Exhibit 99.1
FOR IMMEDIATE RELEASE: April 23, 2008
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CONTACT: |
Craig Wanichek |
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Director of Investor Relations |
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Monaco Coach Corporation |
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(541) 681-8029 |
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craig.wanichek@monacocoach.com |
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Monaco Coach Corporation Reports First Quarter Results
COBURG, OREGON – April 23, 2008 – Monaco Coach Corporation (NYSE: MNC), one of the nation’s leading manufacturers of recreational vehicles, today reported results for the first quarter ended March 29, 2008.
First quarter 2008 revenues were $252.4 million, compared to $322.2 million in revenues for the first quarter of 2007. First quarter 2008 gross profit was $15.8 million, compared to $36.0 million a year ago. Operating loss for the first quarter of 2008 was $12.8 million, compared to operating income of $3.6 million for the first quarter of 2007. Net loss for the first quarter of 2008 was $8.5 million, compared to $1.5 million net income a year ago. For the first quarter of 2008, diluted loss per share was $0.28 versus earnings per share of $0.05 for the same period last year.
“Plummeting consumer confidence, driving consumers to delay their purchases of new RVs, and a difficult consumer lending environment, directly impacted Monaco Coach Corporation’s first quarter results and sales industry-wide,” said Kay Toolson, Chairman and Chief Executive Officer. “In spite of the reduction in demand we experienced during the first quarter, we are pleased to report that our market share was up 8.5% for the first two months of 2008, the same period for which Statistical Surveys, Inc. reported the overall motorhome market was down 20.6%.”
“As we have proven during prior market downturns, we feel confident that we can make, and are making, the required changes to return the Company to profitability. In this regard, we have made good progress in several areas in recent quarters. These improvements were overshadowed by the lower-than-expected sales volume that has affected our entire industry during the first quarter and by several expense categories that were higher than expected, including discounts, benefit costs, warranty and settlement,” added Toolson.
“We are committed to adjusting our business in order to operate profitably under today’s market conditions. This will require changes such as a further reduction in production output, which has been ongoing, as well as reductions in our personnel across the Company. We will also continue to drive down manufacturing costs through purchasing initiatives and projects designed to further improve our manufacturing plant utilization rates. Looking forward we believe that the changes we are making are prudent and necessary, will make our Company stronger and position us to react quickly when the market improves.”
“We have always maintained that the RV business is product driven, and we have always worked very hard to be on the leading edge of new product offerings. This year will be no different,” Toolson noted. “Our product development pipeline is strong and includes a Class C unit built on the Sprinter chassis, which will be ready for our dealer meeting in June, a Super-C model that will be available in the fall and additional models under development. We remain aggressive in pursuing innovative, fuel-efficient, less expensive new models that will primarily be incremental business. Changes introduced across the 2009 model line-up, we believe, will help us continue market share gains.”
Gross profit margin for the Company decreased in the first quarter of 2008 to 6.3% of sales, compared to 11.2% in the first quarter of 2007. John Nepute, President of Monaco Coach Corporation, stated, “The changes we made to our business model in 2007 had us well positioned for a flat or modestly declining 2008 market. However, it now appears likely that the Class A market decline will be more significant than originally anticipated, and Class A retail sales are expected to decline for the fourth straight year.”
“When the normal first quarter pick-up in demand did not occur, we responded by reducing our levels of production which influenced our ability to absorb indirect costs. In addition, we also saw higher costs related to product mix, health care costs and warranty expenses during the quarter. Due to the hard work of our operational team, we were successful at managing the direct labor costs at our plants. Notwithstanding the lower volumes, our production lines are running very efficiently, and our model-change process is on track.”
Nepute concluded, “We were encouraged by the level of units we were able to sell during the quarter, in spite of the market, although the level of discounting was higher than forecasted. Finished goods inventory grew modestly compared to the end of the year. We anticipate the adjustment in our production levels will result in a greater backlog which will help reduce the level of discounting going forward. The Company will also continue to work with our dealer partners to provide targeted retail promotions that will attract customers to their lots and help stimulate both our motorized and towable unit sales.”
For the first quarter of 2008, selling, general and administrative expenses were $28.6 million, down 11.5% compared to $32.4 million for the first quarter of 2007. Marty Daley, Chief Financial Officer, stated, “We are pleased that overall selling, general and administrative expenses were down this quarter compared to the first quarter last year. The reduction was the result of a decline in the amount paid out under our franchise program, an elimination of management bonus accrual and declining miscellaneous expenses, partially offset by increases in settlement and personnel costs. We will implement cost savings measures in the second quarter that will generate additional reductions in selling, general and administrative expenses.”
Daley continued, “At the end of the quarter, our line of credit balance was $31.6 million and cash balance was $8.1 million. Our balance sheet remains solid and provides the Company with the flexibility to adjust and weather this type of market.”
Motorized Recreational Vehicle Segment
Motorized sales in the first quarter of 2008 decreased 20.7% from $245.5 million in the first quarter of 2007 to $194.7 million. The overall mix shifted to lower priced Class A gas and Class C models, and unit sales for these two classes were up 32.3% and 10.0%, respectively. The segment gross profit for the first quarter of 2008 was $11.8 million, compared to $26.5 million for the first quarter of 2007. The operating loss for the period was $8.6 million.
Unit sales of the Motorized RV Segment for the quarter totaled 1,200, down 17.8% from 1,460 units for the prior year period. Class A diesel units shipped were 773 versus 1,112, while Class A gas units shipped increased to 262 versus 198, and Class C units shipped were 165 versus 150.
Towable Recreational Vehicle Segment
The Company reported towable sales of $55.2 million for the first quarter of 2008, compared to sales of $69.5 million for the first quarter of 2007. Travel trailer and fifth-wheel registrations for the overall market, according to Statistical Surveys, Inc., reported a year-to-date decline of 8.7% through February 2008.
Gross margin for the first quarter of 2008 was $2.7 million, or 5.0% of sales, compared to $4.7 million, or 6.8% of sales for the first quarter of 2007. Lower gross margin was the result of discounting, sales volumes, and higher labor and warranty expenses partially offset by a reduction in material costs. Selling, general and administrative expenses including corporate overhead were $6.2 million, compared to $6.4 million for the first quarter of 2007. Operating loss was $3.5 million for the first quarter of 2008, compared to $1.6 million for the first quarter of last year.
For the first quarter of 2008, towable unit sales were 3,643 units, down from 4,289 units for the same period a year ago.
Motorhome Resorts Segment
Resort sales for the first quarter of 2008 were $2.4 million, down from $7.2 million in the first quarter of 2007. The reduction in lots sales was the result of limited available inventory for sale and the lackluster real estate markets. In the first quarter of 2008, the Company sold 11 lots. Currently 51 lots are available for sale in Indio, California and Las Vegas, Nevada. Operating loss for the segment was $747,000.
The Company has purchased additional land in Bay Harbor, Michigan, and this resort will consist of approximately 130 lots, which should be available for sale in the third quarter of 2008. The Naples, Florida resort has encountered some project delays and should have lots available for sale late in the third quarter. The La Quinta, California development has also been delayed.
2008 Business Outlook
“Forcasting motorized sales is extremely difficult in this time of economic uncertainty and therefore we expect that the motorized market will continue to be challenging in terms of wholesale demand during the coming months. On the towable side of the business there has been some improvement in our towable orders and it appears we have reached a production level which now matches demand,” said Daley. “Given these market drivers, and with the additional cost savings initiatives that we are beginning to implement, we anticipate reducing our loss to between $0.15 and $0.20 per share in the second quarter.”
Conference Call to be Held
Monaco Coach Corporation will conduct a conference call in conjunction with this news release at 2:00 p.m. Eastern Time, Wednesday, April 23, 2008. Members of the news media, investors, and the general public are invited to access a live broadcast of the conference call via the Investor Relations page of the Company’s website at www.monaco-online.com. The event will be archived and available for replay for the next 90 days.
About Monaco Coach Corporation
Monaco Coach Corporation, a leading national manufacturer of motorized and towable recreational vehicles, is ranked as the number one producer of diesel-powered motorhomes. Dedicated to quality and service, Monaco Coach is a leader in innovative RVs designed to meet the needs of a broad range of customers with varied interests and offers products that appeal to RVers across generations.
Headquartered in Coburg, Oregon, with substantial manufacturing facilities in Indiana, the Company offers a variety of RVs, from entry-level priced towables to custom-made luxury models under the Monaco, Holiday Rambler, Safari, Beaver, McKenzie, R-Vision and Dodge brand names. The Company maintains RV service centers in Harrisburg, Oregon, Elkhart, Indiana and Wildwood, Florida and operates motorhome-only resorts in California, Florida, Nevada and Michigan.
Monaco Coach Corporation trades on the New York Stock Exchange under the symbol “MNC,” and the Company is included in the S&P Small-Cap 600 stock index. For additional information about Monaco Coach Corporation, please visit www.monaco-online.com or www.trail-lite.com.
The statements above regarding the Company’s belief that it can make the required changes to return to profitability, its expectations of further cost reductions in the second quarter, the expected timing and number of resort lots available for sale, the “2008 Business Outlook” section regarding anticipated results for the second quarter, expected capital expenditures and tax rate for 2008 are forward-looking statements subject to various risks and uncertainties that could cause actual results to differ materially from these statements, including the Company’s inability to make timely and sufficient cost reductions, continued declines in the wholesale and retail markets for recreational vehicles, consumers’ preference for certain models and resort lots, delays in obtaining required regulatory approvals for lot sales, a decline in consumer confidence, an increase in interest rates affecting retail and wholesale financing, continued increases in the price of fuel or its availability, inability to make planned capital expenditures, tax rate changes or treatments and a downturn in the equity markets. Please refer to the Company’s SEC reports for additional risks and uncertainties, including but not limited to the most recent Form 10-Q, the annual report on Form 10-K for 2007, and the 2007 Annual Report to Shareholders for additional factors. These filings can be accessed over the Internet at http://www.sec.gov.
(Tables to follow)
MONACO
COACH CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands of dollars, except share and per share data)
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December 29, |
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March 29, |
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(unaudited) |
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ASSETS |
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Current assets: |
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Cash |
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$ |
6,282 |
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$ |
8,081 |
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Trade receivables, net |
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88,170 |
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72,570 |
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Inventories, net |
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158,236 |
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161,191 |
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Resort lot inventory |
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8,838 |
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17,010 |
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Prepaid expenses |
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5,142 |
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4,336 |
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Income taxes receivable |
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0 |
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5,018 |
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Debt issuance costs, net |
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0 |
|
423 |
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Deferred income taxes |
|
37,608 |
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36,446 |
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Total current assets |
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304,276 |
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305,075 |
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Property, plant, and equipment, net |
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144,291 |
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141,368 |
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Land held for development |
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24,321 |
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19,136 |
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Investment in joint venture |
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4,059 |
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4,184 |
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Debt issuance costs, net |
|
498 |
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0 |
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Goodwill |
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86,323 |
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86,323 |
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Total assets |
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$ |
563,768 |
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$ |
556,086 |
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LIABILITIES |
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Current liabilities: |
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Book overdraft |
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$ |
1,601 |
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$ |
2,402 |
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Current portion of long-term debt |
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5,714 |
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27,643 |
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Line of credit |
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0 |
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31,592 |
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Income taxes payable |
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3,726 |
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0 |
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Accounts payable |
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82,833 |
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68,405 |
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Product liability reserve |
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14,625 |
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15,489 |
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Product warranty reserve |
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35,171 |
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34,252 |
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Accrued expenses and other liabilities |
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48,609 |
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38,915 |
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Total current liabilities |
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192,279 |
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218,698 |
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Long-term debt, less current portion |
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23,357 |
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0 |
|
||
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Deferred income taxes |
|
21,506 |
|
21,556 |
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Deferred revenue |
|
683 |
|
633 |
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Total liabilities |
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237,825 |
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240,887 |
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STOCKHOLDERS’ EQUITY |
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Preferred stock, $.01 par value; 1,934,783 shares authorized, no shares outstanding |
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Common stock, $.01 par value; 50,000,000 shares authorized, 29,989,534 and 29,814,141 issued and outstanding, respectively |
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300 |
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298 |
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Additional paid-in capital |
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69,514 |
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71,112 |
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Retained earnings |
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256,129 |
|
243,789 |
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Total stockholders’ equity |
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325,943 |
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315,199 |
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||
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|
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|
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Total liabilities and stockholders’ equity |
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$ |
563,768 |
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$ |
556,086 |
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MONACO
COACH CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited: in thousands of
dollars, except share and per share data)
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Quarter Ended |
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March 31, |
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March 29, |
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Net sales |
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$ |
322,244 |
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$ |
252,377 |
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Cost of sales |
|
286,248 |
|
236,571 |
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||
|
Gross profit |
|
35,996 |
|
15,806 |
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||
|
|
|
|
|
|
|
||
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Selling, general, and administrative expenses |
|
32,358 |
|
28,636 |
|
||
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Operating income (loss) |
|
3,638 |
|
(12,830 |
) |
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|
|
|
|
|
|
|
||
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Other income, net |
|
113 |
|
87 |
|
||
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Interest expense |
|
(967 |
) |
(725 |
) |
||
|
Income (loss) from investment in joint venture |
|
(278 |
) |
126 |
|
||
|
Income (loss) before income taxes |
|
2,506 |
|
(13,342 |
) |
||
|
|
|
|
|
|
|
||
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Provision for (benefit from) income taxes |
|
1,007 |
|
(4,885 |
) |
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Net income (loss) |
|
$ |
1,499 |
|
$ |
(8,457 |
) |
|
|
|
|
|
|
|
||
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Earnings (loss) per common share: |
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|
|
|
|
||
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Basic |
|
$ |
0.05 |
|
$ |
(0.28 |
) |
|
Diluted |
|
$ |
0.05 |
|
$ |
(0.28 |
) |
|
|
|
|
|
|
|
||
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Weighted-average common shares outstanding: |
|
|
|
|
|
||
|
Basic |
|
29,829,697 |
|
29,746,479 |
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||
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Diluted |
|
30,405,671 |
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30,127,263 |
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MONACO
COACH CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited: in thousands of dollars)
|
|
|
Quarter Ended |
|
||||
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|
|
March 31, |
|
March 29, |
|
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Increase (Decrease) in Cash: |
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|
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|
|
|
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|
|
||
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Cash flows from operating activities: |
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|
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|
||
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Net income |
|
$ |
1,499 |
|
$ |
(8,457 |
) |
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Adjustments to reconcile net income to net cash provided by (used in) operating activities: |
|
|
|
|
|
||
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Loss (gain) on sale of assets |
|
(113 |
) |
164 |
|
||
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Depreciation and amortization |
|
3,537 |
|
3,457 |
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||
|
Deferred income taxes |
|
(2,223 |
) |
1,212 |
|
||
|
Stock-based compensation expense |
|
1,826 |
|
2,098 |
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||
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Net income from equity investment |
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0 |
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(126 |
) |
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Changes in working capital accounts: |
|
|
|
|
|
||
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Trade receivables, net |
|
(6,811 |
) |
15,600 |
|
||
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Inventories |
|
(2,134 |
) |
(2,955 |
) |
||
|
Resort lot inventory |
|
1,214 |
|
(150 |
) |
||
|
Prepaid expenses |
|
361 |
|
806 |
|
||
|
Land held for development |
|
0 |
|
(2,836 |
) |
||
|
Accounts payable |
|
35,345 |
|
(14,428 |
) |
||
|
Product liability reserve |
|
745 |
|
864 |
|
||
|
Product warranty reserve |
|
743 |
|
(919 |
) |
||
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Income taxes receivable |
|
9,458 |
|
(8,744 |
) |
||
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Accrued expenses and other liabilities |
|
3,019 |
|
(9,702 |
) |
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Deferred revenue |
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(50 |
) |
(50 |
) |
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Discontinued operations |
|
(10 |
) |
0 |
|
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Net cash provided by (used in) operating activities |
|
46,406 |
|
(24,166 |
) |
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|
|
|
|
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Cash flows from investing activities: |
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|
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|
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||
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Additions to property, plant, and equipment |
|
(1,770 |
) |
(637 |
) |
||
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Investment in joint venture |
|
(88 |
) |
0 |
|
||
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Proceeds from sale of assets |
|
505 |
|
11 |
|
||
|
Net cash used in investing activities |
|
(1,353 |
) |
(626 |
) |
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|
|
|
|
|
|
|
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Cash flows from financing activities: |
|
|
|
|
|
||
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Book overdraft |
|
(16,626 |
) |
801 |
|
||
|
Advance (payments) on lines of credit, net |
|
(2,036 |
) |
31,592 |
|
||
|
Payments on long-term notes payable |
|
(1,428 |
) |
(1,428 |
) |
||
|
Debt issuance costs |
|
(193 |
) |
(8 |
) |
||
|
Dividends paid |
|
(1,791 |
) |
(1,810 |
) |
||
|
Issuance of common stock |
|
927 |
|
625 |
|
||
|
Repurchase of common stock |
|
0 |
|
(2,829 |
) |
||
|
Tax effect of stock-based award activity |
|
136 |
|
(352 |
) |
||
|
Net cash provided by (used in) financing activities |
|
(21,011 |
) |
26,591 |
|
||
|
|
|
|
|
|
|
||
|
Net change in cash |
|
24,042 |
|
1,799 |
|
||
|
Cash at beginning of period |
|
4,984 |
|
6,282 |
|
||
|
|
|
|
|
|
|
||
|
Cash at end of period |
|
$ |
29,026 |
|
$ |
8,081 |
|
Monaco Coach Corporation
Segment Reporting
(Unaudited: in thousands of dollars, except average gross wholesale price)
Results of Consolidated Operations
|
|
|
Quarter |
|
% of |
|
Quarter |
|
% of |
|
||
|
Net sales |
|
$ |
322,244 |
|
100.00 |
% |
$ |
252,377 |
|
100.00 |
% |
|
Cost of sales |
|
286,248 |
|
88.83 |
% |
236,571 |
|
93.74 |
% |
||
|
Gross profit |
|
35,996 |
|
11.17 |
% |
15,806 |
|
6.26 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
||
|
Selling, general and administrative expenses |
|
32,358 |
|
10.04 |
% |
28,636 |
|
11.35 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
||
|
Operating income (loss) |
|
3,638 |
|
1.13 |
% |
(12,830 |
) |
-5.08 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
||
|
Other income and interest expense |
|
1,132 |
|
0.35 |
% |
512 |
|
0.20 |
% |
||
|
Income (loss) before income taxes |
|
2,506 |
|
0.78 |
% |
(13,342 |
) |
-5.29 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
||
|
Income tax provision (benefit) |
|
1,007 |
|
0.31 |
% |
(4,885 |
) |
-1.94 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
||
|
Net income (loss) |
|
$ |
1,499 |
|
0.47 |
% |
$ |
(8,457 |
) |
-3.35 |
% |
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
||
|
Depreciation and amortization |
|
$ |
3,537 |
|
|
|
$ |
3,457 |
|
|
|
|
Capital expenditures |
|
$ |
1,770 |
|
|
|
$ |
637 |
|
|
|
|
Raw materials inventory |
|
$ |
76,722 |
|
|
|
$ |
71,346 |
|
|
|
|
WIP inventory |
|
$ |
53,364 |
|
|
|
$ |
54,364 |
|
|
|
|
Finished goods inventory |
|
$ |
23,859 |
|
|
|
$ |
35,481 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Total capital expenditures for 2008 are expected to be $7 to $8 million. |
|
|
|
|
|
|
|
|
|
||
|
Tax rate for 2008 is expected to be between 36% and 38%. |
|
|
|
|
|
|
|
|
|
||
Motorized Recreational Vehicle Segment
|
|
|
Quarter |
|
% of |
|
Quarter |
|
% of |
|
||
|
Net sales |
|
$ |
245,548 |
|
100.00 |
% |
$ |
194,737 |
|
100.00 |
% |
|
Cost of sales |
|
219,061 |
|
89.21 |
% |
182,914 |
|
93.93 |
% |
||
|
Gross profit |
|
26,487 |
|
10.79 |
% |
11,823 |
|
6.07 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
||
|
Selling, general and administrative expenses and corporate overhead |
|
23,155 |
|
9.43 |
% |
20,443 |
|
10.50 |
% |
||
|
Operating income (loss) |
|
$ |
3,332 |
|
1.36 |
% |
$ |
(8,620 |
) |
-4.43 |
% |
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
||
|
Units Sold |
|
|
|
|
|
|
|
|
|
||
|
Class A Diesel |
|
1,112 |
|
|
|
773 |
|
|
|
||
|
Class A Gas |
|
198 |
|
|
|
262 |
|
|
|
||
|
Class C |
|
150 |
|
|
|
165 |
|
|
|
||
|
Total |
|
1,460 |
|
|
|
1,200 |
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
||
|
Average Gross Wholesale Price |
|
|
|
|
|
|
|
|
|
||
|
Class A Diesel |
|
$ |
198,780 |
|
|
|
$ |
211,495 |
|
|
|
|
Class A Gas |
|
$ |
78,662 |
|
|
|
$ |
82,286 |
|
|
|
|
Class C |
|
$ |
53,040 |
|
|
|
$ |
58,067 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Internal Retail Registrations |
|
|
|
|
|
|
|
|
|
||
|
Class A Diesel |
|
1,076 |
|
|
|
775 |
|
|
|
||
|
Class A Gas |
|
262 |
|
|
|
215 |
|
|
|
||
|
Class C |
|
73 |
|
|
|
101 |
|
|
|
||
|
Total |
|
1,411 |
|
|
|
1,091 |
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
||
|
Additional Information* |
|
|
|
|
|
|
|
|
|
||
|
Backlog units |
|
|
|
|
|
459 |
|
|
|
||
|
Backlog value |
|
|
|
|
|
$ |
65,760 |
|
|
|
|
|
Dealer inventory (units) |
|
|
|
|
|
3,545 |
|
|
|
||
|
Number of production lines |
|
|
|
|
|
5 |
|
|
|
||
|
Capacity utilization |
|
|
|
|
|
57 |
% |
|
|
||
|
Number of independent distribution points ** |
|
|
|
|
|
348 |
|
|
|
||
* As of 3/29/2008
** Includes Canadian Dealers
Towable Recreational Vehicle Segment
|
|
|
Quarter |
|
% of |
|
Quarter |
|
% of |
|
||
|
Net sales |
|
$ |
69,480 |
|
100.00 |
% |
$ |
55,208 |
|
100.00 |
% |
|
Cost of sales |
|
64,753 |
|
93.20 |
% |
52,471 |
|
95.04 |
% |
||
|
Gross profit |
|
4,727 |
|
6.80 |
% |
2,737 |
|
4.96 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
||
|
Selling, general and administrative expenses and corporate overhead |
|
6,372 |
|
9.17 |
% |
6,200 |
|
11.23 |
% |
||
|
Operating loss |
|
$ |
(1,645 |
) |
-2.37 |
% |
$ |
(3,463 |
) |
-6.27 |
% |
|
|
|
|
|
|
|
|
|
|
|
||
|
Units Sold |
|
|
|
|
|
|
|
|
|
||
|
Travel trailer and fifth-wheel |
|
3,259 |
|
|
|
2,689 |
|
|
|
||
|
Specialty trailer |
|
1,030 |
|
|
|
954 |
|
|
|
||
|
Total |
|
4,289 |
|
|
|
3,643 |
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
||
|
Average Gross Wholesale Price |
|
|
|
|
|
|
|
|
|
||
|
Travel trailer and fifth-wheel |
|
$ |
20,535 |
|
|
|
$ |
19,391 |
|
|
|
|
Specialty trailer |
|
$ |
8,953 |
|
|
|
$ |
10,546 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Additional Information: Travel Trailer and Fifth-Wheel* |
|
|
|
|
|
|
|
|
|
||
|
Backlog units |
|
|
|
|
|
1,440 |
|
|
|
||
|
Backlog value |
|
|
|
|
|
$ |
26,928 |
|
|
|
|
|
Number of production lines |
|
|
|
|
|
7 |
|
|
|
||
|
Capacity utilization |
|
|
|
|
|
43 |
% |
|
|
||
|
Number of independent distribution points |
|
|
|
|
|
602 |
|
|
|
||
* As of 3/29/2008
Motorhome Resorts Segment
|
|
|
Quarter |
|
% of |
|
Quarter |
|
% of |
|
||
|
Net sales |
|
$ |
7,216 |
|
100.00 |
% |
$ |
2,432 |
|
100.00 |
% |
|
Cost of sales |
|
2,434 |
|
33.73 |
% |
1,186 |
|
48.77 |
% |
||
|
Gross profit |
|
4,782 |
|
66.27 |
% |
1,246 |
|
51.23 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
||
|
Selling, general and administrative expenses and corporate overhead |
|
2,831 |
|
39.23 |
% |
1,993 |
|
81.95 |
% |
||
|
Operating income (loss) |
|
$ |
1,951 |
|
27.04 |
% |
$ |
(747 |
) |
-30.72 |
% |
|
|
|
|
|
|
|
|
|
|
|
||
|
Lots sold in period |
|
29 |
|
|
|
11 |
|
|
|
||
|
Unsold developed lots |
|
89 |
|
|
|
51 |
|
|
|
||
|
Project-to-date lots sold |
|
718 |
|
|
|
756 |
|
|
|
||
|
Lots with deposits |
|
19 |
|
|
|
1 |
|
|
|
||
Resort Locations:
Las Vegas, NV
Total lots in resort are 407, all of which have been developed.
Indio, CA
Total lots in resort are 400, all of which have been developed.
La Quinta, CA
Total expected lots in resort are 400, timeline to be established.
Naples, FL
Total expected lots in resort are 184, some of which will be available to sell third quarter of 2008.
Bay Harbor, MI
Total expected lots in resort are 130, some of which will be available to sell third quarter of 2008.