Invites You to Join Its
Third Quarter Conference Call on the Web
COBURG, Ore., October 14, 2002 -- In conjunction
with its third quarter earnings release, Monaco Coach Corporation
(NYSE:MNC) invites you to listen to its conference call broadcast
live over the Internet at 1:00 p.m. Eastern Time on Monday, October
21, 2002.
What: Monaco Coach Corporation Conference Call
When: Monday, October 21, 2002 at 1:00 p.m. Eastern Time
Where: http://www.monaco-online.com
How: Live over the Internet -- Simply log on to the web at the
address above
Contact: Mike Duncan, Investor Relations, 541-686-8011, or email
mduncan@monacohr.com
Headquartered in Coburg, Oregon, with additional manufacturing
facilities in Indiana, Monaco Coach Corporation is one of the nation's
leading manufacturers of recreational vehicles. The company offers
customers luxury recreational vehicle models under the Monaco, Holiday
Rambler, Safari, Beaver, McKenzie and Royale Coach brand names.
If you are unable to participate during the live webcast, the
call will be archived on the web site. To access the replay, click
on http://www.monaco-online.com .
Minimum Requirements to listen to broadcast: The Windows Media
Player software downloadable free from: http://www.microsoft.com/windows/windowsmedia/EN/default.asp
, and at least a 28.8 Kbps connection to the Internet. Or: The RealPlayer
software, downloadable free from: www.real.com/products/player/index.html
, and at least a 14.4Kbps connection to the Internet. If you experience
problems listening to the broadcast, send an email to Webcastsupport@tfprn.com
.)
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Reports Sharply Higher
Second Quarter Revenue and Earnings
COBURG, Ore., July 25, 2002 -- Monaco Coach Corporation
(NYSE:MNC) today reported revenue and earnings for its second quarter
ended June 29, 2002. Second quarter earnings per share increased
approximately 95% to 37 cents, versus 19 cents for the same period
a year ago. Second quarter revenue increased over 40% to $313.7
million, versus $223.4 million for the same period a year ago. Net
income for the second quarter increased approximately 100% to $11.0
million, versus $5.5 million for the same period a year ago. Operating
income for the second quarter increased approximately 103% to $18.7
million, versus $9.2 million for the same period a year ago. Second
quarter unit sales of Monaco Coach Corporation products increased
by 25% to 2,996 units, up from 2,395 for the same period a year
ago. Second quarter motorhome sales totaled 2,095 units and second
quarter towable recreational vehicles totaled 901 units.
For the six months ended June 29, 2002, earnings per share were
70 cents on revenue of $607.3 million, versus 37 cents on revenue
of $434.7 million for the same period a year ago. Net income for
the six months ended June 29, 2002 was $20.6 million, versus $10.7
million for the same period a year ago. Operating income for the
six months ended June 29, 2002 was $35.3 million, versus $18.2 million
for the same period a year ago. Unit sales of Monaco Coach Corporation
products for the six months ended June 29, 2002 totaled 5,688 units,
up from 4,691 for the same period a year ago. Six-month motorhome
sales totaled 4,018 units and six-month towable recreational vehicles
totaled 1,670 units.
"While economic conditions remain challenging, we're pleased to
report strong sales and solid financial results," stated Kay L.
Toolson, Monaco Coach Corporation Chairman and Chief Executive Officer.
"We recently held our annual retail dealer meeting, where we debuted
our 2003 models. The dealers at the meeting were enthusiastic about
the market in general and our new products, and they responded with
a record number of orders. We're confident that by continuing to
focus on product development, by building strong dealer relationships,
and by working together with them to meet our customers' needs,
we will successfully take advantage of opportunities in the market."
Monaco Coach Corporation President John Nepute commented, "The
integration of Safari and Beaver is progressing well, and we continued
to increase production rates for each of our brands during the quarter.
The 2003 model change was our first since the SMC acquisition, and
in addition to thoroughly updating all of our existing lines, we
introduced several key new products in important market segments.
Based on comments and orders from our retail dealers, we're very
excited about the potential of the 2003 model year."
According to Monaco Coach Corporation Vice President and Chief
Financial Officer Marty Daley, "Despite the challenges that generally
accompany our annual model change activities, we were able to increase
our gross margin to 13.1% of sales during the quarter. We should
continue to realize plant efficiencies during the third and fourth
quarters that will allow us to build on this margin improvement.
This progress is consistent with our expectations and we remain
confident that we are on target to meet our fiscal year goals."
Headquartered in Coburg, Oregon, with additional manufacturing
facilities in Indiana, Monaco Coach Corporation is one of the nation's
leading manufacturers of recreational vehicles. The company offers
customers luxury recreational vehicle models under the Monaco, Holiday
Rambler, Safari, Beaver, McKenzie and Royale Coach brand names.
The statements above regarding the Company's ability to take advantage
of market opportunities, the impact of the Company's 2003 product
line and new model introductions, expected improvement to, and recovery
of, the Company's gross margins, and the Company's ability to meet
its fiscal year goals are forward-looking statements based on current
information and expectations and involve a number of risks and uncertainties.
A number of factors could cause actual results to differ materially
from these statements, including slower than anticipated sales of
new and existing products, a general slowdown in the economy, new
product introductions by competitors, an inability to realize additional
production facility efficiencies, an inability to increase production
to meet demand due to a tight labor market, the loss of dealers
or a deterioration in the relationships with our dealers, problems
associated with the integration of the Safari and Beaver product
lines, or other factors. Please refer to the Company's SEC reports,
including but not limited to the most recent Form 10-Q, the annual
report on Form 10-K for 2001, and the 2001 Annual Report to Shareholders
for additional factors.
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Announces an Agreement
in Principle With Outdoor Resorts of America
COBURG, Ore., July 24, 2002 -- Monaco Coach Corporation
(NYSE:MNC) and Outdoor Resorts of America (ORA) have reached an
agreement in principle in which Monaco Coach Corporation (Monaco)
will purchase the assets of ORA's luxury motorcoach resort properties
under development in Las Vegas, Nevada, Indio, California, and Naples,
Florida. Monaco is currently lending $8.2 million on the three projects
and co-guaranteeing $10 million in bank debt on the Las Vegas project.
As consideration for these assets, Monaco will assume the current
debt and liabilities of the projects of approximately $30 million,
including the $8.2 million note payable to Monaco and the $10 million
co-guaranteed debt. The transaction is subject to execution of a
definitive agreement.
At the Las Vegas and Indio locations, the first phase of development
is complete. Through a management agreement with Monaco, ORA will
continue to concentrate on development, site management, and lot
sales of these resorts. At the Naples location, phase one construction
has not yet started. Monaco is currently evaluating sale of this
property, however, development of this resort is still under consideration.
"We firmly believe in the need for upscale resorts to provide
lifestyle destinations for our growing group of recreational vehicle
enthusiasts," stated Monaco Coach Corporation President John Nepute.
"Our initial loan provided ORA with the resources to expand into
these attractive locations. The primary change in our relationship
with ORA is that we now become the owner of the real estate, rather
than a lender on the projects. This relieves ORA of the debt pressure
associated with the land and will allow them to continue their focus
on development and lot sales. We believe the value of the developed
resorts will offset our initial loan and provide the potential for
increased returns beyond the scope of the original loan."
"We're approaching the future development of these locations one
step at a time," stated Monaco Coach Corporation Vice President
and Chief Financial Officer Marty Daley. "Initially, proceeds from
lot sales will be used to pay down debt. ORA will receive management
fees and will be entitled to receive a share of profits generated
from lot sales once all of the developed lots are sold and debts
are satisfied."
Headquartered in Coburg, Oregon, with additional manufacturing
facilities in Indiana, Monaco Coach Corporation is one of the nation's
leading manufacturers of recreational vehicles. The company offers
customers luxury recreational vehicle models under the Monaco, Holiday
Rambler, Safari, Beaver, McKenzie and Royale Coach brand names.
The statements above regarding the profit potential for the ORA
projects are forward-looking statements and are subject to a number
of risks and uncertainties. A number of factors could cause actual
results to differ materially from these statements, including insufficient
demand for the lots, adverse economic conditions, increased interest
rates and difficulties encountered in developing the lots.
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Invites You to Join Its
Second Quarter Conference Call on the Web
COBURG, Ore., July 15, 2002 -- In conjunction with
its second quarter earnings release, Monaco Coach Corporation (NYSE:MNC)
invites you to listen to its conference call broadcast live over
the Internet at 11 A.M. Pacific Time on Thursday, July 25, 2002.
What: Monaco Coach Corporation Second Quarter Earnings Release
Conference Call
When: Thursday, July 25, 2002 at 11:00 A.M. Pacific Time
Where: http://www.monaco-online.com
How: Live over the Internet -- Simply log on to the web at the
address above
Contact: Mike Duncan, Investor Relations, 541-686-8011, or email
mduncan@monacohr.com
Headquartered in Coburg, Oregon, with additional manufacturing
facilities in Indiana, Monaco Coach Corporation is one of the nation's
leading manufacturers of recreational vehicles. The company offers
customers luxury recreational vehicle models under the Monaco, Holiday
Rambler, Safari, Beaver, McKenzie and Royale Coach brand names.
If you are unable to participate during the live webcast, the
call will be archived on the web site. To access the replay, click
on http://www.monaco-online.com .
Minimum Requirements to listen to broadcast: The RealPlayer software,
downloadable free from www.real.com/products/player/index.html ,
and at least a 14.4Kbps connection to the Internet. If you experience
problems listening to the broadcast, send an email to webmaster@vdat.com.
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Reports First Quarter
2002 Results
COBURG, Ore., April 25, 2002 -- Monaco Coach Corporation
(NYSE:MNC) today reported revenue and earnings for its first quarter
ended March 30, 2002. First quarter earnings per share were 33 cents
on revenue of $293.6 million, versus 18 cents on revenue of $211.2
for the same period a year ago. Net income for the first quarter
was $9.7 million, versus $5.2 million for the same period a year
ago. Operating income for the first quarter was $16.6 million, versus
$9.1 million for the same period a year ago. First quarter unit
sales of Monaco Coach Corporation products totaled 2,692 units,
up from 2,296 for the same period a year ago. First quarter motorhome
sales totaled 1,923 units and first quarter towable recreational
vehicles totaled 769 units.
"Both our wholesale and retail markets showed improvement in the
first quarter," stated Kay L. Toolson, Monaco Coach Corporation
Chairman and Chief Executive Officer. "Industry-wide retail demand
increased during the first two months of 2002. We recently attended
the Family Motor Coach Association (FMCA) Winter Convention in Perry,
Georgia, where both show attendance and our retail sales were at
record levels."
Toolson added, "Our dealers are positioned well in terms of inventory
and growing retail demand. They have responded with increased product
orders and our order backlog remains strong."
Monaco Coach Corporation President John Nepute commented, "The
improved sales climate has contributed to progress we are making
with our recently acquired Safari and Beaver brands. We've been
successful in signing new dealers to represent the brands and we're
focused on providing all of our dealers with competitive, high-quality
products. Post-acquisition efforts within our plants to consolidate
production and increase efficiency continue, and we're making good
progress towards this integration."
According to Monaco Coach Corporation Vice President and Chief
Financial Officer Marty Daley, "The integration steps that John
referred to resulted in further pressure on our gross margins, although
we did increase first quarter gross margins to 12.9%, up from 12.1%
in the fourth quarter of 2001. Consolidation activities, combined
with our annual model change activities, will result in gross margin
pressure into the second quarter, but we expect to see improvement
in our margins throughout the year. Our unit sales and revenues
continue to set new highs and we are responding to higher demand
by gradually increasing our production rates. These higher run rates
should allow us to enjoy gross margin recovery that accompanies
greater efficiencies within our facilities."
Headquartered in Coburg, Oregon, with additional manufacturing
facilities in Indiana, Monaco Coach Corporation is one of the nation's
leading manufacturers of recreational vehicles. The company offers
customers luxury recreational vehicle models under the Monaco, Holiday
Rambler, Safari, Beaver, McKenzie and Royale Coach brand names.
TABLES TO FOLLOW
The statements above regarding expected improvement to, and recovery
of, the Company's gross margins are forward-looking statements.
A number of factors could cause actual results to differ materially
from these statements, including slower than anticipated sales of
new and existing products, a general slowdown in the economy, new
product introductions by competitors, or an inability to increase
production to meet demand due to a tight labor market or other factors.
Please refer to the Company's SEC reports, including but not limited
to the annual report on Form 10-K for 2001, and the 2001 Annual
Report to Shareholders for additional factors.
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Invites You to Join Its
First Quarter Conference Call on the Web
COBURG, Ore., April 18, 2002 -- In conjunction with
its first quarter earnings release, Monaco Coach Corporation (NYSE:MNC)
invites you to listen to its conference call broadcast live over
the Internet at 9:30 a.m. Pacific Daylight Time on Thursday, April
25, 2002.
What: Monaco Coach Corporation Conference Call
When: Thursday, April 25, 2002 at 9:30 a.m. Pacific Daylight Time
Where: http://www.monaco-online.com
How: Live over the Internet -- Simply log on to the web at the
address above
Contact: Mike Duncan, Investor Relations, (541) 686-8011, or email
mduncan@monacohr.com
Headquartered in Coburg, Oregon, with additional manufacturing
facilities in Indiana, Monaco Coach Corporation is one of the nation's
leading manufacturers of recreational vehicles. The company offers
customers luxury recreational vehicle models under the Monaco, Holiday
Rambler, Safari, Beaver, McKenzie and Royale Coach brand names.
If you are unable to participate during the live webcast, the
call will be archived on the web site. To access the replay, click
on http://www.monaco-online.com .
Minimum Requirements to listen to broadcast: The Windows Media
Player software downloadable free from: http://www.microsoft.com/windows/windowsmedia/EN/default.asp
, and at least a 28.8 Kbps connection to the Internet or: The RealPlayer
software, downloadable free from www.real.com/products/player/index.html
, and at least a 14.4Kbps connection to the Internet. If you experience
problems listening to the broadcast, send an email to isproducers@prnewswire.com.
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Reports Fourth Quarter
and Fiscal Year 2001 Results
COBURG, Ore., January 29, 2002 -- Monaco Coach Corporation
(NYSE:MNC) today reported revenue and earnings for its fourth quarter
and fiscal year ended December 29, 2001. Fourth quarter earnings
per share were 26 cents on revenue of $261.6 million. Net income
for the fourth quarter was $7.6 million. Fourth quarter operating
income was $13.0 million. Fourth quarter unit sales of Monaco Coach
Corporation products totaled 2,429 units. Fourth quarter motorhome
sales totaled 1,652 units and fourth quarter towable recreational
vehicles totaled 777 units. All fourth quarter results include operations
of recently acquired SMC Corporation (from August 2, 2001).
For the fiscal year ended December 29, 2001, earnings per share
were 85 cents on revenue of $937.1 million. Net income for the fiscal
year ended December 29, 2001 was $24.9 million and operating income
for the same period was $42.7 million. Fiscal year unit sales of
Monaco Coach Corporation products totaled 9,489 units. Fiscal year
motorhome sales totaled 6,228 units and towable recreational vehicles
totaled 3,261 units. All fiscal year results include operations
of recently acquired SMC Corporation (from August 2, 2001).
According to Monaco Coach Corporation Chairman and Chief Executive
Officer, Kay Toolson, "We're seeing signs that our market conditions
are improving. Our retail dealers have relatively low inventories
which, when combined with reduced interest rates, makes it easier
for them to stock product. Reports from recent retail shows indicate
increased customer traffic and stronger sales. At the start of the
second half of 2001, we began to see a rebound in our market that
was then set back following the events of September 11. We believe
that our industry and our company are starting to regain this momentum
as we enter the first half of 2002. The strengthening in our market
is reflected in our year-end order backlog of approximately $202
million, up from approximately $80 million a year ago."
Monaco Coach Corporation President John Nepute commented, "We
introduced several key new products at our industry's national trade
show in late November, all of which were enthusiastically greeted
by our retail dealers. Two of these products are new, lower-priced
diesel coaches under the Monaco and Holiday Rambler brands. Additionally,
we introduced two new diesel coaches in the popular mid-$100,000
price point under the Beaver and Safari brands. The introduction
of these new model lines allows us to augment our production rates
in addition to further segmenting our market. We are also working
hard to add to our network of Safari and Beaver retail dealers,
and the exciting new products that we've introduced have certainly
helped us attract successful dealer candidates."
Nepute added that Monaco Coach Corporation remained the largest
producer of class A motorhomes, with retail market share of 20.5%
year-to-date through November 2001. The company's class A retail
market share in the diesel-powered segment was 37.3% year-to-date
through November 2001. All market share data is provided by Statistical
Surveys, Inc., of Grand Rapids, Michigan.
"The integration of Safari and Beaver has gone as planned," stated
Marty Daley, Monaco Coach Corporation Vice President and Chief Financial
Officer. "Many integration related activities within our facilities
and product lines continued into the fourth quarter, resulting in
further gross margin pressure. We expect incremental gross margin
improvement throughout 2002 as we realize efficiencies that accompany
increased production rates. Assuming modest industry growth in 2002,
the addition of Safari and Beaver along with our new product introductions
and an expanded retail distribution network should allow us to grow
revenues throughout the year."
Monaco Coach Corporation is one of the nation's leading manufacturers
of recreational vehicles. Headquartered in Coburg, Oregon, the company
operates additional facilities in Oregon and northern Indiana. The
company offers customers luxury recreational vehicle models under
the Monaco, Holiday Rambler, Safari, Beaver, McKenzie and Royale
Coach brand names.
Safe Harbor Statement:
The statements in this report regarding the outlook for 2002,
the potential impact of new model introductions on production rates
and increasing retail dealer distribution, and gross margin and
revenue expectations are forward-looking statements. A number of
factors could cause actual results to differ materially from these
statements, including but not limited to slower than anticipated
sales of new and existing products, a general slowdown in the economy,
new product introductions by competitors, inefficiencies resulting
from challenges associated with the acquisition of SMC Corporation,
or other factors. Please refer to the company's SEC reports, including
but not limited to the annual report on Form 10-Q for the periods
ended September 29, 2001; June 30, 2001; March 30, 2001 and the
company's form 10-K for the period ended December 30, 2000 for additional
factors.
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Invites You to Join Its
Fourth Quarter Conference Call on the Web
COBURG, Ore., January 21, 2002 -- In conjunction
with its fourth quarter earnings release, Monaco Coach Corporation
(NYSE:MNC) invites you to listen to its conference call broadcast
live over the Internet at 2:00 p.m. Eastern Time on Tuesday, January
29, 2002.
What: Monaco Coach Corporation Conference Call
When: Tuesday, January 29, 2002 at 2:00 p.m. Eastern Time
Where: http://www.monaco-online.com
How: Live over the Internet -- Simply log on to the web at the
address above
Contact: Mike Duncan, Investor Relations, 541-686-8011, or email
mduncan@monacohr.com
Headquartered in Coburg, Oregon, with additional manufacturing
facilities in Indiana, Monaco Coach Corporation is one of the nation's
leading manufacturers of recreational vehicles. The company offers
customers luxury recreational vehicle models under the Monaco, Holiday
Rambler, Safari, Beaver, McKenzie and Royale Coach brand names.
If you are unable to participate during the live webcast, the
call will be archived on the web site. To access the replay, click
on http://www.monaco- online.com .
Minimum Requirements to listen to broadcast: The Windows Media
Player software downloadable free from: http://www.microsoft.com/windows/windowsmedia/EN/default.asp
, and at least a 28.8 Kbps connection to the Internet. Or: The RealPlayer
software, downloadable free from: www.real.com/products/player/index.html
, and at least a 14.4Kbps connection to the Internet. If you experience
problems listening to the broadcast, send an email to isproducers@prnewswire.com.
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