Truth staff
ELKHART -- Coachmen Industries Inc. is blaming weakness in the housing market and ebbing consumer confidence for dragging down the company's fourth-quarter and year-end results.
Revenues in the fourth quarter of 2007 dropped to $77.0 million, down from the $115.8 million reported for the same period the previous year. Gross profits fell to a loss of $2.5 million, significantly higher than the $248,000 loss one year earlier.
For the entire 2007, revenues reached $480.8 million, a 14.8 percent decrease from the $564.4 million recorded for 2006. Net loss from continuing operations for the year was $38.8 million compared with a loss of $33.2 million one year prior.
Coachmen's Recreational Vehicle Group reported sales of $54.5 million during the fourth quarter of 2007, down 34.5 percent from the $83.3 million posted in the fourth quarter of 2006. For the full year, revenues dropped 10.6 percent to $361.7 million from $404.7 million.
The Housing Group recorded fourth-quarter sales of $22.5 million, down 30.9 percent from $32.5 million reported in the same period a year earlier. For the year, revenues reached $119.2 million, down 25.4 percent from the $159.7 million reported in 2006.