Elkhart, Ind., February 21, 2008
- Coachmen Industries, Inc. (NYSE: COA) today
announced that it has received an inquiry from the Committee on
Oversight and Government Reform of the United States House of
Representatives as part of the Committee’s investigation into the
levels of formaldehyde in travel trailers and other forms of
temporary housing provided by FEMA to victims of the Gulf Coast
Hurricanes from 2005 through 2007.
“Coachmen’s first priority is and has always been the quality and
safety of all of our products,” stated Rick Lavers, President and
CEO of Coachmen Industries. “While Coachmen did not sell any
trailers directly to FEMA, we know that a proportionately small
number of our products were used by FEMA. Nevertheless, we will
make every effort to cooperate fully with the Committee’s request
for information on our products.”
The Committee has requested that Coachmen provide the requested
information by Friday, March 7, 2008. The Company will provide
additional details regarding its response at that time.
Coachmen Industries, Inc. is one of America’s leading manufacturers
of recreational vehicles, systems-built homes and commercial
buildings, with prominent subsidiaries in each industry. The
Company’s well-known RV brand names include COACHMENâ,
GEORGIE BOYÔ,
SPORTSCOACHâ,
ADRENALINE™ and VIKINGâ.
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, 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.
For more
information:
Jeffery A. Tryka, CFA
Director of Planning and Investor Relations
Coachmen Industries, Inc.
574-262-0123
