February 2010 Volume 35 - Number 7
Contents
|
|
| February 04, 2010 367 |
| Record Backlog; Cash and Investments at $155 Million |
| Thor Announces Preliminary Sales for Quarter, Six Months |
|
 Click Illustration for Larger Image | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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.
Source Thor Industries
|
| December 23, 2009 322 |
| Manufacturing Segment Profit of $232 million for 4Q, $836 million for 2009 |
| Navistar Reports Solid 4Q, Year-End Net Income as Weakened Truck Market Continues |
|
|
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.
Source Navistar International Corporation
|
| December 18, 2009 329 |
| RV and Outdoor Recreation Leader, Affinity, Announces Strategic Financing |
|
|
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.
|
| December 18, 2009 318 |
| Sales Order Backlog Increase of 350 Percent |
| Winnebago Industries Reports Improved Results for First Quarter Fiscal 2010 |
|
|
Winnebago Industries, Inc. (NYSE:WGO), the leading United States motor home manufacturer, today reported improved financial results for the Company’s first quarter of fiscal year 2010.
Revenues for the first quarter of fiscal 2010 ended November 28, 2009 were $81.0 million, an increase of 16.7 percent, versus $69.4 million for the first quarter of fiscal 2009. The Company reported an operating loss of $6.0 million for the quarter, versus an operating loss of $16.9 million for the first quarter of fiscal 2009. Net loss for the first quarter was $1.3 million versus $9.6 million for the first quarter of fiscal 2009. On a diluted per share basis, the Company had a net loss of 5 cents for the first quarter of fiscal 2010 versus a net loss of 33 cents for the first quarter of fiscal 2009. The net loss for the first quarter reflected the positive impact of $4.9 million in tax benefits associated with additional fiscal year 2009 net operating loss carryback due to recent tax law changes; however, no tax benefits have been recorded on first quarter fiscal 2010 pre-tax losses which are not immediately subject to refund.
“We are extremely pleased to see an increase in revenues, as well as posting a small gross profit in our first quarter,” said Winnebago Industries’ Chairman, CEO and President Bob Olson. “As difficult as this recession has been for Winnebago Industries and the entire RV industry, we believe the worst may be over.”
Winnebago Industries’ sales order backlog was 1,521 motor homes at November 28, 2009, an increase of 350 percent compared to the end of the first quarter of fiscal 2009. This also represents an increase of 62 percent from August 29, 2009, the end of our fourth quarter. “The increased demand for our products is particularly noteworthy since it is seasonally very unusual to have a significant increase at this time of year,” said Olson. “We have seen particular strength in the backlog for our Class A gas and diesel products. Due to the escalation of our sales order backlog, we have increased our production levels and during the first quarter of fiscal 2010, our employment grew by approximately 350 employees.”
“While the economic environment, the availability of credit and the level of retail demand remain tenuous, we believe that dealer inventory has finally bottomed out,” said Olson. “Inventory of Winnebago, Itasca and ERA products on our dealers’ lots declined 52 percent to 1,567 motor homes as of November 28, 2009 versus 3,269 motor homes as of the end of the first quarter of fiscal 2009. Retail sales have been much higher than wholesale shipments throughout the past 18 months, providing further opportunity for added growth in the future through inventory replenishment even without an increase in retail demand.”
According to Statistical Surveys, Inc., the retail reporting service for the RV industry, Winnebago Industries’ gained market share in the combined Class A and C markets with 19.3 percent for the first 10 months of calendar 2009, compared to 18.3 percent for the same period last year.
“We had an excellent reception of our new 2010 products at the recent RVIA National RV Trade Show in Louisville, KY,” continued Olson. “We were pleased with the increased level of orders placed during the show as compared to last year. Many dealers also indicated they are interested in carrying fewer manufacturers’ product lines on their lots, with the intention to partner with manufacturers who are financially stable and able to provide product, sales and service support for the long-term.”
Source Winnebago Industries
|
| November 17, 2009 270 |
| Coast Distribution System Reports Net Income in Third Quarter 2009 |
|
|
The Coast Distribution System, Inc. (NYSE Amex: CRV) reported financial results for the third quarter ended Sept. 30, 2009, highlighted by net earnings despite lower sales, driven by improved margins and a leaner operating structure.
Coast, one of North America's largest aftermarket suppliers of replacement parts, accessories and supplies for the recreational vehicle (RV), boat and outdoor recreation industries, reported net earnings of $0.9 million, or $0.20 per diluted share, on net sales of $29.6 million for the third quarter of 2009. For the same period of 2008, Coast reported a net loss of $0.3 million, or $0.07 per diluted share, on net sales of $34.7 million.
Gross margin as a percentage of sales increased to 20.7 percent in the 2009 third quarter, compared to 17.9 percent in the same quarter of 2008. The increase was a result of reduced freight costs, discounts and volume rebates, workforce reductions in our warehouses, and the introduction of additional higher-margin Coast branded products. In the 2009 third quarter, Coast reduced selling, general and administrative (SG&A) expenses by $2.1 million, or 30.9 percent as compared to the 2008 third quarter. The company attributed the decrease in SG&A to an aggressive cost control program, which has included reducing staffing levels and company-wide reductions in salaries. Coast reduced its borrowings under its bank line of credit by $11.2 million, or 55.2 percent year-over-year and reduced inventory year-over-year by $10.2 million, or 28.8 percent to $25.3 million, at September 30, 2009.
For the nine-month period ended Sept. 30, 2009, Coast reported net earnings of $1.2 million, or $0.26 per diluted share, on net sales of $85.9 million, compared with net earnings of $0.4 million, or $0.09 per diluted share, on net sales of $115.4 million in the same period of 2008.
"Given the difficult industry conditions, we are pleased with our results in the quarter," said Coast's Chief Executive Officer Jim Musbach. "Driving our profits were improved margins, which for a large part were the result of several important yet painful steps we have taken in the past 18 months to create a leaner, stronger company. Looking ahead, our focus is on new product introductions to capture market share and increase volume beginning in 2010. We are also encouraged as we are seeing our customers restocking inventory in anticipation of an upturn in our industry. We will continue to reduce costs wherever practicable to improve our operations and effectively position ourselves for the eventual industry recovery, while expanding our customer base for Coast-branded and partnered distribution products."
Net sales in the 2009 third quarter declined 14.7 percent year-over-year, which management attributed to lower retail traffic at RV and marine dealerships, Coast's primary customers, reflecting the continuing effects of the recession and credit crisis. Industry associations for both the RV and boating industries reported double-digit declines in industry shipments for the first nine months of the year. The Recreational Vehicle Industry Association (RVIA) reported year-to-date RV industry shipments were off 42.7 percent year-over-year in the nine-month period.
As in past years, the Company expects a loss in the fourth quarter of 2009 due to the traditional, seasonal slowdown in the quarter, as customers typically wait until the first quarter to begin placing orders for the upcoming season, which commences in the spring.
|
|
Thor Announces Preliminary Sales for Quarter, Six Months 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. Financials Posted Feb 04, 2010
- RV and Outdoor Recreation Leader, Affinity, Announces Strategic Financing
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. Financials Posted Dec 18, 2009
- Navistar Reports Solid 4Q, Year-End Net Income as Weakened Truck Market Continues
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. Financials Posted Dec 23, 2009
- Winnebago Industries Reports Improved Results for First Quarter Fiscal 2010
Winnebago Industries, Inc. (NYSE:WGO), the leading United States motor home manufacturer, today reported improved financial results for the Company’s first quarter of fiscal year 2010. Financials Posted Dec 18, 2009
- Coast Distribution System Reports Net Income in Third Quarter 2009
The Coast Distribution System, Inc. (NYSE Amex: CRV) reported financial results for the third quarter ended Sept. 30, 2009, highlighted by net earnings despite lower sales, driven by improved margins and a leaner operating structure. Financials Posted Nov 17, 2009
- Thor Announces Strong Quarterly Sales, Record Backlog, Cash of $326 Million
Thor Industries, Inc. (NYSE: THO) announced its preliminary sales for the three months ended October 31, 2009 were $501 million, up 14% from $439 million last year. Financials Posted Nov 05, 2009
- Winnebago Industries posts wider 4Q loss
Winnebago Industries Inc. said its fourth-quarter loss widened as the nation's top motor home maker struggled with falling deliveries and promotional pricing and said customers are still having a hard time getting financing. Financials Posted Oct 15, 2009
- Navistar Reaches Tentative Settlement with SEC over Restatement of 2002-2005 Financial Results
Navistar International Corporation (NYSE: NAV) announced today that it has reached a tentative settlement of the Securities and Exchange Commission’s investigation into the company’s December 2007 restatement of its financial results for 2002 through the first three quarters of 2005 that will fully resolve the matters under investigation. Financials Posted Oct 21, 2009
- Thor Reports 4th QuarterResults Both RV And Bus Profitable In Quarter, Year
Thor Industries, Inc. (NYSE: THO) announced results for the fourth quarter and 12 months ended July 31, 2009. Financials Posted Oct 01, 2009
- Levi & Korsinsky, LLP, Files Class Action Lawsuit Against Fleetwood
Levi & Korsinsky announces that a class action lawsuit has been filed in the United States District Court for the Central District of California on behalf of purchasers of the common stock of Fleetwood Enterprises, Inc. between December 6, 2007 and March 10, 2009, inclusive (the "Class Period"). Financials Posted Sep 16, 2009
- Brower Piven Encourages Investors Who Have Losses in Excess of $200,000 From Investment in Fleetwood Enterprises, Inc. to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the November 2, 2009 Lead Plaintiff Deadline
Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Central District of California on behalf of purchasers of the common stock of Fleetwood Enterprises, Inc. ("Fleetwood" or the "Company") (NYSE:FLE - News) during the period between December 6, 2007 and March 10, 2009, inclusive (the "Class Period"). Financials Posted Sep 12, 2009
- Lazy Days Reaches Agreement in Principle with Bondholders and Lenders on Terms of Financial Restructuring
Lazy Days’ R.V. Center, Inc. (the “Company”) today announced it has entered into an agreement in principle with its floor plan lenders and an ad hoc committee representing approximately 82% of its bondholders by value on a plan to restructure its debt. Financials Posted Sep 08, 2009
- Monaco RV, LLC, Signs More than 100 Dealer Partners
Monaco RV, LLC, has signed up more than 100 dealer partners to date, and plans to continue to further expand its network of motorized and towable dealer partners. Financials Posted Aug 27, 2009
- Cavco Industries Highest Bidder in Auction for Fleetwood's Manufactured Housing Assets
Fleetwood Enterprises, Inc. (OTC Bulletin Board: FLTWQ) announced that Cavco Industries, Inc. (Nasdaq: CVCO) and an investment partner, Third Avenue Trust Value Fund (TAVFX), through FH Holding, Inc., their jointly owned corporation, has been named the highest and best bidder for certain of the company's manufactured housing assets. Financials Posted Aug 12, 2009
- Thor Announces Preliminary Sales for Quarter, 12 Months
Thor Industries, Inc. (NYSE: THO) announced preliminary sales for the quarter and 12 months ended July 31, 2009 Financials Posted Aug 06, 2009
- Fleetwood Enterprises Completes Sale of Motorhome Assets to American Industrial Partners
Fleetwood Enterprises, Inc. (OTC Bulletin Board: FLTWQ), announced the closing of the previously announced sale of its motorhome assets to American Industrial Partners Capital Fund IV, L.P. (AIP). Financials Posted Jul 22, 2009
- Thor Industries Reports Drop in Third Quarter Profit
Thor Industries, Inc. (NYSE: THO) announced results for the third quarter and nine months ended April 30, 2009. Financials Posted Jun 17, 2009
- Winnebago Reported $14.8 Million Operating Loss in Third Quarter FY2009
Winnebago Industries, Inc. (NYSE: WGO) today reported financial results for the Company's third quarter and first nine months of fiscal year 2009 ended May 30, 2009. Financials Posted Jun 18, 2009
- Coachmen Announces Its Stock to be Traded Over the Counter
Coachmen Industries, Inc. (the "Company") (NYSE: COA) announced that it received a written notice from NYSE Regulation, Inc. that trading of the Company's common stock on the New York Stock Exchange ("NYSE") would be suspended before the NYSE opens on April 9, 2009 because it did not maintain an average global market capitalization of at least $15.0 million over a consecutive 30 trading-day period. Financials Posted Apr 06, 2009
- Winnebago Posts 2nd-Quarter Loss as RV Sales Continue to Fall
Winnebago Industries, Inc. (NYSE: WGO) reported financial results for the Company's second quarter and first six months of fiscal year 2009 ended February 28, 2009. Financials Posted Mar 27, 2009
- Coachmen Receives Notice Regarding NYSE Delisting
Coachmen Industries, Inc. (NYSE: COA) announced that it has been notified by the New York Stock Exchange (the "NYSE") that because over a 30 trading day period its total market capitalization was less than $75 million its most recently reported stockholders' equity was less than $75 million, it is no longer in compliance with the NYSE's continued listing standards. Financials Posted Mar 10, 2009
- Federal Judge Grants Country Coach's Request to be Forced into Bankruptcy
U.S. Bankruptcy Judge Albert Radcliffe ordered Country Coach into Chapter 11 bankruptcy protection on March 5, 2009, 30-days after the RV maker’s majority owner filed a petition to put the company into involuntary bankruptcy. Financials Posted Mar 09, 2009
- Monaco Coach Corp. files Chapter 11 Bankruptcy
Monaco Coach Corp. filed for Chapter 11 bankruptcy protection on March 5, 2009. Financials Posted Mar 09, 2009
- NYSE Delists Monaco Coach Corp
The NYSE announced that the common stock of the Monaco Coach Corporation has been suspended from that exchange based on the NYSE's determination of an "abnormally low" trading level. Financials Posted Mar 09, 2009
- Monaco Gives Termination Notices to the Majority of Remaining Workforce
Monaco Coach Corporation (NYSE: MNC) announced that today it has provided termination notices to the majority of its remaining workforce. Financials Posted Mar 02, 2009
|
|
|
|