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LE&A Publishes Report on $16 Billion Recreational Vehicle Industry

12 January 2000

LE&A Publishes Report on $16 Billion Recreational Vehicle Industry

    GRAND RAPIDS, Mich., Jan. 12 -- Lambert, Edwards &
Associates, Inc. has published a comprehensive overview of the nation's
$16 billion recreational vehicle industry designed to educate Wall Street
-- and the media -- about the dynamics driving its growth.
    The Grand Rapids public and investor relations firm, which specializes in
working with publicly traded small- and mid-cap companies, examined the
demographic and economic factors which have given rise to the most robust
market for RVs in more than two decades.
    Nearly one in every 10 U.S. households now owns a recreational vehicle,
and experts predict that number will increase 21 percent to 10.4 million by
the year 2010.  The RV industry is benefiting from:

    -- The rising affluence of Baby Boomers, who are about to enter their
       prime RV-buying years, and Generation Xers;
    -- The booming domestic economy;
    -- Nearly full employment; and
    -- Modest interest rates.

    "The recreational vehicle industry has everything going for it, yet it has
not been able to capture the attention of Wall Street," explained LE&A
Principal Jeff Lambert, who co-authored "Ready to Roll:  An RV Industry
Report."  "The 15 publicly traded manufacturers, suppliers and dealers in the
sector remain undervalued.  We hope this industry backgrounder will explain
some of the forces at work behind the surge in RV sales and its
sustainability, and encourage the media as well as brokers and analysts to
take a closer look at the industry."
    Lambert, along with senior associate Mary Ann Sabo, spent dozens of hours
researching the recreational vehicle industry and conducting interviews with
some of the industry's leading experts.  Lambert brings with him five years of
experience in the RV industry, including management of the investor relations
and corporate communications functions at Spartan Motors, Inc. ,
a Charlotte, Mich. manufacturer of motorhome chassis.  Sabo spent four years
covering automotive suppliers and manufacturing for West Michigan's largest
daily newspaper.
    Portions of LE&A's industry sector report will be available for view on
the Company's website at http://www.lambert-edwards.com .  Reprints of the eight-page
publication can be ordered from LE&A by calling 616.233.0500 or by e-mailing a
request to mail@lambert-edwards.com .
    LE&A has been building a niche in the recreational vehicle industry,
representing three of the industry's 15 publicly traded RV companies.  In
addition to Spartan Motors, LE&A's RV practice includes:

    -- Holiday RV Superstores, Inc. , an Orlando, Fla.
       RV-and-boat dealership chain.  Holiday, which is the RV industry's only
       publicly traded dealership, has begun to consolidate the industry.

    -- Rexhall Industries, Inc. , a Lancaster, Calif.
       manufacturer of Class A or motorized motorhomes.

    Lambert, Edwards and Associates, Inc. (http://www.lambert-edwards.com) is the
largest investor relations firm in Michigan.  LE&A provides both public and
investor relations counseling for publicly traded and closely held companies.
Its clients include small- and mid-sized companies in the automotive,
recreational vehicle, consumer products, financial services, healthcare,
manufacturing, retail and technology industries.