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RVIA Restores Hall of Fame Funding

December 18, 2000 by · Leave a Comment 

The Recreation Vehicle Industry Association (RVIA) Board of Directors recently decided to continue helping fund the RV/MH Heritage Foundation Hall of Fame and Convention Center in Elkhart, Ind. The RVIA’s financial commitment is for another three more years. The RVIA, which represents RV manufacturers, decided to donate $30,000 during 2001, $20,000 in 2002 and $10,000 in 2003 to help pay the operating costs of the facility, which also honors the manufactured housing industry’s founders and... Read more

Smaller RV Dealers Report Smaller October Losses

December 18, 2000 by · Leave a Comment 

Despite lower sales volumes, smaller RV dealers reported smaller losses during October 2000 than they incurred in October 1999, according to data gathered by the Spader Companies consultant firm. Meanwhile, larger dealerships, those with more than $5 million in annual sales revenue, experienced a 61% decline in net profits during October, the Spader firm reports. The average larger dealer earned $6,846 in October, compared with $17,374 earned a year earlier. The average smaller dealer, those with... Read more

Monaco and Winnebago Stocks Climb, Market Indexes Fall

December 15, 2000 by · Leave a Comment 

Friday was a terrific day for several RV company stocks even though the broader market fell. The strongest performers in the RV sector Friday were Winnebago, which gained 1 1/4, or 9%, to close at 15 1/4, and Monaco, which climbed 1 3/16, or 7%, to close at 18 3/8. SMC also had a good day, gaining 9/16, or 17%, to close at 3 7/8. However, market share leader Fleetwood took it on the chin again Friday, losing 3/4, or 7%, to close at 9 1/2, a new 52-week low. Fleetwood’s previous 52-week low was... Read more

Destinations RV to Re-open

December 15, 2000 by · Leave a Comment 

The principals of Coburg, Ore.-based dealership Destinations RV believe they have made enough progress raising additional capital that they feel confident the dealership will re-open, according to Matt Howard, marketing director. Destinations RV closed its locations in Coburg and Bend, Ore., and Fife, Wash., on Dec. 6 “because we ran out of cash and could not, in good conscience, incur more debt that we did not think we could pay off,” said Matt Howard, whose father, Jim Howard, is one... Read more

National City Looks to Expand RV Dealer Floorplan Business

December 15, 2000 by · Leave a Comment 

Cleveland-based bank holding company National City Corp. intends to expand its RV dealer inventory finance business, the company announced today (Dec. 15). Although National City announced it is leaving the auto leasing business and will realign its consumer finance business, RV dealer floorplan finance is one of the sectors it intends to emphasize in its core market, which includes Ohio, Pennsylvania, Michigan, Indiana, Illinois and Kentucky, said Jeffrey Siler, executive vice president of dealer... Read more

Jayco Recalls Eagle and Heritage Campers

December 15, 2000 by · Leave a Comment 

Jayco Inc. has recalled 10,950 of its model year 1998, 1999, 2000 and 2001 Eagle and Heritage folding campers because of a possible defect in the routing of the black flexible rubber brake hose. If there is too much slack in the brake hose, it could come in contact with the tire, and the abrasion could eventually create a hydraulic fluid leak. Jayco has notified all customers of record about the recall and anyone who believes they own a folding camper that is subject to the recall should contact... Read more

Freightliner RV Service Limited During Construction

December 14, 2000 by · Leave a Comment 

Motorhome service at the Freightliner Custom Chassis Corp. manufacturing plant in Gaffney, S.C., will be limited through next April because of a major expansion project. Only emergency motorhome repairs are possible due to congestion and construction traffic related to building a $11.4 million, 58,000-square-foot expansion of the facility. Regular service work has been shifted to Freightliner dealerships in Charlotte, N.C., 35 miles to the north, and Greenville, S.C., 40 miles to the south. The owners... Read more

Winnebago Among RVDA Quality Circle Award Winners

December 14, 2000 by · Leave a Comment 

Winnebago Industries Inc., Forest City, Iowa, was one of five companies recently receiving the Recreation Vehicle Dealers Association (RVDA) Quality Circle Award for 2000. Other winners were Carriage Inc., Millersburg, Ind., K-Z Inc., Shipshewana, Ind.; Lance Camper Mfg. Corp., Lancaster, Calif., and Tiffin Motor Homes Inc., Red Bay, Ala. Receiving honorable mention were Country Coach Inc., Junction City, Ore., and Teton Homes, Mills, Wyo. The RVDA Quality Circle Award is given to manufacturers achieving... Read more

Stock Market Plunges, RV Shares Mixed

December 14, 2000 by · Leave a Comment 

Both the Nasdaq composite and the Dow Jones Industrial Average recorded big losses Thursday as investors continue to worry about corporate earnings. The Dow fell 119 points, or 1.1%, because several major banks and retailers have warned Wall Street recently that their earnings will be below expectations. Meanwhile, the tech-heavy Nasdaq fell 94 points, or 3.3%, Thursday because Microsoft revealed its earnings will come in below Wall Street analysts forecasts. The fact Oracle, the database and corporate... Read more

Fleetwood Stock Falls to 52-week Low

December 13, 2000 by · Leave a Comment 

Fleetwood stock plunged to a new 52-week low Wednesday after the company slashed its dividend and warned Wall Street that it will report a loss for the third consecutive quarter. Fleetwood shares lost 1 7/8, or 15%, to close at 10 3/8, slightly below its previous 52-week low of 10 9/16. Meanwhile, Winnebago apparently was hit by profit-taking Wednesday, after its stock gained 1 3/4 Tuesday, in advance of the company’s earnings report, which was revealed Wednesday. Winnebago reported its net earnings... Read more

Winnebago Reports Lower Sales and Earnings

December 13, 2000 by · Leave a Comment 

Motorhome manufacturer Winnebago Industries Inc. reported its earnings were down 31% and its sales were down 11% during the first quarter of its fiscal year 2001, which ended Nov. 25. The company earned $8.5 million during the September-through-November period. However, Winnebago earned $9.6 million during the three months ended Nov. 25 if the impact of a change in accounting practices is included. The $9.6 million profit is 22% below the $12.4 million Winnebago earned during the same period a year... Read more

Fleetwood Slashes Dividend, Warns of 3Q Loss

December 13, 2000 by · Leave a Comment 

Fleetwood Enterprises Inc. slashed its quarterly dividend and announced it will post a loss for the third consecutive quarter, which will end in late January. To conserve cash, Fleetwood cut its dividend to 4 cents a share, from 19 cents a share. The dividend will be payable Feb. 14 to shareholders of record as of Jan. 5. Lowering the dividend will make around $20 million available to Fleetwood annually for other purposes, said Glenn Kummer, chairman and CEO. The freed-up $20 million will be used... Read more

Kit Reports Fiscal 2000 Loss

December 13, 2000 by · Leave a Comment 

Kit Manufacturing Co., a builder of manufactured homes and towable RVs, lost $1.1 million during its fourth fiscal quarter and $47,000 for its fiscal year 2000, which ended Oct. 31. The company’s $1.1 million loss during the August-through-October period compares with a loss of $16,000 incurred a year earlier. Its fiscal year 2000 loss compares with a profit of $373,000 earned during its fiscal 1999. Kit’s fourth fiscal quarter sales were down 53% to $8.5 million and its fiscal year 2000 revenues... Read more

Coachmen Liquidating Company-owned Dealerships

December 12, 2000 by · Leave a Comment 

Coachmen Industries Inc. has decided to liquidate four of its six company-owned dealerships by the end of 2000. The Elkhart, Ind.-based company will continue to operate two company-owned dealerships, including Michiana Easy Livin’ in Elkhart, said James Jack, Coachmen’s executive vice president and CFO. Easy Livin’ and another Coachmen-owned dealership, which Jack declined to identify, are being retained by Coachmen “for research and development and regional service purposes,” according... Read more

Winnebago Stock Climbs, Profit-taking Hits Nasdaq

December 12, 2000 by · Leave a Comment 

The Holiday Season is good for Winnebago investors, at least it was on Tuesday. The motorhome manufacturer’s stock price leaped 1 3/4, or 13%, on Tuesday to close at 14 7/8. No news was issued by the company Tuesday to explain the sharp price increase. Meanwhile, profit-taking hit the Nasdaq composite, ending the two-session winning streak for the index. The Nasdaq closed down 83 points, or 2.8%, Tuesday. The Dow Jones Industrial Average gained 42 points, or 0.4%, Tuesday. Here is a roundup of... Read more

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