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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

Form 10-Q

(MARK ONE)
 
x
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2005

OR

 
o
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________________to__________________

Commission file number 1-7160
 
 
COACHMEN INDUSTRIES, INC.
(Exact name of registrant as specified in its charter)

INDIANA
  
35-1101097
(State or other jurisdiction of
  
(I.R.S. Employer
incorporation or organization)
  
Identification number)
   
2831 Dexter Drive, Elkhart, Indiana
  
46514
(Address of principal executive offices)
  
(Zip Code)
 
Registrant’s telephone number, including area code
  
574-262-0123

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yesx Noo

Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act). Yesx Noo

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:

At April 30, 2005:

Common Shares, without par value 15,807,432 shares outstanding including an equivalent number of common share purchase rights.
 
 
FORM 10-Q

 
Page No.
Part I. Financial Information
  
   
Financial Statements:
  
   
3-4
March 31, 2005 and December 31, 2004
  
   
5
Three Months Ended March 31, 2005 and 2004
 
   
6
Three Months Ended March 31, 2005 and 2004
 
   
7-15
   
16-20
 
   
21
   
21
   
Part II. Other Information 
  
  
  
22
   
22
   
23
   
24
   
   


- 2 - -
Coachmen Industries, Inc. and Subsidiaries
Consolidated Balance Sheets
(in thousands)


   
March 31,
  
December 31,
  
   
2005
  
2004
  
   
(Unaudited)
      
Assets
          
Current assets:
          
Cash and temporary cash investments
  
$
6,163
  
$
14,992
  
Marketable securities
    
534
    
1,747
  
Trade receivables, less allowance for
              
doubtful receivables 2005 - $1,185
              
and 2004 - $919
    
62,235
    
58,805
  
Other receivables
    
5,338
    
4,209
  
Refundable income taxes
    
1,512
    
244
  
Inventories
    
145,976
    
136,088
  
Prepaid expenses and other
    
3,372
    
4,144
  
Deferred income taxes
    
6,059
    
6,014
  
               
Total current assets
    
231,189
    
226,243
  
               
Property, plant and equipment, at cost
    
164,630
    
163,709
  
Less, accumulated depreciation
    
(82,469
)
  
(81,358
)
               
Property, plant and equipment, net
    
82,161
    
82,351
  
               
 
Goodwill
    
18,132
    
18,132
  
Cash value of life insurance, net of loans
    
27,071
    
25,162
  
Real estate held for sale
    
60
    
60
  
Other
    
6,027
    
5,775
  
               
               
Total assets
  
$
364,640
  
$
357,723
  
               

See Notes to Consolidated Financial Statements.


- 3 - -
Coachmen Industries, Inc. and Subsidiaries
Consolidated Balance Sheets (continued)
(in thousands)


   
March 31,
  
December 31,
  
   
2005
  
2004
  
   
(Unaudited)
      
Liabilities
              
Current liabilities:
              
Short-term borrowings
  
$
11,355
  
$
20,000
  
Accounts payable, trade
    
50,239
    
33,805
  
Accrued income taxes
    
387
    
2,479
  
Accrued expenses and other liabilities
    
45,154
    
39,466
  
Floor plan notes payable
    
5,657
    
6,986
  
Current portion of long-term debt
    
2,195
    
2,195
  
               
Total current liabilities
    
114,987
    
104,931
  
               
Long-term debt
    
14,669
    
14,943
  
Deferred income taxes
    
3,512
    
3,512
  
Postretirement deferred compensation benefits
    
9,951
    
9,724
  
Other
    
74
    
195
  
               
Total liabilities
    
143,193
    
133,305
  
               
Shareholders’ equity
              
Common shares, without par value:
              
authorized 60,000 shares; issued 2005 - 21,114 shares
and 2004 - 21,108 shares
    
91,928
    
91,850
  
Additional paid-in capital
    
7,859
    
8,894
  
Retained earnings
    
181,990
    
184,284
  
Treasury shares, at cost: 2005 - 5,307 shares
              
and 2004 - 5,384 shares
    
(58,537
)
  
(59,002
)
Unearned compensation
    
(1,813
)
  
(1,700
)
Accumulated other comprehensive income
    
20
    
92
  
               
Total shareholders’ equity
    
221,447
    
224,418
  
               
Total liabilities and shareholders’ equity
  
$
364,640
  
$
357,723
  
               

See Notes to Consolidated Financial Statements.


- 4 - -
Coachmen Industries, Inc. and Subsidiaries
Consolidated Statements of Operations
(in thousands, except per share amounts)
(Unaudited)
 
   
Three Months Ended March 31,
  
   
2005
  
2004
  
           
Net sales
  
$
205,117
  
$
197,465
  
Cost of sales
    
183,956
    
173,148