Coachmen Industries, Inc. Expects Solid Gain in Fourth Quarter and Full Year 2002 Earnings

    * Expected fourth quarter earnings of $0.17 per share and expected full
      year 2002 earnings of $0.62 per share mark significant improvement over
      year-earlier periods.

    ELKHART, Ind., Jan. 20 /PRNewswire-FirstCall/ -- Coachmen Industries, Inc.
today announced that it expects fourth quarter earnings of $0.17
per share, a 289% increase over a loss of $0.09 per share in the fourth
quarter of 2001.  The Company expects full year 2002 earnings of $0.62 per
share; a 348% increase over a loss of $0.25 per share in 2001.
    Claire C. Skinner, Chairman, Chief Executive Officer and President,
remarked, "By any measure, we had a remarkable year.  We not only returned to
profitability during 2002, but we also achieved a significant improvement in
our earnings.  While we expect our full year earnings to fall below our very
aggressive earnings goal of $0.75 per share, we are extremely pleased with the
turn-around we have accomplished this year and expect to continue in 2003.
    "We delivered vast improvements in our Recreational Vehicle business
during the year and continued to achieve gains in wholesale market share.  Our
success at the RV industry trade show in Louisville, Kentucky in December,
where our sales were up 31 percent compared to last year, point to a very
solid start in 2003," Skinner added.  "Our Modular Housing and Building
segment is also showing improvement, despite some difficulties encountered
late in the year.  Performance on the residential side was hurt by weather-
related shipment delays in the fourth quarter, while sluggish demand continued
on the commercial and telecommunications side.  With the fourth quarter behind
us, and assuming reasonable industry and economic conditions ahead, we are
excited about our prospects in 2003."
    Coachmen will report its full financial results after the market closes on
Tuesday, February 11th, followed by a conference call and webcast on
Wednesday, February 12th, at 9:00 a.m. Eastern time.
    Founded in 1964, Coachmen Industries, Inc. is one of the nation's leading
manufacturers of recreational vehicles with well-known brand names including
Coachmen(R), Georgie Boy(R), Shasta(R) and Viking(R).  Coachmen Industries is
also the largest modular home producer in the nation with its All American
Homes(R) and Mod-U-Kraf(R) subsidiaries. Modular commercial and
telecommunications structures are manufactured by the Company's Miller
Building Systems subsidiary.  Coachmen is a publicly held company with stock
listed on the New York Stock Exchange (NYSE) under the COA ticker symbol.
    This release contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Investors are cautioned not
to place undue reliance on forward-looking statements, which are inherently
uncertain. Actual results may differ materially from that projected or
suggested due to certain risks and uncertainties including, but not limited to
the potential fluctuations in the Company's operating results, the condition
of the telecommunications industry which purchases modular structures, the
availability and the price of gasoline, the Company's dependence on chassis
suppliers, interest rates, competition, government regulations, legislation
governing the relationships of the Company with its recreational vehicle
dealers, the impact of consumer confidence and economic uncertainty on high-
cost discretionary product purchases and other risks identified in the
Company's SEC filings.