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<SEC-DOCUMENT>0000950123-09-011434.txt : 20090921
<SEC-HEADER>0000950123-09-011434.hdr.sgml : 20090921
<ACCEPTANCE-DATETIME>20090604164828
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950123-09-011434
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20090604

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>
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<HEAD>
<TITLE>FORM CORRESP</TITLE>
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<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD width="2%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">June&nbsp;4, 2009
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Thor Industries, Inc</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">419 West Pike Street</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">Jackson Center, OH 45334</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><u><B>VIA EDGAR AND FAX DELIVERY</B></u>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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: Lyn Shenk<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Branch Chief

</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">Re: &nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Thor Industries, Inc.<br>
File No.&nbsp;001-09235<br>
Form 10-K: For the fiscal year ended July&nbsp;31, 2008<br>
Form 10-Q: For the quarterly period ended January&nbsp;31, 2009</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ladies and Gentlemen:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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 May&nbsp;7, 2009 with respect to the Form 10-K and Form 10-Q referenced
above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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 or Form 10-Q unless otherwise indicated. Capitalized terms used but
not otherwise defined herein have the meanings ascribed to such terms in the respective Form 10-K
or Form 10-Q. All numbers are in thousands except where noted otherwise and except for per share
and per unit data.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Form&nbsp;10-K: For the fiscal year ended July&nbsp;31, 2008</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U>Item&nbsp;7. Management&#146;s Discussion and Analysis of Financial Condition and Results of
Operations</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U>Fiscal 2008 vs. Fiscal 2007</U>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U>Segment Reporting, page 17</U>

</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>We have reviewed your response to our prior comment number 3. We note that your
proposed disclosure focuses on the changes in cost of materials as a percentage of net
sales as well as the impact of discounting on gross margins. In this regard, it does not</B></TD>
</TR>

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

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<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&nbsp;</B></TD>
    <TD width="1%"><B>&nbsp;</B></TD>
    <TD><B>appear to us that your proposed disclosure thoroughly analyzes cost of products sold
reported by each segment. For example, in both of the towable and motorized segments, you
indicate the cost of material remained flat as a percentage of net sales for fiscal year
2008 compared to fiscal year 2007, yet cost of products sold for each increased as a
percentage of net sales without clear explanation. Similarly, cost of products sold as a
percentage of net sales for buses decreased between 2008 and 2007 without explanation.
Furthermore, you have not discussed other significant components of inventory costs, such as
labor and overhead costs, although such costs would typically impact the cost of products
sold and gross margins ultimately recognized by a manufacturing company.</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&nbsp;</B></TD>
    <TD width="1%"><B>&nbsp;</B></TD>
    <TD><B>Based upon the observations above, we believe you should expand your disclosure to analyze
and discuss (i)&nbsp;the period-to-period changes in each material component of inventory costs,
(ii)&nbsp;the underlying factors resulting in such changes, and (iii)&nbsp;the impact of those changes
on each segment&#146;s cost of products sold, gross margin, and/or average unit cost. In this
regard, factors such as changes in material and labor costs should be discussed on a dollar
basis, in addition to as a percentage of net sales. Your expanded disclosure should analyze
and clearly explain the relative impact of all significant factors on your company&#146;s
absolute gross profit, as well as gross profit of margin percentage. Please provide your
proposed disclosure as part of your response.</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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 related to our gross profit and cost of products
sold in our Management&#146;s Discussion and Analysis of Financial Condition and Results of
Operations<U> </U>as it relates to the comparison of fiscal 2008 to fiscal 2007. In
addition we will make similar disclosures as it relates to the comparison of fiscal 2009 to
fiscal 2008.</TD>
</TR>

<TR>
    <TD style="font-size: 12pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&nbsp;</B></TD>
    <TD width="1%"><B>&nbsp;</B></TD>
    <TD><B>TOWABLE RECREATION VEHICLES</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Towable gross profit decreased $26,940 to $246,505 or 14.0% of towable net sales for fiscal
2008 compared to $273,445 or 14.5% of towable net sales for fiscal 2007. The decrease in
margin was due to a combination of increased discounts from unit list prices, increased
wholesale and retail incentives provided to customers and changes in cost of products sold.
Additional discounts and incentives were provided as a result of an overall decline in the
recreation vehicle industry.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cost of products sold decreased $100,061 to $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. The change
in material, labor, freight-out and warranty comprises $96,211 of the $100,061 decrease in
cost of products sold due to decreased sales volume. Material, labor, freight-out and
warranty as a percentage of net sales increased to 78.7% from 78.5% from fiscal 2007 to
2008. Manufacturing overhead as a percentage of net sales increased to 7.3% from 7.0% due to
a decrease in production resulting in lower</TD>
</TR>


</TABLE>
</DIV>
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<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>absorption of fixed overhead costs. Manufacturing overhead decreased $9,561 due to lower
variable overhead costs, resulting from lower production offset by unabsorbed fixed overhead
costs. This decrease was offset by impairment and other charges of $5,711 of which $5,411
related to the sale of our Thor California subsidiary, and $300 related to the write-down of
certain properties to fair value.</TD>
</TR>

<TR>
    <TD style="font-size: 12pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&nbsp;</B></TD>
    <TD width="1%"><B>&nbsp;</B></TD>
    <TD><B>MOTORIZED RECREATION VEHICLES</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Motorized gross profit decreased $19,406 to $35,928 or 7.8% of motorized net sales for
fiscal 2008 compared to $55,334 or 9.8% of motorized net sales for fiscal 2007. The decrease
in margin was due to a combination of increased discounts from unit list prices, increased
wholesale and retail incentives provided to customers and changes in cost of products sold.
Additional discounts and incentives were provided as a result of an overall decline in the
recreation vehicle industry.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cost of products sold decreased $84,261 to $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. The change
in material, labor, freight-out and warranty comprises $82,979 of the $84,261 decrease in
cost of products sold due to decreased sales volume. Material, labor, freight-out and
warranty as a percentage of net sales increased to 85.2% from 84.3% from fiscal 2007 to
2008. This increase in cost was due to increases in material costs
from producing a higher mix of Class C units. Manufacturing overhead
as a percentage of net sales increased to 7.0% from 5.9% due to a decrease in production
resulting in lower absorption of fixed overhead costs. Manufacturing overhead decreased
$2,808 due to lower variable overhead costs resulting from lower production offset by
unabsorbed fixed overhead costs. This decrease was offset by charges of $1,526 related to
the write-down of certain properties to fair value.</TD>
</TR>

<TR>
    <TD style="font-size: 12pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&nbsp;</B></TD>
    <TD width="1%"><B>&nbsp;</B></TD>
    <TD><B>BUSES</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Buses gross profit increased $5,477 to $39,993 or 9.6% of buses net sales for fiscal 2008
compared to $34,516 or 8.6% of buses net sales for fiscal 2007. The increase in margin was
due to the additional features included in our buses as a result of our customers&#146; requests.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cost of products sold increased $9,563 to $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. The increase in material,
labor, freight-out and warranty represents $7,139 of the $9,563 increase in cost of products
sold. Material, labor, freight-out and warranty as a percentage of net sales decreased to
83.1% from 84.4% from fiscal 2007 to 2008. This decrease in percentage of cost of products
sold was due to a combination of better procurement and higher prices and sales.
Manufacturing overhead increased $2,424 which caused manufacturing overhead to increase to
7.3% from 7.0% as a percentage of net sales.</TD>
</TR>

</TABLE>
</DIV>
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<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>2.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>We also note that there are factors that impact costs of products sold that do not
directly impact or relate to unit costs. For example, we note from your statement of
operations that costs of products sold for fiscal year 2008 includes impairment and other
charges of $7,237. Furthermore, given the significant reduction in your sales, and
presumably your production levels, it would appear that costs of products sold would be
impacted by factors such as increased charges related to unallocated overhead costs and
decreases in freight costs incurred for the delivery of your products. In this regard,
please expand your MD&#038;A to discuss the extent that the cost of products sold of each
segment has been impacted by charges that are not capitalized as part of inventory costs.
Please provide your proposed disclosure as part of your response.</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Please see the response to Comment No.&nbsp;1 where we have incorporated the impairment and other
charges of $7,237 and included comments on significant unallocated overhead costs and
freight costs incurred for the delivery of our products.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>3.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Given that the recent decline in the demand for your products has presumably resulted
in significantly lower production levels, please explain to us what consideration has been
given to the guidance outlined in SFAS 151. In this regard, tell us and disclose your
accounting treatment for unallocated overhead and other costs that are applicable to you
and addressed by this guidance.</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company&#146;s inventory includes the standard cost of material and labor and allocations of
variable and fixed manufacturing overhead. The allocation of variable and fixed overhead is
determined based on management judgment and actual manufacturing overhead costs as a
percentage of direct labor during periods when production approximates normal capacity.
This method is consistently applied and prevents the capitalization of excess inventory
costs as a result of lower production levels as direct labor hours used to capitalize
overhead decrease correspondingly. In addition, we exclude certain unallocated
manufacturing overhead such as warranty, research and development, rework and freight-out
costs from the calculation and expense them as period costs as required in Financial
Accounting Standards Board (FASB)&nbsp;Statement No.&nbsp;151, Inventory Costs, an amendment of ARB
No.&nbsp;43, Chapter&nbsp;4.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We will expand our disclosure within Footnote A, <I>Summary of Significant Accounting Policies,</I>
in our Form&nbsp;10K for the period ending July&nbsp;31, 2009, as follows, <I>&#147;Substantially all
inventories are stated at the lower of cost or market, determined on the last-in, first-out
(LIFO)&nbsp;basis. Manufacturing cost includes materials, labor and manufacturing
overhead. Unallocated overhead and abnormal costs are expensed as incurred.&#148;</I></TD>
</TR>

</TABLE>
</DIV>
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<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>4.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>We have reviewed your response to our prior comment number 4. Please quantify each
factor cited, accompanied by adequate discussion of the associated underlying drivers and
any related trends to the extent material and meaningful, to enable investors to fully
assess the relative impacts. For example, in the buses segment, you only quantified $705,
or 21.5%, of the total variance of $3,279 between 2008 and 2007 as being attributed to
commissions and bonuses &#151; without quantification of any other factors.</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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 Managements&#146; Discussion and Analysis of
Financial Condition and Results of Operations.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Towable Recreation Vehicles: Selling, general and administrative expenses were $102,356 or
5.8% of net towable sales for fiscal 2008 compared to $107,804 or 5.7% of net towable 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 $5,647. In addition, legal and settlement costs decreased by $2,639 due to
resolution of various legal and product disputes during 2007. These decreases were offset by
increases of $619 for insurance, $777 for vehicle repurchase
activities and $1,442 for
accounting and related expenses.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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 $3,559. In addition, legal and settlement costs decreased by $553 due to
resolution of various legal and product disputes during 2007. These decreases were offset by
increases of $2,943 for insurance and accounting and related expenses.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Buses: Selling, general and administrative expenses were $18,088 or 4.4% of net buses sales
for fiscal 2008 compared to $14,809 or 3.7% of net buses 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.<BR>
Additional increases of $466 occurred in advertising and selling related costs, $743 for
insurance and $687 for legal and accounting and related expenses.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Corporate: Selling, general and administrative expenses were $27,725 for fiscal 2008
compared to $25,016 for fiscal 2007. This increase resulted from increases of $2,033 for
insurance, $2,763 for legal and  accounting and related expenses and a $3,393 charge related to
higher vehicle repurchase activity. These increases were offset by a decrease in legal costs of
$5,480 related to the previously disclosed Dutchmen investigation.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->Page 5<!-- /Folio -->
</DIV>

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

<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>5.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>We have reviewed your responses to our prior comment numbers 3 and 5, and we note that
you continue to identify &#147;increased discounting&#148; as a factor that adversely affected the
gross profit reported for the &#147;Towable Recreation Vehicles&#148; segment and the &#147;Motorized
Recreation Vehicles&#148; segment for fiscal year 2008. However, it remains unclear to us how
&#147;increased discounting&#148; adversely impacted the gross margin realized by these segments in
fiscal year 2008, if the average sales price of each vehicle class included in these
segments increased relative to the prior fiscal year. In this regard, please explain to us
the context in which you have used the term &#145;discount&#146; and clarify in your disclosure how
such discounts have resulted in lower gross profits (i.e., on both a dollar and margin
percentage basis) recognized by the aforementioned segments &#151; despite increases in the
average sales prices of each of your vehicle classes.</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The term discount refers to a reduction from list price and wholesale and retail incentives
offered by the Company to its customers. Our average selling price per unit in fiscal year
2008 increased as compared to the average selling price per unit in fiscal year 2007 as a
result of a larger mix of higher priced units, not as a result of sales price increases. As
such, the increase in the average selling price did not result in a corresponding increase
in gross margin because cost increases exceeded price increases. In addition, due to the
competitive nature of the recreation vehicle market, as a result of several competitors&#146;
bankruptcies as well as the overall decline in the economy, we had to increase discounts
from list prices and incentives offered in order to compete with the sales prices of our
competitors, resulting in a reduction to gross margin. In addition, we had to provide
additional product options to units in an effort to make them more attractive to buyers. In
many instances we were not able to fully recover the costs associated
with these additional product
options due to the competitive nature of our industry, resulting in further decreases to
gross margin.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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 as it relates to the gross profit explanation in
our Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations
for the comparison of fiscal 2009 to fiscal 2008 and fiscal 2008 to 2007.</TD>
</TR>

<TR>
    <TD style="font-size: 12pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&nbsp;</B></TD>
    <TD width="1%"><B>&nbsp;</B></TD>
    <TD><B>TOWABLE RECREATION VEHICLES</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Although our average selling price per unit increased $750 or 3.1%, our average cost per
unit also increased $750 or 3.6% resulting in no increase in gross profit per unit. This
results from a combination of a larger mix of higher priced units sold, increased wholesale
and retail incentives along with the addition of extra product options on units demanded by
customers, the costs of which were not fully recoverable, further reducing gross profit.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->Page 6<!-- /Folio -->
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&nbsp;</B></TD>
    <TD width="1%"><B>&nbsp;</B></TD>
    <TD><B>MOTORIZED RECREATION VEHICLES</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Although our average selling price per unit increased $4,695 or 4.9%, our average cost per
unit also increased $5,816 or 6.7% resulting in decreased gross profit per unit. This
results from a combination of a mix of products sold, increased wholesale and retail
incentives along with the addition of extra product options on units demanded by customers, the
costs of which were not fully recoverable, further reducing gross profit.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Notes to the Consolidated Financial Statements</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>F. Income Taxes, page F-12</B></U>

</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>6.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>We have reviewed your response to our prior comment number 8. We believe the intended
revised disclosure therein should be expanded to include more detailed information similar
to that provided in the response. We believe this will enable investors to more fully
understand the basis for the amount of income taxes for each period presented, as well as
the changes therein between periods. For example, the table in your response regarding
current tax expense appears to provide meaningful information, so long as the items
pertaining to the respective jurisdictions for which current tax expense is recognized is
apparent therein. Consider a similar table with respect to deferred income tax expense, to
the extent material and meaningful. In this regard, please consider Rule&nbsp;4-</B><B>08(h)(1)(ii)</B><B> of
Regulation&nbsp;S-X. Please ensure that your accompanying discussion fully and clearly addresses
the reasons for the items presented and changes therein. For example, your response cited
specific items of decreases totaling $22.2&nbsp;million in explaining the decrease to Federal
current expense of $16.2&nbsp;million between 2007 and 2006, leaving $6.0 in offsetting
increases unexplained or not apparent in the table. Similarly, the items cited for the
change in Federal current expense between 2008 and 2007 net offsetting increases
unexplained or not apparent in the table. Similarly, the items cited for the change in
Federal current expense between 2008 and 2007 net to $5.7&nbsp;million, leaving $7.5&nbsp;million
unexplained or not apparent from the table. As further example, the total decrease in state
and local current tax expense between 2007 and 2006 is $16.5&nbsp;million. However, the reason
for the change cited due to Indiana state taxes appears to result in a net decrease of $5.4
million (i.e. the Indiana tax settlement of $7.8&nbsp;million in 2008 versus $2.4&nbsp;million
related to reversal of SFAS 5 contingency provisions in 2007), leaving $11.1&nbsp;million
unexplained or not apparent from the table.</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Beginning with the Company&#146;s Annual Report on Form 10-K for fiscal 2009, we will provide
disclosure in the tax footnote similar to the following, depending on significant items
affecting current tax expense for any years reported.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->Page 7<!-- /Folio -->
</DIV>

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

<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" 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: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Current federal tax expense increased $13,214 from 2007 to 2008. Of this amount, $21,280 of
additional current federal tax expense resulted from 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.
Additionally, the federal tax expense increased by $6,701 as a result of other temporary
items as detailed in the Summary of Deferred Income Taxes Table
included in Form 10-K for fiscal 2008.
The increase in current federal tax expense in 2008 was offset in part by $15,559 less
federal tax because of $44,453 less pretax income in 2008 than in 2007. The other changes
to current federal tax expense are detailed in the schedule below.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Current federal tax expense decreased $16,207 from 2006 to 2007. Of this amount, $20,738
resulted from $59,251 less pretax income in 2007 than in 2006. Additionally, in 2007, upon
completion of an IRS examination, the Company recorded in current federal tax expense a
reversal of $1,486 of tax reserves established in 2003 through 2006 primarily for federal
research and development tax credits. The decrease in current federal tax expense was
offset in part by $5,768 less federal tax deduction for state taxes in 2007 than in 2006.
The other changes in current federal tax expense are detailed in the schedule below.</TD>
</TR>

<TR>
    <TD style="font-size: 12pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" 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: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Current state tax expense increased $15,044 from 2007 to 2008. Of this amount, $12,000
($7,800 net of federal taxes) was due to the 2007 state income tax benefit resulting from
the Indiana Tax Settlement Agreement as detailed below. In addition, $3,810 is because of
the Company&#146;s decision in 2008 to not insure its 2009 warranty risk through its captive
insurance company and other temporary items as detailed in the Summary of Deferred Income
Taxes Table. The other changes to current state tax expense are detailed in the schedule
below.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Current state tax expense decreased $16,480 from 2006 to 2007. Of this amount, $12,000
($7,800 net of federal taxes) was due to the 2007 state income tax benefit resulting from
the Indiana Tax Settlement Agreement as detailed below. Additionally, state tax expense
decreased $3,367 because of the $59,251 reduction in pre-tax income. The other changes to
current state tax expense are detailed in the schedule below.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Tax Court case with the State of Indiana involved a disagreement on the eligibility of
the Company to file a unitary state tax return. 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 tax
return and filed amended unitary tax returns for these years asking for</TD>
</TR>


</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->Page 8<!-- /Folio -->
</DIV>

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

<DIV style="font-family: Helvetica,Arial,sans-serif">



<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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&nbsp;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
$7,000 had been established in 2003 through 2006. The Company treated
these reserves and an
$800 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.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The table below shows the components of the total current income tax expense (benefit)&nbsp;for
fiscal 2008, 2007 and 2006:</TD>
</TR>

</TABLE>
</DIV>

<DIV align="right">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="94%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <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: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2006</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<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">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">
    <TD><DIV style="margin-left:15px; text-indent:-15px">State Tax Expense at Various State Tax 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" 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">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current Tax Expense Effect of Other Temporary
Items</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,511</TD>
    <TD>*</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" 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 align="right">0</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 align="right">0</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 align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2,371</TD>
    <TD nowrap>)</TD>
</TR>
<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 align="right">0</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 align="right">0</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" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Extraterritorial Income Benefit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</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">
    <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" 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 align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">97</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">651</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">350</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 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" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total Current Tax Income Expense</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>91,492</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>63,453</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>96,800</B></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 align="left">
<DIV style="font-size: 3pt; margin-left: 6%; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>


<DIV align="right">
<TABLE width="94%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><B>*</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>As explained above, $6,701 federal tax expense and $3,810 state and local tax expense.</B></TD>
</TR>

</TABLE>
</DIV>



<DIV style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><I>&nbsp;</I></TD>
    <TD width="1%"><I>&nbsp;</I></TD>
    <TD><I>Deferred Tax Expense</I></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In response to your suggestion that the Company consider a table with respect to deferred
income tax expense similar to the table above showing the significant</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->Page 9<!-- /Folio -->
</DIV>

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

<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>components of current income tax expense, please note that the Company provides a three year
table showing the components of deferred tax liability or asset. Further, the Company has
described the reasons for any significant changes in the components of the deferred tax
liability or asset among the three years presented to the extent material and meaningful.
Deferred tax expense was $(31,791), $(1,324) and $(4,094) for 2008,
2007 and 2006,
respectively. In 2008, the Company explained the significant change in deferred tax asset
and deferred tax benefit was caused by the Company&#146;s decision not to insure warranty risk
through its captive insurance company. The Company will consider Rule&nbsp;4-08(h)(1)(ii) of
Regulation&nbsp;S-X in its disclosures of deferred income tax expense.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>7.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Please explain to us and disclose the reason that the 2009 warranty risk was not
insured through the captive insurance company as indicated in the response to our prior
comment number 8. Discuss all cash flow impacts associated with this decision. Discuss the
factors that will be determinative in future decisions in regard to the extent that
warranty risk will or will not be insured through the captive insurance company. In
connection with the preceding, please provide a discussion of the significance of the
captive insurance company to you where appropriate in your filing.</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company decided not to insure its 2009 warranty risk through its wholly-owned captive
insurance subsidiary due to the uncertainty of the timing of the deductibility of the
insurance premium. In making this decision, the Company considered an interpretation issued
by the IRS in a 2008 private letter ruling to an unrelated taxpayer that certain warranty
risks may not be insurable. An IRS examination of the Company&#146;s 2003 through 2005 federal
income tax returns resulted in no proposed changes to the tax treatment of the insurance
premiums paid to the insurance subsidiary. However, this uncertainty caused the Company to
provide $2,200 for the potential interest expense for the deferral of the tax
deduction for the years 2006 and 2007 when it determined the 2008 provision for unrecognized
tax benefits under FASB Interpretation No.&nbsp;48, &#147;Accounting for Uncertainty in Income Taxes&#148;.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The consolidated cash flow impact to the Company of its decision to not make the insurance
premium payment for warranty in 2008 was a $21,300 increase in 2008 current federal
and state tax liabilities. This additional current tax liability was paid in October and
November&nbsp;2008.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company does not intend to insure future warranty risk through the insurance subsidiary.
Further, the Company does not believe that the future benefits of the insurance subsidiary,
including the risk shifting and risk distribution among the Company&#146;s operating
subsidiaries, are in excess of the administrative cost of maintenance. Therefore, the
Company does not intend to insure any risks through the insurance subsidiary in the future
and is in the process of liquidating the entity.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->Page 10<!-- /Folio -->
</DIV>

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

<DIV style="font-family: Helvetica,Arial,sans-serif">




<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In the Company&#146;s Annual Report on Form 10-K in the Management&#146;s Discussion and Analysis of
Financial Condition and Results of Operations for the year ended July&nbsp;31, 2009, we will
provide the disclosure similar to the following in discussing material changes in deferred
tax assets and liabilities:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company&#146;s 2008 net deferred tax asset for product warranties increased from 2007 as a
result of the Company&#146;s decision to not insure warranty risks though its wholly-owned
insurance subsidiary. The Company does not intend to insure any risks through the insurance
subsidiary in the future and is in the process of liquidating the entity.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>8.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Please ensure that your analysis in MD&#038;A addresses all significant factors associated
with the amounts reported for and changes in income tax expense and the associated
effective income tax rate. In connection with our comments above, it appears that your
current disclosure could be more informative, particularly in regard to quantifying the
relative impact of factors cited and the discussing the underlying reasons for such
factors.</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In 2009 and future years, the Company will include in the MD&#038;A an explanation of all
significant factors associated with the amounts reported for and changes in current and
deferred income tax expense and the associated effective income tax rate including tables
where material and meaningful.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>9.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>We have reviewed your response to our prior comment number 9. In regard to the
reconciliation between the statutory and effective income tax rates, please separately
present individual items that are in excess of 5% of the income before tax multiplied by
the applicable statutory income tax rate, pursuant to rule 4-</B><B>08(h)(2)</B><B> of Regulation&nbsp;S-X.
Your response indicates that such items exist.</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Beginning with the Company&#146;s Annual Report on Form 10-K for fiscal 2009, we will provide a
disclosure in the tax footnote similar to the following, which includes all differences in
excess of 5% of pretax income multiplied by the applicable statutory rate as required by
Rule&nbsp;4-08(h)(2) of Regulation&nbsp;S-X. The Company has included in the table below additional
disclosure of the Unrecognized Tax Benefits Pursuant to FIN 48 in 2008 and the Indiana Tax
Settlement Agreement in 2007.</TD>
</TR>
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->Page 11<!-- /Folio -->
</DIV>

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

<DIV style="font-family: Helvetica,Arial,sans-serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The differences between income taxes at the federal statutory rate and the actual income
taxes are as follows:</TD>
</TR>

</TABLE>
</DIV>

<DIV align="right">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="94%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&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>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 0px solid #000000"><B>Years Ended July 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>2006</B></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">Provision at Statutory Rates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>$</TD>
    <TD align="right">53,342</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>$</TD>
    <TD align="right">68,901</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>$</TD>
    <TD align="right">89,639</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">State and Local Income Taxes, net of
federal benefit</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" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Extraterritorial Income Benefit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(362</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,013</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Credits and Incentives</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(521</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,150</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(233</TD>
    <TD nowrap>)</TD>
</TR>


<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Domestic Production Activities Deduction</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,099</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,988</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,396</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <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 align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</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 align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(7,800</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other Permanent Items</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">97</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(835</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,021</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="11" nowrap align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Income Taxes</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD><B>$</B></TD>
    <TD align="right"><B>59,701</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><B>$</B></TD>
    <TD align="right"><B>62,129</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><B>$</B></TD>
    <TD align="right"><B>92,706</B></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: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Income before income taxes includes foreign income (loss)&nbsp;of $(573) in fiscal 2008, $1,226
in fiscal 2007 and $2,962 in fiscal 2006.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Form&nbsp;10-Q: For the quarterly period ended January&nbsp;31, 2009</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Item&nbsp;1. Financial Statements</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Statements of Condensed Consolidated Cash Flows, page 4</B></U>

</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>10.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>We note that a portion of the proceeds received from the disposition of auction rate
securities has been reported within &#147;Cash flows from operating activities.&#148; While we
acknowledge that your auction rate securities have been reclassified as trading securities
based upon your decision to participate in the rights offering with UBS, we note that such
securities were initially classified as available-for-sale based upon your intentions when
the securities were originally acquired. In this regard, we believe that cash receipts from
the disposition of your auction rate securities should be reported as &#147;Cash flows from
investing activities.&#148; Please advise. Refer to paragraphs 8 and 9 of SFAS No.&nbsp;102 (as
amended by SFAS 159), paragraph 18 of SFAS 115 (as amended by SFAS 159) and paragraphs 15
and 16 of SFAS 95 (as amended by SFAS 115) for guidance.</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We agree that the $5,550 of cash proceeds from the disposition of auction rate securities
classified as trading securities and reported as &#147;Cash flows from operating activities&#148; in
the Form 10-Q for the six months ended January&nbsp;31, 2009 should have been classified in &#147;Cash
flows from investing activities&#148; due to the nature and purpose for which these assets were
originally acquired.</TD>
</TR>

<TR>
    <TD style="font-size: 12pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Accounting Explanation</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>As these investments were reclassified from available for sale to trading the Company
classified the related proceeds from disposition of these trading investments as cash flow
from operating activities. The Company now agrees that when determining the classification
of cash flow items related to these investments they need to consider SFAS 159.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->Page 12<!-- /Folio -->
</DIV>

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

<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV style="margin-top: 12pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Consideration of Classification Error</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company has determined that this error only impacts the statement of condensed
consolidated cash flows for the six months ended January&nbsp;31, 2009. The error does not
affect the condensed consolidated balance sheet or the statements of condensed consolidated
operations. In order to assess the impact of this error on this statement, the Company has
considered the guidance in Staff Accounting Bulletin Topic 1M, <I>Materiality</I>, Accounting
Principles Board Opinion No.&nbsp;28, Interim <I>Financial Reporting</I> and the guidance in SFAS No.
154.</TD>
</TR>

<TR>
    <TD style="font-size: 12pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Materiality Consideration</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Per Staff Accounting Bulletin Topic 1M, &#147;Materiality concerns the significance of an item to
users of a registrant&#146;s financial statements. A matter is &#147;material&#148; if there is a
substantial likelihood that a reasonable person would consider it important. In its
Concepts Statement 2, the FASB stated the essence of the concept of materiality as follows:
&#147;<I>The omission or misstatement of an item in a financial report is material if, in the light
of surrounding circumstances, the magnitude of the item is such that it is probably that the
judgment of a reasonable person relying upon the report would have been changed or
influenced by the inclusion or correction of the item.</I>&#148;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We have considered both the quantitative and qualitative impact of this error using the
criteria established by Staff Accounting Bulletin Topic 1M, <I>Materiality</I>.</TD>
</TR>

<TR>
    <TD style="font-size: 12pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Quantitative Consideration</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Table 1 below calculates the quantitative impact of the error on the statement of condensed
consolidated cash flow. In accordance with APB 28, <I>Interim Financial Reporting</I>, paragraph
29, &#147;<I>In determining materiality for the purpose of reporting the correction of an error,
amounts should be related to the estimated income for the full fiscal year and also to the
effect on the trend of earnings. Changes that are material with respect to an interim period
but not material with respect to the estimated income for the full fiscal year or to the
trend of earnings should be separately disclosed in the interim period.</I>&#148; Table 2 calculates
the impact of the error on cash flows from operating and investing activities as a
percentage of the full year historical results. We do not consider the cash flows from
operating activities for the six months ended January&nbsp;31, 2009 to be representative of the
Company&#146;s cash flows from operating activities due to the current decline and volatility in
the economy and the recreation vehicle market. The Company&#146;s historical operations have been
significantly greater and present a better representation of the true magnitude of the
Company&#146;s cash flows from operating activities. As such, the Company used a combination of
current year actual cash flow results and historical results in order to determine the
materiality of this error.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->Page 13<!-- /Folio -->
</DIV>

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

<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Table 1</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <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: 8pt" 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="3">Results based on the</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Results as reported for the</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">reclassification for the</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">six months ended</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">six months ended</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">January 31, 2009</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">January 31, 2009</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">% Change</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net cash
provided by operating activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">15,645</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">10,095</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">35</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net cash
(used in) provided by investing activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(4,781</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">760</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">116</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Table 2</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&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>
    <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: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Year Ended</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Year Ended</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Year Ended</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">%</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">July 31, 2006</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Change</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">July 31, 2007</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Change</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">July 31, 2008</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Change</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash (used
in) provided by operating activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">137,259</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">4</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">232,753</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">122,108</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">4.5</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash (used
in) provided by investing activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(29,903</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">19</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(188,141</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">3</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">32,566</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">17</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Proceeds
from sale of available for sale investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">121,046</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">4.5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">108,675</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">5</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->Page 14<!-- /Folio -->
</DIV>

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

<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Qualitative Consideration</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The following qualitative factors are considered relevant for the financial statement
impacted by this error:</TD>
</TR>

</TABLE>
</DIV>

<DIV align="right">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="94%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="32%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Criteria</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Consideration</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Qualitatively Material?</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Does the misstatement
mask a change in earnings
or other trends?
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">No.&nbsp;The operating
cash flow results
for the second
quarter are
trending in the
correct direction
regardless of the
error.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Since the trends in
operating cash flows
were the same using
the &#147;as reported&#148; and
&#147;adjusted&#148; amounts,
the error is not
material under this
criterion.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Does the misstatement
hide a failure to meet
analysts&#146; consensus
expectations for the
enterprise?
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">No. Analysts
tracking the
Company do not
develop
expectations of
operating cash
flows as a key
indicator of
operations or
performance. We
also do not discuss
operating cash flow
results in our
earnings releases
or within the MD&#038;A
included with our
Form&nbsp;10Q filing for
the quarter ended
January&nbsp;31, 2009.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Since analysts are not
tracking/developing
expectations of
operating cash flows
this error is not
material under this
criterion.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Does the misstatement
affect the registrant&#146;s
compliance with
regulatory, loan, or
contractual covenants?
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">No. The Company
has no regulatory,
loan, or
contractual
covenants tied to
operating or
investing cash
flows.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">This criterion is not
applicable.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Does the misstatement
change a net loss into
net income or vice versa?
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">No. This error
does not have an
impact on earnings
from operations.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">This criterion is not
applicable.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Does the misstatement
have the effect of
increasing management&#146;s
compensation?
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">No. The results of
operating and
investing cash
flows do not impact
management&#146;s
compensation.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">This criterion is not
applicable.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->Page 15<!-- /Folio -->
</DIV>

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

<DIV style="font-family: Helvetica,Arial,sans-serif">

<DIV align="right">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="94%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="32%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Criteria</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Consideration</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Qualitatively Material?</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Does the error conceal an
unlawful transaction?
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">No. The accounting
error is not
related to an
unlawful
transaction.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The error is not
material under this
criterion.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Was the error intentional?
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">No.&nbsp;The error
occurred because
the Company did not
properly apply
revisions imposed
by the adoption of
SFAS 159.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The error is not
material under this
criterion.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Other qualitative factors that we considered when evaluating the materiality of this error
are that as of January&nbsp;31, 2009 the Company reported
$191,000 in cash and $119,000 in investments. Also, the proceeds from the disposition of the investments in question were
disclosed as a separate line item on the statement of condensed consolidated cash flows for
the six months ended January&nbsp;31, 2009. As such we disclosed to investors that cash flows
from operations included $5,550 of proceeds from the disposition of trading securities.</TD>
</TR>

<TR>
    <TD style="font-size: 12pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Overall Materiality Conclusion </U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Based on the quantitative and qualitative considerations described above, management
believes that it is unlikely that the judgment of a reasonable person relying upon the
Company&#146;s interim financial statements would have been changed or influenced by the
inclusion or correction of the above referenced cash flows associated with the disposition
of auction rate securities. The impact of this error is not material to the Company&#146;s
quarterly financial statements for the quarter ended January&nbsp;31, 2009.</TD>
</TR>

<TR>
    <TD style="font-size: 12pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Disclosure in Future Filings</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In accordance with SFAS 154, the Company proposes the following prospective disclosure in
the Investments footnote in its Form 10-Q for the period ended January&nbsp;31, 2010. Disclosure
will not be provided in periodic reports until the January&nbsp;31,
2010 Form&nbsp;10-Q since no other
periods are impacted by this error and statement of cash flow information for the period
ended January&nbsp;31, 2009 will not be presented again until the
January&nbsp;31, 2010 Form&nbsp;10-Q.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><I>&nbsp;</I></TD>
    <TD width="1%"><I>&nbsp;</I></TD>
    <TD><I>Subsequent to the issuance of the Company&#146;s </I><I>Form 10-Q</I><I> on March&nbsp;9, 2009 for the six month
period ended January&nbsp;31, 2009, the Company&#146;s management determined that the statements of
condensed consolidated cash flows for the six months ended January&nbsp;31, 2009 did not properly
reflect certain proceeds from the disposition of trading</I></TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->Page 16<!-- /Folio -->
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>investments that were purchased with the intent to be held as available-for-sale securities
as cash flows from investing activities. Rather, such proceeds were reflected as cash flows
from operating activities. This classification error resulted in an overstatement of cash
flows provided by operating activities of $5,550 and an equal understatement of cash flows
provided by investing activities.</I></TD>
</TR>

<TR>
    <TD style="font-size: 12pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Effect of Error on Internal Control over Financial Reporting</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>As a result of the classification error in the statement of condensed consolidated cash flow
for the six months ended January&nbsp;31, 2009, the Company determined that the cash flow
statement review that is performed by the responsible party did not operate effectively. In
determining the potential magnitude of this error, the Company considered the following: 1)
the disposition of these illiquid auction rate securities during the quarter ended January
31, 2009 were the result of redemptions by issuers and not sales of securities initiated by
the Company. Therefore, the Company believes that it is unlikely that significant additional
dispositions would occur prior to the date the Company can exercise its put option with UBS
(June&nbsp;2010). 2) No redemptions occurred during the third quarter ended April&nbsp;30, 2009, 3)
The proceeds from the exercise of the put option would be significant and cause additional
research into the accounting treatment in the statement of cash flows, due to the impact of
cash flow from operating activities. The Company has two compensating controls that it
believes would have caused additional research into the accounting treatment of this item if
it would have been more significant. The initial compensating control is that the financial
statements are reviewed by the Company&#146;s Chief Financial Officer. Upon completion of this
review, the Audit Committee, executive management and the full Board of Directors along with
outside counsel participate in a review of the financial statements, questioning the
presentation of quantitatively significant and non-routine transactions. Changes to the
financial statements have occurred as a result of these reviews. The Company believes that
had the misstatement been material, these reviews would have identified this classification
error, mitigating the risk of a misstatement. As such, the Company has determined
this control exception in internal control over financial reporting to be a significant
deficiency and that disclosure controls and procedures continue to be in place and operating
effectively.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Notes to Condensed Consolidated Financial Statements</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>5. Segment Information, page 5</B></U>

</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>11.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>We note that your &#147;Towable Recreation Vehicles&#148; segment experienced significant
declines in operating performance for the first and second quarters of fiscal year 2009 &#151;
including the recognition of a loss for the three month period ended January&nbsp;31, 2009.
Furthermore, based upon your MD&#038;A disclosure, it appears that the entire &#147;towable
recreation vehicles&#148; industry has deteriorated significantly during the same reporting
periods. Given the adverse change in the business climate in which your</B></TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->Page 17<!-- /Folio -->
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&nbsp;</B></TD>
    <TD width="1%"><B>&nbsp;</B></TD>
    <TD><B>segment operates, as well as your segment&#146;s most recent operating performance, please tell
us when you last tested the long-lived assets assigned to the segment for recoverability
pursuant to SFAS 144. If an impairment test has been performed recently as a result of the
deterioration in the segment&#146;s business climate or operating performance, please summarize
the significant factors and assumptions used in your analysis and explain how you concluded
that the segment&#146;s assets were not impaired. Alternatively, if no impairment analysis has
been performed recently, please explain to us why you did not consider it necessary to do
so.</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company&#146;s Towable Recreation Vehicle (&#147;TRV&#148;) reporting segment has eight operating
segments, four of which (Keystone, Crossroads, Dutchmen and Breckenridge) are separately
determined to be reporting units with goodwill assigned in accordance with SFAS No.&nbsp;142,
<I>Goodwill and Other Intangible Assets</I>. The eight TRV operating segments operate independently
of each other and are considered separate asset groups by the Company with respect to
long-lived assets under SFAS No.&nbsp;144, <I>Accounting for the Impairment or Disposal of
Long-Lived Assets</I></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>During the first quarter ended October&nbsp;31, 2008 we concluded it was not necessary to perform
an impairment analysis related to long-lived assets in the TRV segment because we did not
experience within any of the underlying asset groups any of the events or changes in
circumstances, such as those detailed in paragraph 8 of SFAS No.&nbsp;144, that would trigger an
impairment analysis.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>During the second quarter ended January&nbsp;31, 2009, we continued to monitor for events or
changes in circumstances that would trigger an impairment analysis and concluded that due to
the deterioration during the second quarter ended January&nbsp;31, 2009 in the environment in
which the TRV segment operates, there was potentially an event and/or change in
circumstances that might cause us to consider the potential impairment of TRV&#146;s long-lived
assets in accordance with SFAS No.&nbsp;144. As a result, we considered the factors that would
more likely than not reduce each of TRV&#146;s operating segment&#146;s (asset groups) future
undiscounted cash flows below its net assets carrying amount. We considered the combination
of the difference between the operating segments&#146; future undiscounted cash flows and
carrying amounts of net assets at April&nbsp;30, 2008 and the operating results for the three
quarters subsequent to April&nbsp;30, 2008. At April&nbsp;30, 2008, Keystone&#146;s and Breckenridge&#146;s
future undiscounted cash flows were significantly in excess of their net assets carrying
amount based on projections developed for our annual goodwill impairment testing at that
time, and both operating segments (asset groups) had pre-tax profit for the two quarters
ended January&nbsp;31, 2009 (and had pre-tax profit since our last testing date of April&nbsp;30,
2008). Therefore, we concluded it was not necessary to test these operating segments&#146;
long-lived assets for impairment. However, we concluded that it was necessary to test for
recoverability the Crossroads and Dutchmen operating segments&#146; long-lived assets in
accordance with paragraph 29 of SFAS No.&nbsp;142 since these two reporting units were determined
to have triggering events requiring testing for impairment of goodwill in which case
impairment testing under</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->Page 18<!-- /Folio -->
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>SFAS 144 is required to be performed first. We assessed the Crossroads and Dutchmen
operating segments&#146; ability to recover the carrying amounts of their net assets from their
estimated future undiscounted cash flows and concluded that no impairment of their
long-lived assets occurred.</TD>
</TR>
<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We utilized the same data to estimate projected cash flows for both our goodwill and
long-lived asset impairment tests. The significant assumptions are detailed in our response
to Comment No. 12.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>12.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>We also note that the decline in the operating performance of your &#147;Towable Recreation
Vehicles&#148; segment since April&nbsp;30, 2008 has not resulted in an impairment charge against the
carrying values of the goodwill or trademarks assigned to the segment. In this regard,
please tell us whether you have tested the carrying values of the goodwill or trademarks
assigned to the &#147;Towable Recreation Vehicles&#148; segment for impairment subsequent to the
required annual impairment analysis completed as of April&nbsp;30, 2008 pursuant to SFAS 142. If
so, please tell us the timing of your most recent impairment analysis, the specific
reporting units to which the goodwill and trademarks have been assigned, the specific
reporting units at which the carrying values of the goodwill and trademarks were tested,
the significant factors and assumptions incorporated into your impairment analysis, and the
results of your test. If a significant portion of the segment&#146;s goodwill is assigned to
specific reporting units within the &#147;Towable Recreation Vehicles&#148; segment, or if any of the
goodwill is assigned to reporting units responsible for the significant decline in your
segment&#146;s operating performance, your response should describe, in detail, your projections
of revenue, gross profit, and pre-tax income for those reporting units &#151; including how
such estimates were derived. If you have already completed your annual impairment analysis
as of April&nbsp;30, 2009, please tell us the results of that analysis.</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>As indicated in our response to Comment No. 11 above, TRV reporting segment had four reporting
units with goodwill and indefinite-lived trademarks, our Keystone, Crossroads, Breckenridge,
and Dutchmen operating segments. These reporting units had goodwill and indefinite-lived
trademarks as illustrated in the table below:</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&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: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Goodwill</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Trademarks</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<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>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Keystone</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>$</TD>
    <TD align="right">120.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>$</TD>
    <TD align="right">7.0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Crossroads</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Breckenridge</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dutchmen</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.4</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 nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>143.8</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>10.2</B></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: 3px double #000000">&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>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->Page 19<!-- /Folio -->
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Each of the reporting units within our TRV segment was tested in conjunction with SFAS No.
142 at the annual impairment analysis performed as of April&nbsp;30, 2008. The results of these
tests indicated that no impairment of goodwill or other intangible assets had occurred in
the TRV segment.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In accordance with paragraph 28 of SFAS No.&nbsp;142 we monitored for events or changes in
circumstances that would more likely than not reduce the estimated fair value (EFV)&nbsp;of a
reporting unit below its carrying amount (CA)&nbsp;thereby necessitating a testing of goodwill
for impairment prior to our next annual test. We determined that no indicators of
impairment occurred in our quarter ended October&nbsp;31, 2008, for any of the four reporting
units in our TRV segment. In addition, we compared our market capitalization at October&nbsp;31,
2008 ($992,000) to our book value ($699,000) and concluded this was not an indicator
that goodwill of any of our reporting units should be tested for impairment.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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 and concluded there was an
event and change in circumstances that occurred during the quarter ended January&nbsp;31, 2009
within the TRV segment due to further deterioration of the TRV business climate that might
trigger the need to test goodwill prior to the next annual testing date. As a result, we
considered the factors that would more likely than not reduce the EFV of a reporting unit
below its CA. We considered the combination of the difference between the reporting units&#146;
EFVs and CAs at April&nbsp;30, 2008 and the operating results for the three quarters subsequent
to April&nbsp;30, 2008. At April&nbsp;30, 2008, Keystone&#146;s and Breckenridge&#146;s EFVs were in excess of
their CAs by a substantial amount, and both reporting units had pre-tax profit for the two
quarters ended January&nbsp;31, 2009 (and had pre-tax profit since our last testing date of April
30, 2008). Therefore, we concluded that it was not necessary to test these reporting units
for impairment. However, we concluded that it was necessary to perform Step 1 of the
goodwill impairment test for our Crossroads and Dutchmen reporting units. Since the second
quarter EFV measurements of the Crossroads and Dutchmen reporting units exceeded their CAs,
no further testing of goodwill for impairment (a step 2 test) was necessary.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>During the second quarter, the Company compared the EFV to the CA for the Crossroads and
Dutchmen reporting units. The Crossroads and Dutchmen reporting unit&#146;s EFV exceeded its CA
by a ratio of 2.1 and 1.1 times, respectively. EFVs were determined using discounted cash
flow models. Projections of revenue, gross profit and pre-tax income were incorporated into
the models.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The significant factors and assumptions incorporated into our second quarter interim
discounted cash flow models for the Crossroads and Dutchmen reporting units (&#147;the reporting
units&#148;) are detailed below:</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->Page 20<!-- /Folio -->
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<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Net sales incorporated the following assumptions:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>2009 net sales were based upon a combination of actual sales through
the second quarter and management&#146;s estimates for the remaining portion of the
year, using market knowledge and data provided by
&#147;Roadsigns.&#148; Roadsigns is
published quarterly by Dr.&nbsp;Richard Curtin of the University of Michigan.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>2010 through 2013 net sales were based upon the reporting units&#146; market
share of estimated industry TRV unit sales at average historical sales prices:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="16%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">i.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The reporting unit&#146;s 2009 market share was determined
by dividing Dutchmen and Crossroads estimated shipments by the total
estimated 2009 industry shipments estimated by Dr.&nbsp;Curtin and was estimated
to increase 0.25% per year.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="16%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">ii.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Estimated industry TRV unit sales were based upon 2009
data provided by Roadsigns increased by a 5% per year growth factor which
provides an estimated TRV market in 2013 of 55,306 fifth wheels and 125,440
travel trailers. Note that these estimated units for 2013 are below actual
units shipped in 2008. Actual 2008 and estimated 2009 industry unit sales
for fifth wheel and travel trailer units are as follows:</TD>
</TR>

</TABLE>
</DIV>
<DIV align="right">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="80%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <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: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">2008</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">2009</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">2013</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Actual</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Estimated</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Estimated</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fifth Wheels</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55,306</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Travel Trailers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">133,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">103,200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">125,440</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="16%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">iii.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Sales prices were assumed to increase by 3% per year<B>.</B>
However, if no sales price increases were realized, this would not change
the results.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Gross profits were expected to stay depressed the remainder of 2009 and
gradually return to historical levels in 2010 and beyond.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Annual operating expenses for 2009 were expected to be lower than 2008 due to
headcount reductions and reductions in commissions and management bonuses. Annual
operating expenses were expected to increase in 2010 and beyond commensurate with
anticipated increased sales volume.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The reporting units&#146; capital expenditures were expected to be minimal due to
their primary assets being buildings.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The discount rate used for the reporting units was 15%.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->Page 21<!-- /Folio -->
</DIV>

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

<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">6)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The residual capitalization rate used for the reporting units was 10% (15%
discount rate less the long term growth rate of 5%).</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The TRV operating segment that experienced the largest absolute dollar change in operating
results for the six months ended January&nbsp;31, 2009 compared to the prior year was Keystone.
The TRV segment experienced a decrease in pre-tax income of $78,000 for the six months ended
January&nbsp;31, 2009 when compared to the six months ended January&nbsp;31, 2008. Keystone was
responsible for the majority of this decrease.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The most significant portion of the TRV reporting segment&#146;s goodwill and trademarks were
assigned to the Keystone reporting unit. Keystone&#146;s goodwill was last tested for impairment
at April&nbsp;30, 2008.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>As of April&nbsp;30, 2009, the Company, with the assistance of an independent valuation
firm, performed  annual impairment analyses for the TRV reporting units. The results were
that the EFV exceeded the CA for all units as follows: Keystone- 2.4 times, Crossroads- 1.3
times, Breckenridge- 2.9 times and Dutchmen- 1.3 times.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Based on the results of our annual impairment tests for our TRV segment, we concluded that
no impairment had occurred as of April&nbsp;30, 2009 within our TRV segment. The significant
changes in assumptions that occurred since our analyses performed during our second quarter
were as follows:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We increased the discount rate from 15.0% to 16.5% due to uncertainty
in the business environment.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Estimated industry TRV unit sales were decreased for 2010 through 2013.
Estimated 2013 fifth wheels were 33,341 and travel trailers were 89,845, which
is approximately a 32% reduction from our projections in the second quarter.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>13.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>In view of the continuing decline in RV sales through the quarter ended April&nbsp;30, 2009
as indicated in the </B><B>Form 8-K</B><B> filed on May&nbsp;5, 2009, please explain to us your evaluation of
impairment regarding the Four Winds reporting unit pursuant to SFAS 142 and SFAS 144 as of
April&nbsp;30, 2009, including the basis for your conclusion. Tell us the significant factors
and assumptions used in the evaluation and why you believe such to be reasonable under the
circumstances.</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>At April&nbsp;30, 2009, the Company, with the assistance of an independent valuation firm,
performed an annual impairment test of Four Winds&#146; goodwill in accordance with SFAS No.&nbsp;142
and determined that the carrying amount of our Four Winds reporting unit exceeded its fair
value. In accordance with SFAS No.&nbsp;144 we first assessed Four Winds&#146; ability to recover the
carrying amount of its long-lived assets from its estimated future undiscounted cash flows
and concluded that the carrying amount of its long lived assets</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->Page 22<!-- /Folio -->
</DIV>

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

<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>was recoverable. This test was performed prior to the step 2 analysis performed in
conjunction with SFAS 142. We determined that no long-lived assets of the Four Winds asset
group were impaired.</TD>
</TR>
<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The results of step 2 of SFAS 142 indicated an implied fair value of Four Wind&#146;s goodwill of
zero. Therefore, we will record a goodwill impairment charge in the
amount of $9,717 in our
third quarter 10-Q to be filed on or before June&nbsp;9, 2009.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The goodwill impairment charge at our Four Winds reporting unit is largely the result of
continued deterioration of the motorized recreation vehicle segment as well as an increase
in the discount rate from 15.0% to 16.5% used to determine the present value of future cash
flows.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">* * *
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">In addition, we confirm that:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We are responsible for the adequacy and accuracy of the disclosure in our filings;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Please do not hesitate to contact the undersigned at (574)&nbsp;970-7422 with any questions or
comments regarding any of the foregoing.</TD>
</TR>

</TABLE>
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Very truly yours,<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>

<TD colspan="3" style="border-bottom: 1px solid #000000" align="left">/s/ Christian G. Farman
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Christian G. Farman&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->Page 23<!-- /Folio -->
</DIV>



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