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Kevco Won’t Rule Out Bankruptcy

January 31, 2001 by · Leave a Comment 

Kevco Inc., a producer and distributor of building products used by RV and manufactured home builders, said today (Jan. 31) that it might have to file bankruptcy. The Fort Worth, Tex.-based company said it might need to obtain protection from creditors under federal bankruptcy laws because of “the unprecedented decline in the shipments of new manufactured homes.” Kevco executives currently are “in discussions with our major creditors and are seeking a resolution to this issue as... Read more

Fed Cuts Interest Rates Another 1/2%

January 31, 2001 by · Leave a Comment 

Citing the need for “a rapid and forceful response” to prevent a recession from occurring, the Federal Reserve Board lowered interest rates 1/2% today (Jan. 31). The move by the Fed is expected to result in major banks lowering their benchmark prime interest rate to 8.5% as soon as possible. An 8.5% prime rate would be the lowest since the December 1999-January 2000 period. The rate cut today was the second by the Fed during the month of January. The Fed also cut rates 1/2% on Jan. 3. The... Read more

Stock Market Quiet Despite Fed Rate Cut

January 31, 2001 by · Leave a Comment 

Investors apparently factored the much-anticipted interest rate decrease into stock prices, so the market showed little reaction Wednesday to the Federal Reserve’s decision to lower rates 1/2%. The Dow Jones Industrial Average, which recorded a sharp increase Tuesday, gained only 6 points, or 0.1%, on Wednesday. The Nasdaq composite, which posted a big gain on Monday, declined 66 points, or 2.3%, on Wednesday. The Fed’s action Wednesday lowers the benchmark prime interest rate to 8.5%, the lowest... Read more

Fleetwood Reports Sharply Lower RV Sales

January 31, 2001 by · Leave a Comment 

Fleetwood Enterprises Inc. reported sharply lower RV sales revenue during its third fiscal quarter, which ended Sunday (Jan. 28). The company’s RV sales during the November-through-January period totaled $251 million, a 42% decline from the record level of a year earlier. Fleetwood’s motorhome revenues were down 46% during its third fiscal quarter to $148 million and its travel trailer and fifth-wheel sales were down 42% to $78 million. Its folding camper sales declined 4% to $25 million. During... Read more

Dow Soars, Bigger RV Company Shares Gain

January 30, 2001 by · Leave a Comment 

The Dow Jones Industrial Average shot up 179 points, or 1.7%, on Tuesday as investors poured funds into blue chips in anticipation of an interest rate cut by the Federal Reserve on Wednesday. Meanwhile, the Nasdaq composite, which posted a sharp gain on Monday, was flat on Tuesday, increasing only 1 point. Among RV company stocks, five and the six largest manufacturers experienced stock price gains Tuesday. The only exception was Monaco, which has seen its stock price climb steadily since late last... Read more

Rec. USA Reports FY2000 Net Loss

January 30, 2001 by · Leave a Comment 

Higher floorplan interest costs were a major reason why retail dealership chain Holiday RV Superstores Inc., which does business as Recreation USA, reported a net loss of $3.2 million during its fiscal year 2000, which ended on Oct. 31. The loss compares with a profit of $2.2 million that the company earned during its fiscal year 1999. Recreation USA’s sales increased 87% during its fiscal year 2000 to $152.4 million as the company expanded with the acquisition of seven formerly independent dealerships.... Read more

MHC to Intro Class A on Spartan me2

January 29, 2001 by · Leave a Comment 

California’s MHC Group Inc. will introduce the first Class A motorhome built on the me2 chassis assembled by Spartan Motors Inc. of Charlotte, Mich. The mid-engine me2 was introduced by Spartan during the RV industry’s national trade show in Louisville last November, and MHC will introduce the motorhome on the new chassis during the Family Motor Coach Association (FMCA) rally that opens on April 3 in Oklahoma City. MHC, which bought the assets of the now defunct MountainHigh Coachworks Inc. last... Read more

Stock Market and Most RV Shares Gain

January 29, 2001 by · Leave a Comment 

The Nasdaq composite posted a sharp gain on Monday as investors began betting that another interest rate decrease by the Federal Reserve will boost the economy. The Fed’s decision on interest rates is expected Wednesday. Meanwhile, the Nasdaq climbed 57 points, or 2.1%, and the Dow Jones Industrial Average gained 42 points, or 0.4%. Monday also was the day when the quotes for many New York and American Stock Exchange listed companies began appearing in decimals. Here is a roundup of the other RV... Read more

Cummins Anticipates Lower First Quarter Sales

January 26, 2001 by · Leave a Comment 

Diesel engine and electric power generator manufacturer Cummins Inc., a supplier to the RV industry, anticipates its first quarter sales will be 10% below its fourth quarter 2000 revenues due to “continued deterioration of the North American truck markets, further reductions in the buildrate by DaimlerChrysler for the Dodge Ram pickup truck and the slowdown in the RV and other consumer-oriented markets.” Cummins reported a fourth quarter net loss of $120 million on sales of $1.61 billion.... Read more

Tech Stocks Gain, Most RV Shares Slide Lower

January 26, 2001 by · Leave a Comment 

Bargain hunters drove the Nasdaq composite higher Friday because investor confidence apparently was bolstered by Fed Chairman Alan Greenspan’s remarks on Thursday. Greenspan told the Senate Budget Committee that he believes economic growth has ground to a halt. This led many Wall Street analysts to assume the Fed will lower interest rates next week. The Nasdaq fell sharply on Thursday as investors showed concern about the sluggish economy slowing the demand for technology company products. But... Read more

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