Monaco Coach Corporation (NYSE: MNC), announced today that it has engaged Imperial Capital, LLC as a financial advisor to assist the Company with its evaluation of strategic alternatives.

Monaco intends to consider a variety of financial and strategic alternatives including joint ventures, mergers or other strategic transactions, with a focus on improving liquidity and maintaining its strong balance sheet. In addition, Monaco has retained Avondale Partners, LLC to evaluate strategic alternatives for Signature Motorhome Resorts business and BMO Capital Markets has been retained for its equine trailer division, Bison Manufacturing, LLC and its specialty trailer division, Roadmaster LLC.

Kay Toolson, Monaco's CEO, commented, "Monaco will continue to execute its business plan while maintaining its tradition as a leading national manufacturer of recreational vehicles. We are confident that our retention of Imperial Capital will help us capitalize on our competitive position and the strength of our brands in order to maximize long-term value."

The Company cautions that there can be no assurance that this evaluation will result in any specific financial or strategic transactions.

Winnebago Industries, Inc. (NYSE:WGO) reported financial results for the Company's first quarter of fiscal year 2009 ended November 29, 2008.

Revenues for the 13-week quarter were $69.4 million, a decrease of 67.7 percent, versus revenues of $215.1 million for the 14-week first quarter last year. The Company reported an operating loss of $16.9 million for the first quarter of fiscal 2009 versus operating income of $13.6 million for the first quarter of fiscal 2008. Net loss for the first quarter was $9.6 million versus net income of $10.0 million for the first quarter of fiscal 2008. On a diluted per share basis, the Company had a net loss of 33 cents for the first quarter of fiscal 2009, versus net income of 34 cents for the first quarter last year.

The first 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. However, during the first quarter, the Company benefited from a reduction in inventories of $27.3 million, which contributed to a 61.1 percent increase in cash and cash equivalents to $28.8 million as of November 29, 2008. Additional cash has been provided from the sale at par of $5.4 million of auction rate securities in December following the end of the quarter, now classified as short term investments.

"Current market conditions remain extremely challenging due to the overall decline in the general economy, and a declining housing market and stock market, which continue to erode the American consumer's sense of wealth," said Winnebago Industries' Chairman, CEO and President Bob Olson. "Additionally, the availability and terms of financing at both the wholesale and retail levels are a significant concern. Industry-wide dealer inventories continue to be adjusted downward by lower retail demand. In spite of these difficult challenges, we continue to focus on new product development. At the Annual National RV Trade Show held in Louisville, KY earlier this month, we once again demonstrated our leadership in innovation with the introduction of the exciting new Winnebago Via which was named 'Best of Show' by RVBusiness magazine. The new Via and the Itasca Reyo, which we will be building in the coming year, are the industry's first Class A motor homes built on the Dodge Sprinter chassis. We also introduced several new floorplans as well as two other concept vehicles. The concept vehicles include a Winnebago Adventurer Hybrid, the Company's first hybrid and the first hybrid motor home to feature an Auxiliary Power Generation unit, as well as a new Itasca Sunstar 32K front engine diesel motor home. The new Via, Adventurer Hybrid and Sunstar 32K all feature superior fuel economy. We were also honored to receive the Quality Circle Award for our Winnebago and Itasca brands from the Recreation Vehicle Dealers' Association for the 13th consecutive year at the show."

"While we are pleased with the reception of our new products," said Olson, "we anticipate continued softness in motor home sales, particularly during our seasonally slow second quarter. Statistical Surveys, the retail reporting service for the RV industry, has reported a decline in retail motor home sales of 48.0 percent for the month of October and 39.5 percent calendar year to date through October 2008 as compared to last year. We continue to lead the industry in retail sales of Class A and Class C motor homes combined with our Winnebago and Itasca brands garnering 18.6 percent of the market calendar year to date through October."

Olson continued, "Our Winnebago, Itasca and ERA dealer partners' have a combined total inventory of 3,269 motor homes as of November 29, 2008, a 34.3 percent reduction compared with the high of 4,978 motor homes in inventory at the end of fiscal 2004, and a 25.1 percent reduction as compared to dealer inventory at the end of the first quarter of fiscal 2008. I believe once dealers have reduced their inventory levels to more closely match retail demand, we will experience an increase in deliveries through the replacement of retailed units."

Fleetwood Enterprises, Inc. (NYSE: FLE) announced today that it has successfully completed the exchange offer, launched on October 30, 2008, to issue Fleetwood's new 14% senior secured notes and shares of its common stock in exchange for its existing $100 million principal amount of 5% convertible senior subordinated debentures. Approximately $79 million in aggregate principal amount of debentures were tendered and accepted in the exchange offer, which expired at 5:00 p.m., New York City time, on December 11, 2008. Pursuant to the terms of the exchange offer, Fleetwood will issue approximately $81.4 million in aggregate principal amount of its new 14% senior secured notes and 11 million shares of its common stock. Fleetwood will issue the new notes and shares as promptly as practicable. Holders of the debentures who did not tender into this exchange offer may either retain their 5% convertible debentures or tender their debentures by Monday, December 15, 2008 in a separate registered exchange offer. Holders who tender in that separate exchange offer will receive only shares of common stock. Based on the volume weighted average price formula by which these shares will be valued, Fleetwood anticipates that it will have sufficient authorized but unissued shares with which to meet that obligation, and therefore that it will fully satisfy the terms of the governing indenture.

Notification of Non-Compliance with NYSE Listing Requirements

Fleetwood has received formal notification from NYSE Regulation, Inc. that it is not in compliance with the NYSE's continued listing standard requirements that it maintain a market capitalization of at least $25 million over a 30 trading-day period, and that it have, at a minimum, either a $75 million average market capitalization or $75 million in stockholders' equity. Fleetwood is pursuing various solutions to satisfy the continued listing standards, including the successful completion of the exchange offer as reported above, and in addition Fleetwood is continuing to develop and implement ongoing restructuring initiatives to improve operations and further reduce costs. As previously announced, NYSE earlier notified the Company that it was not in compliance with the $1.00 average share price continued listing standard, and Fleetwood had previously notified the NYSE of its intent to cure that deficiency.

Important Information Regarding Exchange Offers

In connection with these two offers, registration statements on Form S-4, tender offer statements on Schedule TO, and related documents and amendments thereto relating to the offers have been filed by Fleetwood with the SEC. This news release shall not constitute an offer to exchange or sell, or the solicitation of an offer to exchange or buy, nor shall there be any exchange or sale of such securities in any state in which such offer, exchange, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. Holders of the debentures are strongly advised to read the registration statements, tender offer statements and other related documents because these documents contain important information. Such holders may obtain copies of the exchange offer materials from MacKenzie Partners, the information agent for the offers, at 800-322- 2885. These documents can also be obtained at no charge from Fleetwood or at the SEC's website, http://www.sec.gov. Fleetwood is not making any recommendation to holders of outstanding debentures as to whether they should tender their securities pursuant to the remaining offer.

Fleetwood Enterprises, Inc. (NYSE: FLE) announced the consolidation of several manufacturing facilities in coordinated actions designed to match current production to market demand and improve capacity utilization.

The Company has notified its associates of the closures at its manufactured housing plants in Woodland, Calif.; Auburndale, Fla.; Willacoochee, Ga.; Benton, Ky.; and Pembroke, N.C. All of these plants will work through the orders they currently have and will begin transitioning production to some of the remaining 13 Fleetwood Housing Group facilities. They are expected to close within approximately 60 days. The Company's Trendsetter Homes plant in Douglas, Ga., which is one of two producing modular housing, will also be closed, effective immediately.

Impending closure announcements were also made at Fleetwood's travel trailer manufacturing centers in Crawfordsville, Ind. and Mexicali, Mexico. After the transition, all of the Company's travel trailers and fifth wheels will be produced in its three existing plants in Ohio and Oregon.

"In the current economic climate, it is essential that we match our production to demand," said Elden L. Smith, Fleetwood's president and chief executive officer. "With 13 remaining housing plants and three travel trailer plants, we can continue to service all our existing dealers and the markets in which we currently operate. As difficult as it is to make decisions like these that impact the lives of our valued associates, we must position Fleetwood to operate profitably under the present and foreseeable business circumstances. We believe that these moves, in conjunction with the previously announced consolidation of two motor home plants, other significant cost-saving measures, and our proposed balance sheet restructuring, will enable us to weather the current economic crisis."

The Company will work to place a limited number of associates within the organization, but it is expected that most of the jobs will be permanently lost. Assistance will be provided to all affected associates in cooperation with state and local agencies.

Thor Industries, Inc. (NYSE: THO) today reported sales, net income and E.P.S. for the first quarter ended October 31, 2008. Net income was $5,120,000, down 87% from last year's $38,209,000. E.P.S. were 9 cents versus 69 cents last year. Sales for the quarter were $438.8 million, down 42.5% from $763.7 million.

RV income before tax in the quarter was $5,772,000, down 90% from $57,665,000 last year. Bus income before tax was $5,297,000, up 28% from $4,139,000 last year. RV sales in the quarter were $330.4 million, down 50% from $664.2 million last year. Bus sales in the quarter were $108.4 million, up 9% from $99.5 million last year. Net corporate costs were $2.8 million vs. $1.3 million last year.

"Cash, cash equivalents and investments increased to $299 million from $265 million last year. Our financial condition continues to be very strong. We have increased our market share in each of our business segments and we expect to continue our leadership in both of our industries," said Wade F. B. Thompson, Thor Chairman.

Thor is the world's largest manufacturer of recreation vehicles and a major builder of commercial buses.

Fleetwood Enterprises, Inc. (NYSE: FLE) announced its results for the second quarter and first half of fiscal 2009 ended October 26, 2008, along with additional details on its major restructuring program intended to stem losses and reduce annualized fixed costs by at least $40 million.

Consolidated Results
Consolidated revenues for the quarter were $216.4 million, down 54 percent from $468.5 million in last year's second quarter. RV Group sales declined 63 percent, and Housing Group sales were off 33 percent. The Company incurred an operating loss of $51.8 million in the fiscal 2009 second quarter, which included restructuring charges, mostly severance, and asset write-downs of $11.5 million, or $0.15 per share. This compares to operating income of $4.1 million in the same period of the prior year, which was negatively impacted by $3.1 million, or $0.05 per share, of impairment and restructuring charges, partially offset by gains from asset sales. The net loss for the quarter totaled $56.7 million, or $0.74 per share, compared with a net loss of $1.2 million, or $0.02 per share, in the second quarter of fiscal 2008.

"The steep drop in revenues and increased losses are directly attributable to an unprecedented decline in our markets due to the current economic environment, especially the tight credit conditions that are suppressing dealer and consumer purchases of our products," said Elden L. Smith, Fleetwood's president and chief executive officer. "Consumers are hesitant to spend given current economic circumstances, and at the same time those that wish to buy are having extraordinary difficulty obtaining loans to finance our products. In view of the magnitude of the revenue declines and the current business outlook, we have implemented new cost-saving measures and announced significant additional changes to our manufacturing footprint. We will also take other company-wide cost-cutting actions in the current quarter."

For the first six months of fiscal 2009, consolidated revenues declined 47 percent to $506.3 million from $956.8 million for the first half of fiscal 2008. RV Group sales were down 57 percent, and Housing Group sales were off 24 percent. The operating loss for the first six months of fiscal 2009 was $75.1 million, compared to operating income of $9.8 million in last year's corresponding period. The net loss for the first half of fiscal 2009 was $85.8 million, or $1.19 per share, compared with a net loss of $3.6 million, or $0.06 per share, last year.

RV Group Results
The RV Group posted an operating loss of $42.0 million on revenues of $116.6 million for the quarter, versus operating income of $0.6 million on revenues of $318.7 million for the same quarter of the prior year. The fiscal 2009 second quarter loss included restructuring charges of $7.5 million, including a $4.6 million write-down of inventory associated with a closed supply business and $2.9 million in severance. In the first six months of fiscal 2009, the Group reported an operating loss of $65.8 million on revenues of $283.9 million, versus operating income of $2.5 million on revenues of $662.8 million in the comparable period last year.

"Although we believe our motor home division management and products are second to none, the acceleration of the decline in industry sales during the second quarter presented a tremendous challenge," Smith said. "Motor home revenues were one-third of what they were just last year, and aggressive pricing across the industry led to a much higher level of discounting in the division than in last year's second quarter. Travel trailer revenues and operating income also fell as a result of these factors. In addition, dealers continue to significantly lower their inventories. During the seasonally strong summer months of June through September, the industry retail market fell 52 percent and 25 percent for motor homes and travel trailers, respectively, while industry wholesale shipments for the same period fell 61 percent for motor homes and 34 percent for travel trailers. As a result of all of these factors, we have announced significant capacity reductions since the end of the first quarter."

As announced in October, Fleetwood is consolidating its Pennsylvania motor home operations into its Indiana plant and, as announced yesterday, the Company is further consolidating production in its travel trailer division. After the transition, which is currently expected to be completed by the beginning of the fourth fiscal quarter, Fleetwood will service all of its U.S. and Canadian travel trailer dealers from existing plants in Oregon and Ohio.

Housing Group Results
The Housing Group recorded an operating loss of $6.2 million on revenues of $99.8 million for the second quarter, compared to operating income of $5.1 million on revenues of $149.8 million for the same quarter of the prior year. The loss in the second quarter of fiscal 2009 included $3.2 million of Housing Group restructuring charges, consisting of severance costs incurred in connection with a portion of the plant consolidations and impairment charges for a facility that will be closed. For the first half of the fiscal year, the operating loss for the Housing Group totaled $3.8 million on revenues of $222.4 million, versus operating income of $10.6 million on $294.0 million in revenues for the first six months of last year.

Corporate Restructuring
As outlined above, the Company is consolidating its manufacturing operations. The Company expects to realize lower fixed costs throughout the organization as a result of these changes, and improved labor and material costs over the longer term. Fleetwood will now manufacture products in two motor home plants, three travel trailer plants, and 13 housing plants. The Company's capacity utilization is expected to improve as a result, and fixed expenses are estimated to be reduced by at least $40 million on an annualized basis.

"The changes being implemented should not affect the availability of Fleetwood's current products to dealers or consumers in the geographic markets we serve," Smith said. "After the transitions are complete, Fleetwood should be able to operate effectively in the current environment, while retaining the flexibility to take immediate advantage of any upturn."

In addition to the plant consolidations, Fleetwood said it will take the actions necessary to ensure that the corporate resources in support of its reduced manufacturing operations are appropriately sized. To further reduce expenses, Fleetwood is suspending the company match of participant contributions to its 401(k) retirement plan and similar subsidies to the related Deferred Compensation Alternative Plan for management.

Update on 5% Debentures
As previously disclosed, holders of the Company's 5% convertible senior subordinated debentures have the right to require Fleetwood to repurchase the debentures at par on December 15, 2008. Holders of the debentures may elect to participate in Fleetwood's previously announced exchange offer, whereby it has offered holders of the debentures a combination of new senior secured notes due 2011 that are partially secured and guaranteed by certain Fleetwood subsidiaries, along with up to 14 million shares of common stock in exchange for their debentures. The exchange offer is not expected to be finalized until early December. Provided that the exchange is completed on or before December 12, 2008, the largest individual debenture holder, which accounts for approximately 34 percent of the existing debentures, has indicated an intention to exchange for the new notes. This would be sufficient to meet the minimum acceptance threshold for the exchange. For those debenture holders who do not accept the exchange offer, the Company has announced that it will fulfill any repurchase requests with common stock.

"We remain optimistic that the debenture holders will accept the exchange offer, which we believe is in their best interests as well as the Company's," Smith said. "Resolution of this matter in combination with our aggressive restructuring plan will benefit everyone who has a vested interest in Fleetwood, including dealers, retail customers, suppliers, and shareholders, as well as our debt holders."

Outlook and Liquidity
"The year-to-date losses have, as might be expected, reduced our cash levels, yet we still ended the quarter with cash, cash equivalents, and marketable investments of more than $70 million," Smith said. "We paid off the term loan in our bank facility during the quarter, and we have virtually no borrowings on our revolver, which reflected $30 million of unused borrowing capacity at quarter end. During the quarter, our average daily liquidity by calendar month ranged from $111 million to $129 million. With a successful exchange for the debentures, we anticipate that we will have ample liquidity to support operations going forward.

"We do not expect market conditions to improve in the near future and we are planning accordingly," Smith concluded. "Although operating losses will likely be sustained through the remainder of the fiscal year, capacity reductions and increased utilization, along with reduced working capital needs, should permit a near breakeven cash flow from operations during that same period. Further, it is our objective to manage operating results close to breakeven levels beginning with the first quarter of our new fiscal year."