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2831 Dexter Drive P.O. Box 3300 Elkhart, Indiana 46515 574/262-0123 Fax 574/262-8823
For immediate release Monday, January 31, 2005
COACHMEN INDUSTRIES, INC. POSTS ROBUST 2004 RESULTS; FOURTH QUARTER SALES UP 9%o 2004 EPS up 106% to $0.99 from $0.48 in 2003. - Net Income from continuing operations up 94% to $13.4 million, $0.87 per share. o 2004 revenues increase 24% to $865 million. o Company expects solid sales and earnings growth in 2005.
Elkhart, Ind. - Coachmen Industries, Inc. (NYSE: COA) today announced its financial results for the fourth quarter and full year ended December 31, 2004.
Sales for the fourth quarter increased 9% to $204 million versus $188 million during the same period last year. For the full year, revenues increased 24% to $865 million, from $698 million in 2003. Net income for the quarter, including discontinued operations, was $3.6 million, or $0.23 per share compared with $2.0 million, or $0.13 per share in the fourth quarter of 2003. Net income from continuing operations in the quarter was $1.9 million, down 5% from the fourth quarter of 2003. For the year, net income from continuing operations increased by 94% to $13.4 million compared with $6.9 million last year. EPS from continuing operations increased 93% from $0.45 in 2003 to $0.87, while EPS including discontinued operations increased 106% from $0.48 to $0.99.
Coachmens fourth quarter results included the sale of its RV dealership, Colfax Country RV, LLC in North Carolina, consistent with the Companys goal to streamline when possible to better focus its human and financial capital on the Companys core strengths. As part of the sale, which closed on December 31, 2004, Coachmen recognized a gain on the sale of assets of approximately $1.7 million after tax. The operating results of Colfax, as well as the gain, are classified as discontinued operations, resulting in net income from discontinued operations of $1.9 million, or $0.12 per share. Prior periods have also been restated to reflect the reclassification of Colfax into discontinued operations.
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The following information was filed by All American Group Inc on Tuesday, February 1, 2005 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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