COBURG, OR, Oct 29, 2008 (MARKET WIRE via COMTEX News Network) -- Monaco Coach Corporation (NYSE: MNC), one of the nation's leading
manufacturers of recreational vehicles, today reported results for
the third quarter ended September 27, 2008 and provided an update on
its credit facilities.
Monaco Coach Corporation reported it is in the final stages of
concluding its new loan agreements to replace its existing credit
facility. The Company believes the agreements will be concluded by
the end of the week.
"Together our new loans would provide us the flexibility and
liquidity to continue executing our operational restructuring as we
move through and beyond this cycle," said Kay Toolson, Chairman and
CEO of Monaco Coach Corporation.
Third Quarter Results
Third quarter 2008 revenues were $166.3 million, compared to $322.4
million in revenues for the third quarter of 2007. The operating loss
of $90.6 million for the third quarter included restructuring and
impairment charges of $68.5 million. These results compare to
operating income of $6.5 million for the third quarter of 2007. Net
loss for the third quarter of 2008 was $71.8 million, or a loss of
$2.40 per share, compared to net income of $3.7 million and earnings
of $0.12 per share for the third quarter a year ago.
For the nine months ended September 27, 2008, revenues were $620.5
million, compared to $980.0 million for the first three quarters of
2007. The Company reported a net loss of $89.9 million for the first
nine months of 2008, compared to net income of $9.6 million for the
same period in 2007. Net loss per share for the first nine months of
2008 was $3.01, compared to earnings per share of $0.32 for the same
period last year.
"Our results clearly reflect the continuation of extremely difficult
market conditions, which became even more challenging in the third
quarter," said Toolson. "Lack of consumer confidence and tight
consumer lending trends have impacted retail sales, which has dealers
looking to reduce their inventories."
"We anticipated the second half of 2008 would be challenging, and as
difficult as the decision was to make, we believe that significantly
reducing our manufacturing capacity has helped position the Company
to return to break-even during the first half of 2009. Our much
smaller manufacturing footprint allows for better results at
significantly lower production volumes. In addition, we've reduced
the complexity of our manufacturing operations by building all diesel
motorhomes in Oregon and moving all gas motorhome manufacturing to
Warsaw, Indiana. We've also been able to keep our core labor force
intact in our remaining locations, which will allow us to continue to
improve the quality of our products. However, we remain prepared to
take additional steps as necessary if market conditions deteriorate
further."
Gross profit for the third quarter of 2008 was 0.5% of sales or
$782,000, compared to 11.2% of sales or $36.2 million in the third
quarter of 2007. Gross profit was negatively impacted by high levels
of wholesale discounting, resulting from competition for shelf space
on dealer lots. Wholesale discounting above historical levels
approached $8.0 to $9.0 million in the third quarter of 2008. In
addition, gross margins were negatively impacted by inefficiencies in
production operations as the Company completed the closure and
relocation of its Wakarusa, Indiana motorized facility to its Coburg,
Oregon campus. The Company believes that the consolidation will
result in ongoing savings of $5.0 to $7.0 million per quarter related
to indirect plant manufacturing costs beginning in the fourth quarter
of 2008, and continuing into 2009.
Selling, general, and administrative expenses (SG&A) for the third
quarter of 2008 were $22.9 million or 13.8% of sales, compared to
$29.7 million, or 9.2% of sales, in the third quarter of 2007.
Reductions in SG&A dollars were the result of lower sales volumes as
well as Company initiatives to reduce wages and salaries, advertising
costs, information system expenses, and other miscellaneous general
expenses. In addition, the Company experienced some cost savings as a
result of plant consolidations. Ongoing SG&A savings related to plant
consolidations are expected to approach $3.0 to $4.0 million per
quarter.
In connection with operating losses in the business segments as well
as the relocation of the Indiana motorized operations, the Company
reviewed and adjusted goodwill carrying values and the carrying
values of certain other long-lived assets, and took necessary charges
for costs associated with the closure and relocation of operations.
These related costs have been included in the results of operations
and total $68.5 million. Goodwill valuation was calculated in
accordance with Statement of Financial Accounting Standards 142,
"Goodwill and Other Intangible Assets." Based on the Company's
assessment, it was determined that all goodwill associated with our
motorized segment was impaired, resulting in a charge of $47.0
million. Due to our plant closures and the weak real estate market,
asset impairment charges of $16.4 million were calculated using
appraisals and fair market analysis in accordance with Statement of
Financial Accounting Standards No. 144, "Accounting for the
Impairment or Disposal of Long-Lived Assets." Additionally, in
accordance with Statement of Financial Accounting Standard No. 146,
"Accounting for Costs Associated with Exit or Disposal Activities,"
the Company recorded $5.1 million in restructuring costs associated
with the closure of its Indiana motorized facility.
Motorized Recreational Vehicle Segment
The Company reported motorized sales of $128.5 million in the third
quarter of 2008, compared to $258.0 million in the third quarter of
2007. Wholesale demand, particularly for our diesel-motorized units,
was a direct result of weak retail sales activity and dealers seeking
to reduce their inventories.
As reported by Statistical Surveys, Inc., Class A motorhome retail
sales year-to-date were down 40.1% for the industry through August.
Monaco Coach Corporation experienced a 7.0% increase in Class A
motorhome market share year-to-date through August 2008.
"Product enhancements throughout the line-up over the past several
months have resulted in market share gains this year, notably in the
lower end of the motorhome market," said John Nepute, President of
Monaco Coach Corporation. "Our unmatched support of retail customers
will continue to attract existing and new customers to our brands
while also helping to build our market share."
Unit sales of the Motorized RV Segment for the third quarter of 2008
totaled 813, down from 1,470 units for the prior year period. Class
A diesel units shipped for the quarter were 459 versus 1,080, Class A
gas units shipped were 212 versus 230, and Class C units shipped were
142 versus 160. As reported by the Recreation Vehicle Industry
Association, wholesale shipments of Class A motorhomes declined 48.8%
through September 2008, compared to the same period in 2007.
Towable Recreational Vehicle Segment
The Company reported towable sales of $37.1 million for the third
quarter of 2008, compared to sales of $64.2 million for the third
quarter of 2007. Statistical Surveys showed a year-to-date industry
decrease of 20.2% for travel trailer and fifth-wheel retail
registrations through August 2008. The Company reported a 14.1%
decline in its towable retail segment market share for the same
period.
"We continue to have success in the lightweight, lower cost segment
of the market in both wholesale and retail activity, and have
successfully introduced new models in this price segment of the travel
trailer market," said Nepute.
Gross margin for the third quarter of 2008 for the Towable RV Segment
was $647,000, compared to $6.7 million, for the third quarter of 2007.
Operating loss was $4.4 million, compared to operating income of
$871,000 for the third quarter of 2007.
For the third quarter of 2008, towable unit sales, including
specialty trailers, were 2,469 units, down from 3,940 units for the
same period a year ago. Wholesale shipments according to the
Recreation Vehicle Industry Association declined 20.6% through
September 2008, compared to the first nine months of 2007.
Motorhome Resorts Segment
Resort sales for the third quarter of 2008 were $657,000 up from
$219,000 in the third quarter of 2007. Currently, 47 lots are
available in Indio, California and Las Vegas, Nevada. The first
phase of the Bay Harbor, Michigan resort has been completed and there
are currently 73 lots available for sale. Operating loss for the
segment was $1.4 million, compared to an operating loss of $1.2
million for the same period last year.
The Company's new resort location in the Naples, Florida area is
currently under development and new lots at this resort are expected
to be available for sale in the fourth quarter of 2008.
Conference Call to be Held
Monaco Coach Corporation will conduct a conference call in
conjunction with this news release at 2:00 p.m. Eastern Time,
Wednesday, October 29, 2008. Members of the news media, investors,
and the general public are invited to access a live broadcast of the
conference call via the Investor Relations page of the Company's
website at www.monaco-online.com. The event will be archived and
available for replay for the next 90 days.
About Monaco Coach Corporation
Monaco Coach Corporation, a leading national manufacturer of
motorized and towable recreational vehicles, is ranked as the number
one producer of diesel-powered motorhomes. Dedicated to quality and
service, Monaco Coach is a leader in innovative RVs designed to meet
the needs of a broad range of customers with varied interests and
offers products that appeal to RVers across generations.
Headquartered in Coburg, Oregon, with manufacturing facilities in
Indiana, the Company offers a variety of RVs, from entry-level priced
towables to custom-made luxury models under the Monaco, Holiday
Rambler, Safari, Beaver, McKenzie, and RVision brand names. The
Company maintains RV service centers in Harrisburg, Oregon and
Wildwood, Florida and operates motorhome-only resorts in California,
Florida, Nevada and Michigan.
Monaco Coach Corporation trades on the New York Stock Exchange under
the symbol "MNC," and the Company is included in the S&P Small-Cap 600
stock index. For additional information about Monaco Coach
Corporation, please visit www.monaco-online.com or
www.trail-lite.com.
The statements above regarding (i) the anticipated closing and
funding of the new credit facilities, (ii) the sufficiency of the new
credit facilities to meet the Company's future capital needs, (iii)
our belief that our plant consolidations have helped to position the
Company to return to profitability in the first half of 2009, (iv)
our projected ongoing savings in manufacturing costs and SG&A
expenses from these consolidations, (v) our ability to increase
motorized and towables market share and (vi) the availability for
sale of lots at our Naples, Florida resort in the fourth quarter of
2008 are forward-looking statements subject to various risks and
uncertainties that could cause actual results to differ materially
from these statements. These risks and uncertainties include our
ability to conclude new, definitive credit agreements, the fact that
we are in violation of certain covenants under our existing credit
agreement and, if we are unable to conclude the new credit agreements,
we would have to seek a further waiver from our existing lenders,
which may or may not be granted, further declines in the wholesale
and retail markets for recreational vehicles, consumers' preference
for certain models and resort lots including competitors' offerings,
the failure to generate the anticipated cash flow and improved
operating results from our production realignment, a further decline
in consumer confidence, an increase in interest rates and credit
standards affecting retail and wholesale financing and an increase in
the price or availability of fuel. Please refer to the Company's SEC
reports for additional risks and uncertainties, including but not
limited to the most recent Form 10-Q, the annual report on Form 10-K
for 2007, and the 2007 Annual Report to Shareholders for additional
factors. These filings can be accessed over the Internet at
http://www.sec.gov or
http://www.monaco-online.com.
MONACO COACH CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands of dollars, except share and per share data)
December 29, September 27,
2007 2008
------------- -------------
(unaudited)
ASSETS
Current assets:
Cash $ 6,282 $ 2,999
Trade receivables, net 88,170 45,284
Inventories, net 158,236 134,886
Resort lot inventory 8,838 30,373
Prepaid expenses 5,142 5,023
Income taxes receivable 0 5,958
Debt issuance costs, net 0 781
Deferred income taxes 37,608 29,596
------------- -------------
Total current assets 304,276 254,900
Property, plant, and equipment, net 144,291 118,237
Land held for development 24,321 16,300
Investment in joint venture 4,059 3,885
Deferred income taxes 0 9,436
Debt issuance costs, net 498 0
Goodwill 86,323 39,357
------------- -------------
Total assets $ 563,768 $ 442,115
============= =============
LIABILITIES
Current liabilities:
Book overdraft $ 1,601 $ 0
Current portion of long-term debt 5,714 24,785
Line of credit 0 49,915
Income taxes payable 3,726 0
Accounts payable 82,833 56,337
Product liability reserve 14,625 14,902
Product warranty reserve 35,171 29,134
Accrued expenses and other liabilities 48,609 33,216
------------- -------------
Total current liabilities 192,279 208,289
Long-term debt, less current portion 23,357 0
Deferred income taxes 21,506 0
Deferred revenue 683 533
------------- -------------
Total liabilities 237,825 208,822
------------- -------------
STOCKHOLDERS' EQUITY
Preferred stock, $.01 par value; 1,934,783
shares authorized, no shares outstanding
Common stock, $.01 par value; 50,000,000
shares authorized, 29,989,534 and
29,939,313 issued and outstanding,
respectively 300 299
Additional paid-in capital 69,514 72,448
Retained earnings 256,129 160,546
------------- -------------
Total stockholders' equity 325,943 233,293
------------- -------------
Total liabilities and stockholders' equity $ 563,768 $ 442,115
============= =============
MONACO COACH CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited: in thousands of dollars, except share and per share data)
Quarter Ended Nine Months Ended
---------------------------- ----------------------------
September 29, September 27, September 29, September 27,
2007 2008 2007 2008
------------- ------------- ------------- -------------
Net sales $ 322,422 $ 166,267 $ 979,985 $ 620,530
Cost of sales 286,243 165,485 871,212 594,769
------------- ------------- ------------- -------------
Gross profit 36,179 782 108,773 25,761
Selling,
general, and
administrative
expenses 29,661 22,870 89,885 73,763
Impairment of
goodwill 0 46,966 0 46,966
Restructuring
and impairment
charges 0 21,531 0 23,497
------------- ------------- ------------- -------------
Operating
income
(loss) 6,518 (90,585) 18,888 (118,465)
Other income
(loss), net 290 (27) 783 559
Interest
expense (829) (1,155) (2,743) (2,804)
Loss from
investment in
joint venture (290) (720) (1,267) (173)
------------- ------------- ------------- -------------
Income (loss)
before
income taxes 5,689 (92,487) 15,661 (120,883)
Provision for
(benefit from)
income taxes 2,008 (20,734) 6,017 (30,973)
------------- ------------- ------------- -------------
Net income
(loss) $ 3,681 $ (71,753) $ 9,644 $ (89,910)
============= ============= ============= =============
Earnings
(loss) per
common share:
Basic $ 0.12 $ (2.40) $ 0.32 $ (3.01)
Diluted $ 0.12 $ (2.40) $ 0.32 $ (3.01)
Weighted
-average
common shares
outstanding:
Basic 29,963,223 29,916,424 29,913,118 29,824,560
Diluted 30,363,621 29,916,424 30,380,470 29,824,560
MONACO COACH CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited: in thousands of dollars)
Nine Months Ended
----------------------------
September 29, September 27,
2007 2008
------------- -------------
Increase (Decrease) in Cash:
Cash flows from operating activities:
Net income (loss) $ 9,644 (89,910)
Adjustments to reconcile net income to
net cash provided by (used in)
operating activities:
Loss on sale of assets 289 84
Depreciation and amortization 10,613 10,327
Deferred income taxes (285) (22,930)
Stock-based compensation expense 3,247 3,513
Net loss from joint venture 1,267 173
Impairment of goodwill 0 46,966
Restructuring and impairment charges 0 19,203
Changes in working capital accounts:
Trade receivables, net 1,982 42,886
Inventories 3,718 23,350
Resort lot inventory (400) (10,677)
Prepaid expenses 504 119
Income taxes payable (receivable) 9,120 (9,684)
Land held for development (8,022) (2,836)
Accounts payable 22,837 (26,496)
Product liability reserve (138) 277
Product warranty reserve 2,868 (6,037)
Accrued expenses and other liabilities 4,643 (16,198)
Deferred revenue (150) (150)
Discontinued operations (18) 0
------------- -------------
Net cash provided by (used in)
operating activities 61,719 (38,020)
------------- -------------
Cash flows from investing activities:
Additions to property, plant, and
equipment (4,194) (2,527)
Investment in joint venture (366) 0
Proceeds from sale of assets 64 84
------------- -------------
Net cash used in investing
activities (4,496) (2,443)
------------- -------------
Cash flows from financing activities:
Book overdraft (16,626) (1,601)
Advance (payments) on lines of
credit, net (2,036) 49,915
Payments on long-term notes payable (4,285) (4,286)
Debt issuance costs (257) (649)
Dividends paid (5,395) (3,599)
Issuance of common stock 1,429 917
Repurchase of common stock 0 (2,829)
Tax effect of stock-based award activity 194 (352)
Stock-based awards withheld for taxes 0 (336)
------------- -------------
Net cash (used in) provided by
financing activities (26,976) 37,180
------------- -------------
Net change in cash 30,247 (3,283)
Cash at beginning of period 4,984 6,282
------------- -------------
Cash at end of period $ 35,231 $ 2,999
============= =============
Monaco Coach Corporation
Segment Reporting
(Unaudited: in thousands of dollars, except average gross wholesale price)
Results of Consolidated Operations
Quarter Quarter
Ended Ended
September 29, % of September 27, % of
2007 Sales 2008 Sales
------------- ------- ------------- -------
Net sales $ 322,422 100.00% $ 166,267 100.00%
Cost of sales 286,243 88.78% 165,485 99.53%
------------- -------------
Gross profit 36,179 11.22% 782 0.47%
Selling, general and
administrative expenses 29,661 9.20% 22,870 13.75%
Impairment of goodwill - 0.00% 46,966 28.25%
Restructuring and
impairment charges - 0.00% 21,531 12.95%
------------- -------------
Operating income (loss) 6,518 2.02% (90,585) -54.48%
Other income and
interest expense 829 0.26% 1,902 1.14%
------------- -------------
Income (loss) before
income taxes 5,689 1.76% (92,487) -55.63%
Income tax provision
(benefit) 2,008 0.62% (20,734) -12.47%
------------- -------------
Net income (loss) $ 3,681 1.14% $ (71,753) -43.16%
============= =============
Depreciation &
amortization $ 3,545 $ 3,418
Capital expenditures $ 1,525 $ 976
Raw materials inventory
WIP inventory
Finished goods inventory
Nine Months Nine Months
Ended Ended
September 29, % of September 27, % of
2007 Sales 2008 Sales
------------- ------- ------------- -------
Net sales $ 979,985 100.00% $ 620,530 100.00%
Cost of sales 871,212 88.90% 594,769 95.85%
------------- -------------
Gross profit 108,773 11.10% 25,761 4.15%
Selling, general and
administrative expenses 89,885 9.17% 73,763 11.89%
Impairment of goodwill - 0.00% 46,966 7.57%
Restructuring and
impairment charges - 0.00% 23,497 3.79%
------------- -------------
Operating income (loss) 18,888 1.93% (118,465) -19.09%
Other income and
interest expense 3,227 0.33% 2,418 0.39%
------------- -------------
Income (loss) before
income taxes 15,661 1.60% (120,883) -19.48%
Income tax provision
(benefit) 6,017 0.61% (30,973) -4.99%
------------- -------------
Net income (loss) $ 9,644 0.98% $ (89,910) -14.49%
============= =============
Depreciation &
amortization $ 10,613 $ 10,327
Capital expenditures $ 4,194 $ 2,527
Raw materials inventory $ 64,167 $ 72,366
WIP inventory $ 57,876 $ 19,795
Finished goods inventory $ 26,050 $ 42,725
Total capital expenditures for 2008 are expected to be approximately
$4 to $5 million.
Tax rate for 2008 is expected to be between 25% and 27%.
Motorized Recreational Vehicle Segment
Quarter Quarter
Ended Ended
September 29, % of September 27, % of
2007 Sales 2008 Sales
------------- ------- ------------- -------
Net sales $ 257,982 100.00% $ 128,504 100.00%
Cost of sales 228,565 88.60% 128,614 100.09%
------------- -------------
Gross profit 29,417 11.40% (110) -0.09%
Selling, general and
administrative expenses
and corporate overhead 22,570 8.75% 16,147 12.57%
Impairment of goodwill - 0.00% 46,966 36.55%
Restructuring and
impairment charges - 0.00% 21,531 16.76%
------------- -------------
Operating income (loss) $ 6,847 2.65% $ (84,754) -65.95%
============= =============
Units Sold
Class A Diesel 1,080 459
Class A Gas 230 212
Class C 160 142
------------- -------------
Total 1,470 813
Average Gross Wholesale
Price
Class A Diesel $ 209 $ 229
Class A Gas $ 82 $ 88
Class C $ 55 $ 67
Internal Retail
Registrations
Class A Diesel 1,087 612
Class A Gas 238 200
Class C 157 94
------------- -------------
Total 1,482 906
Additional Information*
Backlog units
Backlog value
Dealer inventory (units)
Number of production
lines
Capacity utilization
Number of independent
distribution points **
Nine Months Nine Months
Ended Ended
September 29, % of September 27, % of
2007 Sales 2008 Sales
------------- ------- ------------- -------
Net sales $ 754,192 100.00% $ 471,811 100.00%
Cost of sales 672,029 89.11% 454,439 96.32%
------------- -------------
Gross profit 82,163 10.89% 17,372 3.68%
Selling, general and
administrative expenses
and corporate overhead 65,760 8.72% 52,262 11.08%
Impairment of goodwill - 0.00% 46,966 9.95%
Restructuring and
impairment charges - 0.00% 21,531 4.56%
------------- -------------
Operating income (loss) $ 16,403 2.17% $ (103,387) -21.91%
============= =============
Units Sold
Class A Diesel 3,288 1,767
Class A Gas 667 705
Class C 493 461
------------- -------------
Total 4,448 2,933
Average Gross Wholesale
Price
Class A Diesel $ 203 $ 220
Class A Gas $ 79 $ 85
Class C $ 54 $ 61
Internal Retail
Registrations
Class A Diesel 3,500 2,104
Class A Gas 767 705
Class C 352 339
------------- -------------
Total 4,619 3,148
Additional Information*
Backlog units 163
Backlog value $ 29,414
Dealer inventory (units) 3,221
Number of production
lines 3
Capacity utilization 44%
Number of independent
distribution points ** 321
* As of 9/27/2008
** Includes Canadian Dealers
Towable Recreational Vehicle Segment
Quarter Quarter
Ended Ended
September 29, % of September 27, % of
2007 Sales 2008 Sales
------------- ------- ------------- -------
Net sales $ 64,221 100.00% $ 37,106 100.00%
Cost of sales 57,531 89.58% 36,459 98.26%
------------- -------------
Gross profit 6,690 10.42% 647 1.74%
Selling, general and
administrative expenses
and corporate overhead 5,819 9.06% 5,065 13.65%
Impairment charges - 0.00% - 0.00%
------------- -------------
Operating income (loss) $ 871 1.36% $ (4,418) -11.91%
============= =============
Units Sold
Travel trailer and
fifth-wheel 2,880 1,684
Specialty trailer 1,060 785
------------- -------------
Total 3,940 2,469
Average Gross Wholesale
Price
Travel trailer and
fifth-wheel $ 20 $ 20
Specialty trailer $ 11 $ 9
Additional Information:
Travel Trailer and
Fifth-wheel*
Backlog units travel
trailers and
fifth-wheels
Backlog value
Number of production
lines
Capacity utilization
Number of independent
distribution points
Nine Months Nine Months
Ended Ended
September 29, % of September 27, % of
2007 Sales 2008 Sales
------------- ------- ------------- -------
Net sales $ 214,669 100.00% $ 145,374 100.00%
Cost of sales 194,970 90.82% 138,592 95.33%
------------- -------------
Gross profit 19,699 9.18% 6,782 4.67%
Selling, general and
administrative expenses
and corporate overhead 18,053 8.41% 17,416 11.98%
Impairment charges - 0.00% 1,966 1.35%
------------- -------------
Operating income (loss) $ 1,646 0.77% $ (12,600) -8.67%
============= =============
Units Sold
Travel trailer and
fifth-wheel 10,046 7,023
Specialty trailer 3,393 3,034
------------- -------------
Total 13,439 10,057
Average Gross Wholesale
Price
Travel trailer and
fifth-wheel $ 20 $ 19
Specialty trailer $ 10 $ 10
Additional Information:
Travel Trailer and
Fifth-wheel*
Backlog units travel
trailers and
fifth-wheels 654
Backlog value $ 11,704
Number of production
lines 5
Capacity utilization 33%
Number of independent
distribution points 540
* As of 9/27/2008
Motorhome Resorts Segment
Quarter Quarter
Ended Ended
September 29, % of September 27, % of
2007 Sales 2008 Sales
------------- ------- ------------- -------
Net sales $ 219 100.00% $ 657 100.00%
Cost of sales 147 67.12% 412 62.71%
------------- -------------
Gross profit 72 32.88% 245 37.29%
Selling, general and
administrative expenses
and corporate overhead 1,272 580.82% 1,658 252.36%
------------- -------------
Operating income (loss) $ (1,200) -547.95% $ (1,413) -215.07%
============= =============
Lots sold in period 1 2
Unsold developed lots
Project-to-date lots sold
Lots with deposits
Nine Months Nine Months
Ended Ended
September 29, % of September 27, % of
2007 Sales 2008 Sales
------------- ------- ------------- -------
Net sales $ 11,124 100.00% $ 3,345 100.00%
Cost of sales 4,213 37.87% 1,738 51.96%
------------- -------------
Gross profit 6,911 62.13% 1,607 48.04%
Selling, general and
administrative expenses
and corporate overhead 6,072 54.58% 4,085 122.12%
------------- -------------
Operating income (loss) $ 839 7.54% $ (2,478) -74.08%
============= =============
Lots sold in period 50 14
Unsold developed lots 68 48
Project-to-date lots sold 739 759
Lots with deposits - -
Resort Locations:
Las Vegas, NV
Total lots in resort are 407, all of which have been developed.
Indio, CA
Total lots in resort are 400, all of which have been developed.
La Quinta, CA
Total expected lots in resort are 400, timeline to be established.
Naples, FL
Total expected lots in resort are 184, some of which will be
available to sell fourth quarter of 2008.
Bay Harbor, MI
Total expected lots in resort are 130, some of which have been
developed.
CONTACT:
Craig Wanichek
Director of Investor Relations
Monaco Coach Corporation
(541) 681-8029
Email Contact
SOURCE: Monaco Coach Corp.
http://www2.marketwire.com/mw/emailprcntct?id=4D26CEF4AC3943C6
