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.

Revenues for the quarter were $50.8 million versus revenues of $139.7 million for the third quarter last fiscal year. The Company reported an operating loss of $14.8 million for the quarter versus an operating loss of $6.9 million for the third quarter of fiscal 2008. Net loss for the third quarter was $8.6 million versus net income of $3.0 million for the third quarter of fiscal 2008. On a diluted per share basis, the Company had a net loss of 29 cents a share for the third quarter of fiscal 2009 versus net income of 10 cents per share for the third quarter last fiscal year.

The third quarter was negatively impacted by lower motor home deliveries, low absorption of fixed costs and higher production inefficiencies due to lower production volumes, significant increases of wholesale and retail promotions due to challenging market conditions, and a higher mix of lower priced Class C and B motor home deliveries. There was a positive benefit to cost of goods sold, however, from the liquidation of last-in, first-out (LIFO) inventory values due to a significant reduction of inventory levels. This has the effect of decreasing the net loss by $2.1 million, or seven cents per diluted share.

Revenues for the first 39 weeks of fiscal 2009 were $152.1 million versus $519.1 million for the first 40 weeks of fiscal 2008. Operating loss was $50.3 million for the first 39 weeks of fiscal 2009 versus an operating income of $9.1 million for the first 40 weeks of fiscal 2008. Net loss for the first 39 weeks of fiscal 2009 was $28.5 million versus net income of $15.5 million for the first 40 weeks of fiscal 2008. On a diluted per share basis, the Company had a net loss of 98 cents a share for the first 39 weeks of fiscal 2009 versus net income of 53 cents a share for the first 40 weeks of fiscal 2008.

"We are pleased by our successful efforts to reduce inventory during the quarter," said Winnebago Industries' Chairman, CEO and President Bob Olson. "While market conditions remain very challenging, we were able to generate $14.7 million of cash from operations during our third quarter as a result of aggressive management of our working capital. On a fiscal year to date basis through the third quarter, cash generated from operations has increased over 19 percent compared to last year."

According to Statistical Surveys, the retail reporting service for the RV industry, Winnebago Industries gained market share in the combined Class A and C market with 18.4 percent calendar year to date through April 2009 as compared to 17.3% for the same period last year. Industry-wide, combined Class A and C motor home retail sales have declined approximately 46 percent calendar year to date through April. The Recreation Vehicle Industry Association has reported wholesale motor home shipments industry-wide to have decreased by approximately 78 percent calendar year to date through April.

"While industry motor home shipments as reported were down 76.6 percent during the first two months of our third fiscal quarter, we were pleased that our shipments showed a less significant decline, at 61.9 percent for the quarter," Olson continued. "We have seen modest improvement industry-wide during calendar 2009 in both retail sales and wholesale shipments, unfortunately, the improvement has not been of the magnitude that would imply a full recovery within the near term. As a result, we are continuing to reduce our cost structure as reflected by the recent announcement of the upcoming closure of our fiberglass manufacturing facility in Hampton, Iowa."

"Credit remains the biggest hurdle the industry faces," said Olson. "Floor plan lending institutions continue to emphasize reducing inventories and increasing turn rates for dealerships across the country. Dealer inventory of Winnebago Industries' products has been reduced by nearly 50 percent since a year ago and by approximately 20 percent since the end of our last fiscal quarter. While our sales order backlog is over 60 percent less than last year at this time, we are pleased that it has increased 14 percent since the end of our last fiscal quarter. We continue to believe we are in a strong financial position with sufficient cash, no long-term debt and with the benefit of a respected brand name known for its quality products."

Winnebago Industries will conduct a conference call in conjunction with this release at 9 a.m. Central Time today, Thursday, June 18, 2009. Members of the news media, investors and the general public are invited to access a live broadcast of the conference call via the Investor Relations page of the Company's website at http://www.winnebagoind.com/investor.html. The event will be archived and available for replay for the next 90 days.

Thor Industries, Inc. (NYSE: THO) announced results for the third quarter and nine months ended April 30, 2009.

Sales for the quarter were $415,472,000, down from $707,931,000 last year. Net income for the quarter was $2,102,000, versus $27,854,000 last year. E.P.S. for the quarter were 4 cents versus 51 cents last year.

Sales for the nine months were $1,080,972 versus $2,070,837 last year. Net loss for the nine months was $7,638,000 versus net income of $87,665,000 last year. E.P.S. for the nine months were (14 cents) versus $1.58 last year.

RV sales in the quarter were $312,041,000 down from $600,960,000 last year. RV sales in the nine months were $777,016,000 down from $1,770,437,000 last year. Bus sales in the quarter were $103,431,000 compared to $106,971,000 last year. Bus sales in the nine months were a record $303,956,000 up from $300,400,000 last year.

RV income before tax was $6,860,000 in the quarter versus $45,404,000 last year. RV loss before tax in the 9 months was $7,208,000 versus $137,122,000 income last year. Bus income before tax in the quarter was $1,243,000 down from $5,113,000 last year and $10,263,000 in the nine months versus $12,808,000 last year. Corporate net costs were $3,531,000 in the quarter versus $6,177,000 last year and $13,184,000 in the nine months versus $9,904,000 last year.

"We incurred a $9.7 million RV non-cash goodwill impairment charge and a one time $4.7 million increase in Bus self insurance and other reserves in the quarter," said Wade F. B. Thompson, Thor chairman. "We continue to substantially increase our market share in both towable and motorized RVs. For the 3 months ended March, our travel trailer and fifth wheel share increased to 32.6% from 30.2% last year and our motor home share increased to 16.7% from 13.3% last year. We also increased our market share in the first quarter in the small and mid-size bus industry to 41% from 37%. Our operating cash flow is positive, we continue to have zero debt, and we believe our cash and working capital is the strongest in our industries," he added.

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.

"Given the broad declines in value in the overall market, and widespread questions about recovery of the housing industry, and because of continued downward pressure on our stock from short sellers, this development is not entirely unexpected," said Rick Lavers, CEO and President. "The Company is considering its options, but regardless, our shareholders should understand that if we are delisted on the New York Stock Exchange, Coachmen's shares will still be publicly traded, just in a different venue. Delisting may actually help us improve our bottom line performance by reducing some of our overhead costs."

The Company has a 10 day period in which to file an appeal of NYSE Regulation's decision. The Company may elect to file an appeal prior to the effective date of the trading suspension. NYSE Regulation has informed the Company that application to the Securities and Exchange Commission to delist the Company's common stock is pending the completion of all applicable procedures, including any appeals by the Company of NYSE Regulation's decision.

If it elects not to appeal the NYSE's decision, the Company will work with potential market makers to apply for registration and quotation of its common stock on either the OTCQX or the OTC Bulletin Board ("OTCBB"). Any transition to the over-the-counter markets would not affect the Company's business operations and would not change its obligations to file periodic and certain other reports with the Securities and Exchange Commission under applicable federal securities laws.

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.

Revenues for the second quarter were $31.8 million, a decrease of 80.6 percent, versus revenues of $164.2 million for the second quarter last year. The Company reported an operating loss of $18.6 million for the second quarter of fiscal 2009 versus operating income of $2.5 million for the second quarter of fiscal 2008. Net loss for the second quarter was $10.4 million versus net income of $2.5 million for the second quarter of fiscal 2008. On a diluted per share basis, the Company had a net loss of 36 cents for the second quarter of fiscal 2009, versus net income of 9 cents for the second quarter last year.

Revenues for the first 26 weeks of fiscal 2009 were $101.2 million, a decrease of 73 percent, versus revenues of $379.3 million for the first 27 weeks of fiscal 2008. The Company reported an operating loss of $35.5 million for the first 26 weeks of fiscal 2009, versus operating income of $16.0 million for the first 27 weeks of fiscal 2008. Net loss for the first 26 weeks of fiscal 2009 was $20.0 million, or 69 cents per diluted share, versus net income of $12.5 million, or 43 cents per diluted share, for the first 27 weeks of the last fiscal year.

The second quarter of fiscal 2009 was negatively impacted by the continued decline in motor home delivery volumes, increased incentives at the wholesale and retail levels and a less favorable mix of products sold. In turn, lower motor home volume resulted in inefficiencies due to reduced utilization of manufacturing facilities. The Company did benefit however, from a reduction of inventories of $10.5 million during the second quarter. Also during the second quarter, the Company elected to participate in a "no net cost" loan program for $9.1 million through UBS AG, secured by a portion of the Auction Rate Securities (ARS) owned by the Company in an account with them. As a result, cash and cash equivalents at the end of the quarter were $27.5 million.

"We anticipate continued softness in motor home sales until we see improvement in the credit markets at the wholesale and retail levels and in consumer confidence levels," said Winnebago Industries' Chairman, CEO and President Bob Olson. Wholesale shipments within the motor home industry have fallen dramatically, with the decline accelerating throughout recent periods. Industry-wide wholesale shipments of Class A and Class C motor homes dropped 49.5 percent in calendar year 2008, 75.2 percent in the fourth calendar quarter and 80.6 percent in the month of January 2009. Statistical Surveys, the retail reporting service for the RV industry, reported a similar decline with industry-wide retail sales of Class A and Class C motor homes down 41.6 percent for calendar 2008, 54.8 percent for the fourth calendar quarter and 58.4 percent in the month of January 2009. Winnebago Industries continues to lead the industry in retail sales of Class A and Class C motor homes combined with the Winnebago and Itasca brands achieving 18.5 percent market share for calendar 2008, versus 18.6 percent market share for calendar 2007.

"The contraction in wholesale shipments is evident when looking at our dealers' inventory of Winnebago, Itasca and ERA products," said Olson. "Total combined dealer inventory of Winnebago Industries' products on our dealer partners' lots was 2,918 motor homes at the end of the second quarter of fiscal 2009, a sequential reduction of 11 percent compared to inventory at the end of the first quarter of fiscal 2009 and a 40 percent reduction compared to dealer inventory at the end of the second quarter of fiscal 2008. Even with a depressed retail market, I continue to believe that once our dealers' floorplan lenders provide the dealers with sufficient credit to enable them to reorder product to more closely match retail sell-through, we will experience an increase in deliveries."

"Extremely challenging market conditions have resulted in a severe decline in our revenues in the first half of fiscal 2009," said Winnebago Industries' Vice President, CFO Sarah Nielsen. "As a result, maintaining liquidity and conserving capital are the primary goals of management in order to enhance our financial flexibility. We have taken several steps to conserve capital and maintain liquidity thus far in fiscal 2009, such as considerable reduction of inventory levels, the establishment of a line of credit, participation in the UBS 'no net cost' loan program, and the suspension of cash dividend payments starting in the second quarter of fiscal 2009. We have also continued to reduce our fixed cost structure over the past 12 months; we anticipate fixed cost reductions in excess of $21 million to be achieved in fiscal 2009. Specifically, actions taken thus far include the reduction of our total headcount by nearly 50%, salary reductions, the elimination of 2009 stock grants to key management and the board, elimination of bonuses, reductions of the 401(k) match and two mandatory unpaid weeks off (one during the second quarter and one to occur during the fourth quarter). Other fixed costs have been eliminated through many strategic actions, including the closure of our Charles City manufacturing facility, cancellation of certain promotional events typically held and reduced spending throughout the Company. Additional cost reduction activities will continue during these challenging market conditions."

"While several major competitors are in very difficult financial circumstances, we are confident of our financial strength and competitive position in this economic recession," continued Olson. "We have enviable brand strength, quality products and financial stability to withstand the downturn. In the short-term, however, we anticipate added competitive pressure from deeply discounted product in the marketplace from struggling manufacturers, in addition to the challenges from the ongoing turmoil in the credit markets. It is my belief that once the housing and stock markets recover, along with the shoring up of personal balance sheets with increased savings, consumer's sense of wealth will improve and more normal spending patterns will prevail."

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.

Coachmen will present a plan to the NYSE within the required 45-day period demonstrating how it plans to regain compliance with these listing standards within the allotted 18 month compliance period.