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For
immediate release: October 2, 2007
Coachmen RV
Group's best-in-class quality is receiving third-party validation. The
Recreation Vehicle Industry Association (RVIA) completed its September
quality audit of Coachmen's Indiana facilities and gave the RV
manufacturer the best score it has ever received.
Members of
RVIA are required to allow the industry association to conduct a number
of quality audits each year. During these inspections, auditors arrive
unannounced with a checklist of more than 850 code requirements to
examine. Any code requirement not met by the manufacturer receives a
deviation listing ranging from a Class A deviation (most severe) to a
Class C deviation (least severe).
"We received a perfect score across the board with the exception of a
single Class C deviation (least severe) in only one plant," said Michael
R. Terlep, president of Coachmen RV Group.
"To date,
our average audit results have improved 71 percent compared with 2006
averages. This is not just a one-time improvement," Terlep added.
Another audit was conducted recently by Ford Motor Company to ensure
Coachmen meets the minimum requirements of the Ford Quality Program.
Coachmen scored 104 out of a possible 105 points. Inspection Leader
James Bartlett wrote on his final assessment: "Well done! It is clear
that Coachmen's approach to Ford's QVM program, and quality in general,
is positive, dynamic, and it is getting results."
Terlep said
these two independent, third-party audits demonstrate that Coachmen RV
Group is serious about delivering best-in-class quality!
RVIA
research shows that “quality of the RV” (or lack of it) is the top
consumer concern with the recreational vehicle industry.
"As part of
our company's focus, we have empowered our employees to stop production
to correct defects before an RV leaves the plant; we've implemented an
incentive plan that rewards workers for measurable improvements in
quality; and we've invested in new technology that is helping us achieve
best-in-class quality," said Terlep.
Consumers are also recognizing Coachmen's quality efforts and focused
product strategies. For the first half of 2007, Coachmen gained retail
market share in almost every product category, according to Statistical
Surveys, Inc. Diesel sales are up 9.8 percent; Class Cs, up 14.8
percent; travel trailers, up 16.9 percent; and fifth wheels, up 4.3
percent.
“We have
momentum, and this is only the beginning. Coachmen is absolutely
committed to providing best-in-class quality products and key indicators
clearly suggest that we are. From here, we just keep getting better,”
said Terlep.
Coachmen
Industries, Inc., through its prominent industry subsidiaries, is one of
America’s leading manufacturers of recreational vehicles, systems-built
homes and commercial buildings. The Company’s well-known RV brand names
include COACHMEN, GEORGIE BOY™, SPORTSCOACH, VIKING and ADRENALINE™.
Coachmen’s ALL AMERICAN HOMES® subsidiary is one of the nation’s largest
producers of systems-built homes, and also a major builder of
multi-family residential and commercial structures with its ALL AMERICAN
BUILDING SYSTEMS™ products. 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 Housing and Building Group 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,
further developments in the war on terrorism and related international
crises, oil supplies, and other risks identified in the Company’s SEC
filings.
Contact:
Product Information:
Bill Martin
Marketing Manager
(574) 825-8225
bmartin@coachmen.com
Financial Information:
Jeffery A. Tryka, CFA
Director of Planning and Investor Relations
(574) 262-0123
jtryka@coachmen.com
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