Monaco Coach Reports First Quarter Results
25 April 2000
Monaco Coach Reports First Quarter Results
COBURG, Ore., April 25 Monaco Coach Corporation
(NYSE: MNC) today reported record revenue and earnings for its first quarter
ended April 1, 2000. First quarter earnings per share were 67 cents, an
increase of 31.4% from the same period last year, on revenue of $238 million.
Net income for the first quarter rose 30.8% to $12.9 million. First quarter
operating income was $21.4 million, an increase of 23.6% over the same period
last year.
"We're very pleased with our first quarter results and our growth in the
early months of 2000," stated Kay L. Toolson, Monaco Chairman and Chief
Executive Officer. "The RV market is becoming more challenging, however, we
remain dedicated to our proven and successful business plan. We view the
current state of the market as an opportunity to leverage our strengths to
further distance our competitors."
Monaco Executive Vice President and Chief Financial Officer John Nepute
added, "Our attention to product innovation has allowed us to capture market
share in each of our product segments. Our class A motorhome market share,
for example, is up to 13.5% through February 2000, versus 10.7% through
February 1999. Our largest gain is in the diesel motorhome market, where our
share through February was 25.3%, up from 21.9% for the same period last
year." First quarter unit sales of Monaco Coach Corporation products totaled
2,809 units, an increase of 18.1% from the same period last year. First
quarter motorhome sales totaled 1,816 units, and first quarter towable
recreational vehicles totaled 993 units.
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 and McKenzie
brand names.
TABLES TO FOLLOW
Monaco Coach Corporation
(Unaudited: dollars in thousands, except per share data)
Three months ended
April 1, 2000 April 3, 1999
Net Sales $ 237,983 $ 193,201
Gross Profit 37,314 29,164
Operating Income 21,375 17,300 (a)
Income Before Taxes 21,264 16,326 (b)
Net Income 12,918 9,878
Earnings per share:
Basic 0.68 0.53
Diluted 0.67 0.51
Weighted Average of Common
Shares Outstanding:
Basic 18,886,646 18,737,077
Diluted 19,368,145 19,285,713
Units Sold: 2,809 2,378
(a) Includes a $1.75 million benefit from an adjustment of 1998 incentive
based compensation.
(b) Includes a $639,000 expense from write off of debt issuance costs due
to payoff of Long-term Note Payable.
Balance Sheet
April 1, 2000 Jan. 1, 2000
Assets
Current $ 173,598 $137,946
Property & Equipment 91,207 89,439
Other (Including Goodwill) 19,157 19,342
Total Assets $ 283,962 $ 246,727
Liabilities
Current $ 122,738 $ 99,058
Deferred Tax Liability 4,694 4,330
Total Liabilities 127,432 103,388
Stockholders' Equity 156,530 143,339
Total Liabilities &
Stockholders' Equity $ 283,962 $246,727