Seeking Alpha
We cover over 5K calls/quarter
Profile| Send Message|
( followers)  

Executives

Kay Toolson – CEO

Marty Daley – CFO

John Nepute – President

Craig Wanichek – Director IR

Analysts

David Wells - Avondale Partners

Barry Vogel - Barry Vogel & Associates

Craig Kennison - Robert W. Baird

Bob Simonson - William Blair

Frank Magdlen – The Robins Group

Monaco Coach Corporation (MNC) Q3 2008 Earnings Call October 29, 2008 2:00 PM ET

Operator

Welcome to the Monaco Coach third quarter conference call. (Operator Instructions) Before we begin, please allow me to read the following Safe Harbor Statement.

Certain statements made during the course of this conference call may be forward-looking. These statements are based on current information and expectations, and involve a number of risks and uncertainties.

Actual results and events may differ materially from those projected in such statements due to various factors. For more information concerning these statements due to this and other possible risks, please refer to the company's most recent Form 10-K, Forms 10-Q, and other filings with the SEC. These filings can be accessed on the SEC's web site at www.sec.gov.

We will now turn the call over to Kay Toolson, Chairman, and Chief Executive Officer; please go ahead sir.

Kay Toolson

I’d like to welcome all of you to our conference call to discuss our third quarter results and provide you with a business update on our company. With me today is John Nepute, President of our company, Marty Daley, our Chief Financial Officer, Greg Wanichek, our Director of Investor Relations, along with other members of our senior management team.

To state the obvious we are facing unprecedented times in the RV industry. Consumer confidence is at an all time low and our nation’s entire economy is sputtering as we try to pull out of the credit crisis and fears of recession.

Retail sales of Class A motorhomes are down 40% year-to-date, towable sales are down 20%. As is typical when retail sales are going down, wholesale shipments are reduced even further as dealers work to reduce their inventory levels.

It is difficult to find a silver lining in challenging times like these but we have many positive things going on in our company. The decision we made to close our major manufacturing operation in northern Indiana and Consolidate our production of diesel motorhomes to Oregon and gas motorhomes to our Warsaw, Indiana complex was very difficult. But the resulting smaller footprint helps assure we will weather the current market.

The work ethic and dedication of all of our teams, both those people still with our company, and those at facilities we closed down was amazing. We were up and running at both of our existing locations with all the new products and these moves have gone off without any major hitches.

We have continued our efforts in product development during this time and as a result have been able to gain market share in the motorized market. We will be introducing some exciting new products at the upcoming show in Louisville, Kentucky and we’re confident that these new products will help spur retail activity at our dealer partners locations.

We are continuing work on our lightweight, fuel-efficient Class A motorhome that we plan to introduce next summer. We expect that this new product will have significant appeal both domestically as well as in foreign markets.

In the towable side of our business we’ve also revamped products and will be introducing many new low cost lightweight fifth wheels and travel trailers at the upcoming Louisville show.

Our focus is certainly going to continue to be on improving and maintaining our liquidity as a company but is also going to be on introducing new exciting products for all of our brands to help invigorate traffic and retail sales.

We are taking advantage of the conditions created by this difficult market to increase our market share and improve our overall standing as a company in the RV industry.

As I said in the press release we are expecting to finalize our new loan package by the end of this week. The new financing will give us the flexibility and liquidity that we need to complete our restructuring to make sure that we can sustain ourselves through this downturn.

I am encouraged that the actions our government has taken to spur the economy by working to free up money in the banking system which will allow consumer confidence and the business environment to begin on the road to recovery.

However with the changes we’ve made in our company and the restructuring we’ve done we have positioned ourselves to return to profitability next year even in a market as difficult as this one has been.

And with that I’ll turn it over to Marty Daley.

Marty Daley

Thank you Kay. In regard to our credit facilities our current bank group has been supportive of our business plan by allowing us time to get a new asset based lending arrangement in place. We are still working with Banc of America to be the administrative agent of our new revolver facility which is expected to be a three-year $90 million facility.

The revolver is planned to utilize accounts receivable and inventories as a borrowing base. The expected interest rate on the revolver is LIBOR plus 4.5%. The term loan portion of our credit facilities is expected to be for $39 million.

Security can be provided to the term loan lender through mortgages on real property and liens on other non-working capital assets. Warrants for 1 million shares are expected to be issued in connection with the term loan.

The cash interest rate on the term loans is expected to be around 13.75% plus a paid in kind rate of 3.25%. The revolver and term loans are expected to be cross-defaulted regarding covenants.

In regard to our restructuring as we mentioned in our press release our physical restructuring was complete at the end of third quarter. We expect between $5 million to $7 million in cost savings per quarter to come from reductions of indirect costs as we combined two major production facilities to one.

We have not needed to add to our indirect cost structure in Oregon due to this change. In addition we are now producing at a lower level then expected wholesale demand which will continue to reduce our finished goods inventory and begin to reduce the need for sales incentives.

Another benefit of our restructuring that we have been realizing is the cash flow generated from reducing inventories. We have already reduced inventories by $43.5 million during the third quarter. Our goal is to get our total RV inventory well below $120 million by year-end.

Our sales incentive in the third quarter were higher then historical by $8 million to $9 million. As we announced the restructuring plan at the beginning of the quarter we were required to give 60-day notice to our effected employees in Indiana before operations could be transitioned.

Through that period of time we were producing at higher levels then our wholesale demand. We used sales incentives to move the product produced to ensure that we did not build up finished goods inventory.

Our restructuring plan is on target and is expected to reduce our capital requirements and lower our break-even point. Our plan includes target reductions in spending in the SG&A categories by between $3 million to $4 million per quarter which is in addition to the indirect cost savings.

Our overall target would result in break-even at somewhere around $175 million in sales per quarter. This target assumes a certain mix of products sold as well as stabilization of the pricing environment which would return discounting to normal levels.

The third quarter results illustrate how close we are to sizing the company to achieve the break-even target I just mentioned. Excluding the one-time and non-cash impairment charges our operating loss would have been $22 million.

With the indirect and SG&A cost savings going forward we could have improved the quarter by $8 million to $11 million with another $8 million to $9 million benefit when the pricing environment stabilizes.

We have put Monaco in the position that would require increased production levels to meet expected wholesale demand rather then needed to reduce production levels to meet it.

Our total corporate borrowings were $74.7 million at the end of third quarter compared to $80 million at the beginning of the quarter and our cash balance increased from $1.3 million to $3 million during the quarter.

These changes were due mainly to the decreases in inventory. I would also like to point out that our current total borrowings are at $65 million as of today. Our accounts payable decreased by $31.7 million during the quarter to $45.3 million due to significantly reduced purchasing levels for materials.

Accounts receivable decreased by $24 million during the quarter to $45.3 million as a result of lower sales volumes and quicker collections. Our overall inventory balance of $134.9 million was down $43.5 million from the beginning of the quarter.

Raw materials inventories increased by $500,000 while work in process inventory decreased $31.5 million and finished goods decreased by $12.5 million to about $42.7 million.

Capital expenditures for the first nine months were $2.5 million. We expect to spend $4 million to $5 million on capital expenditures in total for 2008 which is closer to a maintenance CapEx level. And with that I’ll turn it over to John.

John Nepute

Thanks Marty, as Kay and Marty have talked about the third quarter was more of the same as retail sales continued to fall short of expectations and dealers reacted by attempting to further reduce their inventories.

Class A retail down 40% through August and Class A wholesale down 48% through September, we found ourselves offering a wide variety of wholesale and retail incentives in order to get product to move through our distribution system.

That set of industry dynamics has never been one that has led to good operating results and the third quarter was no exception.

Operationally while its hard to call it a bright spot, we were able to close down our main Indiana facility in the third quarter as scheduled and all of the models have been moved to their new production locations and are being produced as planned.

And while its certainly not apparent from our third quarter results our team of employees both those remaining and those that weren’t retained did a terrific job of handing off and receiving the new assignments.

Our reduced footprint will enable us to produce fewer units more profitably once the industry moves beyond the “let’s buy at a discount” mentality that we’re currently in. And certainly recently announced reductions in capacity by other manufacturers will help in that regard.

We continue to believe that our retail markets are closely tied to consumer confidence and are hopeful that consumer confidence will rebound after the elections are concluded and financial markets begin to show signs of stability.

The tightening of credit requirements for our retail customers has compounded what was already a very difficult selling environment.

Dealer inventories of our Class A products declined by approximately 100 units in the third quarter and were down 274 units year-to-date. Dealers are continuing to exercise caution in adding units on to their lots and we expect to continue to see that throughout the remainder of the year.

In addition to the wholesale incentives we offered in the third quarter part of our success in keeping dealer inventories from reducing more then they did, was reinvigorating some of our more dormant dealer relationships.

While this was expensive to do it did keep us from having to stuff our active dealers with even more inventory at a time when they were hoping to do just the opposite.

On the towable side of the business we have continued to have success with our lighter weight, lower priced travel trailer units. While the towable segment has been negatively impacted this year, dealer attitudes and retail sales continue to be a little better on the towable side of the business.

But the recent consolidation of our fifth wheels under the same campus as our travel trailers, we’re focused on taking the lessons we’ve learned on our travel trailer models and using them to come out with less expensive and more competitive fifth wheel models which we’re confident will help us grow this part of our towable business going forward.

As Marty indicated earlier all the steps we’ve taken this year have greatly reduced our break-even level and coupled with the new bank facilities we expect to have in place in the next few days we feel we’ve positioned ourselves to be able to ride out the current economic cycle we’re all experiencing.

Throughout this process our management team and our employees have all been asked to do more with less and to their credit they’ve responded and have and are doing what needs to be done. We remain committed to seeing this process through and coming out the other side of the market with a lean, efficient, and profitable organization.

And we remain committed to securing our place in the RV market by staying at the forefront of product development. We think our continued Class A market share gains are a positive testament to the vale both our dealers and our mutual customers are finding in our products and the ancillary programs and services we provide.

With that we’ll open the line for questions.

Question-and-Answer Session

Operator

(Operator Instructions) Your first question comes from the line of David Wells - Avondale Partners

David Wells - Avondale Partners

In terms of the tax benefit in the quarter just wondered if you could provide some additional color on that and how we should think about that going forward?

Marty Daley

The tax benefit in this quarter in particular was a little bit different from the other quarters in that a portion of the goodwill, the largest portion of the goodwill write-down that we had did not have an associated tax benefit with that. So that’s why, typically that benefit had been around 36% and this quarter it was not that because there was no tax benefit from the largest portion of the write-down on goodwill.

Going forward then that benefit should run around that 37% or something like that or when you flip to profitability it would be in the expense side of that 37% range.

David Wells - Avondale Partners

Going to the $175 million break-even point level, what would that look like from a capacity utilization standpoint if you were at that run rate from a top line perspective?

Marty Daley

I think we would be in the 60 plus utilization rate mode.

David Wells - Avondale Partners

Just to go back to the estimated cost saves from the plant closure, could you run through those that would be great.

Marty Daley

We talked the indirect side of things that would be about $5 million to $7 million and then SG&A side of things to be between $3 million and $4 million and those are both on a quarterly basis.

David Wells - Avondale Partners

Do you have a goal in terms of where you’d like to see your finished goods inventory reached by the end of the fiscal year?

Marty Daley

Reality is we would like to get it as close to zero as we possibly can. I think likely there will be some level that is still there but if its around $5 million to $10 million, that’s a pretty good target for us to get down to.

David Wells - Avondale Partners

The reduction in work in process inventory was that tied mainly to the plant closure or was there something else driving that?

Marty Daley

No that is related to the plant closure and in fact that will increase slightly from third quarter number because we hadn’t fully filled out the work in process in Oregon at that point in time but there won’t be a lot of movement on that and it will be offset by the decreases in finished goods and then also material inventories have room to come down further as well.

David Wells - Avondale Partners

Any progress on the sale of the Wakarusa plant and the land there?

John Nepute

They’re all listed for sale and we have had some people that have toured the facilities but we don’t have any offers on the table at the moment.

David Wells - Avondale Partners

Any color on the percentage discounts that you’re giving to freedom roads and some of the others. We’ve been hearing just from the channel $25 to $40,000 off motorhomes, is that an accurate number that we’re hearing or any thoughts there?

John Nepute

I think Marty gave you some information in that we’ve probably had $8 to $9 million of additional discounts in the quarter then we normally would feel is customary and so that should give you an idea of relative nature of the discounting.

Operator

Your next question comes from the line of Barry Vogel - Barry Vogel & Associates

Barry Vogel - Barry Vogel & Associates

I have a question about recourse on dealer failures, can you tell us year-to-date how many units you’ve had to take back, how many of your dealers have gone bankrupt and what kind of reserves do you have and on what basis are your reserves for that issue?

John Nepute

We have had some smaller dealers go out of business but I would put it in the category of handful or just slightly more then a handful. We’ve had some dealers have closed down on their own volition as opposed to basically being put out of business and so what I would say is while our experience on this may be is up a little bit, is not really, I’ve heard your other questioning on all the manufacturers on all these calls and really at this point in time I don’t think anyone in the industry is really seeing a big increase in this kind of activity which isn’t to say that there might not be if this continues for an even longer protracted period then it already has lasted.

But I think most of the dealers in our industry have done a really good job of managing their inventories and their expenses and we were down at the Dealer Association meeting at the end of September, first part of October and frankly a lot of the attitudes were pretty upbeat that they had survived what they considered a rather dramatic drop, and I would consider a rather dramatic drop in their business and they still had the lights on were moving forward and were looking forward to 2009.

I’m not going to say that something can’t happen but we haven’t seen it yet.

Marty Daley

In regard to the reserve amount we have for those types of things, its right around $400,000. Its based on a formula from historical net losses that have come out of those so it does not represent the total cost of buying back the units, but we have since we do get good clean title to those under the repurchase obligations we then turn around and sell those out to other dealerships and the net impact has been negligible over every period of time that we’ve looked at in the past. So we use historical measures on that in terms of the net losses that have been generated and apply it to the total repurchase obligation we’ve got outstanding out there which has been greatly reduced from where we were even six months ago.

So that’s where we come up with that reserve amount.

Barry Vogel - Barry Vogel & Associates

Will you have tax carry-backs at the end of the year?

Marty Daley

Yes we will.

Barry Vogel - Barry Vogel & Associates

Do you have any idea roughly what they might be?

Marty Daley

Well I can tell you for the taxes we’ve paid into at least at the Federal level that we can get a refund on in next year’s return would be somewhere around just over $7 million.

Barry Vogel - Barry Vogel & Associates

Do you think that even though the discounting was very severe in the quarter do you think that it will go down in the fourth quarter? Or do you think it’ll probably be maintained at these levels?

John Nepute

I would hope that it will reduce somewhat. It sounds like from listening to other manufacturers they have reduced their production as well and are trying to keep their inventory levels at a decent rate which would reduce the pressure on them to discount. Certainly that’s what we’re trying to do. We have the Louisville show the first week of December, that’s usually a good gauge of where people are at. Normally you’ll find that November is not a big wholesale month because everybody is waiting to go to Louisville and see what’s out there.

This one is hard to call but it doesn’t appear to me that we’ve got anybody in the industry that’s out there just running manufacturing like crazy and building up a yard of stuff at the moment so that’s all positive in terms of maybe taking the pressure off all of us in terms of trying to discount units.

Barry Vogel - Barry Vogel & Associates

You said that your term loan is a $39 million loan and your revolver is $90 million, but we add that up and get $129 million. If this was to have occurred on the 30th of September how much would your debt be outstanding and what would be the breakdown in the term loan and the revolver pro forma September 30.

Marty Daley

Well as I mentioned at the end of the quarter our total borrowing was $74.7 million so $39 million of that would have been on the term loan and the rest would have been on the revolver facility.

Barry Vogel - Barry Vogel & Associates

So that if you lower your finished goods inventory by $33 million that means you would probably lower your total debt outstanding at the end of December, am I correct?

Marty Daley

That’s correct.

Operator

Your next question comes from the line of Craig Kennison - Robert W. Baird

Craig Kennison - Robert W. Baird

Could you clarify what has to happen to secure the loan that you’re looking for by the end of the week?

John Nepute

Well we’re down to basically a lot of dotting a lot of i’s and crossing a lot of t’s and getting all the attorneys to get the right paperwork in front of everybody and in this case you’re not dealing with just one group of banks, you’re dealing with a revolving facility in a term fit piece that are represented by different groups and its taking a little bit of time to coordinate all of those and all the different agreements. We were hoping to be able to announce that today but we still think it will get closed in the next few days.

Craig Kennison - Robert W. Baird

Can you imagine any scenario whereby you would not secure that loan?

John Nepute

You know in this current environment I could imagine a kinds of scenarios for all kinds of things so, you can never say its 100% sure until its 100% sure, particularly right now, but it looks very good.

Craig Kennison - Robert W. Baird

I’m not sure if you mentioned the terms of the covenants.

Marty Daley

No I didn’t go into any terms of the covenants on that. There’s going to be some typical covenants. Some of them will not kick in immediately because they are based on leverage ratios and things like that. They’re going to be the typical covenants for facilities of this type.

Craig Kennison - Robert W. Baird

Do you know at what price the warrants will be issued?

Marty Daley

I think it’s a factor of the market price so it’ll be fairly inexpensive it looks like unless there’s a huge move upwards today.

Craig Kennison - Robert W. Baird

Do you have a sense for the impact on, or the dilution related to that?

Marty Daley

We’ve got just under 30 million shares outstanding so its not huge, there is dilution but its not huge.

Craig Kennison - Robert W. Baird

With respect to the market in general, to what extent would you entertain an offer from another company? There seems to be a lack of consolidation in this industry despite tremendous amount of distress and we’ve heard Forest River indicate they’ve had a desire to consolidate the industry. Why not entertain more of those options with the stock at $1?

John Nepute

We have like every public company, I suspect everyone could be approached by anyone at any time and you have a Board of Directors that takes a look at that and makes a decision if it makes sense or not. We are not in discussion with anyone, no one has made an offer to acquire our company and so we’re in a big restructuring plan that we think is going to, and our Board of Directors feels is going to be the best for increasing shareholder value as we turn this company around and return it to profitability next year and that’s as much as we can say about that right now.

Operator

Your next question comes from the line of Bob Simonson - William Blair

Bob Simonson - William Blair

Does the tax rate for next year assuming you have a pre-tax profit, is that 37?

Marty Daley

Yes, once we’ve flipped to the profit side it would be around 38%, 39%, anywhere between the 37% to 39%.

Bob Simonson - William Blair

You mentioned that break-even would be at about $175 million per quarter in revenues, what mix does that assume? How many units would you have to sell?

Marty Daley

Really the comment on mix is related to the mix of what we’ve been historically selling now between motorized and towables. So if we had a shift in that mix by quite a bit there could be a shift in mix to, even on the motorized side to product with lower margins which wouldn’t necessarily get me there. But its really based on what we’ve been selling historically.

Bob Simonson - William Blair

And for the moment, when you say break-even do you mean on an operating basis or pre-tax after interest?

Marty Daley

Well with a great deal of confidence we can say that would be the operating profit side of things.

Bob Simonson - William Blair

Is there a goal to get to a pre-tax break-even?

Marty Daley

Yes, that would be an additional goal but there’s more work to do on that.

Bob Simonson - William Blair

If you make a little money at the operating level next year, what would be your best guess as to what your margin structure would be, what would the gross be and what would the expense ratio be?

Marty Daley

That one is a hard one to explain without having numbers to run through a model I guess, but in general terms what I would say is that because of the consolidation and the dollar amounts that are coming out of the indirect cost structure, our gross margin side of things should actually improve to then cover the SG&A cost on an ongoing basis that is more fixed related and that could be a pretty high percentage of total sales.

If you run a model then from what we’ve done historically as going forward actually the gross margin would improve by a fair amount but then SG&A because of the fixed nature would kind of eat up most of that cost as a percentage.

Bob Simonson - William Blair

So am I in the right rough area if I said your gross margin and your expense ratios would range between 7 and 9?

Marty Daley

They could actually be higher then that.

Bob Simonson - William Blair

So it could be 8 to 10 on both of them.

Marty Daley

Right, to be a break-even you’re right.

Bob Simonson - William Blair

Depreciation expense for this year and next, you got about just under $14 million run rate so far this year, next year?

Marty Daley

Next year should be around 9 to 10.

Operator

Your next question comes from the line of Frank Magdlen – The Robins Group

Frank Magdlen – The Robins Group

In the capacity numbers, you had three lines of motorized, was that what is actually left or what ran at the quarter’s end?

Marty Daley

That’s what’s left.

Frank Magdlen – The Robins Group

And the same with the towable, five lines left?

Marty Daley

Yes.

Frank Magdlen – The Robins Group

What are the approximate capacity numbers, you indicated you ran the motorized at about 44% of capacity? And the disconnect in 33% at the five lines and earlier you had said $175 million when you talked about capacity approaching 60% number, so I’m a little difficulty getting from what you generated this quarter up to $175 and saying that you get something close to 60%.

Marty Daley

If you look at that, at the end of the quarter we were running at 44%. We’re not running at the volume to produce $175 million currently because as we said, [inaudible] work in process, we had just finished the consolidation of the plants. As we head through into the fourth quarter and into the first quarter, as we ramp that up we will approach at producing $175 million a quarter, 60% capacity.

John Nepute

Because we had reduction of finished goods as well to achieve the sales volume we did in this quarter.

Frank Magdlen – The Robins Group

Could you go through the resort lot model again so that I have some understanding of how that’s going to work going forward. Are we still looking at the same gross margins or SG&A and say operating margins that you hope to get?

Marty Daley

They may compress a little bit with real estate in general having challenges out there as everyone would admit. They may compress a little bit from what we’ve seen in the past. I think in the past we’ve said gross margins approaching 45% to 50%. You could see those drop incrementally. SG&A costs associated with them should stay pretty close for the foreseeable future so what you’ll see is a compression on operating income off of those from working programs to move real estate lots at the resorts.

Frank Magdlen – The Robins Group

You talked about market share gains as the market share went up 7% I believe in the Class A, can you just give us the market share number for that in towables?

Marty Daley

We’ll have to send that to you.

Frank Magdlen – The Robins Group

On the goodwill charges are you willing to breakout what brands got hit the hardest?

Marty Daley

It really came down to the entire motorized segment of goodwill that we wrote off.

Operator

Your final question is a follow-up from the line of Barry Vogel - Barry Vogel & Associates

Barry Vogel - Barry Vogel & Associates

[inaudible] balance sheet to get about $45 million of assets in the resort business. That’s still a very large amount of assets under your current situation and the difficulties that are going to transpire probably through next year in terms of selling those things, have you given serious consideration to doing something about that and to modify some of those assets.

Kay Toolson

We continue to look at that and we are certainly not going to be spending money developing, doing further development on the resorts that are adding extra phases to them until we’ve sold through the lots that are there. Our spend money on the resorts is just about over. I think it ends, I think the last piece is Naples and that should be fully completed by the end of November or the latest, a week after that.

Certainly we’re open to anything on the lots. If someone is interested in acquiring part of one of our resorts we’re certainly interested in selling it and so we’re looking at all kinds of avenues obviously as an effort to raise additional cash.

Operator

There are no additional questions at this time; I would like to turn it back over to management for any additional or closing comments.

Kay Toolson

Thank you all for participating on the call. We’ll look forward to talking to you in January hopefully in a more resilient economy. Thanks very much.

Copyright policy: All transcripts on this site are the copyright of Seeking Alpha. However, we view them as an important resource for bloggers and journalists, and are excited to contribute to the democratization of financial information on the Internet. (Until now investors have had to pay thousands of dollars in subscription fees for transcripts.) So our reproduction policy is as follows: You may quote up to 400 words of any transcript on the condition that you attribute the transcript to Seeking Alpha and either link to the original transcript or to www.SeekingAlpha.com. All other use is prohibited.

THE INFORMATION CONTAINED HERE IS A TEXTUAL REPRESENTATION OF THE APPLICABLE COMPANY'S CONFERENCE CALL, CONFERENCE PRESENTATION OR OTHER AUDIO PRESENTATION, AND WHILE EFFORTS ARE MADE TO PROVIDE AN ACCURATE TRANSCRIPTION, THERE MAY BE MATERIAL ERRORS, OMISSIONS, OR INACCURACIES IN THE REPORTING OF THE SUBSTANCE OF THE AUDIO PRESENTATIONS. IN NO WAY DOES SEEKING ALPHA ASSUME ANY RESPONSIBILITY FOR ANY INVESTMENT OR OTHER DECISIONS MADE BASED UPON THE INFORMATION PROVIDED ON THIS WEB SITE OR IN ANY TRANSCRIPT. USERS ARE ADVISED TO REVIEW THE APPLICABLE COMPANY'S AUDIO PRESENTATION ITSELF AND THE APPLICABLE COMPANY'S SEC FILINGS BEFORE MAKING ANY INVESTMENT OR OTHER DECISIONS.

If you have any additional questions about our online transcripts, please contact us at: transcripts@seekingalpha.com. Thank you!

Source: Monaco Coach Corporation Q3 2008 (Qtr End 09/27/08) Earnings Call Transcript
This Transcript
All Transcripts