,776     42,292     42,583     42,553    
Deferred Income Taxes            -            -              -              -            -            -            -            -            -          
Deferred Long Term Asset Charges             -            -              -        4,279      2,913      2,913            -            -            -          
Total Long Term Assets  133,451  133,826    125,802     123,892   124,063   121,365   118,157   113,701   114,536   110,925   109,839   108,478    
                             
Total Assets   364,640  361,361    338,639     322,816   314,477   300,184   287,301   243,703   250,419   235,294   217,756   207,668    
                             
Current Liabilities                            
Accounts Payable     50,239  108,971      98,525      36,019     86,932     30,882     26,116     16,998     35,062     38,517     60,178     48,813    
Short/Current Long Term Debt     11,355      5,182        6,393      14,499      1,818      5,000     11,891     10,361      7,614     14,404      8,344     25,041    
Book Overdraft            -            -              -              -            -            -            -            -            -          
Accrued Expenses            -            -              -      54,856            -     40,978      4,273            -      4,319          
Current Liabilities from Disc. Ops.            -            -              -              -            -            -            -            -            -          
Income Taxes Payable            -            -              -              -            -            -            -            -            5          
Other Current Liabilities     53,393            -              -          533      7,687     11,865     39,294     39,290     37,641     28,517        
Total Current Liabilities   114,987  114,153    104,918     105,907     96,437     88,725     81,574     66,649     84,641     81,438     68,522     73,854    
                             
Long Term Liabilities                            
Long Term Debt     14,669    14,304      13,883      12,913     11,561      5,979      5,744      3,862      3,825      3,794      3,627      3,010    
Borrowings under Credit Agreement                            
Other Long Term Liabilities     10,025    10,194            38      10,193     10,488      9,898      8,427      7,768      7,876      8,052      7,841      7,681    
Deferred Long Term Liability Charges             -      3,512      11,370              -            -            -            -            -            -      2,865      2,865      1,990    
Deferred Income Taxes      3,512            -              -              -            -            -            -      4,524      4,524          
Minority Interest             -            -              -              -            -            -            -            -            -          
Negative Goodwill             -            -              -              -            -            -            -            -            -          
Total Long Term Liabilities    28,206    28,010      25,291      23,106     22,049     15,877     14,171     16,154     16,225     14,711     14,333     12,681    
                             
Total Liabilities   143,193  142,163    130,209     129,013   118,486   104,602     95,745     82,803   100,866     96,149     82,855     86,535    
                             
Stockholders' Equity                            
Misc Stocks Options Warrants                             
Redeemable Preferred Stock                             
Preferred Stock                             
Common Stock     91,928    92,008      92,102      92,164     92,224     92,280     92,331     92,382     92,428     92,470     92,512     92,552    
Retained Earnings   181,990  179,577    169,328     154,246   156,219   155,583   151,598   119,623   108,704     98,108     93,764     79,927    
Treasury Stock    (58,537)   (58,463)     (58,558)     (58,924)   (59,711)   (59,553)   (59,676)   (59,312)   (59,300)   (59,153)   (59,154)   (59,154)    
Additional Paid-in Capital      7,859      7,772        5,769        6,465      7,247      7,254      7,313      7,648      7,735      7,721      7,795      7,856    
Other Stockholder Equity     (1,793)    (1,696)         (211)         (148)          12          18         (10)         (10)         (14)           (1)         (16)         (48)    
Total Stockholder Equity   221,447  219,198    208,430     193,803   195,991   195,582   191,556   160,331   149,553   139,145   134,901   121,133    
                          &nbs