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Old 08-16-2005, 12:03 PM   #1
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Reading about this on another site and thought it might be of interest for those who either own or are contemplating purchase of a National MH. It may mean nothing, but thought I would pass it on.

From Reuter's:

National R.V. says assessing its ability to continue
Tue Aug 16, 2005 10:31 AM ET
BANGALORE, Aug 16 (Reuters) - National R.V. Holdings Inc. (NVH.N: Quote, Profile, Research) , a maker of recreation vehicles, on Tuesday said that in light of continuing losses and an overall industry decline, it was assessing its ability to continue as a going concern.
The company, which earlier on Tuesday reported a second-quarter loss, said it would further restate results for certain periods to reclassify sales incentives and to correct a tax accounting error.

The company said the tax accounting error constituted a material weakness and that its 10-K filing of Dec. 31, 2004, will include this material weakness.

National R.V. in a statement said it "is continuing to assess its ongoing liquidity and ability to continue to operate as a going concern."

The company, which in April said it was restating some previously reported financial information, said that in reviewing its 2004 financial statements it has now restated statements of operations for the three months and six months ended June 30, 2004.

National R.V. also said it will restate its financial statements for the 2004 third quarter and adjust previously announced fourth-quarter information.

The Perris, California-based company has yet to file its 10-K for the second quarter of 2005 and for fiscal 2004.

The company also said it closed on a three-year asset-based revolving credit facility with UPS Capital Corp. and Wells Fargo Bank. The facility is initially for $25 million and can be increased to a total of $40 million.

The company's stock fell 1.5 percent to $6.50 in morning trade at the New York Stock Exchange.
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Old 08-16-2005, 12:03 PM   #2
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Reading about this on another site and thought it might be of interest for those who either own or are contemplating purchase of a National MH. It may mean nothing, but thought I would pass it on.

From Reuter's:

National R.V. says assessing its ability to continue
Tue Aug 16, 2005 10:31 AM ET
BANGALORE, Aug 16 (Reuters) - National R.V. Holdings Inc. (NVH.N: Quote, Profile, Research) , a maker of recreation vehicles, on Tuesday said that in light of continuing losses and an overall industry decline, it was assessing its ability to continue as a going concern.
The company, which earlier on Tuesday reported a second-quarter loss, said it would further restate results for certain periods to reclassify sales incentives and to correct a tax accounting error.

The company said the tax accounting error constituted a material weakness and that its 10-K filing of Dec. 31, 2004, will include this material weakness.

National R.V. in a statement said it "is continuing to assess its ongoing liquidity and ability to continue to operate as a going concern."

The company, which in April said it was restating some previously reported financial information, said that in reviewing its 2004 financial statements it has now restated statements of operations for the three months and six months ended June 30, 2004.

National R.V. also said it will restate its financial statements for the 2004 third quarter and adjust previously announced fourth-quarter information.

The Perris, California-based company has yet to file its 10-K for the second quarter of 2005 and for fiscal 2004.

The company also said it closed on a three-year asset-based revolving credit facility with UPS Capital Corp. and Wells Fargo Bank. The facility is initially for $25 million and can be increased to a total of $40 million.

The company's stock fell 1.5 percent to $6.50 in morning trade at the New York Stock Exchange.
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Old 08-18-2005, 07:28 AM   #3
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Sounds serious. Motorhome sales are at an all-time high (despite the alledged "overall industry weakness"), yet another major RV maker is struggling to stay afloat. Maybe both the Country Coach and National brands will be on the market soon. Perhaps more new divisions for Monaco??? Country Coach maybe, just for the Prestige, but I cannot see any reason why Monaco would want the National brands (Dolphin, Seabreeze, Tradewinds, Islander and a slew of trailer brands). Nothing very distinctive there.

Perhaps soon the "industry" will be just Monaco, Fleetwood, Winnebago and Newmar?.
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Old 08-18-2005, 01:14 PM   #4
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<BLOCKQUOTE class="ip-ubbcode-quote"><div class="ip-ubbcode-quote-title">quote:</div><div class="ip-ubbcode-quote-content">.....Perhaps soon the "industry" will be just Monaco, Fleetwood, Winnebago and Newmar?. </div></BLOCKQUOTE>

And Tiffin.

After the big dump in the 70s when gas went ballistic there were something like 40-50 manufacturers going into that recession. Of those, only 4 remain today and Tiffin Motorhomes is one of them. I recently read some figures from Tiffin. They have not slowed down and it's business as usual. They are actually reworking their assembly plant to increase their production by another 50% so that they can cut the lead time down on the orders they have. This is not typical in the industry at this time.

On the other hand, I recall seeing some info where National RV hasn't turned a profit for 3 years. With the 3 great growth years the rV industry in general has recently had it's pretty hard to imagine this. I'm sure that nothing will be getting better now that fuel is going up, either. We may be heading for another industry shakeout again. Country Coach is owned by National Holdings, not National RV. No one really knows how that will affect CC. Maybe National RV will close so that National Holdings can concentrate on Country Coach? Maybe they are hurting for cash and CC is affected as well? Maybe CC will get bought by someone else?

My crystal ball is missing right now. As me in about 18 months and I might have an answer. Either way, it should be an interesting year.
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Old 08-19-2005, 11:04 AM   #5
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Good point about Tiffin. They aren't a high volume producer like Winnebago, Monaco or Fleetwood, but they have weathered all the ups and downs of the industry and have a strong following. I left them off my list because they aren't a conglomerate of brands and don't seem to be shopping for other marques to pick up cheap. I probably should have included Thor, though. They have bought up all sorts of brands, even fairly big names like Damon.
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Old 08-19-2005, 01:16 PM   #6
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<BLOCKQUOTE class="ip-ubbcode-quote"><div class="ip-ubbcode-quote-title">quote:</div><div class="ip-ubbcode-quote-content">Good point about Tiffin. They aren't a high volume producer like..... </div></BLOCKQUOTE>

GARY, I think we are see a very mixed market, with some degree of "flux" right now. I recently read that Newmar just laid off and reduced production to 11 units per day (gas & diesel class A,+ fivers combined on a single production line) and I read where Tiffin just separated their (Class A MH only) production into one line for gas models and another for diesel models so that they can increase total units to more than the 11 per day they were building. I hope both companys continue to do well!! One "unique" thing about Newmar is their policy of only building units that have been ordered by a dealer, either for stock or for a customer order. At least Newmar won't have any unsold units lying around the factory IF sales really dry up. ED
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Old 08-24-2005, 07:30 AM   #7
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On the upside, the Country Coach subsidiary of NRV Holdings is booming and has applied for re-zoning permits in Junction City, OR, to build a 250,000 sq ft expansion to their factory.
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Old 08-24-2005, 07:44 AM   #8
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I don't think Newmar is unique in that - few RV manufacturers build units on spec except for special circumstances such as display units for major trade shows or factory rallies. Tiffin doesn't build on spec, nor does National, Country Coach, Newell, or Wanderlodge, to name a few. I don't know about the Monaco brands because I have seen 8-10 factory-owned Beavers at the plant, but those were slated for an upcoming Factory rally. They would be sold by dealers at the rally, but as I understand it, the dealer didn't actually pay for the rig unless and until he sold it. It was probably some sort of consignment deal.

But when business gets really soft, manufacturers may have to build some units just to keep their core employees on the payroll for that hoped for day when orders pick up again. They end up discounting them steeply to get a dealer to take some excess inventory, which still ends up a loss to the business.
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