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<SEC-DOCUMENT>0000950152-09-003540.txt : 20090921
<SEC-HEADER>0000950152-09-003540.hdr.sgml : 20090921
<ACCEPTANCE-DATETIME>20090406165515
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950152-09-003540
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20090406

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			THOR INDUSTRIES INC
		CENTRAL INDEX KEY:			0000730263
		STANDARD INDUSTRIAL CLASSIFICATION:	MOTOR HOMES [3716]
		IRS NUMBER:				930768752
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0731

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		419 W PIKE ST
		CITY:			JACKSON CENTER
		STATE:			OH
		ZIP:			45334
		BUSINESS PHONE:		9375966849

	MAIL ADDRESS:	
		STREET 1:		419 W PIKE STREET
		CITY:			JACKSON CENTER
		STATE:			OH
		ZIP:			45334
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML>
<HEAD>
<TITLE>corresp</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->


<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 11.5pt; margin-top: 11.5pt; margin-left: 50%">Thor Industries, Inc.<BR>
419 West Pike Street<BR>
Jackson Center, OH 45334

</DIV>

<DIV align="left" style="font-size: 11.5pt; margin-top: 24pt">April&nbsp;6, 2009
</DIV>


<DIV align="left" style="font-size: 11.5pt; margin-top: 36pt"><B><u>VIA EDGAR AND FAX DELIVERY</u></B>
</DIV>


<DIV align="left" style="font-size: 11.5pt; margin-top: 11.5pt">United States Securities and Exchange Commission<BR>
Division of Corporation Finance<BR>
100 F Street, N.E.<BR>
Washington, D.C. 20549-3628<BR>
Attention: &nbsp;&nbsp;Lyn Shenk<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Branch Chief

</DIV>

<DIV align="left" style="margin-top: 11.5pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11.5pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="2%"></TD>
    <TD width="95%"></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Re:</TD>
    <TD>&nbsp;</TD>
    <TD>Thor Industries, Inc.<br>
File No.&nbsp;001-09235<br>
Form&nbsp;10-K: For the fiscal year ended July&nbsp;31, 2008<br>
Form&nbsp;10-Q: For the quarterly period ended October&nbsp;31, 2008<br>
Schedule&nbsp;14A filed November&nbsp;3, 2008</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 11.5pt; margin-top: 11.5pt">Ladies and Gentlemen:
</DIV>


<DIV align="left" style="font-size: 11.5pt; margin-top: 11.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Set forth below are the responses of Thor Industries, Inc. (the &#147;<U>Company</U>&#148; or
&#147;<U>we</U>&#148;) to the comment letter of the staff (the &#147;<U>Staff</U>&#148;) of the Securities and
Exchange Commission (the &#147;<U>Commission</U>&#148;) dated March&nbsp;9, 2009 with respect to the Form 10-K,
Form 10-Q and Schedule&nbsp;14A referenced above.
</DIV>


<DIV align="left" style="font-size: 11.5pt; margin-top: 11.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For your convenience, we have set forth below the Staff&#146;s comments followed by the Company&#146;s
responses thereto. Caption references and page numbers refer to the captions and pages contained
in the respective Form 10-K, Form 10-Q, or Schedule&nbsp;14A unless otherwise indicated. Capitalized
terms used but not otherwise defined herein have the meanings ascribed to such terms in the
respective Form 10-K, Form 10-Q or Schedule&nbsp;14A. All numbers are in thousands except where noted
otherwise and except for per share data.
</DIV>


<DIV align="left" style="font-size: 11.5pt; margin-top: 11.5pt"><U><B>Form&nbsp;10-K: For the fiscal year ended July&nbsp;31, 2008 </B></U>
</DIV>


<DIV align="left" style="font-size: 11.5pt; margin-top: 11.5pt"><U><B>Item&nbsp;3. Legal Proceedings, page 13</B></U>
</DIV>


<DIV style="margin-top: 11.5pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11.5pt">

<TR valign="top" style="font-size: 11.5pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>1.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>We note your disclosure in the second paragraph of this section. In future
filings, please provide additional disclosure regarding the number of class action
lawsuits that you are facing and the damages sought.</B></div></TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 11.5pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 11.5pt; margin-top: 11.5pt">Page 2
</DIV>

<DIV style="margin-top: 34pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11.5pt">


<TR valign="top" style="font-size: 11.5pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Beginning with the Company&#146;s Quarterly Report on Form 10-Q for the period ending April
30, 2009, the disclosure in future filings regarding the formaldehyde litigation will be
revised to address the Staff&#146;s comment. We note that expanded disclosure has already
appeared in the Company&#146;s Quarterly Report on Form 10-Q for the period ended January&nbsp;31,
2009. The Company will further expand on such disclosure in future filings to disclose
the approximate number of formaldehyde related lawsuits against Thor companies (there are approximately 15
currently) and the relief sought. Generally, the lawsuits assert claims for damages
(for health related problems, medical expenses, emotional distress and lost earnings)
and for medical monitoring costs. Some of the lawsuits also seek punitive and/or
exemplary damages. Thus far, however, none of the lawsuits allege a specific amount of
damages sought and instead make general allegations about the nature of the plaintiffs&#146;
claims without placing a dollar figure on them.</div></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 11.5pt; margin-top: 11.5pt"><U><B>Item&nbsp;7. Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations</B></U>
</DIV>

<DIV align="left" style="font-size: 11.5pt; margin-top: 11.5pt"><U><B>Fiscal 2008 VS. Fiscal 2007, page 16</B></U>
</DIV>


<DIV style="margin-top: 11.5pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11.5pt">

<TR valign="top" style="font-size: 11.5pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>2.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>For each of your segments, you have disclosed that the average prices per unit
sold increased in fiscal year 2008 due to changes in the mix of products sold. Please
expand your disclosure to provide an analysis of the changes in the mix of products
sold in each segment that supports the contribution of the product mix to the increase
in average prices per unit. For each segment, discuss which vehicle types/products
drove the increases in the average prices, the extent to which sales of the different
vehicles/products offered have fluctuated, and why certain vehicles/products performed
better than others. We believe such an analysis will enable a reader of your financial
statements to better ascertain the underlying factors and potential trends associated
with the mix of products in assessing the impact of such on the revenue of each
segment. To further enhance your analysis, consider a table that presents the number
of units sold and associated revenue by vehicle type (that is, conventional travel
trailers, fifth wheels, Class&nbsp;A, Class&nbsp;C, and park models) for recreational vehicles
within each segment, presupposing that the price ranges of your vehicle types vary
materially from one another to be meaningful to the assessment of product mix. We
believe such a table will also highlight the impact that a decreasing number of units
sold for each vehicle/product has on revenues. Consider a similar table for buses at a
level considered appropriate for that segment. Please provide us with your proposed
revised disclosure.</B></div></TD>
</TR>

<TR>
    <TD style="font-size: 11.5pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 11.5pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The following table sets forth net sales and number of units sold for fiscal 2008 and
2007 for our towables and motorized segments including detail for the different classes
of products in each such segment. Given the smaller size of the bus segment and the
customization of the buses to customers&#146; specifications, our bus business is
managed</div></TD>
</TR>


</TABLE>
</DIV>
<P align="center" style="font-size: 11.5pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 11.5pt; margin-top: 11.5pt">Page 3
</DIV>

<DIV style="margin-top: 34pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11.5pt">


<TR valign="top" style="font-size: 11.5pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">on a contract by contract basis rather than on a type of product basis. Accordingly, we
have not provided a breakdown of our buses by type/size of bus.</div></TD>
</TR>

<TR>
    <TD style="font-size: 11.5pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 11.5pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Beginning with the Company&#146;s Annual Report on Form 10-K for the year ending July&nbsp;31,
2009, we will provide the following disclosure in our Management&#146;s Discussion and
Analysis of Financial Condition and Results of Operations.</div></TD>
</TR>



</TABLE>
</DIV>
<P align="center" style="font-size: 11.5pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 11.5pt; margin-top: 11.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Page 4
</DIV>


<DIV align="left" style="font-size: 11.5pt; margin-top: 34pt"><B><u>Fiscal 2008 vs. Fiscal 2007</u></B>
</DIV>


<DIV align="center">
<TABLE style="font-size: 11.5pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom" style="font-size: 1pt" >
    <TD width="28%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 11.5pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">% of</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">% of</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 11.5pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Segment</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Segment</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Change</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 11.5pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center" colspan="2"><FONT style="border-bottom: 1px solid #000000; width: 10%">Fiscal
2008</font></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center" colspan="2"><FONT style="border-bottom: 1px solid #000000; width: 5%">Sales</font></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center" colspan="2"><FONT style="border-bottom: 1px solid #000000; width: 10%">Fiscal
2007</font></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center" colspan="2"><FONT style="border-bottom: 1px solid #000000; width: 5%">Sales</font></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center" colspan="2"><FONT style="border-bottom: 1px solid #000000; width: 6%">Amount</font></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center" colspan="2"><FONT style="border-bottom: 1px solid #000000; width: 1%">%</font></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>NET SALES:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<tr>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Recreation Vehicles</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Towables</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Travel Trailers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">864,796</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">921,204</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(56,408</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(6.1</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Fifth Wheels</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">839,168</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">902,873</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(63,705</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(7.1</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59,135</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">66,023</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(6,888</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(10.4</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Total Towables</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,763,099</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,890,100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(127,001</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(6.7</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="font-size: 2pt" >
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Motorized</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Class&nbsp;A</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">306,577</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">66.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">383,938</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">67.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(77,361</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(20.1</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Class&nbsp;C</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">152,134</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">170,709</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(18,575</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(10.9</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,145</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,876</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(7,731</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(71.1</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Total Motorized</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">461,856</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">565,523</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"></TD>
    <TD align="right">(103,667</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(18.3</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 2pt" >
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total Recreation Vehicles</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,224,955</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,455,623</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(230,668</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(9.4</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Buses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">415,725</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">400,685</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,040</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,640,680</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,856,308</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(215,628</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(7.5</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">% of</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">% of</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B># OF UNITS:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Segment</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Segment</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><FONT style="border-bottom: 1px solid #000000; width: 5%">Shipments</font></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><FONT style="border-bottom: 1px solid #000000; width: 5%">Shipments</font></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Recreation Vehicles</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Towables</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Travel Trailers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">48,855</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">53,459</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"></TD>
    <TD align="right">(4,604</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(8.6</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Fifth Wheels</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,169</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,720</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,551</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(11.2</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,864</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,327</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(463</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(19.9</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Total Towables</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">78,888</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">87,506</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(8,618</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(9.8</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 2pt" >
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Motorized</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Class&nbsp;A</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,192</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,450</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,258</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(28.3</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Class&nbsp;C</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,631</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,023</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(392</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(13.0</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">161</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(121</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(75.2</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Total Motorized</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,863</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,634</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,771</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(23.2</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 2pt" >
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Total Recreation Vehicles</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">84,751</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">95,140</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(10,389</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(10.9</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Buses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,280</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,497</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(217</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3.3</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">91,031</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">101,637</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(10,606</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(10.4</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 11.5pt; margin-top: 11.5pt">Page 5
</DIV>




<DIV style="margin-top: 34pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11.5pt">


<TR valign="top" style="font-size: 11.5pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">
Analysis of Percentage Change in Net Sales Versus Prior Year
</div></TD>
</TR>

</table>
</div>


<DIV align="right" style="margin-right: 6pt">
<TABLE style="font-size: 11.5pt" cellspacing="0" border="0" cellpadding="0" width="88%">
<!-- Begin Table Head -->
<TR style="font-size: 24pt">
    <TD width="60%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 11.5pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Average Price&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Net</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 11.5pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center" colspan="2"><FONT style="border-bottom: 1px solid #000000; width: 7%">&nbsp;&nbsp;Per
Unit</font>&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center" colspan="2"><FONT style="border-bottom: 1px solid #000000; width: 5%">&nbsp;&nbsp;Units</font></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center" colspan="2"><FONT style="border-bottom: 1px solid #000000; width: 6%">&nbsp;&nbsp;Change</font></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Recreation Vehicles</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Towables</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Travel Trailer</DIV></TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(8.6</TD>
    <TD nowrap>%)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(6.1</TD>
    <TD nowrap>%)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Fifth Wheel</DIV></TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">4.1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(11.2</TD>
    <TD nowrap>%)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(7.1</TD>
    <TD nowrap>%)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Other</DIV></TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">9.5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(19.9</TD>
    <TD nowrap>%)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(10.4</TD>
    <TD nowrap>%)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total Towables</DIV></TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3.1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(9.8</TD>
    <TD nowrap>%)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(6.7</TD>
    <TD nowrap>%)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Motorized</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Class&nbsp;A</DIV></TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">8.2</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(28.3</TD>
    <TD nowrap>%)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(20.1</TD>
    <TD nowrap>%)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Class&nbsp;C</DIV></TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(13.0</TD>
    <TD nowrap>%)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(10.9</TD>
    <TD nowrap>%)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(75.2</TD>
    <TD nowrap>%)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(71.1</TD>
    <TD nowrap>%)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total Motorized</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.9</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(23.2</TD>
    <TD nowrap>%)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(18.3</TD>
    <TD nowrap>%)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="margin-top: 20pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11.5pt">

<TR valign="top" style="font-size: 11.5pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The average price per unit of travel trailers and fifth wheels increased $.469 and
$1.326, respectively, in fiscal year 2008 as compared to fiscal year 2007. This
increase is primarily due to increased freight costs associated with higher fuel prices,
and demand by customers for additional features or upgrades.</div></TD>
</TR>

<TR>
    <TD style="font-size: 11.5pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 11.5pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The average price per unit of Class&nbsp;A and Class&nbsp;C motorized units increased $9.767 and
$1.354 respectively, in fiscal year 2008 as compared to fiscal year 2007. The primary
reason for the increase in Class&nbsp;C units is due to increased freight costs associated
with higher fuel prices, and demand by customers for additional features or upgrades.
In addition to the increased freight charges and demand by customers for additional
features, the increase in average price per unit of Class&nbsp;As was also due to diesel
sales making up more of the mix of Class&nbsp;A sales in fiscal year 2008 as compared to
fiscal year 2007. Diesels are larger and more expensive than gas Class&nbsp;A units.</div></TD>
</TR>

<TR>
    <TD style="font-size: 11.5pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 11.5pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The average price per unit of buses increased $4.526 in fiscal year 2008 as compared to
fiscal year 2007. This increase was primarily due to the additional features included
in our buses as a result of our customers&#146; requests.</div></TD>
</TR>

<TR>
    <TD style="font-size: 11.5pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 11.5pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>3.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>We note that cost of products sold is material to the results of each segment,
but you have not provided an analysis of this expense. Also, it appears that the cost
of products sold contributed to the variance in the gross profit margin of each segment
to some degree, but there is no discussion of its relative impact. For each segment,
please expand your disclosure to include an analysis of the factors affecting the</B></div></TD>
</TR>

</TABLE>
</DIV>


<P align="center" style="font-size: 11.5pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="justify" style="font-size: 11.5pt; margin-top: 11.5pt">Page 6
</DIV>


<DIV style="margin-top: 34pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11.5pt">

<TR valign="top" style="font-size: 11.5pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&nbsp;</B></TD>
    <TD width="1%"><B>&nbsp;</B></TD>
    <TD><DIV style="text-align: justify"><B>amount of cost of products sold and associated average cost per unit sold between
comparable periods. For example, given that material cost is the primary factor
determining your cost of products sold (as disclosed on page 15), specifically discuss
the impact of changes in material costs (i.e., in terms of price and usage) on each
segment&#146;s cost of products sold, as well as the underlying reasons for such changes.
Additionally, discuss factors impacting cost of products sold and affecting the gross
profit margin, although not necessarily in direct relationship with the decreased number
of units sold (for example, impairment charges recorded, operating
efficiencies/inefficiencies experienced, absorption of overhead and fixed costs, changes
in labor, wages and benefits, other material charges). Additionally, include a
discussion of how cost of products sold in a period have been impacted by the mix of
products sold, the basis for this relationship, and any associated impact on gross
profit margin. Please provide us with your proposed revised disclosure</B>.</div></TD>
</TR>

<TR>
    <TD style="font-size: 11.5pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 11.5pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Beginning with the Company&#146;s Annual Report on Form 10-K for the year ending July&nbsp;31,
2009, we will provide the following disclosure in our Management&#146;s Discussion and
Analysis of Financial Condition and Results of Operations.</div></TD>
</TR>

<TR>
    <TD style="font-size: 11.5pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 11.5pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Towable Recreation Vehicles: Cost of products sold was $1,516,594 or 86% of towable net sales
for fiscal 2008 compared to $1,616,655 or 85.5% of towable net sales for fiscal 2007.
Cost of products sold decreased in dollars due to the decline in net sales along with the
increase of discounts. The primary component of cost of products sold is cost of material,
which is directly related to sales volume, and which remained flat as a percentage of
net sales for fiscal year 2008 compared to fiscal year 2007. Due to tighter market
conditions, increased discounting has occurred thus adversely affecting gross margin.
The discounts as a percentage of gross sales were 3.2% in fiscal year 2008 compared to
2.6% in fiscal 2007.</div></TD>
</TR>

<TR>
    <TD style="font-size: 11.5pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 11.5pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Motorized Recreation Vehicles: Cost of products sold was $425,928 or 92.2% of motorized net
sales for fiscal 2008 compared to $510,189 or 90.2% of motorized net sales for fiscal
2007. Cost of products sold decreased in dollars due to the decline in net sales. The primary
component of cost of products sold is material, which is directly related to sales volume.
Cost of materials remained flat as a percentage of net sales for fiscal year 2008
compared to fiscal year 2007. Due to tighter market conditions, increased discounting
has occurred thus adversely affecting gross margin. The discounts as a percentage of
gross sales were 3.4% in fiscal year 2008 compared to 1.8% in fiscal 2007.</div></TD>
</TR>

<TR>
    <TD style="font-size: 11.5pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 11.5pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Buses: Cost of products sold was $375,732 or 90.4% of net bus sales for fiscal 2008 compared to
$366,169 or 91.4% of net bus sales for fiscal 2007. Cost of products sold increased in dollars
due to the increase in net sales.</div></TD>
</TR>

<TR>
    <TD style="font-size: 11.5pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 11.5pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>4.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>We note that your MD&#038;A disclosure regarding your segments&#146; selling, general,
and administrative expenses (i.e., SG&#038;A) primarily states each segment&#146;s SG&#038;A</B></div></TD>
</TR>

</TABLE>
</DIV></DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 11.5pt"><!-- Folio -->Page 7<!-- /Folio -->

<DIV style="margin-top: 34pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11.5pt">


<TR valign="top" style="font-size: 11.5pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&nbsp;</B></TD>
    <TD width="1%"><B>&nbsp;</B></TD>
    <TD><DIV style="text-align: justify"><B>expense
as a percentage of the segment&#146;s revenue recognized for the respective reporting
period, without providing any analysis of the underlying factors resulting in changes
in the absolute amount of the SG&#038;A expense recognized by each of your segments. For
example, your MD&#038;A disclosure does not explain why the absolute amount of SG&#038;A expense
recognized by your &#147;Towable Recreation Vehicles&#148;
segment has declined for each of the last two fiscal years, as well as the first quarter
of fiscal year 2009. In this regard, please expand your MD&#038;A disclosure to provide a
detailed analysis of the factors resulting in changes to the SG&#038;A expenses recognized by
each of your segments. Additionally, quantify the significant individual expense
sub-categories within SG&#038;A, accompanied by the appropriate level of analysis, so that
investors may discern the magnitude and relative impact of such on this line item.
Please provide us with your proposed revised disclosure.</B></div></TD>
</TR>

<TR>
    <TD style="font-size: 11.5pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 11.5pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Beginning with the Company&#146;s Annual Report on Form 10-K for the period ending July&nbsp;31,
2009, we will provide the following disclosure in our Management&#146;s Discussion and
Analysis of Financial Condition and Results of Operations.</div></TD>
</TR>

<TR>
    <TD style="font-size: 11.5pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 11.5pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Historically, selling, general and administrative expenses have been comprised primarily
of variable costs such as commissions and bonuses, which are based upon revenues and
income before taxes. Selling, general and administrative expenses also include fixed
costs such as insurance, legal and audit related expenses.</div></TD>
</TR>

<TR>
    <TD style="font-size: 11.5pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 11.5pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Towable Recreation Vehicles: Selling, general and administrative expenses were $102,356
or 5.8% of towable net sales for fiscal 2008 compared to $107,804 or 5.7% of towable
net sales for fiscal 2007. The primary reason for the $5,448 decrease in selling, general
and administrative expenses was decreased net sales which caused commissions and bonuses
to decrease by $6,495. This decrease was offset in part by increases in insurance,
legal and audit related costs. Selling, general and administrative expenses for the
first quarter of fiscal 2009 were $18,500 or 6.5% of towable net sales compared to
$28,519 or 5.4% of towable net sales for the first quarter of fiscal 2008. The primary
reason for the $10,019 decrease in selling, general and administrative expenses was
decreased net sales which caused commissions and bonuses to decrease by $7,924.</div></TD>
</TR>

<TR>
    <TD style="font-size: 11.5pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 11.5pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Motorized Recreation Vehicles: Selling, general and administrative expenses were $28,899
or 6.3% of motorized net sales for fiscal 2008 compared to $30,068 or 5.3% of motorized net sales for fiscal 2007. The primary reason for the $1,169 decrease in selling,
general and administrative expenses was decreased net sales which caused commissions and
bonuses to decrease by $3,408. The decrease was offset in part by increases in
insurance, legal and audit related costs. Selling, general and administrative expenses
for the first quarter of fiscal 2009 were $5,821 or 13% of motorized
net sales compared
to $6,962 or 5.0% of motorized net sales for the first quarter of fiscal 2008. The
primary reason for the $1,141 decrease in selling, general and administrative expenses
was decreased net sales which caused commissions and bonuses to decrease $1,790. Legal,
</div></TD>
</TR>

</TABLE>
</DIV></DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 11.5pt"><!-- Folio -->Page 8<!-- /Folio -->

<DIV style="margin-top: 34pt">

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11.5pt">
<TR valign="top" style="font-size: 11.5pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">
insurance, and audit related costs have again partially offset the decreases in part.
Due to the 68.1% decrease in motorized net sales for the first quarter of fiscal 2009
compared to the first quarter of fiscal 2008, the fixed costs included in selling,
general and administrative expenses have become more significant in relation to the
variable costs.
</div></TD>
</TR>

<TR>
    <TD style="font-size: 11.5pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 11.5pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Buses: Selling, general and administrative expenses were $18,088 or 4.4% of buses
net sales for fiscal 2008 compared to $14,809 or 3.7% of buses net sales for fiscal 2007.
The primary reasons for the $3,279 increase in selling, general and administrative
expenses were increased net sales which caused commissions and bonuses to increase by
$705, and increases in insurance, legal and audit related costs. Selling, general and
administrative expenses for the first quarter of fiscal year 2009 were $4,589 or 4.2% of
buses net sales compared to $3,796 or 3.8% of buses net sales for the first quarter of
fiscal 2008. A reason for the $793 increase in selling, general and administrative
expenses was increased net sales which caused commissions and bonuses to increase $237.
Other increases were attributable to increases in insurance, legal, and audit related
costs.</div></TD>
</TR>

<TR>
    <TD style="font-size: 11.5pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 11.5pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Corporate: Selling, general and administrative expenses were $27,725 for fiscal 2008
compared to $25,016 for fiscal 2007. This increase of $2,709 is primarily the result of
increased repurchase costs, insurance costs, legal expenses, and audit related expenses
for fiscal 2008. There were no significant changes in selling, general and
administrative expenses in the first quarter of 2009 versus the same period in 2008.</div></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 11.5pt; margin-top: 11.5pt"><U><B>Motorized Recreation Vehicles, page 17</B></U>
</DIV>


<DIV style="margin-top: 11.5pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11.5pt">

<TR valign="top" style="font-size: 11.5pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>5.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>You state that the decline in revenue due to the decrease in the number of
units shipped by your &#147;Motorized Recreation Vehicles&#148; segment has been partially offset
by the increase in the average price of the units sold by this segment. However, you
also state that the decrease in gross profit realized by your &#147;Motorized Recreation
Vehicles&#148; segment resulted from </B><U><B>higher discounting</B></U><B>. Please reconcile these
disclosures for us and in your filing.</B></div></TD>
</TR>

<TR>
    <TD style="font-size: 11.5pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 11.5pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Beginning with the Company&#146;s Quarterly Report on Form 10-Q for the period ending April
30, 2009, we will include the following disclosure related to the Motorized Recreational
Vehicles segment.</div></TD>
</TR>

<TR>
    <TD style="font-size: 11.5pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 11.5pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The decrease in motorized net sales of 18.3% in fiscal 2008 compared to fiscal 2007
resulted primarily from a 23.2% decrease in unit shipments offset by a 4.9% increase in
average price per unit. As detailed in the response to comment number 2 above, the
increase in the average price per unit was a result of selling more expensive Class&nbsp;A
diesel motorhomes in fiscal 2008 than in fiscal 2007 and such factors
were only partially offset by the increase in discounting.</div></TD>
</TR>

</TABLE>
</DIV>
<!-- link2 "Item&nbsp;8. Financial Statements and Supplementary Data (Unaudited) &#151; See Item&nbsp;15" -->

<DIV align="justify" style="font-size: 11.5pt; margin-top: 24pt"><U><B>Item&nbsp;8. Financial Statements and Supplementary Data (Unaudited) &#151; See Item&nbsp;15 </B></U>
</DIV>

</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 11.5pt"><!-- Folio -->Page 9<!-- /Folio -->



<DIV align="justify" style="font-size: 11.5pt; margin-top: 34pt">
<U><B>Quarterly Financial Data, page 26</B></U>
</DIV>


<DIV style="margin-top: 11.5pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11.5pt">

<TR valign="top" style="font-size: 11.5pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>6.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Please expand your disclosure to describe the effect of any unusual or
infrequently occurring items that have materially affected the comparability of the
information reflected in your table of quarterly financial data. For example, you
should expand
your disclosure to describe the impact that (i)&nbsp;your goodwill impairment charge, (ii)
the impairment charge taken against your company&#146;s properties located in Elkhart,
Indiana, and (iii)&nbsp;the provisions recorded in connection with your company&#146;s sale of
Thor California travel trailer and fifth wheel business had on the financial data
presented for the fourth quarter of fiscal year 2008. Refer to </B><B>Item 302(a)</B><B> (3)&nbsp;of
Regulation&nbsp;S-K for further guidance. In addition, please consider whether a description
of such charges should accompany your selected financial data presented in &#147;Item&nbsp;6&#148; of
your </B><B>Form 10-K</B><B>. Refer to Instruction 2 to Item&nbsp;301 of Regulation&nbsp;S-K for further
guidance.</B></div></TD>
</TR>

<TR>
    <TD style="font-size: 11.5pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 11.5pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Beginning with the Company&#146;s Annual Report on Form 10-K for the year ending July&nbsp;31,
2009, we will provide the following disclosure in our Financial Statements and
Supplementary Data analysis. The following is our proposed revisions to Item&nbsp;8 and 6 of the Form

10-K.</div></TD>
</TR>

</TABLE>
</DIV>



<!-- link2 "ITEM 8.  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA (UNAUDITED) - SEE ITEM 15" -->

<DIV align="justify" style="font-size: 11.5pt; margin-top: 11.5pt; margin-left: 2%"><B>ITEM 8.  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA (UNAUDITED) - SEE ITEM 15</B></DIV>

<DIV align="justify" style="font-size: 11.5pt; margin-top: 11.5pt; margin-left: 2%"><B>Quarterly Financial Data</B></DIV>

<DIV align="right">
<TABLE style="font-size: 11.5pt" cellspacing="0" border="0" cellpadding="0" width="98%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="42%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 11.5pt" valign="bottom">
    <TD nowrap align="left"><B>Fiscal 2008</B></TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center" colspan="2"><B><FONT style="border-bottom: 1px solid #000000; width: 10%">October 31</font></B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B><FONT style="border-bottom: 1px solid #000000; width: 10%">January 31</font></B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B><FONT style="border-bottom: 1px solid #000000; width: 10%">April 30</font></B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center" colspan="2"><B><FONT style="border-bottom: 1px solid #000000; width: 8%">July 31</font> (1)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<tr>
    <TD>&nbsp;</TD>
</tr>

<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net Sales</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">763,736</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">599,170</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">707,931</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">569,843</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gross Profit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">101,275</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">69,717</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">89,999</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61,435</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net Income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38,209</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,602</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,854</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,041</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Earnings per common share</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Basic</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.69</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.39</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.51</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.09</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Diluted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.68</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.39</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.09</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dividends declared per common
share</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.07</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.07</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.07</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.07</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dividends paid per common share</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.07</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.07</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.07</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.07</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Market prices per common share</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">High</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">52.31</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">47.48</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">36.91</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">31.32</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Low</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">38.68</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">29.72</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">26.73</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">19.62</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="justify" style="font-size: 11.5pt; margin-top: 11.5pt; margin-left: 2%">(1)&nbsp;The fourth quarter ended July&nbsp;31, 2008 includes a non-cash goodwill impairment of
$7,535 for the goodwill associated with a subsidiary within our motorized segment, an
impairment of $1,962 to adjust certain properties to fair market value and provisions of
approximately $5,400 recorded in connection with the sale of our Thor California travel
trailer and fifth wheel business during fiscal 2008.
</DIV>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 11.5pt"><!-- Folio -->Page 10<!-- /Folio -->
<!-- link2 "ITEM 6. SELECTED FINANCIAL DATA" -->

<DIV align="justify" style="font-size: 11.5pt; margin-top: 34pt"><B>ITEM 6. SELECTED FINANCIAL DATA</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 11.5pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 11.5pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="19" style="border-bottom: 1px solid #000000"><B>Fiscal years ended July 31,</B></TD>
</TR>
<TR style="font-size: 11.5pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000"><FONT style="border-bottom: 1px solid #000000; width: 5%"><B>2008</B></font></TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000"><FONT style="border-bottom: 1px solid #000000; width: 5%"><B>2007</B></font></TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000"><FONT style="border-bottom: 1px solid #000000; width: 5%"><B>2006</B></font></TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000"><FONT style="border-bottom: 1px solid #000000; width: 5%"><B>2005</B></font></TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000"><FONT style="border-bottom: 1px solid #000000; width: 5%"><B>2004</B></font></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income statement data:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net sales (2) (3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">2,640,680</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">2,856,308</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">3,066,276</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">2,558,141</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">2,187,739</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD nowrap><DIV style="margin-left:15px; text-indent:-15px">Net income (2) (3) (4) (5)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">92,706</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">134,731</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">163,405</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">119,143</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">104,513</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap><DIV style="margin-left:15px; text-indent:-15px">Earnings per common share (1) (2) (3) (4) (5)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Basic</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.67</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.42</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.89</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.83</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Diluted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.66</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.41</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.87</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.09</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.81</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dividends declared per common share (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.28</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.28</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.19</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.42</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.09</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dividends paid per common share (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.28</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.28</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.49</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.12</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.09</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance
sheet data:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total assets (2) (3) (4)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">996,562</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,059,297</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,004,725</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">853,893</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">762,163</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="margin-top: 24pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11.5pt">

<TR valign="top" style="font-size: 11.5pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Per share amounts were adjusted for the two-for-one stock split in January
2004.</div></TD>
</TR>

<TR>
    <TD style="font-size: 11.5pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 11.5pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Selected financial data for 2008, 2007, 2006, 2005 and 2004 include the
results of Damon Corporation, which was acquired on September&nbsp;2, 2003.</div></TD>
</TR>

<TR>
    <TD style="font-size: 11.5pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 11.5pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Selected financial data for 2008, 2007, 2006 and 2005 includes the results of
CrossRoads RV, which was acquired on November&nbsp;1, 2004, and Goshen Coach, Inc., which
was acquired on May&nbsp;27, 2005.</div></TD>
</TR>

<TR>
    <TD style="font-size: 11.5pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 11.5pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Selected financial data for 2008 includes a non-cash goodwill impairment of
$7,535 for the goodwill associated with a subsidiary within our motorized segment, an
impairment of $1,962 to adjust certain properties to fair market value and provisions
of approximately $5,400 recorded in connection with the sale of our Thor California
travel trailer and fifth wheel business during fiscal 2008.</div></TD>
</TR>

<TR>
    <TD style="font-size: 11.5pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 11.5pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">We have incurred expenses of $6,858 in fiscal 2007 as a direct result of the
Audit Committee&#146;s investigation and the Company&#146;s review of the accounting practices
at Dutchmen and certain of our other operating subsidiaries. These costs primarily
relate to professional services for legal, accounting and tax guidance. In addition,
we have incurred costs relating to the audit of our restated consolidated financial
statements.</div></TD>
</TR>

</TABLE>
</DIV>
<!-- link2 "Item&nbsp;9A. Controls and Procedures" -->

<DIV align="justify" style="font-size: 11.5pt; margin-top: 11.5pt"><U><B>Item&nbsp;9A. Controls and Procedures</B></U>
</DIV>

<!-- link1 "Part&nbsp;B &#151; Management&#146;s Annual Report on Internal Controls Over Financial Reporting, page 27" -->

<DIV align="justify" style="font-size: 11.5pt; margin-top: 11.5pt"><U><B>Part
B - Management&#146;s Annual Report on Internal Controls Over Financial Reporting, page 27</B></U>
</DIV>


<DIV style="margin-top: 11.5pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11.5pt">

<TR valign="top" style="font-size: 11.5pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>7.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>In future filings, please revise your disclosure to include a statement by
&#147;management&#148; as to whether the internal controls are effective. We note that your</B></div></TD>
</TR>

</TABLE>
</DIV></DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 11.5pt"><!-- Folio -->Page 11<!-- /Folio -->

<DIV style="margin-top: 34pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11.5pt">


<TR valign="top" style="font-size: 11.5pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&nbsp;</B></TD>
    <TD width="1%"><B>&nbsp;</B></TD>
    <TD><DIV style="text-align: justify"><B>current disclosure refers to the &#147;Company.&#148; Refer to </B><B>Item 308(a)</B><B> (3)&nbsp;of Regulation
S-K.</B></div></TD>
</TR>

<TR>
    <TD style="font-size: 11.5pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 11.5pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Beginning with the Company&#146;s Annual Report on Form 10-K for the year ending July&nbsp;31,
2009, the disclosure in future filings will be revised to address the Staff&#146;s comment.</div></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 11.5pt; margin-top: 11.5pt"><U><B>Financial Statements</B></U>
</DIV>


<DIV align="left" style="font-size: 11.5pt; margin-top: 11.5pt"><U><B>Notes to the Consolidated Financial Statements</B></U>

</DIV>

<DIV align="left" style="font-size: 11.5pt; margin-top: 11.5pt"><U><B>F. Income Taxes, page F-12</B></U>

</DIV>

<DIV style="margin-top: 11.5pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11.5pt">

<TR valign="top" style="font-size: 11.5pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>8.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Please reconcile for us the change in current federal and state and local
taxes in 2007 relative to each surrounding year. Clarify for us and in your disclosure
which jurisdiction was impacted by the income tax reserves reversed, along with the
amount of the reversal, and tax benefit provision of $9,300 recorded. Explain to us
when the reserves had been established, and the basis for their establishment and
reversal.</B></div></TD>
</TR>

<TR>
    <TD style="font-size: 11.5pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 11.5pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><I>&nbsp;</I></TD>
    <TD width="1%"><I>&nbsp;</I></TD>
    <TD><I>Current Federal Tax Expense</I></TD>
</TR>

<TR>
    <TD style="font-size: 11.5pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 11.5pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Current federal tax expense decreased from 2006 to 2007 by $16.2&nbsp;million. Of this
amount, $20.7&nbsp;million is because of a $59.3&nbsp;million reduction in pre-tax income.
Additionally, in 2007 the Company recorded in current federal tax expense a reversal of
$1.5&nbsp;million of tax reserves established in 2003 through 2006 primarily for research and
development tax credits, upon the completion of an IRS examination. The other changes
to current federal tax expense are detailed in the schedule below.</div></TD>
</TR>

<TR>
    <TD style="font-size: 11.5pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 11.5pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Current federal tax expense increased from 2007 to 2008 by $13.2&nbsp;million. Of this
amount, $21.3&nbsp;million of additional current federal tax expense is because of the
Company&#146;s decision in 2008 to not insure its 2009 warranty risk through its captive
insurance company. This decision caused an increase in current federal tax expense and
a decrease in deferred tax expense. The increase in current federal tax expense in 2008
was offset in part by $15.6&nbsp;million less federal tax because of $44.5&nbsp;million less
pretax income in 2008 than in 2007.</div></TD>
</TR>

<TR>
    <TD style="font-size: 11.5pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 11.5pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><I>&nbsp;</I></TD>
    <TD width="1%"><I>&nbsp;</I></TD>
    <TD><I>Current State and Local Tax Expense</I></TD>
</TR>

<TR>
    <TD style="font-size: 11.5pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 11.5pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The reduction in current state and local tax expense from 2006 to 2007 was related to
the reversal of reserves for uncertain tax positions and receipt of a tax refund related
to our Tax Court case with the State of Indiana. The Company requested in 1995 and
Indiana denied permission to file a unitary state tax return. After filing Indiana tax
returns for 1995 through 1998, the Company took exception to the denial by Indiana to
file a unitary</div></TD>
</TR>

</TABLE>
</DIV></DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 11.5pt"><!-- Folio -->Page 12<!-- /Folio -->

<DIV style="margin-top: 34pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11.5pt">


<TR valign="top" style="font-size: 11.5pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">tax return and filed amended unitary tax returns for these years asking
for refunds. Further, the Company filed tax returns in 1999 and thereafter on a unitary
basis. The
Company established reserves for these uncertain tax positions under the loss
contingency provisions of SFAS No.&nbsp;5 in 1999 and later years for the entire amount of
the uncertain tax benefits of the unitary position. The Company filed in Indiana Tax
Court in 2003 to pursue the refunds for 1995 thorough 1998. The Company reversed
established reserves following the provisions of SFAS No.&nbsp;5 for gain contingencies, when
realization was beyond a reasonable doubt, which was when the statute of limitations
expired. In April, 2007, the Company reached a verbal settlement with the Indiana
Department of Revenue on these matters, which required the approval by the Governor of
Indiana. The remaining reserves for uncertain tax positions at the time of resolution
with the State of Indiana of approximately $7&nbsp;million had been established in 2003
through 2006. The Company treated these reserves and a $0.8&nbsp;million refund as gain
contingencies under the provisions of SFAS No.&nbsp;5, and did not reflect the reversal of
these reserves in 2007 until realization was assured beyond a reasonable doubt, which
was when the Governor of Indiana signed the Tax Settlement Agreement in July, 2007,
closing the tax court case and granting the Company permission to file Indiana unitary
tax returns.</div></TD>
</TR>

<TR>
    <TD style="font-size: 11.5pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 11.5pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The increase in current state and local income tax expense from 2007 to 2008 was due to
the combination of the 2007 state income tax benefit of $7.8&nbsp;million resulting from the
Indiana Tax Settlement Agreement as detailed above and the 2008 state income tax
expense, interest and penalties of $5.6&nbsp;million resulting from the current year impact
of the unrecognized tax benefits pursuant to FIN 48.</div></TD>
</TR>

<TR>
    <TD style="font-size: 11.5pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 11.5pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The table below shows the components of the total current income tax expense (benefit)
for fiscal 2008, 2007 and 2006:</div></TD>
</TR>

</TABLE>
</DIV>
<DIV align="right">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="91%">
<!-- Begin Table Head -->
<TR style="font-size: 34pt">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 11pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000"><FONT style="border-bottom: 1px solid #000000; width: 5%"><B>2008</B></font></TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000"><FONT style="border-bottom: 1px solid #000000; width: 5%"><B>2007</B></font></TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000"><FONT style="border-bottom: 1px solid #000000; width: 5%"><B>2006</B></font></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 22pt"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Federal Tax Expense at Statutory Rates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">53,342</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">68,901</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">89,639</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">State Tax Expense at Blended Rates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,310</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,363</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,730</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current Tax Expense Effect of Warranty Reserve</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,280</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,397</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">318</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current Tax Expense Effect of Other Timing Items</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,511</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,721</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,776</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Indiana Tax Settlement Agreement</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(7,800</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Uncertain Tax Positions Pursuant to SFAS No.&nbsp;5</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2,371</TD>
    <TD nowrap>)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 11.5pt"><!-- Folio -->Page 13<!-- /Folio -->
<DIV align="right">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="91%">
<!-- Begin Table Head -->
<TR style="font-size: 34pt">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Internal Revenue Service Examination Settlement</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,486</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Domestic Production Activities Deduction</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(4,099</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,988</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2,396</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Extraterritorial Income Benefit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(362</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,013</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Research &#038; Development Federal Tax Credit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(521</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,150</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(233</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Unrecognized Tax Benefits Pursuant to FIN 48</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,572</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"></TD>
    <TD align="right">97</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"></TD>
    <TD align="right">651</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"></TD>
    <TD align="right">350</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="11" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total Current Tax Expense per 10-K</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">91,492</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">63,453</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">96,800</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="11" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV style="margin-top: 20pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11.5pt">

<TR valign="top" style="font-size: 11.5pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Beginning with the Company&#146;s Annual Report on Form 10-K for fiscal 2009, we will provide
the following disclosure.</div></TD>
</TR>

<TR>
    <TD style="font-size: 11.5pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 11.5pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">During fiscal 2007, the Company settled an Internal Revenue Service examination and a
tax dispute with the State of Indiana. The Company reversed related income tax reserves
of $1,486 and $7,800 respectively and recognized a current tax benefit in the provision
for income taxes.</div></TD>
</TR>

<TR>
    <TD style="font-size: 11.5pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 11.5pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">During the year ended July&nbsp;31, 2008, the Company recognized a greater current tax
benefit for the Domestic Production Activities Deduction because the deduction
percentage went from 3% for fiscal 2006 and fiscal 2007 to 6% for fiscal 2008. Also
during the same year, the Company recorded current tax expense of $5,572 for additional
FIN 48 liability for unrecognized tax benefits arising during the year and interest and
penalties.</div></TD>
</TR>

<TR>
    <TD style="font-size: 11.5pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 11.5pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>9.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Please explain to us in detail the reason for the change in &#147;other&#148; between
2008 and 2007 in your reconciliation of federal taxes at the statutory rate to actual
income taxes recognized. Describe for us the indicated tax reserves embedded therein,
the basis for the establishment of such reserves, and the amount of and basis for the
changes in those reserves.</B></div></TD>
</TR>

<TR>
    <TD style="font-size: 11.5pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 11.5pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The significant change in &#147;Other&#148; from 2007 to 2008 related to the combination of the
2007 income tax benefit resulting from the Indiana Tax Settlement Agreement and the 2008
income tax expense resulting from the 2008 increase in the FIN 48 reserve for
unrecognized tax benefits. These items were detailed in our response to comment 8 above.</div></TD>
</TR>

</TABLE>
</DIV>


<P align="left" style="font-size: 11.5pt"><!-- Folio --><!-- /Folio -->
</DIV>



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 11.5pt; margin-top: 11.5pt">Page 14

</DIV>


<DIV align="justify" style="font-size: 11.5pt; margin-top: 34pt; margin-left: 8%">The table below provides additional detail of the income tax expenses and (benefits)
included in &#147;Other, including reversal of income tax reserves&#148; for fiscal 2008 and 2007:
</DIV>
<DIV align="right">
<TABLE style="font-size: 11.5pt" cellspacing="0" border="0" cellpadding="2" width="93%">
<!-- Begin Table Head -->
<TR style="font-size: 11.5pt">
    <TD width="1%">&nbsp;</TD>
    <TD width="75%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
</TR><TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="13" style="border-bottom: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 11.5pt" valign="bottom">    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>

    <TD nowrap align="left"><B>Fiscal Year</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
                <TD style="border-top: 1px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">Unrecognized tax benefits pursuant to FIN 48</DIV></TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000" COLSPAN=2>$5,572</TD>

    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>

    <TD align="LEFT" valign="top" style="border-top: 1px solid #000000" COLSPAN="2">&nbsp;</TD>
    <TD valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">Indiana Tax Settlement Agreement</DIV></TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>

<TD nowrap align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>

<TD align="right" valign="top" style="border-top: 1px solid #000000" COLSPAN="2">$(7,800)</TD>

    <TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">Internal Revenue Examination Settlement</DIV></TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000" COLSPAN="2">(1,486)</TD>

    <TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">Other permanent items</DIV></TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000" COLSPAN="2">97</TD>

    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000" COLSPAN="2">651</TD>

    <TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000"><DIV style="margin-left:15px; text-indent:-15px"><B>&nbsp;</B></DIV></TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000" COLSPAN="2"><B>$5,669</B></TD>

    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000" COLSPAN="2"><B>$(8,635)</B></TD>

    <TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="13" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>

<DIV style="margin-top: 24pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11.5pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>10.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Please explain to us in detail and disclose why the deferred tax asset balance
related to product warranties increased materially during the fiscal year ended July
31, 2008 &#151; particularly given that the balance of the warranty reserve, as disclosed
on page F-18, did not change commensurately.</B></DIV></TD>
</TR>

<TR>
    <TD style="font-size: 11.5pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 11.5pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Historically, the Company treated the majority of its provision for warranty claims the
same for financial statement and income tax purposes by insuring this risk through its
captive insurance company. In 2008, the Company decided not to insure its 2009 warranty
risk, resulting in a deferral of the tax deduction for the warranty claims. This
change in practice deferred the tax deduction of the warranty claims from 2008 until the
warranty claims are paid in subsequent years. Consequently, 2008 current federal and
state tax liabilities and deferred tax assets related to warranty claims increased by
approximately $21.3&nbsp;million.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 11.5pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 11.5pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Beginning with the Company&#146;s Annual Report on Form 10-K for the year ended July&nbsp;31,
2009, we will provide the following disclosure.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 11.5pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 11.5pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Company&#146;s net deferred tax asset increased primarily for product warranties as a
result of the Company&#146;s decision not to prefund a portion of its insurance premium to
its captive. Additionally, net deferred tax assets increased because of impairment of
tax deductible goodwill and fixed assets. As of July&nbsp;31, 2008, the Company had a $3,600
capital loss carryover that it expects to realize.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 11.5pt; margin-top: 11.5pt"><U><B>Form&nbsp;10-Q: For the quarterly period ended October&nbsp;31, 2008 </B></U>
</DIV>


<DIV align="justify" style="font-size: 11.5pt; margin-top: 11.5pt"><U><B>Item&nbsp;2. Management&#146;s Discussion and Analysis, page 13 </B></U>
</DIV>


<DIV align="justify" style="font-size: 11.5pt; margin-top: 11.5pt"><U><B>Executive Overview, page 13</B></U>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV align="left" style="font-size: 11.5pt; margin-top: 11.5pt">Page 15

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<TR valign="top" style="font-size: 11.5pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>11.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Please explain to us and disclose (i)&nbsp;any impact to your company&#146;s liquidity
and capital resources and (ii)&nbsp;related risks associated with your company&#146;s
re-launching of Thor Credit on its own. Describe the source of the funding for the
retail financing to be provided thereunder.</B></DIV></TD>
</TR>

<TR>
    <TD style="font-size: 11.5pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 11.5pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Beginning with the Company&#146;s Quarterly Report on Form 10-Q for the period ending April
30, 2009, we will provide the following disclosure in our Executive Overview.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 11.5pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 11.5pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The source of funding for the retail financing to be provided by Thor CC, Inc. will be
Thor&#146;s operating cash flow. We anticipate that we will allocate approximately $10
million which will be used to fund retail loans. The retail loans will then be sold to
banks with which Thor CC, Inc. has established relationships, and the process will then
repeat itself. We do not anticipate any significant impact to our liquidity and capital
resources beyond our original approximately $10&nbsp;million allocation to that business. The
retail loans will be made to prime and super prime customers with high credit scores. We
will also outsource the servicing of the loans.</DIV></TD>
</TR>

</TABLE>
</DIV>
<!-- link2 "Item&nbsp;1. Financial Statements" -->

<DIV align="justify" style="font-size: 11.5pt; margin-top: 11.5pt"><U><B>Item&nbsp;1. Financial Statements</B></U>
</DIV>


<DIV align="justify" style="font-size: 11.5pt; margin-top: 11.5pt"><U><B>Notes to Condensed Consolidated Financial Statements</B></U>
</DIV>


<DIV align="justify" style="font-size: 11.5pt; margin-top: 11.5pt"><U><B>2. Major classifications of inventories are:, page 5</B></U>
</DIV>


<DIV style="margin-top: 11.5pt">
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<TR valign="top" style="font-size: 11.5pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>12.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Please tell us why the same balance has been reported for &#147;Less excess of FIFO
costs over LIFO costs&#148; at October&nbsp;31, 2008 and July&nbsp;31, 2008.</B></DIV></TD>
</TR>

<TR>
    <TD style="font-size: 11.5pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 11.5pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">We prepared an estimate at October&nbsp;31, 2008 of the LIFO reserve at July&nbsp;31, 2009 based
on the best information available to us at that time. We reviewed the published indexes
that reflect the prices of commodities that are used in manufacturing our products and
found them to be relatively flat. We also estimated that our inventory levels at July
31, 2009 would not be higher than the inventory levels at July&nbsp;31, 2008. We concluded
therefore based on the above that it was appropriate not to increase nor decrease our
LIFO reserve at October&nbsp;31, 2008.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 11.5pt; margin-top: 11.5pt"><U><B>8. Goodwill and Other Intangible Assets, page 9</B></U>
</DIV>


<DIV style="margin-top: 11.5pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 11.5pt">

<TR valign="top" style="font-size: 11.5pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>13.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>You state that there have been no events through October&nbsp;31, 2008 that (i)
modify the results of your annual goodwill analysis last performed on April&nbsp;30, 2008 or
(ii)&nbsp;indicate that goodwill may be further impaired. However, with regard to the
&#147;Motorized Recreation Vehicles&#148; segment, we note that for each interim period
subsequent to the last goodwill analysis, net sales significantly declined, gross
profit significantly declined or was a loss, and a loss before income taxes was
recognized. In addition, we believe that general economic conditions, consumer
confidence, and</B></DIV></TD>
</TR>

</TABLE>
</DIV>

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<DIV align="left" style="font-size: 11.5pt; margin-top: 11.5pt">Page 16

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<TR valign="top" style="font-size: 11.5pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&nbsp;</B></TD>
    <TD width="1%"><B>&nbsp;</B></TD>
    <TD><DIV style="text-align: justify"><B>credit markets have deteriorated further since your last goodwill analysis. Given the
aforementioned observations, please explain why you believe that it was not necessary to
perform an interim period goodwill analysis at October&nbsp;31, 2008, pursuant to paragraph
28 of SFAS No.&nbsp;142. Furthermore, tell us the basis upon which you determined that the
goodwill of the &#147;Motorized Recreation Vehicles&#148; segment was not further impaired at that
date. In this regard, specifically tell us how the income and/or cash flow generated by
your &#147;Motorized Recreation Vehicles&#148; segment during the interim periods subsequent to
your last goodwill impairment analysis compared to the amounts factored into that
goodwill impairment analysis. Additionally, tell us why the significant assumptions and
judgments associated with the last goodwill analysis continued to be reasonable under
the circumstances existing at October&nbsp;31, 2008.</B></div></TD>
</TR>

<TR>
    <TD style="font-size: 11.5pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 11.5pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">As of April&nbsp;30, 2008, our motorized recreation vehicles (&#147;MRV&#148;) reporting segment had
two reporting units with goodwill, our Four Winds and Damon reporting
units. These
reporting units had goodwill of approximately $9.7&nbsp;million and $7.5&nbsp;million
respectively. All of Damon&#146;s goodwill was written-off during the fourth quarter of our
year ended July&nbsp;31, 2008 as a result of our goodwill impairment testing as of April&nbsp;30,
2008. Accordingly, the remaining goodwill within the MRV reporting segment relates to
Four Winds.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 11.5pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 11.5pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">In accordance with paragraph 28 of SFAS No.&nbsp;142, <I>Goodwill and Other Intangible Assets</I>,
we monitored for events or changes in circumstances that would more likely than not
reduce the fair value of a reporting unit below its carrying amount thereby
necessitating a testing of goodwill for impairment prior to our next annual test. As
detailed below, we determined that no indicators of impairment occurred up to and
including October&nbsp;31, 2008 for our Four Winds reporting unit. In addition, we compared
our market capitalization at October&nbsp;31, 2008 ($992&nbsp;million) to our book value ($699
million) and concluded this was not an indicator that goodwill of any or all of our
reporting units should be tested for impairment.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 11.5pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 11.5pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Specific to our Four Winds reporting unit, we concluded that the impairment indicator
referred to in paragraph 28 of SFAS No.&nbsp;142 &#147;A significant adverse change in legal
factors or in business climate&#148; did not occur in our quarter ended October&nbsp;31, 2008,
because the major change in the recreation vehicle (&#147;RV&#148;) business climate, particularly
MRV, occurred earlier. While our annual analysis was performed using carrying values as
of April&nbsp;30, 2008 we incorporated many of the known RV industry factors, notably reduced
unit sales resulting from the impact of decreased consumer confidence, higher fuel
prices and tighter credit markets, into our projections through the filing date of our
Form 10-K, which was September&nbsp;29, 2008. By the end of September&nbsp;2008, the RV industry
had already experienced several months of decreasing unit sales, with the motorized
segment of the industry being impacted the most. Our fiscal 2009 revenue projections for
our MRV reporting units were primarily based upon our market share of</DIV></TD>
</TR>

</TABLE>
</DIV>

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<DIV align="left" style="font-size: 11.5pt; margin-top: 11.5pt">Page 17

</DIV>

<DIV style="margin-top: 34pt">
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<TR valign="top" style="font-size: 11.5pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">estimated future MRV unit sales, published quarterly by Dr.&nbsp;Richard Curtin of the
University of Michigan Consumer Survey Research Center under the publication
&#147;Roadsigns&#148;. The Company initially used the summer edition of Roadsigns which estimated
RV unit sales contraction throughout 2009 and growth thereafter. The MRV reporting units
updated their projected unit sales information based upon the fall edition of Roadsigns,
issued on or about September&nbsp;16, 2008, which reflected additional contraction of the RV
industry, particularly in motorhomes.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 11.5pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 11.5pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The projections used in determining Four Winds&#146; estimated fair value as of April&nbsp;30,
2008 incorporated Four Winds&#146; actual operating results through July&nbsp;31, 2008. Four
Winds&#146; revenues, gross margins and pre-tax income for the year ended July&nbsp;31, 2008
compared to 2007 decreased by 16%, 24% and 44%, respectively. The combination of these
operating results and the fall edition of Roadsigns&#146; projection of contracting 2009 MRV
units sales resulted in decreases of Four Winds&#146; annual 2009
projected revenue, gross margin and pre-tax income
of 19%, 19% and 18%, respectively when compared to actual 2008
operating results. We believe that these assumptions incorporated the
adverse change in the MRV business climate.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 11.5pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 11.5pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">We prepared our projections on an annual basis for 2009. Four Winds&#146; actual revenue
results for the first quarter ended October&nbsp;31, 2008 did not indicate that the annual
2009 projected revenues required revision. However, gross margins and pre-tax income
were less than anticipated. Since our first and second quarters are normally the RV
industries&#146; lowest volume quarters due to seasonality, we did not deem the quarterly
results to be representative of 2009 annual results.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 11.5pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 11.5pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The significant assumptions and judgments we used in measuring the fair value of the
Four Winds reporting unit as of April&nbsp;30, 2008, all of which we believe continue to be
reasonable at October&nbsp;31, 2008, were as follows:</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 11.5pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11.5pt; color: #000000; background: transparent">
    <TD width="9%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Four Winds&#146; annual revenues for 2009 were expected to be less than
actual annual 2008 revenues, based upon estimated unit sales provided by the
Roadsigns publication and input from Four Winds&#146; management. Four Winds&#146; revenues
in 2010 were anticipated to contract by an additional 1%.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 11.5pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 11.5pt; color: #000000; background: transparent">
    <TD width="9%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Four Winds&#146; annual gross margins for 2009 were expected to be less than
actual annual 2008 gross margins based upon decreased unit sales and pricing
pressure in the MRV industry. Four Winds&#146; gross margins in 2010 were anticipated to
increase by 1%.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 11.5pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 11.5pt; color: #000000; background: transparent">
    <TD width="9%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Four Winds&#146; annual operating expenses for 2009 were expected to be
lower than actual annual 2008 operating expenses by approximately 20% of actual
annual 2008 operating expenses due to headcount reductions and reductions in
selling</DIV></TD>
</TR>

</TABLE>
</DIV>

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    <TD><DIV style="text-align: justify">commissions and management bonuses. Four Winds&#146; operating expenses in 2010 were
anticipated to decrease by approximately 3%.</DIV></TD>
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    <TD width="2%" nowrap align="left">4)</TD>
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    <TD><DIV style="text-align: justify">Four Winds&#146; capital expenditures for 2009 were assumed to be minimal, consistent
with 2008.</DIV></TD>
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    <TD><DIV style="text-align: justify">During the second quarter ended January&nbsp;31, 2009, we continued to monitor for goodwill
impairment indicators as required by paragraph 28 of SFAS No.&nbsp;142, <I>Goodwill and Other
Intangible Assets</I>, and concluded there was an event and change in circumstances that
occurred in the quarter ended January&nbsp;31, 2009 for the Four Winds reporting unit due to
further deterioration of the MRV business climate. As a result, as
required under SFAS&nbsp;No.&nbsp;142, we completed step one of
the goodwill impairment test for the Four Winds reporting unit by remeasuring its fair
value and comparing that updated fair value measurement to its carrying amount. Since
the updated fair value measurement of the Four Winds reporting unit continued to exceed
its carrying amount, no further testing of goodwill for impairment was necessary. The
events and changes in circumstances that impacted the Four Winds reporting unit in the
quarter ended January&nbsp;31, 2009 also triggered an impairment test of the Damon
indefinite-lived tradenames, with that impairment test resulting in a $564 write-down, as reported in our Form 10-Q for the quarter ended January&nbsp;31, 2009.</DIV></TD>
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    <TD width="2%" nowrap align="left"><B>14.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>In addition, given decline in the performance of your &#147;Motorized Recreation
Vehicles&#148; segment, please tell us when you last tested the segment&#146;s long-lived assets
for impairment. Refer to paragraph 8 of SFAS No.&nbsp;144 for examples of events or
circumstances that may indicate that a long-lived asset or asset group may not be
recoverable.</B></DIV></TD>
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    <TD><DIV style="text-align: justify">As a result of the goodwill impairment tests performed on Damon and Four Winds as of
April&nbsp;30, 2008, we concluded that Damon&#146;s estimated fair value was less than the
carrying value, and thus we performed step two of the impairment test. We considered the
potential impairment of other intangibles as well as the Company&#146;s tangible assets in
accordance with SFAS No.&nbsp;142 and SFAS No.&nbsp;144, <I>Accounting for the Impairment or Disposal
of Long-Lived Assets</I>, as applicable. In accordance with SFAS No.&nbsp;144 we first assessed
Damon&#146;s ability to recover the carrying values of its long-lived assets from its
estimated future undiscounted cash flows and concluded that additional impairment had
occurred with respect to certain Damon land and buildings. This test was performed prior
to the step two analysis performed in conjunction with SFAS 142. Based upon the results
of our impairment tests, we recorded a $1.7&nbsp;million impairment charge against the
carrying value of the land and buildings. We determined that no other fixed asset
classes were impaired. No similar fair value adjustment was required by Four Winds
because undiscounted cash flow projections as of April&nbsp;30, 2008 indicated that the
carrying value of its long-lived assets was recoverable.</DIV></TD>
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    <TD><DIV style="text-align: justify">At October&nbsp;31, 2008 we did not believe it was necessary to perform an impairment
analysis related to the long-lived assets in the MRV reporting segment because we did</DIV></TD>
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<DIV align="left" style="font-size: 11.5pt; margin-top: 11.5pt">Page 19

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    <TD><DIV style="text-align: justify">not experience any of the events or changes in circumstances that would trigger an
impairment analysis, such as those that are detailed in paragraph 8 of SFAS No.&nbsp;144.</DIV></TD>
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    <TD><DIV style="text-align: justify">In connection with our Four Winds goodwill impairment analysis performed during the
second quarter ended January&nbsp;31, 2009, we once again concluded that no impairment of
Four Winds long-lived assets occurred.</DIV></TD>
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<DIV align="justify" style="font-size: 11.5pt; margin-top: 24pt"><U><B>Item&nbsp;2. Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations</B></U>
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<DIV align="justify" style="font-size: 11.5pt; margin-top: 11.5pt"><U><B>General</B></U>
</DIV>


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    <TD width="2%" nowrap align="left"><B>15.</B></TD>
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    <TD><DIV style="text-align: justify"><B>We note from the risk factors in &#147;Item&nbsp;1 A&#148; of your </B><B>Form 10-K</B><B> that your company
depends on a small group of suppliers &#150; consisting primarily of Ford, General Motors,
and Chrysler &#150; for the chassis to be used in the manufacturing of its motor homes and
buses. Please tell us and disclose in MD&#038;A whether the current condition of the U.S.
auto industry has had or is expected to have a significant impact on your business
operations. For example, please disclose whether the condition of the U.S. auto
industry has impacted the supply or costs of chassis required for the manufacturing of
your products.</B></DIV></TD>
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    <TD><DIV style="text-align: justify">Beginning with the Company&#146;s Quarterly Report on Form 10-Q for the period ending April
30, 2009, we will provide the following disclosure in Management&#146;s Discussion and
Analysis of Financial Condition and Results of Operations.</DIV></TD>
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    <TD><DIV style="text-align: justify">We do not expect the current condition of the U.S. auto industry to have a significant
impact on our business operations. Supply of chassis is adequate for now and we believe
that on hand inventory would compensate for changes in supply schedules if they occur.
To date, we have not noticed any unusual cost increases from our chassis suppliers. If
the condition of the U.S. auto industry worsens to any significant degree, this could
result in supply interruptions and a decrease in our sales and earnings while we obtain
replacement chassis from other sources.</DIV></TD>
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<DIV align="justify" style="font-size: 11.5pt; margin-top: 11.5pt"><U><B>Financial Condition and Liquidity, page 17</B></U>
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    <TD width="2%" nowrap align="left"><B>16.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>We note that your company&#146;s cash flows from operating activities were negative
for the three month period ended October&nbsp;31, 2008. We note further that your company
has historically financed its operations using internally generated funds and cash
on-hand. To the extent that current market and/or economic conditions cause your
company to continue to recognize negative cash flows from operations in future periods,
or at levels significantly reduced compared to that historically</B></DIV></TD>
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    <TD><B>experienced, please expand your disclosure to discuss the potential impact to your
financial condition, liquidity, and/or business operations.</B></TD>
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    <TD><DIV style="text-align: justify">The disclosure in future filings will be revised to address the Staff&#146;s comments, if
applicable. We note that for the six month period ended January&nbsp;31, 2009, the Company&#146;s
cash flow from operations was positive. The Company had cash and investments of $310
million at January&nbsp;31, 2009 and no debt.</DIV></TD>
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<DIV align="justify" style="font-size: 11.5pt; margin-top: 11.5pt"><U><B>Schedule&nbsp;14A</B></U>
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<DIV align="justify" style="font-size: 11.5pt; margin-top: 11.5pt"><U><B>Compensation Discussion and Analysis</B></U>
</DIV>


<DIV align="justify" style="font-size: 11.5pt; margin-top: 11.5pt"><U><B>Elements of Compensation for Named Executive Officers, page 12</B></U>
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    <TD width="2%" nowrap align="left"><B>17.</B></TD>
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    <TD><DIV style="text-align: justify"><B>Please confirm that you will disclose in future filings all performance
targets, including pre-tax profit targets for Keystone, that must be achieved in order
for your executive officers to earn their incentive compensation. To the extent you
believe that disclosure of the targets is not required because it would result in
competitive harm such that the targets could be excluded under Instruction 4 to Item
4</B><B>02(b)</B><B> of Regulation&nbsp;S-K, please provide us with a detailed explanation for such
conclusion. Please also note that to the extent that you have an appropriate basis for
omitting the specific targets, you must discuss how difficult it would be for the named
executive officers or how likely it will be for you to achieve the undisclosed target
levels or other factors. General statements regarding the level of difficulty, or
ease, associated with achieving performance targets are not sufficient. Please also
provide insight into the factors considered by the committee in setting performance
targets such as correlations between historical bonus practice and the incentive
parameters set for the relevant fiscal period.</B></DIV></TD>
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    <TD><DIV style="text-align: justify">The Company hereby confirms that it will disclose in future filings all performance
targets that must be achieved in order for named executive officers to earn incentive
compensation
(subject to the exceptions for confidential information). In this regard, please note that the pre-tax profit of Keystone RV
Company (&#147;<U>Keystone</U>&#148;), one of the Company&#146;s operating subsidiaries, is not
relevant for determining the incentive compensation payable to the Company&#146;s named
executive officers going forward. The only named executive officer for fiscal 2008
whose incentive compensation was tied to Keystone was H. Coleman Davis, III. Mr.&nbsp;Davis
was considered a named executive officer for fiscal 2008 because he served as Chief
Operating Officer of the Company between March&nbsp;2007 and October&nbsp;2007 and had he served
as an executive officer of the Company at the end of fiscal 2008 (July&nbsp;31, 2008) he
would have been one of the three most highly paid executive officers (other than the
Chief Executive Officer and the Chief Financial Officer). Mr.&nbsp;Davis retired from the
Company (and Keystone) effective December&nbsp;31, 2008. The Company does not expect</DIV></TD>
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    <TD><DIV style="text-align: justify">any named executive officer for fiscal 2009 to have incentive compensation based on the
pre-tax profit (or any other measure of financial performance) of Keystone.</DIV></TD>
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    <TD><DIV style="text-align: justify">Historically, bonuses awarded to named executive officers generally have been
discretionary and have not been based on targets or a formula. The Compensation
Committee of the Board of Directors of the Company (the &#147;<U>Compensation
Committee</U>&#148;) generally does not set performance targets for a named executive officer
unless there is a possibility that the compensation for such named executive officer
will not be fully tax deductible for any given fiscal year. In that circumstance, the
Compensation Committee may award the named executive officer performance based
compensation under a plan that is designed to ensure deductibility of awards under
section 162(m) of the Internal Revenue Code, such as the Company&#146;s 2008 Annual Incentive
Plan. As discussed in the Company&#146;s Proxy Statement on Schedule&nbsp;14A filed on November
3, 2008, in approving the bonus amounts or performance awards for such officers, the
Compensation Committee considers the Company&#146;s performance during the quarter and/or
year to date, projected profits of the Company for the current year, the individual performance of the
executive and the reasonableness of the recommended bonus amounts in relation to
compensation paid to similarly situated executives in peer and comparably sized
companies. In drawing comparisons against peer and other companies, members of the
Compensation Committee individually and informally consult various publicly available
sources, including publicly available information from Mercer LLC and the SEC&#146;s EDGAR
database.</DIV></TD>
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</DIV>

<DIV align="Center" style="font-size: 11.5pt; margin-top: 24pt"><B>* * *</B>

</DIV>


<DIV align="justify" style="font-size: 11.5pt; margin-top: 11.5pt; margin-left: 4%">In addition, we confirm that:
</DIV>

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    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">We are responsible for the adequacy and accuracy of the disclosure in our filings;</DIV></TD>
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    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Staff comments or changes to disclosure in response to staff comments do not
foreclose the Commission from taking any action with respect to the filing; and</DIV></TD>
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    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">We may not assert staff comments as a defense in any proceeding initiated by the
Commission or any person under the federal securities laws of the United States.</DIV></TD>
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</DIV>


<DIV align="justify" style="font-size: 11.5pt; margin-top: 11.5pt; margin-left: 4%">Please do not hesitate to contact the undersigned at (574)&nbsp;970-7422 with any questions or
comments regarding any of the foregoing.
</DIV>

<DIV align="left" style="font-size: 11.5pt; margin-top: 11.5pt; margin-left: 50%">Very truly yours,

</DIV>

<DIV align="left" style="font-size: 11.5pt; margin-top: 11.5pt; margin-left: 50%">/s/
Christian G. Farman
</DIV>

<DIV align="left" style="font-size: 11.5pt; margin-top: 11.5pt; margin-left: 50%">Christian G. Farman<BR>
Chief Financial Officer

</DIV>


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