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Old 08-29-2007, 08:42 AM   #1
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What is going on in Perris ???

BREAKING NEWS
National RV Officials Outline 'Four-Step Plan'
RV Business
Tuesday, August 28, 2007

Officials for Perris, Calif.-based motorhome builder National RV Holdings Inc. hope a four-part plan will revive the struggling company, according to a report in the Press Enterprise, Riverside.

Last week, CEO Brad Albrechtsen resigned, the same day the company announced it had lost $8 million in its second quarter. David Humphreys has been named interim CEO while Len Southwick, president of subsidiary National RV Inc. since September 2005, will oversee day-to-day operations as COO.

"It's clearly time for a change at National RV, thus my resignation," Albrechtsen said during a Tuesday (Aug. 28) conference call with analysts.

During the call, Southwick said the company plans to build seven vehicles per day in an effort to increase revenue. National RV also intends to launch two new products at the National RV Trade Show in Louisville, Southwick said.

Humphreys said four steps involving revenue growth, reducing costs, modifying the company's financing and divvying out financial incentives to members of management would make the company profitable once again.

"I wish we could say we were going to be profitable next quarter, but it will take many quarters," he said.

The company's stock hit a 52-week low on Aug. 18 of 70 cents per share. In Tuesday afternoon trading, it was up 4 cents at 90 cents per share.

///////////////////////////////////////////////////////////////////////////////////////////////

Does anyone out there have a clue? Or, is this company just out of control? It seems no one with good sense can survive there.
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Old 08-29-2007, 08:42 AM   #2
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What is going on in Perris ???

BREAKING NEWS
National RV Officials Outline 'Four-Step Plan'
RV Business
Tuesday, August 28, 2007

Officials for Perris, Calif.-based motorhome builder National RV Holdings Inc. hope a four-part plan will revive the struggling company, according to a report in the Press Enterprise, Riverside.

Last week, CEO Brad Albrechtsen resigned, the same day the company announced it had lost $8 million in its second quarter. David Humphreys has been named interim CEO while Len Southwick, president of subsidiary National RV Inc. since September 2005, will oversee day-to-day operations as COO.

"It's clearly time for a change at National RV, thus my resignation," Albrechtsen said during a Tuesday (Aug. 28) conference call with analysts.

During the call, Southwick said the company plans to build seven vehicles per day in an effort to increase revenue. National RV also intends to launch two new products at the National RV Trade Show in Louisville, Southwick said.

Humphreys said four steps involving revenue growth, reducing costs, modifying the company's financing and divvying out financial incentives to members of management would make the company profitable once again.

"I wish we could say we were going to be profitable next quarter, but it will take many quarters," he said.

The company's stock hit a 52-week low on Aug. 18 of 70 cents per share. In Tuesday afternoon trading, it was up 4 cents at 90 cents per share.

///////////////////////////////////////////////////////////////////////////////////////////////

Does anyone out there have a clue? Or, is this company just out of control? It seems no one with good sense can survive there.
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Old 08-29-2007, 09:24 AM   #3
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Not good news indeed. I read another post with the financial statement. Part of that post also noted that National was trying to clear out previous model year stock as well as launching 2 new lines and the redesign of the TropiCal and Sea Breeze. What I don't understand is why the financial incentives for management only. That comment is poorly stated. I would hope that when National turns around, they should provide incentives to the whole company. Especially since a good protion of the changes would be at the worker level.
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Old 08-29-2007, 09:52 AM   #4
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well Mike,i guess i wasn't to wrong on my last post.

i use to own a national tropical. people at perris tried ,but they couldn't fix just plain wrong.
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Old 08-29-2007, 10:08 AM   #5
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<BLOCKQUOTE class="ip-ubbcode-quote"><div class="ip-ubbcode-quote-title">quote:</div><div class="ip-ubbcode-quote-content">Humphreys said four steps involving revenue growth, reducing costs, modifying the company's financing and divvying out financial incentives to members of management would make the company profitable once again. </div></BLOCKQUOTE>

Unfortunately this is just the same management statement that we have heard for the last few years. The current product line is looking "Tired" compared to other manufaturers and the company has lost much of it's dealer network and dealer confidence. If National is still in business after the first quarter of '08, I will be surprised.

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Old 08-29-2007, 12:03 PM   #6
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Fred

You may be right about the management statement being a little tired. But product being "tired" is a little off the mark.

They have introduced the full wall slide ... the slide in slide mechanism ... new front caps for the Sea Breeze and the Tropi-cal and are bringing out two totally new models.

They have made huge changes in the upper management structure and have as well signed up 12 new dealers with two of them being multi location dealers.

What would you like to see them do? It is indeed tough times for all RV manufacturers, but at least National is trying to pull up its socks.

Dave Humphries the new temp CEO, he of RVIA fame and respectability, says the new plan is in his words "doable". He went on to say in the NVH Management Holdings Conference call on Aug 28th that he thinks that it can be turned around and that he "is not accustomed to failure".

He went on to say that recent budgetary problems have forced a curtailment of PR for the company and during this time the competitors have been able to bad mouth National with no rebuttal. They now have hired a new outside PR firm to put out the message and most of the RV Mags this month will provide exposure to the new products.

He went on to say that the engineering dept has developed a new manufacturing process that will enable the company to change the build process.

With the sales of CC and the land at Perris he said "National is debt free and has money on hand."

Turning around will not happen next Quarter but he sees that it will happen. With his Reputation, I would not like to bet against him!!!


Please cut National a little slack here. Give them a chance to be successful. Negative comments, based on lack on knowledge, will not make the job any easier. I will probably replace my 03 Trop in 09 or 10. I would like it to be a National!
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Old 08-29-2007, 02:09 PM   #7
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Joe, I am in the same frame of mind as you. If my new Dolphin is as good as my last National product, I will be looking for a new coach in 5-7 years and so far I will buy a National again. I agree with cutting National some slack. At least they are trying. We have all complained about the lack of PR and all the negative comments. I used to hear it all the time when I would talk about buying our coach. I just realy hope that the PR firm does what they are supposed to do and get some of the good stuff about National out there.
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Old 08-29-2007, 03:42 PM   #8
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Welcome JoeP, it seems you have a line on some insider info. I will give NRV as much slack as they need, until they prove they are unworthy of my trust. And for starters, I can' say they are turning it around after posting another $8 million in losses, and giving the upper management a healthy raise. It sounds all to familiar as far as corporate America goes these days. NRV did not get all that much money after dumping CC and the Perris assests. They need to be very frugal with their spending, I think management needs to wait for some BLACK ink before taking any raises. somebody needs to stop the bleeding. IMHO
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Old 08-29-2007, 04:19 PM   #9
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most national product owners brag about the the great value for the dollar. it's pretty sad that for every rv national sells they lose money.someone in the profit and loss department needs to be slapped upside the head.


there web cast on tuesday said that they were mfg 3 units a day. down from 10 units from only 2 years ago and hope to get to 7 a day to break even.on the web cast they admitted to not having any new ideas on how to achieve that goal,other than adding new dealers to replace the ones the've lost.they also plan on borrowing more money.
Im sure if your a national product owner, warranty and service becomes a real issue. as national slowly fades ,so does the value of that pretty new motorhome.
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Old 08-29-2007, 05:21 PM   #10
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gizmo

It is a very trying time for all RV manufacturers!!! I don't know why National RV is singled out so often, given the problems that all manufacturers have, but it seems that a few people on these webs love to cast stones at National. I have a Diesel Tropi-Cal "03" that after the initial period of problems that all RV's seem to have, is now running well. 78,000 km's (about 50,000 miles) and I had to really scour around at the last National Rally to find 3 things for the Techies to look at. Everywhere I go and meet other National Owners, the comments about their RV's are overwhelmingly positive! It is too bad that you did not have as good an experience with your Trop, but I see that you have moved on. I wish you the very best of luck with your Monaco!!!

We have appreciated your contributions in the past to this and other web lists and, as you will only have the one experience that was negative for you, I assume that we will not hear from you again.



<BLOCKQUOTE class="ip-ubbcode-quote"><div class="ip-ubbcode-quote-title">quote:</div><div class="ip-ubbcode-quote-content">most national product owners brag about the the great value for the dollar. it's pretty sad that for every rv national sells they lose money.someone in the profit and loss department needs to be slapped upside the head. </div></BLOCKQUOTE>
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Old 08-29-2007, 05:33 PM   #11
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<BLOCKQUOTE class="ip-ubbcode-quote"><div class="ip-ubbcode-quote-title">quote:</div><div class="ip-ubbcode-quote-content">I can' say they are turning it around after posting another $8 million in losses, and giving the upper management a healthy raise. It sounds all to familiar as far as corporate America goes these days. NRV did not get all that much money after dumping CC and the Perris assests. They need to be very frugal with their spending, I think management needs to wait for some BLACK ink before taking any raises. somebody needs to stop the bleeding. </div></BLOCKQUOTE>


Just to let you know, Dave Humphries stated unequivocally the the "Management Team Rewards -- either stock options or cash bonuses are dependent on the success of the business" No bonus of any kind if there is failure.

Here is the link to the National Holdings Management Conference Call where you can hear the entire thing. You may have to set up with them but once you do, you are notified about every WebCast that National holds in the future. A very good place to hear what the slant National is using.

The bleeding is continuing for sure, but Dave Humphries has a heck of a reputation in the industry and he says the Plan is "doable" and that he is "not accustomed to failure". I am not a betting man, but I would not bet against him.

Whether National will continue as a separate publicly owned company or some other company comes in to purchase only time will tell.

Right now, lets stop the negative bleating and give them the time thy need to try to pull this off.

Sorry forgot to include the URL ... yet another senior moment .... sigh ...

http://www.investorcalendar.com/IC/C....asp?ID=120240
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Old 08-30-2007, 03:32 AM   #12
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ya no joe P . you can try and be a bully on this forum. Im Not going aware.
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Old 08-30-2007, 07:13 AM   #13
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Sorry Gizmo

I was not trying to be a bully!!!! It was because of your tag line ...
"2002 monaco windsor w/350 cummins. 2000 saturn LS2 toed.Paris,Tn"

I thought that you had your difficulties and had made a conscious decision to move on and leave National RV.

As the greeting at the top of this forum states, "Welcome to the National RV Owner's Forum' I thought that you would be concentrating your efforts on the Monaco Board.
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Old 08-30-2007, 08:08 PM   #14
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OK guyz, ya know none of this chit chat is never to ever be taken personal, don't ya . I love my Pacifica, I have had some issues, as we all do with new coachs "teething pains" Yes I looked at MY National purchase as a great deal for the BUCK, and yes I have a vested interest in wether NRV survives or not, I couldn't stand the ribbing from the rest of my RV brotherhood snipers. So all I will say for now is Chill, and respect one anothers opinions for what they are, OPINIONS. Word
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