Winnebago Announces Major Stock Repurchase,
Following Death of Luise V. Hanson

The Directors of Winnebago Industries, Inc. (NYSE: WGO) have authorized and directed the repurchase of 1,450,000 shares of stock for $44.1235 per share from Hanson Capital Partners, LLC, which is owned and controlled by the family of Company founder John K. Hanson and his wife, Luise. Luise V. Hanson passed away on Sunday, October 19, 2003, at the age of 90.

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The effect of this repurchase is to reduce outstanding shares by eight percent from 18,233,390, to 16,783,390. The agreement was reached today to repurchase the shares at a 15 percent discount to market using the market close on Friday, October 17, 2003. The closing price of Winnebago Industries' stock on October 17 was $51.91.

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The Company was contacted by members of the Hanson family as they developed a transition plan for their Winnebago Industries' stock ownership upon Luise Hanson's death. This is the third major stock repurchase from the Hanson family, reducing their Winnebago Industries' stock ownership from 10,621,906, or 41.7 percent, at October 13, 1997, to 3,846,306, or 22.9 percent, following this last repurchase.

"Our sympathies go out to the Luise Hanson family. She played an invaluable role in Winnebago Industries' history and will be truly missed," said Winnebago Industries Chairman, CEO and President Bruce Hertzke. Hertzke continued, "We believe the repurchase is in the best interests of Winnebago Industries' and its shareholders."

Coachmen Industries Forms New State-of-The Industry Financing Program
Exclusive Financial Services Will Benefit Coachmen®, Georgie Boy® and Viking® RV Dealers

Coachmen Industries (NYSE: COA) has announced the formation of a private label finance program that will provide exclusive financing services to its RV dealers. The creation of Coachmen Financial ServicesSM will offer industryleading inventory financing solutions to qualified dealers who carry RVs manufactured by Coachmen Industries’ RV Group: Coachmen Recreational Vehicle Company, LLC; Georgie Boy Manufacturing, LLC; and Viking Recreational Vehicle Company, LLC.

Initially, Coachmen Financial Services will focus primarily on wholesale inventory financing, providing Coachmen Industries dealers with dedicated lines of credit to purchase products at highly competitive rates and terms. The program provides a broad breadth of wholesale finance features and is intended to expand to other financial services.

“We believe this is the best finance package in the RV industry. It provides our dealers with the wholesale financing they need at competitive rates and terms,” said Joseph P. Tomczak, Executive Vice President and Chief Financial Officer, Coachmen Industries, Inc.

“Coachmen Financial Services is a dynamic program providing finance solutions to our dealers through a branded financing package. This program adds value to our relationships with our dealers as it offers qualifying Coachmen Industries dealers features designed specifically to support their efforts in selling more Coachmen product at lower operating costs.” said Michael R. Terlep, Coachmen RV Group President.

Terlep said Coachmen Financial Services represents one of the best national programs for new product ‘floorplanning’ offered in the industry, plus provides expanded finance features that include a used/trade-in program, a pre-sold program, a rental program and much more. He added that Coachmen Financial Services will provide Coachmen Industries dealers with better service and greater flexibility.

“By providing competitive financing programs for a broad range of dealer sizes and product stocking levels, Coachmen Financial Services will help increase dealer profitability and differentiate Coachmen Industries from other manufacturers and lenders. As a result, Coachmen looks to increase its volume by growing wholesale and retail market share,” stated Terlep.

In establishing Coachmen Financial Services, Coachmen Industries selected Transamerica Distribution Finance, a leading provider of financial plans for the recreational vehicle industry. The Company formed a relationship with Transamerica over two years ago through a "Preferred Finance Program" that provided dedicated lines of credit to fill the product needs of dealers, along with exceptional service and support.

For Coachmen Financial Services, Transamerica will establish a unit dedicated to servicing Coachmen Industries and its dealers, including credit, account management and customer service functions. Its staff will consist of experienced industry professionals from Transamerica’s Charlotte, N.C., RV Business Group.

“Coachmen Financial Services brings a whole suite of financial services to Coachmen’s dealer network,” said Kevin Riehl, Vice President and General Manager of Transamerica Distribution Finance’s Home and Recreational Products Group. “It also helps Coachmen strengthen their relationship with dealers by offering a more competitive rate structure and dedicated credit lines.”

“We are a leader in the RV industry, and Transamerica is a leader in the wholesale recreational vehicle dealer floorplanning arena. It makes good business sense for us to team up with other leaders, and no one is better positioned than Transamerica to provide our dealers with the financing package, service and support they need and deserve,” said Tomczak. 

Coast Distribution’s Net Sales Up 6% in Second Quarter

Net sales for the second quarter of 2003 increased 6% to $47.5 million, as compared to $44.9 million for the second quarter of 2002. Net earnings for the quarter increased to $1,611,000, or $0.35 per diluted share, versus net earnings of $609,000, or $0.14 per diluted share, for the second quarter of 2002.

Clayton Homes, Inc. Being Sold to Berkshire Hathaway, Inc.

Clayton Homes, Inc., a mobile-home maker, announced that it expects to complete the company’s sale to Warren Buffett’s Berkshire Hathaway, Inc. for $1.7 billion after the Tennessee Supreme Court refused to hear an appeal by an investor. The sale was approved by Clayton shareholders two months ago.

Coachmen Ind. Expects Significantly Improved 3rd Quarter Performance

• Anticipated third quarter profit exceeds market consensus estimate by 32% to 40%

• Company expects highest earnings level in 16 quarters: $0.33 to $0.35 per share.

• Sales increase expected to be 13% over last year.

Coachmen Industries, Inc. (NYSE: COA) announced it expects improved financial results for the third quarter ended September 30, 2003. The Company expects net income of between $0.33 and $0.35 per share compared to $0.18 per share in the second quarter, a loss of $0.18 in the first quarter, and income of $0.27 per share in the third quarter of 2002. Coachmen also expects a 13% increase in sales for the third quarter compared with the yearago quarter. These anticipated third quarter results exceed the market consensus estimate of $0.25 per share, and are consistent with the Company’s forecast for full-year results. Earnings of $0.33 to $0.35 per share would be the highest level of quarterly earnings in the last 16 quarters.

These results are preliminary and subject to final review. Coachmen will report full third quarter financial results after close of the market on Monday, October 27, 2003.

Winnebago Reports Record Revenues for ‘03

Winnebago Industries, Inc. (NYSE:WGO), the nation's leading motor home manufacturer, today reported financial results for the Company's fourth quarter and fiscal year ended August 30, 2003.

Revenues for the fourth quarter of fiscal 2003 were $225.7 million, compared to revenues of $220.1 million for the fourth quarter last year.

Net income for the fourth quarter ended August 30, 2003 was $12.0 million versus $16.4 million for the fourth quarter of fiscal 2002. On a diluted per share basis, the Company earned 65 cents a share for the fourth quarter of fiscal 2003 versus 86 cents a share for the fourth quarter last year. Included in net income in the fourth quarter of fiscal 2002 was $455,000, or three cents a share, from the Company's discontinued operations.

Revenues for fiscal 2003 (52 weeks) were a record $845.2 million versus $825.3 million for the previous fiscal year (53 weeks).