DJ Coachmen Indus Posts 4Q Loss, RV Sales Hurt By Gas Prices
Vosilla - I still am seeing lots of RV's on the west coast of fl - how bout you?
ELKHART, Ind. (Dow Jones)--Coachmen Industries Inc. (COA), which makes recreational vehicles, posted a fourth-quarter loss as sales fell in part because of higher fuel costs.
The company reported a loss of $14.1 million, or 91 cents a share, in the latest quarter, compared with a profit of $3.6 million, or 23 cents a share, a year earlier.
Loss from continuing operations was $2.96 million, or 68 cents a share, in the period, compared with income from continuing operations of $130,000, or 11 cents, a year earlier.
Sales fell to $139.98 million from $187.2 million as higher gas prices hurt sales of RVs.
Since mid-year, Coachmen said it has eliminated more than 14% of salaried positions company-wide. The company also said it has made a number of changes within corporate management to consolidate executive positions and reduce overhead.
Looking ahead to 2006, Coachmen said it still sees a considerable weakness in the RV market, particularly with motorized products.
"Assuming essentially flat revenues from continuing operations from 2005 levels, or $710-750 million, we expect our gross profit margins to improve from 8.0% in 2005 to a range of 12%-14% and operating expenses should decline from 13.1% of sales in 2005 to a range of 10%-10.5% of sales," Chairman and Chief Executive Claire C. Skinner said in a company statement Monday.
(END) Dow Jones Newswires |
