----

----

|   | Indiana                                                      | 35-1101097                        |   |
|--------|--------------------------------------------------------------|-----------------------------------|--------|
|   | (State of incorporation or organization)                     | (IRS Employer Identification No.) |   |
|   |                                                         |                              |   |
|   | 2831 Dexter Drive, Elkhart, Indiana 46514                    |                              |
|   | (Current Address of principal executive offices) (Zip Code)  |                              |
|   |                                                         |                              |   |
|   | (574) 266-2500                                               |                              |
|   | (Registrant's current telephone number, including area code) |                              |

|   | Common Stock, Without Par Value |
|--------|---------------------------------|
|   | (Title of each class)           |

| Large accelerated filer  ¨ |   | Accelerated filer  ¨ |   | Non-accelerated filer  ¨ |   | Smaller reporting company  x |
|-------------------------------------------|--------|-------------------------------------|--------|-----------------------------------------|--------|----------------------------------------|
|                                      |   |                                |   |                                    |   |                                   |

| Document                                                                                                | Parts of Form 10-K into which the Document is Incorporated |
|---------------------------------------------------------------------------------------------------------|------------------------------------------------------------|
| Portions of the Proxy Statement for the Annual Meetingof Shareholders to be held on April 29, 2010 | Part III                                                   |

----

----

----

----

----

|               |   | 2009   |   | 2008    |
|--------------------|--------|--------|--------|---------|
|               |   | Amount |   | %  |   | Amount |   | %  |
| Housing            |   | $      | 47.1   |    |   | 77.7 |   | $ | 117.2 |   |   | 98.0 |
|               |   |   |   |    |   |   |   |   |   |   |   |   |
| Specialty Vehicles |   |   | 13.5   |    |   | 22.3 |   |   | 2.4 |   |   | 2.0 |
|               |   |   |   |    |   |   |   |   |   |   |   |   |
| Total              |   | $      | 60.6   |    |   | 100.0 |   | $ | 119.6 |   |   | 100.0 |

Note 3

----

| Location                                                        | Acreage |   | No. of Buildings |   | Building Area (Sq. Ft.) |   |
|-----------------------------------------------------------------|---------|--------|------------------|--------|-------------------------|--------|
|                                                            |    |   |             |   |                    |   |   |   |   |   |
| Properties Owned and Used by Registrant:                        |    |   |             |   |                    |   |   |   |   |   |
| Housing Group                                                   |    |   |             |   |                    |   |   |   |   |   |
| Milliken, Colorado                                              |    |   | 23.0             |   |                    | 1      |   |   | 151,675 |   |
| Decatur, Indiana                                                |    |   | 40.0             |   |                    | 2      |   |   | 215,995 |   |
| Dyersville, Iowa                                                |    |   | 20.0             |   |                    | 1      |   |   | 168,277 |   |
| Rutherfordton, North Carolina *                                 |    |   | 36.8             |   |                    | 1      |   |   | 169,177 |   |
| Rocky Mount, Virginia                                           |    |   | 44.7             |   |                    | 6      |   |   | 137,693 |   |
| Subtotal                                                        |    |   | 164.5            |   |                    | 11     |   |   | 842,817 |   |
|                                                            |    |   |             |   |                    |   |   |   |   |   |
|    Specialty Vehicles                            |    |   |             |   |                    |   |   |   |   |   |
|         Middlebury, Indiana  |    |   | 13.5             |   |                    | 1      |   |   | 111,962 |   |
| Subtotal                                                        |    |   | 13.5             |   |                    | 1      |   |   | 111,962 |   |
| Other                                                           |    |   |             |   |                    |   |   |   |   |   |
| Elkhart, Indiana                                                |    |   | 16.2             |   |                    | 3      |   |   | 53,841 |   |
| Fitzgerald, Georgia                                             |    |   | 12.6             |   |                    | 2      |   |   | 103,600 |   |
| Middlebury, Indiana                                             |    |   | 1.3              |   |                    | 2      |   |   | 4,800 |   |
| Subtotal                                                        |    |   | 30.1             |   |                    | 7      |   |   | 162,241 |   |
| Total owned and used                                            |    |   | 208.10           |   |                    | 19     |   |   | 1,117,020 |   |
|                                                            |    |   |             |   |                    |   |   |   |   |   |
| Properties Leased  by Registrant:                     |    |   |             |   |                    |   |   |   |   |   |
| Other                                                           |    |   |             |   |                    |   |   |   |   |   |
| Chino, California                                               |    |   | 4.7              |   |                    | 3      |   |   | 84,296 |   |
| Elkhart, Indiana                                                |    |   | 2.8              |   |                    | 1      |   |   | 43,000 |   |
| Total leased                                                    |    |   | 7.5              |   |                    | 4      |   |   | 127,296 |   |
|                                                            |    |   |             |   |                    |   |   |   |   |   |
| Properties Owned by Registrant and Available for Sale or Lease: |    |   |             |   |                    |   |   |   |   |
| Housing Group                                                   |    |   |             |   |                    |   |   |   |   |   |
| Decatur, Indiana                                                |    |   | 3.3              |   |                    | 2      |   |   | 86,310 |   |
| Zanesville, Ohio                                                |    |   | 23.0             |   |                    | 2      |   |   | 129,753 |   |
| Subtotal                                                        |    |   | 26.3             |   |                    | 4      |   |   | 216,063 |   |
| Other                                                           |    |   |             |   |                    |   |   |   |   |   |
| Crooksville, Ohio                                               |    |   | 10.0             |   |                    | 2      |   |   | 39,310 |   |
| Elkhart, Indiana                                                |    |   | 6.1              |   |                    | 2      |   |   | 80,205 |   |
| Pigeon Forge, Tennessee                                         |    |   | 2.1              |   |                    | 0      |   |   | 0 |   |
| Middlebury, Indiana                                             |    |   | 132.8            |   |                    | 0      |   |   | 0 |   |
| Subtotal                                                        |    |   | 151              |   |                    | 4      |   |   | 119,515 |   |
| Total owned and available for sale or lease                     |    |   | 177.3            |   |                    | 8      |   |   | 335,578 |   |
|                                                            |    |   |             |   |                    |   |   |   |   |   |
| Total Company                                                   |    |   | 392.9            |   |                    | 31     |   |   | 1,579,894 |   |

----

----

Executive

|              |                                      |
|-------------------|-------------------------------------------|
| Name              | Position                                  |
|              |                                      |
| Richard M. Lavers | President and Chief Executive Officer     |
|              |                                      |
| Colleen A. Zuhl   | Chief Financial Officer                   |
|              |                                      |
| Rick J. Bedell    | President, CBI dba Coachmen Housing Group |
|              |                                      |
| Leslie G. Thimlar | Vice President, Human Resources           |
|              |                                      |
| W. Todd Woelfer   | General Counsel                           |
|              |                                      |

----

|        |   | High & Low Sales Prices |             | Dividends Declared |   |
|-------------|--------|-----------------------------|------------------|--------------------|--------|
|        |   | 2009                        |             | 2008               |   | 2009 |   | 2008 |   |
|        |   |                        |             |               |   |   |   |   |   |   |   |   |   |
| 1st Quarter |   | $                           | 2.03 - 0.52 |               | $      | 6.01 - 2.75 |   | $ | - |   | $ | - |   |
|        |   |                        |             |               |   |   |   |   |   |   |   |   |   |
| 2nd Quarter |   |                        | 1.45 - 0.25 |               |   | 3.78 - 2.11 |   |   | - |   |   | - |   |
|        |   |                        |             |               |   |   |   |   |   |   |   |   |   |
| 3rd Quarter |   |                        | 1.55 - 1.02 |               |   | 2.64 - 1.65 |   |   | - |   |   | - |   |
|        |   |                        |             |               |   |   |   |   |   |   |   |   |   |
| 4th Quarter |   | $                           | 1.55 - 1.00 |               | $      | 2.53 - 0.48 |   | $ | - |   | $ | - |   |

Note 9

Item 10

----

Note 2

----

----

Consolidated Statements of Operations

|                                                                  |   |   |    |   | Percentage |   |   |   |   |   | Percentage |   |   | Percentage   |   |
|-----------------------------------------------------------------------|--------|--------|---------|--------|------------|--------|--------|--------|--------|--------|------------|--------|--------|--------------|--------|
|                                                                  |   |   |    |   | of         |   |   |   |   |   | of         |   |   | Change       |   |
|                                                                  |   | 2009   |    |   | Net Sales  |   |   | 2008   |   |   | Net Sales  |   |   | 2009 to 2008 |   |
| Net sales:                                                            |   |   |    |   |       |   |   |   |   |   |       |   |   |         |   |
| Housing                                                               |   | $      | 47,130  |   |       |   | 77.7   | %      |   | $      | 117,191    |   |   |         | 98.0   | % |   |   | (59.8 | )% |
| Specialty Vehicles                                                    |   |   | 13,493  |   |       |   | 22.3   |   |   |   | 2,406      |   |   |         | 2.0    |   |   |   | 460.8 |   |
|                                                                  |   |   | 60,623  |   |       |   | 100.0  |   |   |   | 119,596    |   |   |         | 100.0  |   |   |   | 49.3 |   |
|                                                                  |   |   |    |   |       |   |   |   |   |   |       |   |   |         |   |   |   |   |   |   |
| Gross profit (loss):                                                  |   |   |    |   |       |   |   |   |   |   |       |   |   |         |   |   |   |   |   |   |
| Housing                                                               |   |   | (1,275  | )      |       |   | (2.1   | )      |   |   | 18,014     |   |   |         | 15.0   |   |   |   | (107.0 | ) |
| Specialty Vehicles                                                    |   |   | 310     |   |       |   | 0.5    |   |   |   | (635       | )      |   |         | (0.5   | ) |   |   | 148.8 |   |
| Other                                                                 |   |   | (71     | )      |       |   | (0.1   | )      |   |   | -          |   |   |         | -      |   |   |   | n/m |   |
|                                                                  |   |   | (1,036  | )      |       |   | (1.7   | )      |   |   | 17,379     |   |   |         | 14.5   |   |   |   | (106.0 | ) |
|                                                                  |   |   |    |   |       |   |   |   |   |   |       |   |   |         |   |   |   |   |   |   |
| Operating expenses:                                                   |   |   |    |   |       |   |   |   |   |   |       |   |   |         |   |   |   |   |   |   |
| Selling                                                               |   |   | 3,633   |   |       |   | 6.0    |   |   |   | 7,077      |   |   |         | 5.9    |   |   |   | (48.7 | ) |
| General and administrative                                            |   |   | 11,155  |   |       |   | 18.4   |   |   |   | 13,018     |   |   |         | 10.9   |   |   |   | (14.3 | ) |
| Impairments                                                           |   |   | -       |   |       |   | -      |   |   |   | 18,605     |   |   |         | 15.6   |   |   |   | n/m |   |
| Gain on sale of assets, net                                           |   |   | (67     | )      |       |   | (.1    | )      |   |   | (44        | )      |   |         | (0.1   | ) |   |   | (52.3 | ) |
|                                                                  |   |   | 14,721  |   |       |   | 24.3   |   |   |   | 38,656     |   |   |         | 32.3   |   |   |   | (61.9 | ) |
|                                                                  |   |   |    |   |       |   |   |   |   |   |       |   |   |         |   |   |   |   |   |   |
| Nonoperating (income) expense                                         |   |   | 4,826   |   |       |   | 8.0    |   |   |   | (1,059     | )      |   |         | (0.9   | ) |   |   | (555.7 | ) |
|                                                                  |   |   |    |   |       |   |   |   |   |   |       |   |   |         |   |   |   |   |   |   |
| Loss from continuing operations before income taxes                   |   |   | (20,583 | )      |       |   | (34.0  | )      |   |   | (20,218    | )      |   |         | (16.9  | ) |   |   | (1.8 | ) |
| Tax expense (credit)                                                  |   |   | (346    | )      |       |   | (0.6   | )      |   |   | (1,539     | )      |   |         | (1.3   | ) |   |   | (77.5 | ) |
| Loss from continuing operations                                       |   |   | (20,237 | )      |       |   | (33.4  | )      |   |   | (18,679    | )      |   |         | (15.6  | ) |   |   | (8.3 | ) |
|                                                                  |   |   |    |   |       |   |   |   |   |   |       |   |   |         |   |   |   |   |   |   |
| Discontinued operations:                                              |   |   |    |   |       |   |   |   |   |   |       |   |   |         |   |   |   |   |   |   |
| Income (loss) from operations of discontinued entities (net of taxes) |   |   | 597     |   |       |   | 1.0    |   |   |   | (40,884    | )      |   |         | (34.2  | ) |   |   | 101.5 |   |
| Loss on sale of discontinued RV assets (net of taxes)                 |   |   | -       |   |       |   | -      |   |   |   | (9,439     | )      |   |         | (7.9   | ) |   |   | 100.0 |   |
| Income from legal settlement (net of taxes)                           |   |   | 14,910  |   |       |   | 24.6   |   |   |   | -          |   |   |         | -      |   |   |   | n/m |   |
| Income (loss) from discontinued  operations                 |   |   | 15,507  |   |       |   | 25.6   |   |   |   | (50,323    | )      |   |         | (42.1  | ) |   |   | 130.8 |   |
|                                                                  |   |   |    |   |       |   |   |   |   |   |       |   |   |         |   |   |   |   |   |   |
| Net loss                                                              |   | $      | (4,730  | )      |       |   | (7.8   | )%     |   | $      | (69,002    | )      |   |         | (57.7  | )% |   |   | 93.1 | % |
|                                                                  |   |   |    |   |       |   |   |   |   |   |       |   |   |         |   |   |   |   |   |   |
| n/m - not meaningful                                                  |   |   |    |   |       |   |   |   |   |   |       |   |   |         |   |   |   |   |   |   |

Note 12

----

|                                                           |   | 2009   |    |   | 2008   |   |
|----------------------------------------------------------------|--------|--------|---------|--------|--------|--------|
| (Gain) loss on sale of assets:                                 |   |   |    |   |   |   |
| Continuing operations:                                         |   |   |    |   |   |   |
|  Other                                                    |   | $      | (67     | )      |   | $      | (44 | ) |
| Total                                                          |   |   | (67     | )      |   |   | (44 | ) |
|                                                           |   |   |    |   |   |   |   |   |
| Discontinued operations (see Note 12):                         |   |   |    |   |   |   |   |   |
| RV Group                                                       |   |   | -       |   |   |   | 9,439 |   |
| Total                                                          |   |   |    |   |   |   | 9,439 |   |
|                                                           |   |   |    |   |   |   |   |   |
| Total (gain) loss on sale of assets                            |   | $      | (67     | )      |   | $      | 9,395 |   |
|                                                           |   |   |    |   |   |   |   |   |
| Impairments:                                                   |   |   |    |   |   |   |   |   |
| Real property                                                  |   | $      | -       |   |   | $      | 984 |   |
| Note receivable / investments                                  |   |   | -       |   |   |   | 4,628 |   |
| Goodwill impairment charge                                     |   |   | -       |   |   |   | 12,993 |   |
| Total impairments                                              |   | $      | -       |   |   | $      | 18,605 |   |
|                                                           |   |   |    |   |   |   |   |   |
| Legal settlements/expense recoveries – (income)          |   |   |    |   |   |   |   |   |
|     Continuing operations:                 |   |   |    |   |   |   |   |   |
|     Legal expense recoveries (see Note 13) |   | $      | -       |   |   | $      | (2,364 | ) |
|                                                           |   |   |    |   |   |   |   |   |
|     Discontinued operations:               |   |   |    |   |   |   |   |   |
|     RV Group (see Note 12)                 |   |   | (14,910 | )      |   |   | - |   |
|                                                           |   |   |    |   |   |   |   |   |
| Total legal settlements/expense recoveries                     |   | $      | (14,910 | )      |   | $      | (2,364 | ) |
|                                                           |   |   |    |   |   |   |   |   |

----

----

Note 7

Note 1

Note 11

----

Note 6

----

Consolidated Statements of Cash Flows

Note 13

Note 8

Note 1

----

Note12

Note13

Note 8

Note 1

----

| • | liquidity;                                                                                                                                                                                                                    |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | the ability of the management team to achieve desired results;                                                                                                                                                                |
| • | interest rates, which affect the affordability of the Company's products;                                                                                                                                                     |
| • | consumer confidence and the availability of consumer credit;                                                                                                                                                                  |
| • | the availability and related costs of working capital and financing to the Company;                                                                                                                                           |
| • | uncertainties regarding the length and depth of the recession and timing and speed of recovery in the housing market;                                                                                                         |
| • | the ability of the Company to obtain adequate bid and performance bonds with reasonable collateral requirements;                                                                                                              |
| • | the ability to produce buses to meet demand;                                                                                                                                                                                  |
| • | the availability of chassis utilized for bus production;                                                                                                                                                                      |
| • | the availability of financing to the Company’s customers;                                                                                                                                                               |
| • | the Company’s ability to introduce new homes and features that achieve consumer acceptance;                                                                                                                             |
| • | the margins associated with the mix of products the Company sells in a particular period;                                                                                                                                     |
| • | the impact of sub-prime lending on the availability of credit for the broader housing market;                                                                                                                                 |
| • | adverse weather conditions affecting home deliveries;                                                                                                                                                                         |
| • | potential liabilities under repurchase agreements and guarantees;                                                                                                                                                             |
| • | tax law changes could make home ownership more expensive or less attractive;                                                                                                                                                  |
| • | legislation governing the relationships of the Company with its builders;                                                                                                                                                     |
| • | the price volatility of materials used in production and the ability to pass on rapidly increasing costs of product components and raw materials to end buyers;                                                               |
| • | the availability and cost of real estate for residential housing;                                                                                                                                                             |
| • | the increased size and scope of work of major projects, as compared to the Company's traditional single-family homes business, with increased reliance on third parties for performance which could impact the Company;  |
| • | the ability to perform in new market segments or geographic areas where it has limited experience;                                                                                                                            |
| • | the over supply of existing homes and the inventory of foreclosed properties within the Company’s markets;                                                                                                              |
| • | the impact of home values on housing demand;                                                                                                                                                                                  |
| • | changing government regulations, including those covering accounting standards;                                                                                                                                               |
| • | environmental matters or product warranties and recalls, which may affect costs of operations, revenues, product acceptance and profitability;                                                                                |
| • | changes in property taxes and energy costs;                                                                                                                                                                                   |
| • | changes in federal income tax laws and federal mortgage financing programs;                                                                                                                                                   |
| • | competition in the industries in which the Company operates;                                                                                                                                                                  |
| • | further developments in the war on terrorism and related international crises;                                                                                                                                                |
| • | uncertainties of matters in litigation and other risks and uncertainties;                                                                                                                                                     |
| • | the ability of the Company to generate taxable income in future years to utilize deferred tax assets and net operating loss carry forwards that may be available, and the tax interpretations as to their availability;       |
| • | the Company’s ability to increase gross margins which are critical whether or not there are increased sales;                                                                                                            |
| • | the Company’s use of incentives at either the wholesale or retail level;                                                                                                                                                |
| • | the dependence on key customers within certain product types;                                                                                                                                                                 |
| • | the potential fluctuation in the Company’s operating results;                                                                                                                                                           |
| • | the addition or loss of builders;                                                                                                                                                                                             |
| • | the introduction and marketing of competitive product by others, including significant price discounting offered by others;                                                                                                   |
| • | uncertainties regarding the impact of the disclosed restructuring steps;                                                                                                                                                      |
| • | the ability to sell excess properties held by the Company;                                                                                                                                                                    |
| • | the ability to attract and retain qualified senior managers;                                                                                                                                                                  |
| • | the ability to obtain government and other major projects;                                                                                                                                                                    |
| • | our ability to improve plant utilization and to achieve or maintain reductions in costs as a result of actions taken;                                                                                                         |
| • | customer’s confidence in our viability as a continuing entity and our ability to continue to attract customers, particularly for major projects;                                                                        |
| • | our ability to minimize contingent liabilities and other draws upon our liquidity;                                                                                                                                            |
| • | changes in the fair value of warrants and beneficial conversion features;                                                                                                                                                     |
| • | the ability to meet financial covenants contained in the Company’s loan agreements.                                                                                                                                     |

----

----

Item

| Index to Financial Statements                                                                             | Page                    |
|-----------------------------------------------------------------------------------------------------------|-------------------------|
|                                                                                                      |                    |
| Financial Statements:                                                                                     |                    |
|                                                                                                      |                    |
| Reports of Independent Registered Public Accounting Firms                                                 | 23-24                   |
|                                                                                                      |                    |
| Consolidated Balance Sheets at December 31, 2009 and 2008                                                 | 25                      |
|                                                                                                      |                    |
| Consolidated Statements of Operations for the years ended December 31, 2009 and 2008                      | 26                      |
|                                                                                                      |                    |
| Consolidated Statements of Shareholders' Equity for the years ended December 31, 2009 and  2008 | 27                      |
|                                                                                                      |                    |
| Consolidated Statements of Cash Flows for the years ended December 31, 2009 and 2008                      | 28                      |
|                                                                                                      |                    |
| Notes to Consolidated Financial Statements                                                                | 29-53    |

----

Index

Report

----

Index

----

Index

Coachmen

|                                                                                                           |   | 2009   |    |   | 2008   |   |
|----------------------------------------------------------------------------------------------------------------|--------|--------|---------|--------|--------|--------|
| Assets                                                                                                         |   |   |    |   |   |   |
| CURRENT ASSETS                                                                                                 |   |   |    |   |   |   |
| Cash and cash equivalents                                                                                      |   | $      | 6,352   |   |   | $      | 15,745 |   |
| Restricted cash                                                                                                |   |   | 10,191  |   |   |   | 1,600 |   |
| Trade receivables, less allowance for doubtful receivables 2009- $1,234 and 2008- $1,676                       |   |   | 3,163   |   |   |   | 1,837 |   |
| Other receivables                                                                                              |   |   | 1,426   |   |   |   | 4,666 |   |
| Refundable income taxes                                                                                        |   |   | 1,939   |   |   |   | 1,559 |   |
| Inventories                                                                                                    |   |   | 21,566  |   |   |   | 19,910 |   |
| Prepaid expenses and other                                                                                     |   |   | 4,325   |   |   |   | 4,390 |   |
| Assets held for sale                                                                                           |   |   | 4,659   |   |   |   | 2,913 |   |
|                                                                                                           |   |   |    |   |   |   |   |   |
| Total current assets                                                                                           |   |   | 53,621  |   |   |   | 52,620 |   |
|                                                                                                           |   |   |    |   |   |   |   |   |
| Property, plant and equipment, net                                                                             |   |   | 28,787  |   |   |   | 30,922 |   |
| Cash value of life insurance, net of loans                                                                     |   |   | 515     |   |   |   | 4,710 |   |
| Restricted cash                                                                                                |   |   | 4,607   |   |   |   | 17,321 |   |
| Other                                                                                                          |   |   | 2,519   |   |   |   | 1,831 |   |
|                                                                                                           |   |   |    |   |   |   |   |   |
| TOTAL ASSETS                                                                                                   |   | $      | 90,049  |   |   | $      | 107,404 |   |
|                                                                                                           |   |   |    |   |   |   |   |   |
| Liabilities and Shareholders' Equity                                                                           |   |   |    |   |   |   |   |   |
|                                                                                                           |   |   |    |   |   |   |   |   |
| CURRENT LIABILITIES                                                                                            |   |   |    |   |   |   |   |   |
|         Accounts payable, trade                                        |   | $      | 9,132   |   |   | $      | 11,414 |   |
| Accrued income taxes                                                                                           |   |   | 691     |   |   |   | 1,470 |   |
| Accrued expenses and other liabilities                                                                         |   |   | 11,933  |   |   |   | 31,127 |   |
| Floorplan notes payable                                                                                        |   |   | -       |   |   |   | 3,096 |   |
| Current maturities of long-term debt                                                                           |   |   | 369     |   |   |   | 819 |   |
|                                                                                                           |   |   |    |   |   |   |   |   |
| Total current liabilities                                                                                      |   |   | 22,125  |   |   |   | 47,926 |   |
|                                                                                                           |   |   |    |   |   |   |   |   |
| Long-term debt                                                                                                 |   |   | 2,828   |   |   |   | 2,190 |   |
| Fair value of derivative instruments                                                                           |   |   | 13,030  |   |   |   | - |   |
| Deferred income taxes                                                                                          |   |   | 508     |   |   |   | 457 |   |
| Postretirement deferred compensation benefits                                                                  |   |   | 2,753   |   |   |   | 3,104 |   |
| Other                                                                                                          |   |   | 448     |   |   |   | 1,038 |   |
| Total liabilities                                                                                              |   |   | 41,692  |   |   |   | 54,715 |   |
|                                                                                                           |   |   |    |   |   |   |   |   |
| COMMITMENTS AND CONTINGENCIES (Note 13)                                                                   |   |   |    |   |   |   |   |   |
|                                                                                                           |   |   |    |   |   |   |   |   |
| SHAREHOLDERS' EQUITY                                                                                           |   |   |    |   |   |   |   |   |
| Common shares, without par value: authorized 60,000 shares; issued 2009- 21,257 shares and 2008- 21,236 shares |   |   | 92,710  |   |   |   | 92,688 |   |
| Additional paid-in capital                                                                                     |   |   | 6,547   |   |   |   | 7,213 |   |
| Accumulated other comprehensive loss                                                                           |   |   | -       |   |   |   | (75 | ) |
| Retained earnings                                                                                              |   |   | 6,195   |   |   |   | 10,925 |   |
| Treasury shares, at cost, 2009 - 5,074 shares and 2008- 5,236 shares                                           |   |   | (57,095 | )      |   |   | (58,062 | ) |
| Total shareholders' equity                                                                                     |   |   | 48,357  |   |   |   | 52,689 |   |
|                                                                                                           |   |   |    |   |   |   |   |   |
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY                                                                     |   | $      | 90,049  |   |   | $      | 107,404 |   |
|                                                                                                           |   |   |    |   |   |   |   |   |

Notes to Consolidated Financial Statements

----

Index

Coachmen

|                                                                                                         |   | 2009   |    |   | 2008   |   |
|--------------------------------------------------------------------------------------------------------------|--------|--------|---------|--------|--------|--------|
| Net sales                                                                                                    |   |   |    |   |   |   |
| Products                                                                                                     |   | $      | 56,521  |   |   | $      | 107,609 |   |
| Delivery and set                                                                                             |   |   | 4,102   |   |   |   | 11,987 |   |
|                                                                                                         |   |   | 60,623  |   |   |   | 119,596 |   |
| Cost of sales                                                                                                |   |   |    |   |   |   |   |   |
| Products                                                                                                     |   |   | 56,703  |   |   |   | 89,593 |   |
| Delivery and set                                                                                             |   |   | 4,956   |   |   |   | 12,624 |   |
|                                                                                                         |   |   | 61,659  |   |   |   | 102,217 |   |
|                                                                                                         |   |   |    |   |   |   |   |   |
| Gross profit (loss)                                                                                          |   |   | (1,036  | )      |   |   | 17,379 |   |
|                                                                                                         |   |   |    |   |   |   |   |   |
| Operating expenses:                                                                                          |   |   |    |   |   |   |   |   |
| Selling                                                                                                      |   |   | 3,633   |   |   |   | 7,077 |   |
| General and administrative                                                                                   |   |   | 11,155  |   |   |   | 13,018 |   |
| Impairments                                                                                                  |   |   | -       |   |   |   | 18,605 |   |
| Gain on sale of assets, net                                                                                  |   |   | (67     | )      |   |   | (44 | ) |
|                                                                                                         |   |   | 14,721  |   |   |   | 38,656 |   |
|                                                                                                         |   |   |    |   |   |   |   |   |
| Operating loss                                                                                               |   |   | (15,757 | )      |   |   | (21,277 | ) |
|                                                                                                         |   |   |    |   |   |   |   |   |
| Nonoperating (income) expense:                                                                               |   |   |    |   |   |   |   |   |
| Interest expense                                                                                             |   |   | 7,256   |   |   |   | 1,635 |   |
| Investment income                                                                                            |   |   | (1,422  | )      |   |   | (1,094 | ) |
| Other income, net                                                                                            |   |   | (1,008  | )      |   |   | (1,600 | ) |
|                                                                                                         |   |   | 4,826   |   |   |   | (1,059 | )  |
|                                                                                                         |   |   |    |   |   |   |   |   |
| Loss from continuing operations before income taxes                                                          |   |   | (20,583 | )      |   |   | (20,218 | ) |
|                                                                                                         |   |   |    |   |   |   |   |   |
| Income taxes (credits)                                                                                       |   |   | (346    | )      |   |   | (1,539 | ) |
|                                                                                                         |   |   |    |   |   |   |   |   |
| Net loss from continuing operations                                                                          |   |   | (20,237 | )      |   |   | (18,679 | ) |
|                                                                                                         |   |   |    |   |   |   |   |   |
| Discontinued operations                                                                                      |   |   |    |   |   |   |   |   |
| Income (loss) from operations of discontinued entities (net of taxes (credits) of $0 and $947, respectively) |   |   | 597     |   |   |   | (40,884 | )  |
| Loss on sale of assets of discontinued entities (net of taxes of $0)                                         |   |   | -       |   |   |   | (9,439 | )  |
| Income from legal settlement (net of taxes of $0)                                                            |   |   | 14,910  |   |   |   | - |   |
| Income (loss) from discontinued operations                                                                   |   |   | 15,507  |   |   |   | (50,323 | )  |
|                                                                                                         |   |   |    |   |   |   |   |   |
| Net loss                                                                                                     |   | $      | (4,730  | )      |   | $      | (69,002 | ) |
|                                                                                                         |   |   |    |   |   |   |   |   |
| Earnings (loss) per share - Basic                                                                            |   |   |    |   |   |   |   |   |
| Continuing operations                                                                                        |   | $      | (1.26   | )      |   | $      | (1.18 | ) |
| Discontinued operations                                                                                      |   |   | 0.97    |   |   |   | (3.19 | )  |
| Net loss per share                                                                                           |   |   | (0.29   | )      |   |   | (4.37 | ) |
| Earnings (loss) per share - Diluted                                                                          |   |   |    |   |   |   |   |   |
| Continuing operations                                                                                        |   |   | (1.26   | )      |   |   | (1.18 | ) |
| Discontinued operations                                                                                      |   |   | 0.97    |   |   |   | (3.19 | )  |
| Net loss per share                                                                                           |   | $      | (0.29   | )      |   | $      | (4.37 | ) |
|                                                                                                         |   |   |    |   |   |   |   |   |
| Number of common shares used in the computation of loss per share:                                           |   |   |    |   |   |   |   |   |
| Basic                                                                                                        |   |   | 16,073  |   |   |   | 15,799 |   |
| Diluted                                                                                                      |   |   | 16,073  |   |   |   | 15,799 |   |

Notes to Consolidated Financial Statements

----

Index

Coachmen

|                                                         |   |          |    |    |   |   |   |       |   | Accumulated   |   |     |   |     |   |   |   |          |   |
|--------------------------------------------------------------|--------|---------------|---------|---------|--------|--------|--------|------------|--------|---------------|--------|----------|--------|----------|--------|--------|--------|---------------|--------|
|                                                         |   |          |    |    |   |   |   | Additional |   | Other         |   |     |   |     |   |   |   | Total         |   |
|                                                         |   | Comprehensive |    | Common  |   | Shares |   | Paid-In    |   | Comprehensive |   | Retained |   | Treasury |   | Shares |   | Shareholders' |   |
|                                                         |   | Income (Loss) |    | Number  |   | Amount |   | Capital    |   | Income(Loss)  |   | Earnings |   | Number   |   | Amount |   | Equity        |   |
| Balance at January 1, 2008                                   |   |          |    |    |   | 21,180 |   | $          | 92,552 |          | $      | 7,856    |   | $        | (48    | )      | $      | 79,927        |   |   | (5,402 | ) | $ | (59,154 | ) | $ |  121,133 |   |
| Comprehensive Loss – 2008                              |   |          |    |    |   |   |   |       |   |          |   |     |   |     |   |   |   |          |   |   |   |   |   |   |   |   |   |   |
| Net loss                                                     |   | $             | (69,002 | )       |   | -      |   |       | -      |          |   | -        |   |     | -      |   |   | (69,002       | )      |   | - |   |   | - |   |   | (69,002 | ) |
| Net unrealized (loss) on cash flow hedges                    |   |          | (27     | )       |   | -      |   |       | -      |          |   | -        |   |     | (27    | )      |   | -             |   |   | - |   |   | - |   |   | (27 | ) |
| Total comprehensive loss                                     |   | $             | (69,029 | )  |   |   |   |       |   |          |   |     |   |     |   |   |   |          |   |   |   |   |   |   |   |   |   |   |
| Shares repurchased for the treasury                          |   |          |    |    |   | -      |   |       | -      |          |   | -        |   |     | -      |   |   | -             |   |   | (31 | ) |   | (55 | ) |   | (55 | ) |
| Issuance of common shares under employee stock purchase plan |   |          |    |    |   | 56     |   |       | 136    |          |   | -        |   |     | -      |   |   | -             |   |   | - |   |   | - |   |   | 136 |   |
| Issuance (cancellations) of common shares from treasury      |   |          |    |    |   | -      |   |       | -      |          |   | (643     | )      |     | -      |   |   | -             |   |   | 197 |   |   | 1,147 |   |   | 504 |   |
| Balance at December 31, 2008                                 |   |          |    |    |   | 21,236 |   | $          | 92,688 |          | $      | 7,213    |   | $        | (75    | )      | $      | 10,925        |   |   | (5,236 | ) | $ | (58,062 | ) | $ | 52,689 |   |
|                                                         |   |          |    |    |   |   |   |       |   |          |   |     |   |     |   |   |   |          |   |   |   |   |   |   |   |   |   |   |
| Comprehensive Loss – 2009                              |   |          |    |    |   |   |   |       |   |          |   |     |   |     |   |   |   |          |   |   |   |   |   |   |   |   |   |   |
| Net loss                                                     |   | $             | (4,730  | )       |   | -      |   |       | -      |          |   | -        |   |     | -      |   |   | (4,730        | )      |   | - |   |   | - |   |   | (4,730 | ) |
| Net realized gain on cash flow hedges                        |   |          | 75      |    |   | -      |   |       | -      |          |   | -        |   |     | 75     |   |   | -             |   |   | - |   |   | - |   |   | 75 |   |
| Total comprehensive loss                                     |   | $             | (4,655  | )  |   |   |   |       |   |          |   |     |   |     |   |   |   |          |   |   |   |   |   |   |   |   |   |   |
| Shares repurchased for the treasury                          |   |          |    |    |   | -      |   |       | -      |          |   | -        |   |     | -      |   |   | -             |   |   | (25 | ) |   | (47 | ) |   | (47 | ) |
| Issuance of common shares under employee stock purchase plan |   |          |    |    |   | 21     |   |       | 22     |          |   | -        |   |     | -      |   |   | -             |   |   | - |   |   | - |   |   | 22 |   |
| Issuance (cancellations) of common shares from treasury      |   |          |    |    |   | -      |   |       | -      |          |   | (666     | )      |     | -      |   |   | -             |   |   | 187 |   |   | 1,014 |   |   | 348 |   |
| Balance at December 31, 2009                                 |   |          |    |    |   | 21,257 |   | $          | 92,710 |          | $      | 6,547    |   | $        | -      |   | $      | 6,195         |   |   | (5,074 | ) | $ | (57,095 | ) | $ | 48,357 |   |
|                                                         |   |          |    |    |   |   |   |       |   |          |   |     |   |     |   |   |   |          |   |   |   |   |   |   |   |   |   |   |

Notes to Consolidated Financial Statements

----

Index

Coachmen

| CASH FLOWS FROM OPERATING ACTIVITIES:                                                       |   | 2009   |    |    | 2008   |   |
|---------------------------------------------------------------------------------------------|--------|--------|---------|---------|--------|--------|
| Net loss                                                                                    |   | $      | (4,730  | )       |   | $      | (69,002 | ) |
| Adjustments to reconcile net loss to net cash used in operating activities:                 |   |   |    |    |   |   |   |   |
| Depreciation and amortization                                                               |   |   | 2,681   |    |   |   | 4,225 |   |
| Amortization of discount on convertible debt                                                |   |   | 833     |    |   |   | - |   |
| Fair value adjustment to derivative instruments                                             |   |   | 3,030   |    |   |   | - |   |
| Provision for doubtful receivables                                                          |   |   | (407    | )       |   |   | 1,140 |   |
| Provision for write-down of assets to net realizable value                                  |   |   | -       |    |   |   | 1,505 |   |
| Net realized/unrealized gain (loss) on cash flow hedges                                     |   |   | 75      |    |   |   | (27 | ) |
| Goodwill impairment charge                                                                  |   |   | -       |    |   |   | 12,993 |   |
| Impairment charges                                                                          |   |   | -       |    |   |   | 6,264 |   |
| Loss on sale of businesses                                                                  |   |   | -       |    |   |   | 9,439 |   |
| Gain on sale of properties and other assets, net                                            |   |   | (104    | )       |   |   | (44 | ) |
| Increase in cash surrender value of life insurance policies                                 |   |   | (766    | )       |   |   | (90 | ) |
| Deferred income tax provision (benefit)                                                     |   |   | 51      |    |   |   | (1,533 | ) |
| Other                                                                                       |   |   | (592    | )       |   |   | (3,993 | ) |
| Changes in certain assets and liabilities, net of effects of acquisitions and dispositions: |   |   |    |    |   |   |   |   |
| Trade receivables                                                                           |   |   | 534     |    |   |   | (116 | ) |
| Inventories                                                                                 |   |   | (1,656  | )       |   |   | 35,819 |   |
| Prepaid expenses and other                                                                  |   |   | 1,218   |    |   |   | (777 | ) |
| Accounts payable, trade                                                                     |   |   | (2,282  | )       |   |   | (3,628 | ) |
| Income taxes - accrued and refundable                                                       |   |   | (1,159  | )       |   |   | 1,003 |   |
| Accrued expenses and other liabilities                                                      |   |   | (19,194 | )       |   |   | (2,786 | ) |
| Net cash used in operating activities                                                       |   |   | (22,469 | )       |   |   | (9,608 | ) |
|                                                                                        |   |   |    |    |   |   |   |   |
| CASH FLOWS FROM INVESTING ACTIVITIES:                                                       |   |   |    |    |   |   |   |   |
| Proceeds from sale of businesses                                                            |   |   | -       |    |   |   | 25,238 |   |
| Proceeds from sale of properties and other assets                                           |   |   | 840     |    |   |   | 357 |   |
| Proceeds from (investments in) marketable securities and cash surrender value               |   |   | 3,509   |    |   |   | (667 | ) |
| Purchases of property and equipment                                                         |   |   | (991    | )       |   |   | (2,088 | ) |
| Other                                                                                       |   |   | 4,338   |    |   |   | (7,154 | ) |
| Net cash provided by investing activities                                                   |   |   | 7,696   |    |   |   | 15,686 |   |
|                                                                                   |   |   |    |    |   |   |   |   |
| CASH FLOWS FROM FINANCING ACTIVITIES:                                                       |   |   |    |    |   |   |   |   |
| Proceeds from short-term borrowings                                                         |   |   | 2,345   |    |   |   | 16,813 |   |
| Payments of short-term borrowings                                                           |   |   | (5,441  | )       |   |   | (37,906 | ) |
| Proceeds from long-term debt                                                                |   |   | 2,584   |    |   |   | - |   |
| Payments of long-term debt                                                                  |   |   | (3,229  | )       |   |   | (853 | ) |
| Proceeds from borrowings on cash value of life insurance policies                           |   |   | 1,452   |    |   |   | 48,983 |   |
| Repayment of borrowings on cash value of life insurance policies                            |   |   | -       |    |   |   | (19,000 | ) |
| Proceeds from issuance of convertible debt, net of financing costs                          |   |   | 7,694   |    |   |   | - |   |
| Issuance of common shares under stock incentive plans                                       |   |   | 22      |    |   |   | 136 |   |
| Purchases of common shares for treasury                                                     |   |   | (47     | )       |   |   | (55 | ) |
| Net cash provided by financing activities                                                   |   |   | 5,380   |    |   |   | 8,118 |   |
| Increase (decrease) in cash and cash equivalents                                            |   |   | (9,393  | )       |   |   | 14,196 |   |
|                                                                                   |   |   |    |    |   |   |   |   |
| CASH AND CASH EQUIVALENTS                                                                   |   |   |    |    |   |   |   |   |
| Beginning of year                                                                           |   |   | 15,745  |    |   |   | 1,549 |   |
| End of year                                                                                 |   | $      | 6,352   |    |   | $      | 15,745 |   |
| Supplemental disclosures of cash flow information:                                          |   |   |    |    |   |   |   |   |
| Cash paid during the year for interest                                                      |   | $      | 383     |    |   | $      | 599 |   |
| Cash paid (refunded) during the year for income taxes                                       |   |   | 816     |    |   |   | (35 | ) |
| Operating cash received related to insurance settlement                                     |   |   | (139    | )  |   |   | (988 | )  |
| Gain on sale of assets - Continuing operations                                              |   |   | (104    | )       |   |   | (44 | ) |
| (Gain) loss on sale of assets - Discontinued operations                                     |   |   | -       |    |   |   | 9,439 |   |
| Cash received from legal settlement                                                         |   | $      | (14,910 | )       |   | $      | - |   |

Notes to Consolidated Financial Statements

----

Index

Notes

| 1. | NATURE OF OPERATIONS AND ACCOUNTING POLICIES. |
|----|-----------------------------------------------|

|                                                                                |   | 2009 |   |   | 2008   |   |
|------------------------------------------------------------------------------------------|--------|------|--------|--------|--------|--------|
| Issuance (cancellations) of common shares, at market value, in lieu of cash compensation |   | $    | 101    |   |   | $      | 234 |   |

|                                                                                                                                                                    |   | December 31, |   |   | December 31, |    |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------|--------|--------|--------------|---------|
|                                                                                                                                                                    |   | 2009         |   |   | 2008         |    |
| Cash collateral for letters of credit (1)                                                                                                                               |   |  $      | 8,550  |   |         | $       | 7,492 |   |
| Indemnity escrow account (2)                                                                                                                                            |   |         | 5,147  |   |         |    | 10,000 |   |
| Cash collateral for workers compensation trust accounts                                                                                                                 |   |         | 1,101  |   |         |    | 1,429 |   |
| Total restricted cash                                                                                                                                                   |   |  $      | 14,798 |   |         |  $ | 18,921 |   |
|  (1)   The amount classified as current assets is $5.0 million and $1.6 million as of December 31, 2009 and 2008, respectively.                          |
| (2)  The indemnity escrow account is related to the agreement for the asset sale of the recreational vehicle business (see Note 12, Discontinued Operations). |

|   |   |
|--------|--------|

----

Index

| 1. | NATURE OF OPERATIONS AND ACCOUNTING POLICIES, Continued. |
|----|----------------------------------------------------------|

|                                              |   | 2009   |   |   | 2008   |   |
|---------------------------------------------------|--------|--------|--------|--------|--------|--------|
| Interest income                                   |   | $      | 345    |   |   | $      | 288 |   |
| Increase in cash value of life insurance policies |   |   | 999    |   |   |   | 1,255 |   |
| Dividend income on preferred stocks               |   |   | 3      |   |   |   | 7 |   |
| Net gain (loss) on investment in joint ventures   |   |   | 75     |   |   |   | (456 | )  |
|                                              |   |   |   |   |   |   |   |   |
| Total                                             |   | $      | 1,422  |   |   | $      | 1,094 |   |

----

Index

| 1. | NATURE OF OPERATIONS AND ACCOUNTING POLICIES, Continued. |
|----|----------------------------------------------------------|

| Land improvements                                                      | 3-15 years  |
|------------------------------------------------------------------------|-------------|
| Buildings and improvements                                             | 10-30 years |
| Machinery and equipment                                                | 3-10 years  |
| Transportation equipment                                               | 2-7 years   |
| Office furniture and fixtures, including capitalized computer software | 2-10 years  |

----

Index 

| 1. | NATURE OF OPERATIONS AND ACCOUNTING POLICIES, Continued. |
|----|----------------------------------------------------------|

Note12

----

Index

| 1. | NATURE OF OPERATIONS AND ACCOUNTING POLICIES, Continued. |
|----|----------------------------------------------------------|

|                                                                                     |   | 2009   |   |   | 2008   |   |
|------------------------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|
| Balance of accrued warranty at January 1                                                 |   | $      | 9,688  |   |   | $      | 8,123 |   |
| Warranties issued during the period and changes in liability for pre-existing warranties |   |   | 1,782  |   |   |   | 14,873 |   |
| Settlements made during the period                                                       |   |   | (7,308 | )      |   |   | (13,308 | )  |
|                                                                                     |   |   |   |   |   |   |   |   |
| Balance of accrued warranty at December 31                                               |   | $      | 4,162  |   |   | $      | 9,688 |   |

----

Index

| 1. | NATURE OF OPERATIONS AND ACCOUNTING POLICIES, Continued. |
|----|----------------------------------------------------------|

Note 7

----

Index  

| 1. | NATURE OF OPERATIONS AND ACCOUNTING POLICIES, Continued. |
|----|----------------------------------------------------------|

| 2. | BASIS OF PRESENTATION. |
|----|------------------------|

----

Index

| 2. | BASIS OF PRESENTATION, Continued. |
|----|-----------------------------------|

| 3. | SEGMENT INFORMATION. |
|----|----------------------|

Note 1

Note 12

Note 12

|                    |   | 2009   |   |   | 2008   |   |
|-------------------------|--------|--------|--------|--------|--------|--------|
| Net sales               |   |   |   |   |   |   |
| Housing                 |   | $      | 47,130 |   |   | $      | 117,191 |   |
| Specialty Vehicles      |   |   | 13,493 |   |   |   | 2,405 |   |
|                    |   |   |   |   |   |   |   |   |
| Total                   |   | $      | 60,623 |   |   | $      | 119,596 |   |
|                    |   |   |   |   |   |   |   |   |
| Gross profit (loss)     |   |   |   |   |   |   |   |   |
| Housing                 |   | $      | (1,275 | )      |   | $      | 18,014 |   |
| Specialty Vehicles      |   |   | 310    |   |   |   | (635 | )  |
| Other reconciling items |   |   | (71    | )      |   |   | - |   |
|                    |   |   |   |   |   |   |   |   |
| Total                   |   | $      | (1,036 | )      |   | $      | 17,379 |   |

----

Index

| 3. | SEGMENT INFORMATION, Continued. |
|----|---------------------------------|

|                                             | 2009   |   | 2008    |    |
|--------------------------------------------------|--------|--------|---------|---------|
| Operating expenses                               |   |   |    |    |   |   |
| Housing                                          |   | $      | 12,484  |    |   | $ | 16,551 |   |
| Specialty Vehicles                               |   |   | 1,147   |    |   |   | 1 |   |
| Other reconciling items                          |   |   | 1,090   |    |   |   | 22,104 |   |
|                                             |   |   |    |    |   |   |   |   |
| Total                                            |   | $      | 14,721  |    |   | $ | 38,656 |   |
|                                             |   |   |    |    |   |   |   |   |
| Operating income (loss)                          |   |   |    |    |   |   |   |   |
| Housing                                          |   | $      | (13,759 | )       |   | $ | 1,463 |   |
| Specialty Vehicles                               |   |   | (837    | )       |   |   | (636 | ) |
| Other reconciling items                          |   |   | (1,161  | )       |   |   | (22,104 | ) |
|                                             |   |   |    |    |   |   |   |   |
| Total                                            |   | $      | (15,757 | )       |   | $ | (21,277 | ) |
|                                             |   |   |    |    |   |   |   |   |
| Pre-tax income (loss) from continuing operations |   |   |    |    |   |   |   |   |
| Housing                                          |   | $      | (13,914 | )       |   | $ | 1,324 |   |
| Specialty Vehicles                               |   |   | (856    | )  |   |   | (636 | )  |
| Other reconciling items                          |   |   | (5,813  | )       |   |   | (20,906 | ) |
|                                             |   |   |    |    |   |   |   |   |
| Total                                            |   | $      | (20,583 | )       |   | $ | (20,218 | ) |

| Total assets                          |   |   |   |   |   |   |
|---------------------------------------|--------|--------|--------|--------|--------|--------|
| Housing                               |   | $      | 42,461 |   |   | $      | 43,456 |   |
| Specialty Vehicles                    |   |   | 6,715  |   |   |   | 1,031 |   |
| Corporate and other reconciling items |   |   | 40,873 |   |   |   | 62,917 |   |
|                                  |   |   |   |   |   |   |   |   |
| Total                                 |   | $      | 90,049 |   |   | $      | 107,404 |   |
|                                  |   |   |   |   |   |   |   |   |

|                                  |   | 2009   |   |   | 2008   |   |
|---------------------------------------|--------|--------|--------|--------|--------|--------|
| Interest expense                      |   |   |   |   |   |   |
| Housing                               |   | $      | 171    |   |   | $      | 159 |   |
| Specialty Vehicles                    |   |   | 19     |   |   |   | - |   |
| Corporate and other reconciling items |   |   | 7,066  |   |   |   | 1,476 |   |
|                                  |   |   |   |   |   |   |   |   |
| Total                                 |   | $      | 7,256  |   |   | $      | 1,635 |   |
|                                  |   |   |   |   |   |   |   |   |
| Depreciation                          |   |   |   |   |   |   |   |   |
| Housing                               |   | $      | 1,749  |   |   | $      | 2,000 |   |
| Specialty Vehicles                    |   |   | 166    |   |   |   | 9 |   |
| Corporate and other reconciling items |   |   | 488    |   |   |   | 312 |   |
|                                  |   |   |   |   |   |   |   |   |
| Total                                 |   | $      | 2,403  |   |   | $      | 2,321 |   |

----

Index

| 4. | INVENTORIES. |
|----|--------------|

|               |   | December 31, |   |   | December 31, |   |
|--------------------|--------|--------------|--------|--------|--------------|--------|
|               |   | 2009         |   |   | 2008         |   |
| Raw materials      |   |         |   |   |         |   |
| Housing            |   | $            | 3,691  |   |         | $      | 4,157 |   |
| Specialty Vehicles |   |         | 3,493  |   |         |   | 902 |   |
| Other              |   |         | 14     |   |         |   | - |   |
|               |   |         |   |   |         |   |   |   |
| Total              |   |         | 7,198  |   |         |   | 5,059 |   |
|               |   |         |   |   |         |   |   |   |
| Work in process    |   |         |   |   |         |   |   |   |
| Housing            |   |         | 1,554  |   |         |   | 2,392 |   |
| Specialty Vehicles |   |         | 1,780  |   |         |   | 385 |   |
|               |   |         |   |   |         |   |   |   |
| Total              |   |         | 3,334  |   |         |   | 2,777 |   |
|               |   |         |   |   |         |   |   |   |
| Improved lots      |   |         |   |   |         |   |   |   |
| Housing            |   |         | 391    |   |         |   | 434 |   |
|               |   |         |   |   |         |   |   |   |
| Total              |   |         | 391    |   |         |   | 434 |   |
|               |   |         |   |   |         |   |   |   |
| Finished goods     |   |         |   |   |         |   |   |   |
| Housing            |   |         | 10,160 |   |         |   | 10,816 |   |
| Specialty Vehicles |   |         | 483    |   |         |   | 824 |   |
|               |   |         |   |   |         |   |   |   |
| Total              |   |         | 10,643 |   |         |   | 11,640 |   |
|               |   |         |   |   |         |   |   |   |
| Total              |   | $            | 21,566 |   |         | $      | 19,910 |   |

| 5. | PROPERTY, PLANT AND EQUIPMENT. |
|----|--------------------------------|

|                               |   | 2009   |   |   | 2008   |   |
|------------------------------------|--------|--------|--------|--------|--------|--------|
|                               |   |   |   |   |   |   |
| Land and improvements              |   | $      | 7,549  |   |   | $      | 7,700 |   |
| Buildings and improvements         |   |   | 31,777 |   |   |   | 32,849 |   |
| Machinery and equipment            |   |   | 10,789 |   |   |   | 10,637 |   |
| Transportation equipment           |   |   | 10,398 |   |   |   | 11,035 |   |
| Office furniture and fixtures      |   |   | 14,138 |   |   |   | 13,992 |   |
|                               |   |   |   |   |   |   |   |   |
| Total                              |   |   | 74,651 |   |   |   | 76,213 |   |
| Less, accumulated depreciation     |   |   | 45,864 |   |   |   | 45,291 |   |
|                               |   |   |   |   |   |   |   |   |
| Property, plant and equipment, net |   | $      | 28,787 |   |   | $      | 30,922 |   |

----

Index

| 5. | PROPERTY, PLANT AND EQUIPMENT, Continued. |
|----|-------------------------------------------|

| 6. | SHORT-TERM BORROWINGS. |
|----|------------------------|

| 7. | LONG-TERM DEBT. |
|----|-----------------|

|                                                                                                                                                                           |   | 2009   |   |   | 2008   |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|
| H.I.G. Convertible Debt (Tranche B Notes), net of discount of $9,167                                                                                                           |   | $      | 833    |   |   | $      | - |   |
| Note payable to Lake City Bank, interest at 6.25%, monthly principal and interest payment of $23,000, matures April 2012                                                       |   |   | 1,899  |   |   |   | - |   |
| Obligations under industrial development revenue bonds, variable rates (effective weighted-average interest rates of 1.3% at December 31, 2008), paid in full in November 2009 |   |   | -      |   |   |   | 2,850 |   |
| Other                                                                                                                                                                          |   |   | 465    |   |   |   | 159 |   |
|                                                                                                                                                                           |   |   |   |   |   |   |   |   |
| Subtotal                                                                                                                                                                       |   |   | 3,197  |   |   |   | 3,009 |   |
|                                                                                                                                                                           |   |   |   |   |   |   |   |   |
| Less, current maturities of long-term debt                                                                                                                                     |   |   | 369    |   |   |   | 819 |   |
|                                                                                                                                                                           |   |   |   |   |   |   |   |   |
| Long-term debt                                                                                                                                                                 |   | $      | 2,828  |   |   | $      | 2,190 |   |

----

Index

| 7. | LONG-TERM DEBT, Continued. |
|----|----------------------------|

----

Index

| 7. | LONG-TERM DEBT, Continued. At December 31, 2008, the Company had one remaining interest rate swap agreement with a notional amount of $1.8 million that was used to convert the variable interest rates on certain industrial development revenue bonds to fixed rates. In accordance with the terms of the swap agreement, the Company pays a 3.71% interest rate, and receives the Bond Market Association Index (BMA), calculated on thenotional amount, with net receipts or payments being recognized as adjustments to interest expense. The Company recorded a liability for the potential early settlements of these swap agreements in the amount of $75,000 at December 31, 2008. This exposure represents the fair value of the swap instruments and has been recorded in the balance sheets in accordance with generally accepted accounting principles as a noncurrent liability. Theeffective portion of the cash flow hedge has been recorded, net of taxes, as a reduction of shareholders' equity as a component of accumulated other comprehensive loss. Concurrent with the loan agreement with HIG, the interest rate swap agreement with a notional amount of $1.8 million that was used to convert the variable interest rates on an industrial development revenue bond to a fixed rate was terminated and paid.  Additionally, the associated industrial revenue bond of $1.8 million, plus another industrial revenue bond in the amount of $0.9 million were paid in full on November 1, 2009 utilizing restricted cash held for that purpose. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8. | ACCRUED EXPENSES AND OTHER LIABILITIES. |
|----|-----------------------------------------|

|                                                                                                                   |   | 2009   |   |   | 2008   |   |
|------------------------------------------------------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|
| Wages, salaries, bonuses, commissions and other compensation                                                           |   | $      | 226    |   |   | $      | 5,022 |   |
| Dealer incentives, including volume bonuses, dealer trips, interest reimbursement, co-op advertising and other rebates |   |   | 173    |   |   |   | 989 |   |
| Warranty                                                                                                               |   |   | 4,162  |   |   |   | 9,688 |   |
| Insurance-products and general liability, workers compensation, group health and other                                 |   |   | 3,105  |   |   |   | 6,320 |   |
| Customer deposits and unearned revenues                                                                                |   |   | 1,391  |   |   |   | 2,545 |   |
| Interest                                                                                                               |   |   | 400    |   |   |   | 395 |   |
| Sales and property taxes                                                                                               |   |   | 778    |   |   |   | 920 |   |
| Deferred gain on sale of real estate                                                                                   |   |   | -      |   |   |   | 814 |   |
| Repurchase liability                                                                                                   |   |   | 339    |   |   |   | 2,671 |   |
| Other current liabilities                                                                                              |   |   | 1,359  |   |   |   | 1,763 |   |
|                                                                                                                   |   |   |   |   |   |   |   |   |
| Total                                                                                                                  |   | $      | 11,933 |   |   | $      | 31,127 |   |

----

Index

| 9. | COMMON STOCK MATTERS AND EARNINGS PER SHARE. |
|----|----------------------------------------------|

|                           |   | Numberof Shares |   |    | Weighted-AverageExercisePrice |   |
|--------------------------------|--------|-----------------|--------|---------|-------------------------------|--------|
| Outstanding, January 1, 2008   |   |            | 134    |    |                          | $      | 12.20 |   |
| Granted                        |   |            | -      |    |                          |   | - |   |
| Canceled                       |   |            | (1     | )  |                          |   | 15.78 |   |
| Exercised                      |   |            | -      |    |                          |   | - |   |
|                           |   |            |   |    |                          |   |   |   |
| Outstanding, December 31, 2008 |   |            | 133    |    |                          |   | 12.18 |   |
| Granted                        |   |            | -      |    |                          |   | - |   |
| Canceled                       |   |            | (54    | )       |                          |   | 12.10 |   |
| Exercised                      |   |            | -      |    |                          |   | - |   |
|                           |   |            |   |    |                          |   |   |   |
| Outstanding, December 31, 2009 |   |            | 79     |    |                          | $      | 12.24 |   |

|   |     Options Outstanding and Exercisable |
|--------|---------------------------------------------------|
|   |                                              |   |   |   |
|   |  Range of Exercise                           |   | Number Outstanding at |   | Weighted-AverageRemaining |   | Weighted-Average |   |
|   | Price                                             |   | December 31, 2009 |   | Contractual Life |   | Exercise Price |   |
|   | $10.00 - $12.00                                   |   | 52 |   | 1.1 |   | $10.19 |   |
|   | $12.01 - $17.00                                   |   | 22 |   | 2.4 |   | $15.62 |   |
|   | $17.01 - $18.68                                   |   |  5 |   | 2.3 |   | $18.68 |   |
|   |                                              |   |   |   |   |   |   |   |
|   |                                              |   | 79 |   |   |   |   |   |

----

Index

| 9. | COMMON STOCK MATTERS AND EARNINGS PER SHARE, Continued. |
|----|---------------------------------------------------------|

Note12

----

Index

| 9. | COMMON STOCK MATTERS AND EARNINGS PER SHARE, Continued. |
|----|---------------------------------------------------------|

|                           |   | Numberof Shares |     |
|--------------------------------|--------|-----------------|----------|
| Nonvested at January 1, 2008   |   |            | -        |   |
| Granted                        |   |            | 351,375  |   |
| Forfeited                      |   |            | (205,187 | )  |
|                           |   |            |     |   |
| Nonvested at December 31, 2008 |   |            | 146,188  |   |
| Granted                        |   |            | 196,250  |   |
| Earned                         |   |            | (114,729 | ) |
| Forfeited                      |   |            | (209,791 | ) |
|                           |   |            |     |   |
| Nonvested at December 31, 2009 |   |            | 17,918   |   |

|                                                 |   | Plan Year |    |
|------------------------------------------------------|--------|-----------|---------|
|                                                 |   | 2009      |    |   | 2008 |   |
| Contingent shares awarded                            |   |      | 196,250 |   |   |   | 351,375 |   |
| Shares earned                                        |   |      | -       |   |   |   | 114,729 |   |
| Shares forfeited                                     |   |      | 196,250 |   |   |   | 218,728 |   |
|                                                 |   |      |    |   |   |   |   |   |
| Contingent shares outstanding as of December 31,2009 |   |      | -       |   |   |   | 17,918 |   |

|                                                         |   | 2009   |   |   | 2008   |   |
|--------------------------------------------------------------|--------|--------|--------|--------|--------|--------|
| Numerator:                                              |   |   |   |   |   |   |
| Net loss available to common stockholders               |   | $      | (4,730 | )      |   | $      | (69,002 | ) |
|                                                         |   |   |   |   |   |   |   |   |
| Denominator:                                                 |   |   |   |   |   |   |   |   |
| Number of shares outstanding, end of period:                 |   |   |   |   |   |   |   |   |
| Weighted-average number of common shares used in Basic EPS   |   |   | 16,073 |   |   |   | 15,799 |   |
| Stock options and awards                                     |   |   | -      |   |   |   | - |   |
|                                                         |   |   |   |   |   |   |   |   |
| Weighted-average number of common shares used in Diluted EPS |   |   | 16,073 |   |   |   | 15,799 |   |

----

Index

| 9. | COMMON STOCK MATTERS AND EARNINGS PER SHARE, Continued. |
|----|---------------------------------------------------------|

Note 7

----

Index

10

Note12

----

Index

11

|           |   | 2009   |   |   | 2008   |   |
|----------------|--------|--------|--------|--------|--------|--------|
| Federal:       |   |   |   |   |   |   |
| Current        |   | $      | (459   | )      |   | $      | (36 | ) |
| Deferred       |   |   | 51     |   |   |   | (1,533 | ) |
|           |   |   | (408   | )      |   |   | (1,569 | ) |
| State:    |   |   |   |   |   |   |   |   |
| Current   |   |   | 62     |   |   |   | 30 |   |
| Deferred  |   |   | -      |   |   |   | - |   |
|           |   |   | 62     |   |   |   | 30 |   |
|           |   |   |   |   |   |   |   |   |
| Total     |   | $      | (346   | )      |   | $      | (1,539 | ) |

|                                                                               |   | 2009   |   |   | 2008   |   |
|------------------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|
|                                                                               |   |   |   |   |   |   |
| Computed federal income tax at federal statutory rate                              |   | $      | (7,083 | )      |   | $      | (7,076 | ) |
| Changes resulting from:                                                            |   |   |   |   |   |   |   |   |
| Decrease (increase) in cash surrender value of life insurance contracts            |   |   | (498   | )      |   |   | 985 |   |
| Redemption of life insurance contracts                                             |   |   | 5,159  |   |   |   | - |   |
| Amortization of HIG Beneficial Ownership                                           |   |   | 168    |   |   |   | - |   |
| Current year state income taxes, net of federal income tax benefit                 |   |   | 40     |   |   |   | 19 |   |
| Valuation allowance for NOL, AMT, deferred tax assets and general business credits |   |   | 1,830  |   |   |   | 5,403 |   |
| Recognition of deferred tax liability related to goodwill impairment               |   |   | -      |   |   |   | (898 | )  |
| Other, net                                                                         |   |   | 38     |   |   |   | 28 |   |
|                                                                               |   |   |   |   |   |   |   |   |
| Total                                                                              |   | $      | (346   | )      |   | $      | (1,539 | ) |

----

Index

|                                                        | 2009   |    |   | 2008   |   |
|-------------------------------------------------------------|--------|---------|--------|--------|--------|
| Current deferred tax asset (liability):                     |   |    |   |   |   |   |   |
| Accrued warranty expense                                    | $      | 1,582   |   |   | $      | 3,098 |   |
| Accrued self-insurance                                      |   | 1,180   |   |   |   | 1,769 |   |
| Inventories                                                 |   | 445     |   |   |   | 445 |   |
| Receivables                                                 |   | 469     |   |   |   | 511 |   |
| Prepaid insurance                                           |   | (289    | )      |   |   | (372 | ) |
| Litigation reserve                                          |   | 21      |   |   |   | 103 |   |
| Other                                                       |   | 250     |   |   |   | 1,241 |   |
| Valuation allowance                                         |   | (3,658  | )      |   |   | (6,795 | ) |
|                                                        |   |    |   |   |   |   |   |
| Net current deferred tax asset                              | $      | -       |   |   | $      | - |   |
|                                                        |   |    |   |   |   |   |   |
| Noncurrent deferred tax asset (liability):                  |   |    |   |   |   |   |   |
| Deferred compensation                                       | $      | 1,179   |   |   | $      | 2,786 |   |
| Property and equipment and other real estate                |   | (436    | )      |   |   | (414 | ) |
| Notes receivable                                            |   | 402     |   |   |   | 402 |   |
| Federal net operating loss carryforwards                    |   | 38,301  |   |   |   | 37,087 |   |
| Impairments                                                 |   | 7,697   |   |   |   | 7,890 |   |
| Alternative minimum tax credit carryover                    |   | 127     |   |   |   | 586 |   |
| Federal and state research and development credit carryover |   | 1,738   |   |   |   | 1,738 |   |
| State net operating loss carryforwards                      |   | 3,856   |   |   |   | 3,780 |   |
| Other                                                       |   | 1,079   |   |   |   | 662 |   |
| Valuation allowance                                         |   | (54,451 | )      |   |   | (54,974 | ) |
|                                                        |   |    |   |   |   |   |   |
| Net noncurrent deferred tax liability                       | $      | (508    | )      |   | $      | (457 | ) |

----

Index

|                                                         |   | (in thousands) |   |
|--------------------------------------------------------------|--------|----------------|--------|
| Balance at January 1, 2008                                   |   | $              | 2,416  |   |
| Additions based on tax positions related to the current year |   |           | -      |   |
| Additions for tax positions of prior years                   |   |           | 1,090  |   |
| Reductions for tax positions of prior years                  |   |           | -      |   |
| Settlements                                                  |   |           | -      |   |
|                                                         |   |           |   |   |
| Balance at December 31, 2008                                 |   | $              | 3,506  |   |
| Additions based on tax positions related to the current year |   |           | -      |   |
| Additions for tax positions of prior years                   |   |           |   |   |
| Reductions for tax positions of prior years                  |   |           | -      |   |
| Settlements                                                  |   |           | (1,470 | ) |
|                                                         |   |           |   |   |
| Balance at December 31, 2009                                 |   | $              | 2,036  |   |

12

----

Index

|                                         |   | 2009   |   |   | 2008   |   |
|----------------------------------------------|--------|--------|--------|--------|--------|--------|
| Current assets                               |   | $      | 74     |   |   | $      | 827 |   |
| Properties and equipment                     |   |   | -      |   |   |   | 2,102 |   |
|                                         |   |   |   |   |   |   |   |   |
| Total assets of discontinued operations      |   | $      | 74     |   |   | $      | 2,929 |   |
|                                         |   |   |   |   |   |   |   |   |
| Current liabilities                          |   | $      | 3,878  |   |   | $      | 18,791 |   |
| Long-term liabilities                        |   |   | 671    |   |   |   | 986 |   |
|                                         |   |   |   |   |   |   |   |   |
| Total liabilities of discontinued operations |   | $      | 4,549  |   |   | $      | 19,777 |   |

----

Index

13

----

Index

Note 8

----

Index

14

----

Index

| •  | Pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company; |
|---------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

| •  | Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that our receipts and expenditures are being made only in accordance with authorizations of management and directors; and |
|---------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| •  | Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on the financial statements. |
|---------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Index

----

Index

Executive Officers of the Registrant

----

Index  

| Plan Category                                          |   | # of securitiesto be issuedupon exercise ofoutstanding options,warrants and rights |   | Weighted-averageexercise price ofoutstanding options,warrants and rights |   | # of securities remaining available for future issuance under equity compensation plans |   |
|--------------------------------------------------------|--------|------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------|--------|
|                                                   |   |                                                                               |   |                                                                     |   |                                                                                    |   |
| Equity compensation plans approved by shareholders     |   |                                                                               | 78,900 |                                                                     | $      | 12.24                                                                                   |   |   | 1,039,038 |   |
|                                                   |   |                                                                               |   |                                                                     |   |                                                                                    |   |   |   |   |
| Equity compensation plans not approved by shareholders |   |                                                                               | -      |                                                                     |   | -                                                                                       |   |   | - |   |
|                                                   |   |                                                                               |   |                                                                     |   |                                                                                    |   |   |   |   |
| Total                                                  |   |                                                                               | 78,900 |                                                                     | $      | 12.24                                                                                   |   |   | 1,039,038 |   |

Item 8

Financial Statements

Reports of Independent Registered Public Accounting Firms

Consolidated Balance Sheets at December 31, 2009 and 2008

Consolidated Statements of Operations for the years ended December 31, 2009 and 2008

Consolidated Statements of Shareholders' Equity for the years ended December 31, 2009 and 2008

Consolidated Statements of Cash Flows for the years ended December 31, 2009 and 2008

Notes to Consolidated Financial Statements

Financial Statement Schedules

Schedule II - Valuation and Qualifying Accounts

Exhibits

Index to Exhibits

----

Index 

SCHEDULE

----

Index 

|                      |   | COACHMEN INDUSTRIES, INC. |   |
|---------------------------|--------|---------------------------|--------|
|                      |   |                      |   |
| Date: March 29, 2010 |   |                      |   |
|                      |   |                      |
|                      |   |                      |
|                      |   | /s/ R. M. Lavers          |
|                      |   | R. M. Lavers              |
|                      |   | (Chief Executive Officer) |
|                      |   |                      |
|                      |   |                      |
|                      |   |                      |
|                      |   | /s/ C. A. Zuhl            |
|                      |   | C. A. Zuhl                |
|                      |   | (Chief Financial Officer) |
|                      |   |                      |
|                      |   |                      |
|                      |   | /s/ S. L. Patterson       |
|                      |   | S. L. Patterson           |
|                      |   | (Corporate Controller)    |

| /s/ G. B. Bloom   |   | /s/ D. W. Hudler                  |
|-------------------|--------|-----------------------------------|
| G. B. Bloom       |   | D. W. Hudler                      |
| (Director)        |   | (Director)                        |
|              |   |                              |
|              |   |                              |
|              |   |                              |
| /s/ R. J. Deputy  |   | /s/ W. P. Johnson                 |
| R. J. Deputy      |   | W. P. Johnson                     |
| (Director)        |   | (Director, Chairman of the Board) |
|              |   |                              |
|              |   |                              |
|              |   |                              |
| /s/ J. A. Goebel  |   | /s/ E. W. Miller                  |
| J. A. Goebel      |   | E. W. Miller                      |
| (Director)        |   | (Director)                        |
|              |   |                              |
|              |   |                              |
|              |   |                              |
| /s/ M. S. Sanford |   | /s/ F. de Armas                   |
| M.S. Sanford      |   | F. de Armas                       |
| (Director)        |   | (Director)                        |

----

Index

INDEX

| Number AssignedIn RegulationS-K, Item 601 | Description of Exhibit                                                                                                                                                                                                                                                                                             |
|-------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                      |                                                                                                                                                                                                                                                                                                               |
| (3)(a)(i)                                 | Articles of Incorporation of the Company as amended on May 30, 1995 (incorporated by reference to Exhibit 3(i) to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 1995).                                                                                                           |   |
|                                      |                                                                                                                                                                                                                                                                                                               |   |
| (3)(a)(ii)                                | Articles of Amendment to Articles of Incorporation (incorporated by reference to Exhibit 4.2 to the Company's Form S-3 Registration Statement, File No. 333-14579).                                                                                                                                                |   |
|                                      |                                                                                                                                                                                                                                                                                                               |   |
| (3)(b)                                    | By-Laws as modified through October 27, 2009 (incorporated by reference to Exhibit 3(ii) to the Company's Current Report on Form 8-K/A filed October 29, 2009).                                                                                                                                                    |   |
|                                      |                                                                                                                                                                                                                                                                                                               |   |
| (4)(a)                                    | Amended and Restated Rights Agreement dated as of October 23, 2009 (incorporated by reference to Exhibit 4.1 to the Company's Current Report on Form 8-K/A filed October 29, 2009).                                                                                                                                |   |
|                                      |                                                                                                                                                                                                                                                                                                               |   |
| (4)(b)                                    | Demand Promissory Note, dated March 23, 2009, in the original principal amount of $2,344,801.71 by Coachmen Industries, Inc. as maker and endorser, payable to Robert J. Deputy (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed March 24, 2009).                |   |
|                                      |                                                                                                                                                                                                                                                                                                               |   |
| (4)(c)                                    | Promissory Note dated April 9, 2009 in the original principal amount of $2,000,000 by Coachmen Industries, Inc. as maker and endorser, payable to Lake City Bank on or before April 9, 2012 (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed April 9, 2009).     |   |
|                                      |                                                                                                                                                                                                                                                                                                               |   |
| (4)(d)                                    | Promissory Note dated April 9, 2009 in the maximum principal amount of $500,000 by Coachmen Industries, Inc. as maker and endorser, payable to Lake City Bank on or before March 31, 2012 (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K filed April 9, 2009).  |   |
|                                      |                                                                                                                                                                                                                                                                                                               |   |
| (4)(e)                                    | Loan Agreement dated as of October 27, 2009 among Coachmen Industries, Inc., and H.I.G. All American, LLC (incorporated by reference to Exhibit 2.1 to the Company’s Current Report on Form 8-K/A filed October 29, 2009).                                                                                   |   |
|                                      |                                                                                                                                                                                                                                                                                                               |   |
| (4)(f)                                    | Senior Secured Revolving Note dated as of October 27, 2009 among Coachmen Industries, Inc., and H.I.G. All American, LLC (incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K/A filed October 29, 2009).                                                                    |   |
|                                      |                                                                                                                                                                                                                                                                                                               |   |
| (4)(g)                                    | Secured Subordinated Convertible Tranche B Note dated as of October 27, 2009 among Coachmen Industries, Inc., and H.I.G. All American, LLC (incorporated by reference to Exhibit 4.3 to the Company’s Current Report on Form 8-K/A filed October 29, 2009).                                                  |   |
|                                      |                                                                                                                                                                                                                                                                                                               |   |
| (4)(h)                                    | Common Stock Purchase Warrant dated as of October 27, 2009 among Coachmen Industries, Inc., and H.I.G. All American, LLC (incorporated by reference to Exhibit 4.4 to the Company’s Current Report on Form 8-K/A filed October 29, 2009).                                                                    |   |
|                                      |                                                                                                                                                                                                                                                                                                               |   |
| (4)(i)                                    | Registration Rights Agreement dated as of October 27, 2009 among Coachmen Industries, Inc., and H.I.G. All American, LLC (incorporated by reference to Exhibit 4.5 to the Company’s Current Report on Form 8-K/A filed October 29, 2009).                                                                    |   |

| *(10)(a)    | Executive Benefit and Estate Accumulation Plan, as amended and restated effective as of September 30, 2000 (incorporated by reference to Exhibit 10(a) to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2001).                             |   |
|-------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|        |                                                                                                                                                                                                                                                                         |   |
| *(10)(b)    | 2000 Omnibus Stock Incentive Program (incorporated by reference to Exhibit A to the Company's Proxy Statement dated March 27, 2000 for its Annual Meeting in 2000).                                                                                                          |   |
|        |                                                                                                                                                                                                                                                                         |   |
| *(10)(b)(i) | Resolution regarding Amendment of 2000 Omnibus Stock Incentive Program adopted by the Company's Board of Directors on July 27, 2000 (incorporated by reference to Exhibit 10(b)(i) to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2001). |   |
|        |                                                                                                                                                                                                                                                                         |   |
| *(10)(c)    | Form of Change in Control Agreements for certain executive officers (Tier 1) (incorporated by reference to Exhibit 10(c) to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2000).                                                           |   |
|        |                                                                                                                                                                                                                                                                         |   |
| *(10)(d)    | Form of Change in Control Agreements for certain executive officers (Tier 2) (incorporated by reference to Exhibit 10(d) to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2000).                                                           |   |
|        |                                                                                                                                                                                                                                                                         |   |
| *(10)(e)    | Coachmen Industries, Inc. Supplemental Deferred Compensation Plan (Amended and Restated as of January 1, 2003) (incorporated by reference to Exhibit 10(e) to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2004).                         |   |
|        |                                                                                                                                                                                                                                                                         |   |
| *(10)(f)    | Executive Annual Performance Incentive Plan effective January 1, 2002 (incorporated by reference to Exhibit 10(f) to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2002).                                                                  |   |

| (10)(i)       | Form of the 2006 Restricted Stock Award Agreement and listing of the maximum number of shares each Executive Officer may earn under the Agreements (incorporated by reference to Exhibit 10(a) to the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2006).                         |   |
|---------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|          |                                                                                                                                                                                                                                                                                                         |   |
| (10)(j)       | Program Agreement and related Repurchase Agreement dated as of May 10, 2004 between Textron Financial Corporation and certain subsidiaries of Coachmen Industries, Inc. (incorporated by reference to Exhibit 10.2 to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2004). |   |
|          |                                                                                                                                                                                                                                                                                                         |   |
| *(10)(k)      | Summary of Life Insurance and Long Term Disability Benefits for Executives (incorporated by reference to Exhibit 10(q) to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2004).                                                                                             |   |
|          |                                                                                                                                                                                                                                                                                                         |   |
| *(10)(l)      | Description of Non-management Director Compensation (incorporated by reference to Exhibit 10(r) to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2004).                                                                                                                    |   |
|          |                                                                                                                                                                                                                                                                                                         |   |
| (10)(m)  | Mentor Protégé Agreement between Coachmen Industries, Inc. and The Warrior Group, Inc. (incorporated by reference to Exhibit10.1 to the Company's Current Report on Form 8-K filed August 19, 2005).                                                                                               |   |
|          |                                                                                                                                                                                                                                                                                                         |   |
| (10)(n)       | Severance and Early Retirement Agreement and General Release of All Claims dated October 23, 2006 among Coachmen Industries, Inc. and Claire C. Skinner (incorporated by reference to Exhibit 10(a) to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2006).                |   |
|          |                                                                                                                                                                                                                                                                                                         |   |
| (10)(o)       | Form of the 2006 Restricted Stock Award Agreement and listing of the maximum number of shares each Executive Officer may earn under the Agreements (incorporated by reference to Exhibit 10(a) to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2006).                     |   |
|          |                                                                                                                                                                                                                                                                                                         |   |
| (10)(p)       | 2007 Restricted Stock Award Agreement under the 2007 Long-Term Incentive Plan (incorporated by reference to Exhibit 10(a) to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2007).                                                                                        |   |
|     |                                                                                                                                                                                                                                                                                                         |   |
| (10)(q)       | Standard Purchase Agreement dated October 26, 2006, between All American Building Systems and the Warrior Group, Inc. (incorporated by reference to Exhibit 10(b) to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2007).                                                |   |
|          |                                                                                                                                                                                                                                                                                                         |   |
| (10)(r)       | Standard Purchase Agreement dated December 20, 2007 between All American Building Systems and the Warrior Group, Inc. (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed January 25, 2008).                                                                  |   |
|          |                                                                                                                                                                                                                                                                                                         |   |
| (10)(s)       | Standard Purchase Agreement dated December 20, 2007 between All American Building Systems and the Warrior Group, Inc. (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K filed January 25, 2008).                                                                  |   |

| (10)(t) | Asset Purchase Agreement dated November 20, 2008 between Coachmen Industries, Inc. and several of its subsidiaries and Forest River, Inc. (incorporated by reference to Exhibit 2 to the Company’s Current Report of Form 8-K filed November 24, 2008).                               |   |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|    |                                                                                                                                                                                                                                                                                        |   |
| (10)(u) | Promissory Note dated February 26, 2009 in the original principal amount of $2,719,454.29 by Coachmen Industries, Inc. and its subsidiaries payable to Forest River, Inc. (incorporate by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed March 3, 2009). |   |
|    |                                                                                                                                                                                                                                                                                        |   |
| (10)(v) | Agreement with ARBOC Mobility, LLC (incorporated by reference to Exhibit 10(c) to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2008).                                                                                                                  |   |
|    |                                                                                                                                                                                                                                                                                        |   |
| (10)(w) | Purchase Agreement dated March 1, 2010 between All American Building Systems and Radford Place Apartments, LLC (incorporated by reference to the Company’s Current Report on Form 8-K filed March 2, 2010).                                                                           |   |
|    |                                                                                                                                                                                                                                                                                        |   |
| (11)    | No Exhibit - See Consolidated Statements of Operations and Note 9 of Notes to Consolidated Financial Statements, contained herein.                                                                                                                                                          |   |
|    |                                                                                                                                                                                                                                                                                        |   |
| (14)    | Code of Ethics (incorporated by reference to Exhibit 14 to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2003).                                                                                                                                           |   |
|    |                                                                                                                                                                                                                                                                                        |   |
| (16)    | Letter from Ernst & Young dated July 27, 2009 (incorporated by reference to Exhibit 16.1 to the Company’s Current Report on Form 8-K filed July 27, 2009).                                                                                                                        |   |
|    |                                                                                                                                                                                                                                                                                        |   |
| (21)    | Registrant and Subsidiaries of the Registrant.                                                                                                                                                                                                                                              |   |
|    |                                                                                                                                                                                                                                                                                        |   |
| (23.1)  | Consent of McGladrey & Pullen LLP.                                                                                                                                                                                                                                                      |   |
|    |                                                                                                                                                                                                                                                                                        |   |
| (23.2)  | Consent of Ernst & Young LLP.                                                                                                                                                                                                                                                           |   |
|    |                                                                                                                                                                                                                                                                                        |   |
| (31.1)  | Rule 13a-14(a) Certification of Chief Executive Officer.                                                                                                                                                                                                                                    |   |
|    |                                                                                                                                                                                                                                                                                        |   |
| (31.2)  | Rule 13a-14(a) Certification of Chief Financial Officer.                                                                                                                                                                                                                                    |   |
|    |                                                                                                                                                                                                                                                                                        |   |
| (32.1)  | Section 1350 Certification of Chief Executive Officer.                                                                                                                                                                                                                                      |   |
|    |                                                                                                                                                                                                                                                                                        |   |
| (32.2)  | Section 1350 Certification of Chief Financial Officer.                                                                                                                                                                                                                                      |   |

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