Archive

Posts Tagged ‘rv industry’

HUD Coders Outpace the RVers in Hall Campaign Challenge

March 28th, 2016 Comments off

rv_mh_hall_of_fame_and_useum__their_creditThe ongoing campaign challenge to eliminate the remaining $2 million debt of the RV/MH Hall of Fame and Museum, pitting the MH industry against the RV industry, with a goal of $1 million each, reveals the manufactured home industry is way ahead, $674,750 to $132,500.

Chairman and president of the Hall Darryl Searer announced the updated totals from the campaign that began 18 months ago, when Clayton Homes CEO Kevin Clayton proposed the challenge with a contribution of $200,000 over five years. He asked others in the MH industry to pitch in, and many responded, including Joseph Stegmayer, CEO of Cavco Industries who donated $50,000.

Searer’s efforts during his four years as volunteer head of the Hall has resulted in the reduction of the organization’s debt from $5.5 million to $1.2 million, taking up the challenge when few thought the Hall could survive.

Noting that the RV industry has fully recovered from the Recession and now “the RV business is booming,” Searer said, “I believe that the RV/MH Hall of Fame and Museum is a shining light for our two industries and belongs to everyone related to these two industries. We each should be proud of our beautiful facility, our history and heritage that it represents–proud enough to financially contribute to its continuing legacy.”

Thanking the board of directors, volunteers and others in the industry for their support, Searer stated when the final $1,192,750 is paid, the Hall will be self sufficient. “Income from museum admissions, gift shop sales and hosting many events at our Northern Indiana Event Center will provide the funds to operate in the black. In addition, the board of directors passed a resolution that requires any new major project or addition to our facilities will not begin until it is fully funded.”

He added, “”What we need is for a few more ‘angels’ on the RV side to step up.” ##

(Photo credit: RV/MH Hall of Fame and Museum)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily Business News-MHProNews.

Patrick Industries Notches Strong Q4 and Year-end Financials

February 18th, 2016 Comments off

patrick_industries__elkharttruth__Emily_Pfund__credditManufacturer and distributor of building and component products for the manufactured housing (MH) and recreational vehicle (RV) industries, Patrick Industries, Inc. (NASDAQ:PATK) reported net sales for the fourth quarter of 2015 rose 31 percent, $59.1 million, to $248.7 million compared to $189.6 million for Q4 2014.

The increase was attributable to a 32 percent rise in revenue from the RV industry, but also reflecting acquisitions made by the company in the last two years, as seekingalpha tells MHProNews.

Revenue from the MH industry, representing 14 percent of the Q4 sales, rose 21 percent.

Patrick reported operating income of $18.8 million representing, an increase of 60 percent, 7.1 million, compared to $11.7 million posted in Q4 2015. Fourth quarter net income of 2015 rose 65 percent to $12.0 million as compared to $7.3 million for the same quarter 2014. Earnings per share rose 70 percent to $0.78 from $0.46 EPS over Q4 2014.

Net sales for the year ending Dec. 31, 2015 rose $184.6 million, 25 percent, to $920.3 million from $735.7 million compared to the same period of 2014.

Patrick’s revenue from the RV industry, which represents 75 percent of company revenue, increased by 26 percent over 2014. Sales to the MH industry, accounting for 14 percent of sales, increased 18 percent over the same totals for 2014.

Operating income for the full year rose 36 percent, $69.9 million, $18.4 million over the $51.5 million reported in 2014. Net income increased 38% to $42.2 million from $30.7 million in 2014. Net income per diluted share rose 42 percent to $2.72 from $1.91. ##

(Photo credit: elkharttruth)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily Business News-MHProNews.

Congressmen Stutzman and Walorski backing bill distancing RVs from Manufactured Housing definitions

October 10th, 2014 Comments off

IN-congressmen-marlin-stutzman-jackie-walorski-credit-wikipedia-posted-daily-business-news-mhpronews-com-Congressmen Marlin Stutzman (R-3 IN) and Jackie Walorski (R-2nd IN) announced Thursday October 9th legislation they’ve introduced legislation aimed preventing recreational vehicles from being regulated as manufactured housing.

Brian Francisco at the Fort Wayne Journal Gazette tells MHProNews that the RV industry is seeking to avoid “restrictive taxing, zoning and consumer lending rules if certain vehicles are considered manufactured housing and regulated by the U.S. Department of Housing and Urban Development.

Department of Housing and Urban Development (HUD) Manufactured Housing program director, Pam Danner, published official guidance on HUDs rule regarding what constitutes a manufactured home under the code. Danner’s HUD memo – which would count porches as part of their 400 square foot or less exemption limit for RVs – and MHARR’s commentary, are linked here.

The issue is thorny for many in manufactured housing, as some HUD Code home producers are in both RV and MH. Further, a number of manufactured housing communities look to the RV industry to fill certain smaller or older sites. States like IN, MI and MT have joint RV-MH associations.

Meanwhile, manufactured housing purists want to draw a line in the sand, without creating friction with their sister industry. Manufactured homes – in its pre-HUD Code ‘Mobile Home’ days – historical evolved from the RV business. The generally warm ties between the two are exemplified by the joint RV MH Hall of Fame.

Indiana’s robust RV industry should not have to fear that Washington bureaucrats will suddenly change the rules on them,” Stutzman said Thursday in a statement.

His and Walorski’s bill is House Resolution 5658 and titled the Recreational Vehicle Certaintly Act of 2014. They said their bill defines RVs “to ensure that they clearly and consistently remain distinct products from manufactured homes.”

With RVs out shipping manufactured housing by roughly 5 to 1, it will be interesting to see how this bill fares compared to HR 1779/S 1828. Strategically, some key players in MH want to see the RV industry support the reforms of the CFPB through that legislation. ##

(Photo credit of Congressmen Marlin Stutzman (R-3 IN – left) and Jackie Walorski (R-2nd IN – right), Wikipedia)

(Editor’s note: Related story on CFPB and MH financing, linked here, may suggest why RVs are trying to escape CFPB financing and HUD regulations. RVs are currently regulated at the federal level by the National Highway Transportation Safety Administration, and are not treated as permanent housing under federal law).

Lippert Acquires Chassis Manufacturer

December 19th, 2013 Comments off

Drew Industries, Inc. subsidiary Lippert Components, Inc. has acquired Fortress Technologies LLC of Middlebury, Indiana for $3.3 million. Fortress is a specialized manufacturer of recreational vehicle (RV) chassis with an estimated annual sales revenue of $3 million, according to RVBusiness.com. “The people and assets we’ve added from Fortress Technologies will help us better serve our customers by increasing our capacity, allowing us to meet the projected industry-wide growth,” said Scott Mereness, president of Drew Industries Inc. MHProNews knows Lippert and its sister company, Kinro Inc., provide components to the manufactured housing and to the RV industries.

RV Sales Spike Manufactured Housing Component Suppliers

July 21st, 2013 Comments off

As sales of manufactured housing’s sister industry, the recreational vehicle (RV) business, began accelerating in mid-2012, it also spurred the sales of several manufactured housing (MH) component suppliers. Shipments of motor homes rose 30 percent through May of this year compared to 2012. Drew Industries, Inc., one of the three largest companies in the Investor’s Business Daily’s (IBD) Building-Mobile/Manufactured Homes group, supplies slide-out mechanisms and other items for the RV industry. Its sales rose 36 percent in Q3 2012, as IBD informs MHProNews. Overall, the group’s ranking as of Friday, July 19 had risen to 58 out of 197 industries from number 171 at the beginning of May. Included in the ranking are modular and MH manufacturer Cavco Industries and Patrick Industries, maker of ceiling and wall panels for the MH and RV industries.

(Photo credit: Wikipedia)

 

Drew Draws Top RV Industry Number

July 8th, 2013 Comments off

Drew Industries, Inc., (NYSE:DW) had one of the highest return on assets (ROA) of all the recreational vehicle (RV) stocks on the New York Stock Exchange (NYSE). The parent company of Lippert Components and Kinro Inc., Drew has a trailing-twelve-month ROA rate of 9.37 percent, behind Polaris Industries with 22.44 percent return on assets and Thor Industries with a 10.26 percent. According to Benzinga, Drew had $4.03 million in cash for the most recent quarter. As MHProNews, Drew is also a major component supplier to the manufactured housing industry.

(Image credit: Drew Industries, Inc.)

Elkhart Ind. is Bustling

March 1st, 2013 Comments off

Lippert Components, Inc., component supplier to the manufactured housing and recreational vehicle industries, is part of a strong industrial growth pattern in Elkhart, Ind, as etruth informs MHProNews. Lippert began as a steel fabricating plant in rural Michigan in the 1950’s, and has been fabricating chassis for manufactured housing since the beginning. It now has 34 plants and 5,300 employees. With the uptick in the RV industry, Elkhart is drawing related industries. Genesis Products, Inc. manufactures wood products primarily for the RV industry, and like Lippert, got its start as a small company ten years ago and now has five facilities. Named the eighth fastest growing privately held manufacturing company in the Inc. 500 ranking in 2007, Genesis intends to expand operations and hire an additional 100 employees by 2015. Lippert is a subsidiary of Drew Industries, Inc. (which recently moved its corporate offices to Elkhart from White Pains, NY) and with it’s sister company, Kinro, Inc. provides doors and windows to the MH and RV industries, and together they both manufacture an extensive line of bathroom fixtures.

(Photo credit: Wikipedia–MH chassis)

New Guidelines for Nominations to the RV/MH Hall of Fame

January 31st, 2013 Comments off

In order to streamline nominations to the RV/MH Hall of Fame in Elkhart, Ind., the RV/MH Heritage Foundation has developed new guidelines: The nominee(s) must have been actively involved in the MH or RV industry for at least 25 years, and have a good, honorable, respectful reputation in support of the industry. He or she must also have experience in volunteer activities inside and outside the industry. Special emphasis is given to those who have furthered the cause of state and national associations as well as owners’ groups, and the RV/MH Hall of Fame itself. Nominations must be received by Oct. 31 for the following year’s class and be accompanied by three supporting letters. As MHProNews has learned, selections will be made in Jan. for the annual induction dinner in August.

(Photo credit: RV/MH Hall of Fame and Museum)

Drew’s Kinro Acquires Agile

July 16th, 2012 Comments off

RVDailyReport says Kinro, Inc., a subsidiary of Drew Industries, Inc. and supplier of components for the recreational vehicle (RV) industry, announces that it has acquired the thermoforming design and production operation of Agile Vehicle Modifications, which produces plastic components for the original equipment manufacturer (OEM) and the aftermarket industry. Acquisition price was $300,000 with an additional $150,000 possible depending upon sales for one year. Agile has revenues of under $1 million. Kinro is based in Elkhart, Indiana and will lease Agile’s existing facility, also in Elkhart. MHProNews.com knows Drew supplies a wide array of components for the RV and MH industries.

(Image credit: Drew Industries, Inc.)

Passages: Jeffrey Few

June 13th, 2012 Comments off

9and10news from Michigan reports Lippert Components, Inc. out of Goshen, Indiana announces Jeffey Few has been hired as the newly-created Director of Product Development to hone in on state-of-the-art technology and automation in design, machinery, and production. Few has experience in automotive and architectural design as well as a strong background in the RV industry, including a broad range of industry patents. Lippert and sister company Kinro CEO Jason Lippert says, “We believe that smarter technology is the key to product improvement, innovation, and consistent quality, and Jeff’s expertise and experience in assessing and developing product concepts, and manufacturing processes, will take us in this direction.” MHProNews.com understands Lippert and Kinro are subsidiaries of Drew Industries Inc., manufacturer of a broad range of products for the manufactured and modular home and RV industries.

(Image credit: Lippert Components, Inc.)