Fleetwood to Halt Dividend and Trust Payments

October 31, 2001 by · Comments Off on Fleetwood to Halt Dividend and Trust Payments 

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 · Comments Off on Investors Cheer Thor/Keystone Deal 

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 · Comments Off on Thor to Buy Keystone, Will Make Thor No. 1 in Towables 

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 · Comments Off on Monaco to Debut New Diesel Coaches 

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 · Comments Off on Will Gas Prices Continue to Fall? 

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 · Comments Off on Virginia Campground Business Flourishing 

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 · Comments Off on Rexhall to Launch Consumer Rebate Program 

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 · Comments Off on Patrick Industries Posts 3Q Loss 

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 · Comments Off on Profaizer Likely to Replace Gorin at ARVC 

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 · Comments Off on Newmar Hires Dick Parks as President 

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

Fleetwood Raises $20 Million with Private Placement

October 26, 2001 by · Comments Off on Fleetwood Raises $20 Million with Private Placement 

Fleetwood Enterprises Inc. successfully raised $20 million as a result of the private placement of 2.2 million restricted common stock shares with Acqua Wellington Private Placement Fund Ltd. The $20 million will be used by Fleetwood “for general corporate purposes,” the company reported today (Oct. 26). Because the 2.2 million shares are not registered under the Securities Act of 1933, they cannot be sold in the U.S. However, Fleetwood has agreed to register the shares for resale. Acqua Wellington... Read more

Monaco Settles Oregon Paint Fumes Suit

October 25, 2001 by · Comments Off on Monaco Settles Oregon Paint Fumes Suit 

Monaco Coach Corp. will install advanced emissions control technology at its Coburg, Ore., factory to settle a law suit filed by 24 homeowners who live near the plant. U.S. District Court Judge Ann Aiken served as mediator to resolve the dispute between Monaco and its neighbors. “We’re pleased to put this matter behind us and look forward to resuming a friendlier relationship with our neighbors,” said John Nepute, Monaco’s president. The emissions controls will include “two... Read more

Spartan Posts $1.6 Million Profit

October 25, 2001 by · Comments Off on Spartan Posts $1.6 Million Profit 

Emergency vehicle and diesel pusher chassis supplier Spartan Motors Inc. earned $1.6 million during the third quarter, reversing a $10 million loss incurred a year earlier. The adoption of lean manufacturing principles made a major contribution to the turnaround, said John Sztykiel, president and COO. Spartan’s sales increased 5% during the three months ended Sept. 30 to $55.8 million. Sales of the company’s diesel pusher chassis to Class A motorhome manufacturers increased 13% during the July-through-September... Read more

Riley Resigns from Rec. USA

October 25, 2001 by · Comments Off on Riley Resigns from Rec. USA 

Mike Riley, the head of the investor group that bought Holiday RV Superstores from its founder more than two years ago, has resigned from his position as chairman of the Holiday RV Superstores Board in order to focus more on his new position as chairman of California-based Imperial Credit Industries Inc. Replacing Riley as chairman is Marcus Lemonis, who will continue as CEO of the RV retail dealership chain, which operates under the tradename Recreation USA. Meanwhile, Casey Gunnell, CFO of Fort... Read more

Pomona Show “A Big Success”

October 24, 2001 by · Comments Off on Pomona Show “A Big Success” 

The spirit of patriotism combined with a desire to get back to normalcy made the California RV Show in Pomona a big success, according to participating dealers and show promoters. The 10-day show east of Los Angeles ended Sunday (Oct. 21) and attendance totaled around 34,000, about 1% above the turnout during 2000, according to Marsha McInnis, director of the Recreation Vehicle Industry Association (RVIA) sponsored event. The Southern California dealers who were interviewed admitted they were worried... Read more

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