Camping World, America's largest direct marketer and specialty retailer of RV and outdoor camping accessories, announced today that it has secured a new credit facility with SunTrust Bank.

Marcus Lemonis, Camping World Chairman & CEO, replied, "We are excited about the relationship we have developed with SunTrust Bank. The credit facility provides Camping World with the flexibility, stable capital structure and capacity to continue to execute our operating strategy and service our customers. The terms and conditions of the amended facility allow the company to meet our objectives and further solidify our position as the industry leader."

"SunTrust is pleased to have assisted Camping World with its financial needs by way of this transaction," said Amy Burnstine, Director of Asset Based Lending at SunTrust Robinson Humphrey.

Navistar International Corporation (NYSE: NAV - News) announced that stockholders at its annual meeting today elected three incumbent directors to the board of directors, ratified the selection of KPMG as the company’s independent registered public accounting firm and approved amendments to the company’s performance incentive plan.

The director incumbents elected for a three-year term are:

• Eugenio Clariond, a director since 2002, and retired chairman of the board and chief executive officer of Group IMSA, S.A., a producer of steel processed products.
• Diane H. Gulyas, a director since 2009, and president of E.I. DuPont de Nemours and Company’s performance polymers group.
• William H. Osborne, a director since 2009, and the president and chief executive officer of Federal Signal Corporation, a manufacturer and marketers of fire, safety and municipal infrastructure equipment.

One of the amendments to the company’s performance incentive plan increased the number of shares available for issuance to 5,750,000 shares from 3,250,000 shares. The other amendment added an additional performance measure, earnings before interest and taxes, to the performance incentive plan. No other proposals were presented for action and 87.92 percent of all of the outstanding shares of Navistar were voted at today’s meeting.

Thor Industries (NYSE: THO) announced today preliminary sales for the quarter and six months ended January 31, 2010. Sales in the quarter were $429 million, almost double the $227 million from last year. RV sales were $335 million, up 148% from $135 million last year. Bus sales were $94 million, up 2% versus $92 million last year.

Sales in the 6 months were $932 million, up 40% from $665 million last year. RV sales were $726 million, up 56% from $465 million last year. Bus sales were $206 million, up 3% from $200 million last year.

Backlog on January 31, 2010 was a record $711 million, up 81% from $392 million last year. RV backlog was $449 million, up 157% from $175 million last year. Bus backlog was $262 million, up 21% from $217 million last year. Cash, cash equivalents and investments on January 31, 2010 were $155 million.

"Thor's record backlog is indicative of improving RV market conditions and continuing strength in bus," said Peter B. Orthwein, Thor Chairman, President & CEO. "RV retail shows have been much improved so far this season which leads us to anticipate continued performance gains throughout 2010," he added.

In the face of the worst truck market in 47 years, Navistar International Corporation (NYSE: NAV) delivered strong fourth-quarter net income, resulting in a solid profit for the fiscal year ended Oct. 31, 2009.

“Despite current economic challenges, we have remained focused on our three-pillar strategy which includes being profitable in the toughest of times while investing in our future for profitable growth,” said Daniel C. Ustian, Navistar’s chairman, president and chief executive officer.

Driven by a pickup in fourth-quarter commercial truck volume and continued military sales, the company reported 2009 fourth-quarter net income of $86 million, equal to $1.19 of diluted earnings per share, on sales and revenues of $3.3 billion. Fourth-quarter 2009 earnings were reduced by charges and costs that totaled $42 million (pre-tax), or $0.58 per diluted share. These charges included a $31 million asset impairment charge related to the idling of the Chatham, Ontario, and Conway, Ark., manufacturing facilities and an $11 million charge related to company’s refinancing of its capital structure. In the fourth quarter a year ago, Navistar reported a loss of $343 million, equal to $4.81 of diluted loss per share, on sales and revenues of $3.9 billion. The 2008 fourth-quarter loss resulted from asset impairment and related charges of $385 million (pre-tax), or $5.37 per diluted share, arising from strategic changes in the company’s Ford diesel engine business.

Net income for the fiscal year ended Oct. 31, 2009 totaled $320 million, equal to $4.46 of diluted earnings per share, on net sales and revenues of $11.6 billion. Net income benefited from a settlement with Ford Motor Co. that totaled $160 million (pre-tax), equal to $2.19 of diluted earnings per share. Excluding the Ford settlement and fourth-quarter charges and costs as referenced above, fiscal 2009 net income would have totaled $205 million, equal to $2.86 of diluted earnings per share.

In fiscal 2008, Navistar reported net income of $134 million, equal to $1.82 of diluted earnings per share, on net sales and revenues of $14.7 billion. Earnings in 2008 were impacted by asset impairment and other related charges of $395 million (pre-tax), or $5.39 per diluted share, arising from strategic changes in its Ford diesel engine business. Without these costs, net income would have been $528 million, equal to $7.21 of diluted earnings per share.

Manufacturing segment profit was $232 million for the 2009 fourth quarter and $836 million for the full year, compared with a manufacturing segment loss of $168 million for the 2008 fourth quarter and manufacturing segment profit of $693 million for the full year.

“During one of the weakest economies we can recall, we are pleased with our performance and our ability to continue to invest in the long-term future of the business,” said A.J. Cederoth, Navistar’s executive vice president and chief financial officer. “As a result, we believe we are well positioned to capitalize on a variety of opportunities that lie ahead.”

The company had previously stated it anticipated manufacturing cash balances for the year in the range of $700 million to $800 million and it in fact closed 2009 with a manufacturing cash balance of $1.2 billion compared with $751 million as of the prior quarter ended July 31, 2009. “The steps taken in 2009 have positioned us to move forward with our operations when the economy continues to recover in 2010,” Cederoth said.

Continuing on its path to meet the latest emissions requirements through its advanced EGR (exhaust gas recirculation) MaxxForce® engines, the company said it is prepared for a successful engine launch in the months ahead. In early December, 28 IC Bus™ school buses meeting 2010 emissions requirements were delivered to the Columbus, Miss., school district, marking the first 2010-compliant diesel buses to be delivered to its customers. In preparation for the launch of its 2010-compliant engines, Navistar engineers have conducted extensive testing and validation over the last two years, accumulating more than 15.7 million test miles.

“We believe that our customer-friendly solution positions our products with a significant competitive advantage,” said Ustian.

The company continues to advance strategic joint venture and acquisitions that align with its strategic goals, including NC2, the company’s global commercial truck joint venture with Caterpillar Inc., the all-electric commercial truck venture with Modec Limited of the United Kingdom, and the acquisition of the engine components business from Continental Diesel Systems US, LLC. In December, Navistar also completed its acquisition of the cement mixer manufacturing business of Continental Mfg. Company, Inc., and invested in Danish technology company Amminex, which will offer it another tool to explore cost-effective, customer-friendly technologies that fit the company’s advanced EGR platform. The company believes these initiatives and expansions will be key contributors to its future success.

“Our actions have enabled us to deliver exceptional 2009 results, while simultaneously making it possible for us to succeed in an improving economy and deliver continued profitability over the next several years,” said Ustian. “The momentum established in the wake of these accomplishments positions us well for long-term success and to take on the challenges that 2010 will pose for all in our industry.”

The company anticipates that total truck industry retail sales volume for Class 6-8 trucks and school buses in the United States and Canada for the year ending Oct. 31, 2010, will be in the range of 175,000 to 215,000 units.

Segment Results

• Truck — Decreased U.S. military sales, lower volumes in traditional markets and higher material costs contributed to the truck segment’s lower segment profit of $147 million for the year ended Oct. 31, 2009, compared with segment profit of $805 million in 2008, a year that included major U.S. military sales as part of the company’s Mine Resistant Ambush Protected (MRAP) vehicle program. Navistar increased its traditional market share across most classes during the fourth quarter and year ended Oct. 31, 2009. The market share of its Class 8 heavy duty vehicle has been bolstered by a 6 percentage point growth for the 2009 fiscal year compared to the same period in 2008. The increases are primarily driven by the growing popularity of the most fuel efficient Class 8 truck on the road — the International® ProStar® — and the continued purchase of trucks by larger fleets, as well as U.S. military procurements.
• Engine — Although engine unit volumes continued to lag the prior year, the Engine segment delivered a $253 million segment profit in fiscal 2009, including the impact of the increased equity ownership in Blue Diamond Parts, improved fourth-quarter shipments to our truck segment and the impacts of the Ford settlement, compared with a fiscal 2008 segment loss of $366 million which includes $395 million of asset impairment and other related charges to its diesel engine business for Ford pickups. Total engine unit volumes declined by 76,200 units in fiscal 2009. The development of the company’s 15-liter program is progressing as planned with the first demo units now being delivered to key customers for field testing.
• Parts — Strengthened by continued strong sales to the U.S. military, the Parts segment reported a fiscal 2009 segment profit of $436 million, an increase of 72% over the prior year period, on sales totaling $2.2 billion, compared with a segment profit of $254 million on sales of $1.8 billion a year ago. The improvement in profit is primarily the result of its ability to expand into adjacent markets, primarily the military, without significant investment in product development or distribution infrastructure. Military sales increased by $519 million, which more than offset decreased demand caused by the global economic climate.
• Financial Services — Despite the challenging economic environment, the financial services segment continues to demonstrate improvements as it delivered a segment profit of $40 million in fiscal 2009, compared with a segment loss of $24 million in 2008. The impacts of declining portfolio balances were offset by higher earnings from increased interest rates and fees charged to dealers, retail customers and the manufacturing operations. Navistar Financial Corporation (NFC) continues to demonstrate its ability to access diversified funding sources to help Navistar dealers and customers finance equipment. In December, NFC successfully refinanced its bank credit facility with a new three-year revolving credit facility and term loan totaling $815 million and completed a private asset sale and secured loan, which generated proceeds totaling $304 million with one of its relationship banks. In November, NFC also issued $350 million in three-year asset-backed securities to support dealer inventory funding, in a deal eligible for funding under the U.S. Federal Reserve’s TALF (Term Asset-Backed Securities Loan Facility) program, and completed a $299 million retail securitization in April. With the completion of the TALF deal and the refinancing of its bank facility, NFC has completed its 2009 refinancing actions.

Affinity, the nation’s largest provider of outdoor recreation clubs, services, media and events, announced today that is has entered into a non-binding letter of intent with a private equity firm to fortify its capital structure. The transaction will provide $70 million in new funding and award the firm a future economic interest in Affinity.

“This new source of capital will allow Affinity to reinvigorate its growth strategy and put the company on a more secure financial footing going forward,” said Mike Schneider, CEO of Affinity. “In spite of the severe downturn in the RV industry this last year, we are pleased the company has come through this difficult period and will now be able to grow with the industry’s anticipated recovery.”

A multi-media company, Affinity is well known for managing several membership clubs including the Good Sam Club, the world’s largest RV owner’s organization, in addition to operating numerous consumer and business websites, publications and shows for RV, powersports and marine enthusiasts.

The company also owns Camping World, the largest after market retailer in the RV industry with over 75 locations throughout the United States.