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Fleetwood to Halt Dividend and Trust Payments

October 31, 2001 by · Leave a Comment 

In an effort to conserve cash, Fleetwood Enterprises Inc. announced it will discontinue common stock dividend payments and defer payments on its 6% Convertible Trust Preferred Securities. The moves will save Fleetwood $5.6 million per quarter, according to the company. Fleetwood will make a previously announced dividend payment on Nov. 14, but it will suspend dividend payments after that. A quarterly payment to the trust preferred securities holders was to be made on Nov. 15, but Fleetwood now believes... Read more

Investors Cheer Thor/Keystone Deal

October 31, 2001 by · Leave a Comment 

The investment community apparently loves the Thor Industries Inc. plan to acquire rapidly growing towables manufacturer Keystone RV Co., as indicated by the fact Thor’s stock climbed $2.29 a share, or 7%, today (Oct. 31) to close at $35. Thor’s stock price gain occurred on a day when the Dow Jones Industrial Average declined 47 points, or 0.5%, although the Nasdaq composite gained 23 points, or 1.4%, today. Thor announced at the opening of New York Stock Exchange trading today that it intends... Read more

Thor to Buy Keystone, Will Make Thor No. 1 in Towables

October 31, 2001 by · Leave a Comment 

Thor Industries Inc. announced today that (Oct. 31) it has reached an agreement to buy closely held and rapidly growing Keystone RV Co. for $145 million. The price will be paid 55% in cash and 45% in Thor common stock and the deal is expected to close by Nov. 9. Thor stock closed at $32.71 a share in New York Stock Exchange trading Tuesday (Oct. 30). Shortly before noon Eastern Standard Time today (Oct. 31), Thor stock was up $1.09 a share to $33.80. The combined company will have $1.2 billion in... Read more

Monaco to Debut New Diesel Coaches

October 30, 2001 by · Leave a Comment 

Monaco Coach Corp. will introduce “several new diesel-powered motorhomes” a month from now as it attempts to respond to “market pressure” that arose “during the initial weeks of the fourth quarter,” according to Chairman and CEO Kay Toolson. The introduction of the new diesel Class A coaches at the RV industry’s National Trade Show in Louisville Nov. 27-29 is part of Monaco’s strategy of refining new products and introducing new features in an effort to continue gaining market share... Read more

Will Gas Prices Continue to Fall?

October 30, 2001 by · Leave a Comment 

Average U.S. gas prices at the pump have fallen to the lowest level since early January 2000, the Wall Street Journal reported today (Oct. 30). Citing U.S. Department of Energy data, the Journal reported the average gas price has fallen 26 cents a gallon since mid-September to $1.27 a gallon. In the Midwest, where gas prices were the highest in the country last summer, prices have fallen 45 cents a gallon to an average of $1.18. In low tax states such as Georgia and South Carolina, some dealers are... Read more

Virginia Campground Business Flourishing

October 29, 2001 by · Leave a Comment 

Campground operators in Virginia have seen a surge in business since the Sept. 11 terrorist attacks, according to William Small, executive director of the Virginia Campground Association. “We’re sorry our gain is your pain,” Small said during a recent public hearing about the economic condition of Virginia’s tourism industry. The pain to which Small referred was the 20% drop in hotel reservations in Virginia and a corresponding decline in restaurant revenues that occurred shortly after Sept.... Read more

Rexhall to Launch Consumer Rebate Program

October 29, 2001 by · Leave a Comment 

Rexhall Industries Inc. will begin offering rebates ranging from $2,000 to $7,500 to the retail customers who buy one of the company’s Class A motorhomes from a participating dealer, according to Bill Rex, CEO. The consumer rebate program will become available Thursday (Nov. 1), Rex said. Rexhall, based in Lancaster, Calif., laid-off half of its workforce, or 200 people, at the end of September because dealer orders “dried up” following the Sept. 11 terrorist attacks, Rex said. However, incentives... Read more

Patrick Industries Posts 3Q Loss

October 26, 2001 by · Leave a Comment 

Manufactured home and RV industry OEM supplier/distributor Patrick Industries Inc. lost $729,000 during the third quarter because of lower production volumes in both industries, according to David Lung, president and CEO. The company’s third quarter sales declined 14% to $77.5 million and its revenue during the first nine months of this year was down 23% to $224.7 million. During the nine months ended Sept. 30, Patrick lost a total of $2.3 million, compared with a $3.1 million loss incurred during... Read more

Profaizer Likely to Replace Gorin at ARVC

October 26, 2001 by · Leave a Comment 

Linda Profaizer, CEO of the National Association of RV Parks and Campgrounds (ARVC), likely will become the organization’s new president on Feb. 1, replacing David Gorin, who has held the position since 1993. Gorin recently informed the ARVC Board that he wants to resign early next year to become a consultant to the campground industry, focusing on government relations. Meanwhile, ARVC Chairman Randy Packard said Profaizer is a logical choice to replace Gorin. “We want to look at all the... Read more

Newmar Hires Dick Parks as President

October 26, 2001 by · Leave a Comment 

Highline motorhome and towable RV manufacturer Newmar Corp. has hired former Fleetwood Enterprises Inc. executive Richard “Dick” Parks to be its president. Parks replaces Virgil Miller, who was promoted to chairman, according to Mahlon Miller, owner of the Nappanee, Ind.-based company. Parks, who left Fleetwood during the summer of 2000, will be responsible for day-to-day operations and strategic planning at Newmar. “Having known Richard Parks for a number of years and working with him on the... Read more

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