NEWS
RELEASE


FOR
IMMEDIATE RELEASE




COACHMEN
INDUSTRIES, INC. ISSUES CAUTIONARY STATEMENT





Elkhart, Ind., Jan. 26, 2009 –
Coachmen Industries, Inc. (NYSE: COA) today issued a cautionary statement
regarding its fourth-quarter results.





Coachmen’s
President and CEO, Rick Lavers stated, “We will be releasing our financial
results for the full year 2008 and the 4th Quarter of 2008 in
February.  However, there have been so many changes and events during
the 4th Quarter of 2008 that our results will appear to be
unusual.  We anticipate our Housing Group will show a modest profit
for the full year 2008, despite losses in the 4th Quarter as previously
predicted, but on the whole, our results will be impacted by these
events.”





The
results for the overall Company will be greatly affected by the sale of the
assets of the Recreational Vehicle Group.  Even though the sale was
clearly the correct action in the circumstances and resulted in a transaction
value of approximately $40 million, much of that was allocated to pay past and
potential future obligations of the RV business and costs related to the sales
transaction.  Further, the assets were sold below their book
value.  Therefore, the results will reflect significantly higher book
losses than would be the case under normal operating
circumstances.  The Company is also currently evaluating the remaining
goodwill and various assets and may be required by accounting rules to write-off
the remaining goodwill balance and impair certain other assets during the
quarter.





Coachmen
Industries, Inc. is one of America's premier manufacturers of systems-built
construction, as well as specialty vehicles. Through ALL AMERICAN HOMES® and
MOD-U-KRAF®, the Company is one of the nation's largest producers of
systems-built homes, and also a major builder of commercial and multi-family
residential structures with its ALL AMERICAN BUILDING SYSTEMSTM products.
Coachmen Industries, Inc. is a publicly held company with stock listed on the
New York Stock Exchange (NYSE) under the ticker COA.




This
release contains forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Investors are cautioned not to place
undue reliance on forward-looking statements, which are inherently uncertain.
Actual results may differ materially from that projected or suggested due to
certain risks and uncertainties including, but not limited to, the potential
fluctuations in the Company's operating results, increased interest rates the
availability for floorplan financing for the Company's builders and
corresponding availability of cash to Company, uncertainties and timing with
respect to sales resulting from recovery efforts in the Gulf Coast,
uncertainties regarding the impact on sales of the disclosed restructuring steps
in housing and building segments, the ability of the company to generate taxable
income in future years to utilize deferred tax assets and net operating loss
carry-forwards available for use, the impact of performance on the valuation of
intangible assets, the availability and the price of gasoline, price volatility
of raw materials used in production, the Company's dependence on suppliers, the
availability and cost of real estate for residential housing, the supply of
existing homes within the company's markets, the impact of home values on
housing demand, the impact of sub-prime lending on the availability of credit
for the broader housing market, the ability of the Company to perform in new
market segments where it has limited experience, adverse weather conditions
affecting home deliveries, competition, government regulations, legislation
governing the relationships of the Company with its builders, dependence on
significant customers within certain product types, consolidation of
distribution channels, consumer confidence, uncertainties of matters in
litigation, current litigation relating to and Congressional inquiry surrounding
the Company's use of components containing formaldehyde in its products, further
developments in the war on terrorism and related international crises, oil
supplies, and other risks identified in the Company's SEC filings.




For
investor or financial information:


Thomas
Gehl


Secretary
and Director of Investor Relations


574-266-2531