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Coast Posts Strong 2Q Income on Higher Sales

August 14, 2013 by · Leave a Comment 

The Coast Distribution System Inc., one of North America’s largest aftermarket suppliers of replacement parts, accessories and supplies for the recreational vehicle and outdoor recreation industries, today reported a 117.7% increase in net income on improved sales for its second quarter, ended June 30.

Morgan Hill, Calif.-based Coast posted earning of $1.1 million, or 23 cents per diluted share, up from $0.5 million, or 11 cents per diluted share, in the second quarter. Sales for the quarter increased 4.3% to $35.6 million compared to net sales of $34.1 million in the second quarter of 2012, primarily as a result of strengthening economic conditions and increasing consumer confidence.

Coast noted it has been slowly reducing its presence in the marine aftermarket this year. As a result, the increase in overall net sales reflects stronger growth in RV market sales offset by a decrease in sales to the marine market. Also contributing to the increase was an increase in sales of Coast’s higher margin proprietary products to specialty retailers and mass merchandisers, which represents a relatively new distribution channel for the company.

Gross profit in the second quarter of 2013 increased by $1.5 million, to $7.1 million, resulting in an increase in gross margin to 20.1% from 16.4% in the same quarter of 2012. SG&A increased 7.4% to $5.1 million from $4.8 million in the prior year while operating income more than doubled to $2 million from $0.8 million.

For the first six months, Coast reported a net profit of $158,000, or 3 cents per diluted share, compared to a net loss of $841,000, or 18 cents per diluted share for the same period in 2012. Net sales increased 4.5% to $61 million from $58.4 million the year prior. The increased sales resulted in a 26% increase in gross profits to $11.3 million in $9 million in the same period of 2012. The increase in gross profits was partially offset by a $737,000, or 7.5%, increase in SG&A expenses in the six months ended June 30, 2013. As a result of these factors, Coast reported operating income of $0.8 million in the first six months of 2013 compared to an operating loss of $0.8 million for the first six months of 2012.

“We have maintained a strategic focus on growing market share and focusing on expanding sales of our higher-margin proprietary products. In the second quarter that strategy began to pay off as we saw a 27% improvement in gross profit on a much smaller increase in net sales, highlighting the profit opportunity associated with our proprietary products and new market channels. We have also seen gathering momentum in the RV market as consumers have continued to engage in the RV lifestyle, which is a strong driver for our business,” said Coast’s CEO Jim Musbach. “We remain committed to our strategic goal for 2013 of returning to profitability through continued investment in our higher-margin proprietary products. We plan to establish new product supply relationships, including relationships that enable us to increase the products that we source from lower cost, but high-quality, overseas suppliers, to support our growth strategy as we focus on our rapidly recovering core RV market. All of these factors make us confident about our ability to achieve our profit goals for the full year.”

To view the entire report click here.

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RV/MH Hall of Fame Elects New Board Members

August 14, 2013 by · Leave a Comment 

The RV/MH Hall of Fame recently elected seven new members to its board, according to a press release.

“These new board members will join the existing board members in helping us meet the challenges as we move forward and take the Hall of Fame to new levels of success,” said Chairman Barry Cole.

The new board members include: Dick Jennison, Manufactured Housing Institute (MHI) (MH); Joe Stegmayer, Cavco Industries Inc. (MH); Mark Wasson, Bluelinx Corp. (RV, MH); Mick Ferkey, Greeneway RV (RV); Dana Nelsen, RV Pro Magazine (RV); Beverly Gardner, RV Business Magazine (RV); and Raymond Padgett, Blue Ox (RV).

Filling out the Hall’s board are: Barry Cole,* chairman, MH Insurance Services (MH); Darryl Searer,* president/treasurer, RV/MH Hall of Fame/Ultra-Fab Products Inc. (RV); Jay Hesse,* vice chairman, Blue Ox (RV); Ross Kinzler,* secretary, Wisconsin Housing Alliance (MH); Bill Garpow.* past chairman, Retired RPTIA (RV); Bob Fields,* Aridian Technology Co. (RV); B.J. Thompson,* BJ Thompson Associates (RV); Jim Scoular,* Jimsco (MH); Gary LaBella,* Former RVIA vice president and chief marketing officer , retired (RV); John Evans, E & R MH/RV Window Service (RV, MH); Leo Poggione, Craftsman Homes Inc. (MH); Bob Livingston, Trailer Life, Motorhome Magazine (RV); Ron Younkin, Greenlawn Companies (MH); Mike Schneider, MAS Associates (RV); Don Magary, Web Site Management/RV News Magazine  (RV). (*asterisk indicates members on the board’s executive committee).

The following members retired from the board having served their terms: Sherman Goldenberg, RV Business Magazine (RV); and Ron Wheeler, Wheeler Advertising (RV).

Searer noted, “It has been a pleasure serving with Sherman Goldenberg and Ron Wheeler.  Their guidance and support during the Hall of Fame’s dramatic turnaround over the past year was invaluable and I’ll miss their support and sage advice.”

 

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Midwest RV Show Opens Aug. 8 at Hall of Fame

August 6, 2013 by · Leave a Comment 

The 58th Annual Midwest RV Super Show will be held at the RV/MH Hall of Fame & Museum in Elkhart, Ind., set to run Aug. 8-11. According to a press release, the show will offer a look at all-new 2014 models and include participating eight dealerships.

“We had a tremendous response from dealers for this year’s show,” said Matt Rose, director of recreation vehicles for Indianapolis-based Indiana Manufactured Housing Association-Recreation Vehicle Indiana Council (IMHA-RVIC) which hosts the show. “The show is the biggest it’s been in recent years. Last year we had a great show with eight dealers represented. This year we have 13 dealers, from right here in Elkhart and also from as far away as Schererville, Burns Harbor and Greenfield.”

Rose said the event will attract attendees from all over the Midwest.

“Consumer confidence remains high and financing today is reasonable and readily available” he added. “Our dealers have reported fantastic sales this summer and are bringing an incredible amount of product to the show.”

Rose said the event will attract attendees from all over the Midwest.

“Consumer confidence remains high and financing today is reasonable and readily available” he added. “Our dealers have reported fantastic sales this summer and are bringing an incredible amount of product to the show.”

The Hall of Fame offers a convenient location for regional attendees and easy access to the show for travelers. In addition, organizers will be offering a show package that includes admission to the Hall of Fame Museum.

The show kicks off Thursday at 10 a.m. and will run through the weekend.

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RV/MH Hall Honors Dreamers and Hard Workers

August 6, 2013 by · Leave a Comment 

Hall of Fame President Darryl Searer addressed induction ceremony attendees

More than 400 people made the annual pilgrimage Monday night (Aug. 5) to the RV/MH Hall of Fame in Elkhart, Ind., to honor the latest inductees into the Hall.

Nine industry pioneers or their family members came forward to receive praise and appreciation for the sacrifices and devotion to the intertwined RV and manufactured housing industries, two industries with deep roots in the greater Elkhart area.

On the RV side, inductees were Kirwan M. Elmers, Lawrence C. Lippert and Thomas R. Walworth along with the late Clarence M. Fore and Matthew M. Perlot.

As president of Statistical Surveys Inc. (SSI), Grand Rapids, Mich., Walworth established the company as the recognized official scorecard for sales in the RV and manufactured housing industries in the U.S. and Canada. His data is relied upon for marketing planning by every major company in both industries. He also served for over 20 years on the Recreation Vehicle Industry Association (RVIA) Market Information Committee.

Walworth noted that in his 35-year career with SSI, he has had the honor of working directly with 70 of the 339 inductees in the Hall of Fame.

He praised both the RV and MH industries as the “best examples of capitalism,” adding, “With the capitalistic spirit, you can do whatever you want.”

Walworth named a long list of industry pioneers, including Thor Industries Inc. Founder Wade Thompson and Forest River Inc. founder Pete Liegl (both Hall inductees), as examples of “dreamers and hard workers” who achieved the American dream.

He said each person has a “compass” which steers him through life and for him, it has been God, his family and SSI.

Another dreamer was Clarence M. Fore, who started drawing plans for his first motorhome in 1966 and built it under the pine trees in his back yard in Nacogdoches, Texas. Fore drove his first unit to an RV show in Elkhart in 1967 to make contacts and find suppliers in the Elkhart area.

Fore almost shut the business down after five years because he was losing $1,000 on every coach he built. He was one of the early users of fiberglass front and rear caps and side panels. He pioneered dual roof air conditioning units and central vacuum systems in RVs and was the first to build motorhomes on monocoque chassis.

He is credited with being the first to develop an owners club for his consumers. Fore led the concept of factory-owned stores by creating factory outlets in major markets around the country.

Fore died Aug. 5, 2011, exactly two years prior to his induction. His grandson, Tyle Fore, accepted the award on his grandfather’s behalf.

Inductees on the RV side included (L-R) Thomas Walworth, Lawrence Lippert and Kirwan Elmers

Mathew M. Perlot, founder of Safari Motorhomes, Junction City, Ore., also did not live to see his induction into the Hall, passing away in October 2012. But if he were alive, his son, Martin, said on his behalf in accepting the honor, he would have been a feisty inductee.

Perlot was known as a “rebel” in the industry for his unconventional approach to business. He introduced affordable diesel pushers to the RV world and patented the electronic “magic bed’ that raises to the ceiling to provide additional living space.

He took Safari and Beaver public in 1996 and eventually sold to Monaco Coach.

Martin Perlot described his father as a fierce competitor, noting that he would have arrived in Elkhart, discovered that competitor Bob Lee of Country Coach had already been inducted (in 2000) and said, “Bob Lee got here first? Finish your drinks, son, we’re out of here!”

But Martin Perlot said his father’s induction has allowed he and his brother, Dave, to step back and further appreciate their father’s accomplishments and contributions to the RV industry.

The fourth RV inductee, Elmers, co-founded with his father Custom Coach in Columbus, Ohio, in 1955. The first firm to commercially convert buses into RVs, Custom Coach installed the first automatic transmission in an inner-city bus shell (in 1956), installed the first back-up camera in an RV (in 1965) and was the first to install cruise control (in 1967).

Elmers also served on the Family Motor Coach Association (FMCA) Commercial Council since the mid-1960s and was chairman from 1990 to 1999.

Perhaps more than any other inductee, Elmers personifies the perseverance that characterizes the RV industry. Elmers’ parents were told at birth that their son had a weak heart, couldn’t compete in sports and wouldn’t live past the age of 40.

Not only was he able to travel to all 48 states with his father on business trips by the time he was in high school, he was able to celebrate his 85th birthday recently.

Lippert also started his own company in 1955 in Alma, Mich., with two employees – he and his wife – first supplying to the manufactured housing industry with aluminum and steel roofing.

In 1959, he began LCI’s chassis and chassis parts business. The company enjoyed steady growth until Lippert’s retirement in 1977 when he handed the reins to his son, L. Douglas Lippert. Today, as part of Drew Industries Inc., LCI is one of the largest suppliers to the mobile home and recreational vehicle industries, employing more than 5,100 people in 11 states. It provides everything from frames and chassis to roof materials, axles, countertops, mattresses, draperies and furniture.

Lippert remarked that LCI today does a greater sales volume in a half day than his firm produced in an entire year. The company is recognized as a generous corporate citizen. His grandson, Jason Lippert, now runs the company.

From the manufactured housing side, inductees were:

• Craig M. Bollman, Mobile Home Communities.

• Theresa Desfosses, State Manufactured Homes.

• Thomas P. Meyers, Guerdon Industries.

• Claude N. Palmer (deceased), Palmer Homes.

State of the Hall

In his “State of the Hall” address, Darryl Searer, president and treasurer of the RV/MH Heritage Foundation, reported that the Hall of Fame “is in even better (financial) shape than I reported last year.”

Developments this year have included burning the outstanding bank note; a final $600,000 payout to David Woodworth and his wife for their RV collection that now is on display at the Hall; a final settlement with the city of Elkhart on an outstanding water bill for which the city forgave a $150,000 debt; and presentation of a preliminary check to the family of Boots Ingram three years earlier than expected.

The Ingram family has agreed it will match 50% of every dollar paid toward the principal payment going forward, Searer said. Revenue over the past year has risen 40% over a year earlier, he added. With these developments, Searer said, he hopes the Hall will be debt-free by the end of this decade.

In other developments, Searer noted that Fairmont Homes has broken ground on a multi-section manufactured housing display on the Hall’s grounds. The Hall’s website continues to undergo improvements, and there is a new website for the Hall’s commercial facility, doing business as the Northern Indiana Event Center.

Searer recognized staff and volunteers and presented the Hall of Fame Spirit Award to Tom and Charlene McNulty, who have worked at the Hall for the past 25 years.

Dick Jennison, president of the Manufactured Housing Institute (MHI), gave the keynote address. He reported that after a prolonged downturn, the manufactured housing industry is on a steady upturn, with shipments growing 16% since 2010.

He said tight mortgage lending and government overregulation continue to hamper the industry, but he cited several victories this past year bode well for the future. He called for industry unity to wage a campaign against the outdated perceptions of the manufactured housing industry.

Forty-six golfers competed in the annual Hall of Fame Golf Classic at Bent Oak Golf Course in Elkhart earlier in the day. Foursomes representing Lippert Components finished first and second.

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HOF Names White to Head Event Center Sales

July 23, 2013 by · Leave a Comment 

Jeff White

The RV/MH Hall of Fame has named Jeff White sales and marketing manager for the Northern Indiana Event Center (NIEC) with additional duties within the Hall. According to a press release, White assumed his new position on July 22.

White’s responsibilities include promoting events at the NIEC and to coordinate booth sales in the Hall’s Supplier Hall.

“We are delighted to have Jeff join our team at Northern Indiana Event Center and also assist with duties at the RV/MH Hall of Fame,” said Darryl Searer, Hall president. “He is an extremely capable person with an excellent sales background; plus, he’s a team player. He is the type of person we need to help lead the NIEC and Hall into the future and attain new successes.”

White earned an associate’s degree from Vincennes University in 1987 and joined Homes & Lifestyles Magazine Inc. in 1990. He brings more than 20 years experience in sales, training and new markets development to his new position at the Elkhart, Ind.-based Hall and NIEC.

White lives with his wife Denise and daughter Marissa in Osceola, Ind.

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Hall Induction Ceremony Set to Kick Off Aug. 5

July 22, 2013 by · Leave a Comment 

RV/MH Hall of Fame

The industry is gearing for the RV/MH Hall of Fame induction ceremony, set to run Aug. 5 at the Hall’s facility on the north side of Elkhart, Ind.

According to a press release, the day begins with the Annual Golf Classic at Bent Oak Golf Club in Elkhart. The golf outing starts at 7 a.m. with a full breakfast at Bent Oak. At 8:30 a.m. the golf begins with a shotgun start, followed immediately after the golf round with an awards luncheon.

That evening, the events surrounding the induction dinner for the Class of 2013 begin at 5:30 p.m. with a cocktail reception in the Grand Hall at the RV/MH Hall of Fame, followed by the dinner and induction ceremonies. This year’s class will include the following RV/MH industries’ pioneers and leaders:

• Kirwan Elmers, Custom Coach

• C.M. Fore (deceased), Foretravel Inc.

• Lawrence C. Lippert, Lippert Components Inc.

• Matthew Perlot (deceased), Safari Motorhomes

• Thomas Walworth, Statistical Surveys, Inc.

• Craig M. Bollman, Mobile Home Communities

• Theresa Desfosses, State Manufactured Homes

• Thomas P. Meyers, Guerdon Industries

• Claude N. Palmer (deceased), Palmer Homes

Dick Jennison, president and CEO of the Manufactured Housing Institute (MHI), a national trade association located in Arlington, Va., will deliver the keynote address.

Barry Cole, president of MH Insurance and the Hall’s chairman, noted, “We are honored to have Dick as our induction dinner keynote speaker as he will be able to give attendees new insight into the state of the manufactured housing industry.”

Darryl Searer, Hall president, said he expects about 400 guests from across the country for this year’s induction ceremonies and urges those planning to attend who have not already made their reservations to make their reservations now. “Seating locations at the dinner are on a first-come, first-served basis, so the earlier someone signs up, the better location they’ll receive.”

Regarding the golf fundraiser, Searer said reservations are below what was expected and he hopes more will sign up in the next two weeks. “The golf outing has historically been great fun for those participating – a chance to interact with clients and potential customers in a relaxed forum, a chance to really get to know them and build lifelong friendships and business relationships,” he said. “The golf event is also an important fundraiser for the Hall. Once the cost of the golf outing itself is deducted, all of the remainder of the funds is used to reduce debt and pay operating expenses. So those who participate in the golf event not only get to enjoy a day of golf with friends and colleagues, they are helping the Hall meet its goal of financial stability.”

Cole added, “I hope all RV/MH industry members will set aside Aug. 5 as not only a day to celebrate the induction of the Class of 2013 into the RV/MH Hall of Fame, but also, celebrate and support the RV/MH Hall of Fame and Museum itself.”

For more information on and to make reservations for the induction dinner and the golf outing, visit www.rvmhhalloffame.org.

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MHI President Keynoting Hall Induction Dinner

July 9, 2013 by · Leave a Comment 

Dick Jennison

The RV/MH Hall of Fame announced today (July 9) that Dick Jennison, president and CEO of the Manufactured Housing Institute (MHI), will deliver the keynote address at the 2013 Hall of Fame Induction Dinner.

Jennison, who joined the Arlington, Va.-based trade organization in February 2012, oversees the government relations and advocacy efforts on behalf of all segments of the manufactured housing industry. He also served in senior management roles with Omni Solutions Group, Brick Industry Association, Point-of-Purchase Advertising International, Citizens Bancorp, MCI and AMTRAK.

Darryl Searer, Hall president, said, “We are delighted to have Dick as our Induction Dinner keynote speaker as he will be able to give attendees new insight into the state of the manufactured housing industry.”

The 2013 RV/MH Hall of Fame Induction Dinner will be held on Aug. 5 in Elkhart, Ind.

Searer reports that dinner reservations for this year’s induction ceremonies are running substantially ahead of last year’s event and urges those planning to attend to get the reservations in early to insure preferred seating. “Seating locations at the dinner are on a first-come-first-served basis, so the earlier someone signs up, the better location they’ll receive,” he said.

While dinner reservations are ahead of the 2012 event, Searer said reservations for the 2013 Hall of Fame Golf Classic, a fundraiser for the Hall, is lagging behind.

“We have made some changes in the golf venue that evens the playing field,” Searer said. “For example, at past golf outings teams could buy as many ‘Mulligan Packages’ as they wanted, which meant that teams that invested in the most ‘Mulligan Packages’ regardless of their skill level, could almost buy a victory for their team. Under the new guidelines, each team will be limited to only one ‘Mulligan Package’ and, therefore, the golf outing winners will be earned through their team’s golfing skills rather than the amount of money they are willing to spend on the packages.”

The 2013 Golf Classic will also be held on Aug. 5, at the Bent Oak Golf Club in Elkhart. The event begins at 7 a.m. with a full breakfast. At 8:30 a.m., the golf begins with a shotgun start, followed immediately after the golf round with an awards luncheon.

“Monday, Aug. 5, is an important day for the Hall,” Searer said, “and I urge everyone to set aside the day to celebrate the induction into the RV/MH Hall of Fame the Class of 2013, hear our keynote speaker Dick Jennison, and participate in our Annual Golf Classic fundraiser.”

For more information on the Induction Dinner and the golf outing, visit www.rvmhhalloffame.org.

 

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RV Hall to Host Two ‘Lincoln Highway’ Events

June 21, 2013 by · Leave a Comment 

The RV/MH Hall of Fame will play a part in the Lincoln Highway centennial celebration by hosting two events.

A caravan of 25 vintage RVs will travel along Lincoln Highway and make a stop at the Hall of Fame to spend the night with the hall’s museum display of vintage RVs on June 24, according to a press release from the Hall. The campers, called the Tin Can Tourists, will be available for public viewing from 6 to 8 p.m. that night.

The Hall will also be visited by up to 100 antique automobiles traveling the Lincoln Highway. The automobiles are expected to arrive at 4 p.m. on June 26.

The RV/MH Hall of Fame is located at 21565 Executive Parkway in Elkhart, Ind.

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Hall of Fame Seeking Class of ’14 Nominations

May 28, 2013 by · Leave a Comment 

"Wall of Fame'" displays past inductees

The RV/MH Hall of Fame Selection Committee has issued a call for nominations for the Class of 2014.

“The Hall welcomes nominations from all RV and manufactured housing sectors — manufacturers, dealers, campgrounds, housing communities, suppliers, user groups, trade media and associations — for the class of 2014 and beyond,” Darryl Searer, Hall president, said in a press release.

The RV/MH Heritage Foundation board recently approved an improved process for nominating and has made the nomination guidelines and forms available online at www.rvmhhalloffame.org/pages/nominations.cfm.

According to the new guidelines, anyone can nominate a person to the Hall of Fame that meets the eligibility requirements. The only people who may not be considered are those who currently serve on the Hall Selection Committee. To be eligible the nominee must be, or have been, an active participant in any segment of the recreation vehicle or manufactured housing industries for a minimum of 25 years.

Also, the nomination form must be filled out in its entirety and must be accompanied by three supporting letters (no more, no less) that meet the Hall’s guidelines. Incomplete nominations cannot be considered. If the nominee is not selected within three years, he or she remains eligible only if the nomination is resubmitted and refreshed with additional information.

When evaluating a potential nominee, the selection committee will consider the nominee’s overall contributions to the good of the industry, to include both his or her positions, accomplishments and innovations on the job as well as volunteer work both inside and outside the industry, with special emphasis on volunteer work done on behalf of state and national associations and owner groups, the Hall of Fame itself and other industry-related organizations and causes. Favorable responses to these two basic questions are good starting points for Hall consideration.

If a completed nomination form and three properly prepared seconding letters are received by Oct. 31 of any year, the nominee will be in the pool of candidates considered for the following year’s class and for two years beyond that if not selected that year

The Hall’s Selection Committee will announce its selections in January and those chosen will be inducted at the Hall’s Annual Induction dinner in August. The Hall’s bylaws allow for up to 10 inductees per year.

Searer said, “The Selection Committee is made up of an equal number of members of the RV and manufactured housing industries, and members will only vote on nominees from their respective industries.”

Once the nomination form and supporting letters have been completed, the nominations may be submitted by mail, in person at the Hall, or by fax at (574) 293-3466.

 

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Searer Burns Note During RV Power Breakfast

May 9, 2013 by · Leave a Comment 

RV/MH Hall President Darryl Searer 'Burns the Note'

Over 400 RV industry leaders attending the 1st Annual RV Industry Power Breakfast on May 9 witnessed Darryl Searer, president of the RV/MH Hall of Fame in Elkhart, Ind., ceremoniously burning the organization’s bank note to 1st Source Bank.

“I am proud to announce that on April 30, thanks to the support of many of you in this room and many more individuals and companies in both the RV and MH industries across the USA and Canada, we met a challenge goal set by the Ingram family,” Searer said in press release.

The ceremony marked the successful conclusion to the Hall’s “Burn the Bank Note” fundraiser campaign where the Hall raised $150,000 in contributions and earned an additional $50,000 from a challenge grant offered by the Boots Ingram family.

In early 2012, the Hall was suffering the results of the recession and teetering on defaulting on the bank note that would have forced the Hall to close its doors.  At that time the bank note was $840,000.  However, through some management changes and belt tightening along with several fundraising campaigns, the Hall was able to pay off the debt in record time.

Searer said, “This marks a significant milestone in our efforts to make the Hall debt free and ensure the long-term viability of this important community attraction. Indeed, our future looks very promising. This goal could not have been achieved without the generous support of members of the RV and manufactured housing industries and especially the Boots Ingram family.”

Searer pointed out while this achievement is a major hurdle overcome, it does not make the Hall debt free. “We have two more loans to go — $600,000 to pay off the David Woodworth antique RV collection and the final note of $3 million is to the Ingram family, He said. ”The Ingram family has been extremely gracious and supportive of the Hall of Fame in honor of the late Boots Ingram. As long as we meet our monthly obligations, this note will pay off with $2 million as the Ingram’s are matching the principle payment by 50%.”

Searer recognizes that the Hall still has some challenges ahead, but he remains optimistic.  His goal is for the Hall to be completely debt free by 2020.

 

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