<PAGE>  1


                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    Form 10-Q

                                   (MARK ONE)
           (X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

                 For the quarterly period ended March 31, 2003
                                                --------------

                                       OR

          ( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

     For the transition period from __________________to__________________

                         Commission file number 1-7160

                            COACHMEN INDUSTRIES, INC.
--------------------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)

                               INDIANA 35-1101097
--------------------------------------------------------------------------------
     (State  or  other  jurisdiction  of  (I.R.S.   Employer   incorporation  or
organization) Identification number) 2831 Dexter Drive, Elkhart, Indiana 46514
--------------------------------------------------------------------------------
         (Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code        574-262-0123
                                                          ------------

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes X No _

Indicate by check mark whether the registrant is an accelerated filer
(as defined in Rule 12b-2 of the Exchange Act).  Yes X  No _

Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practical date:

    At April 30, 2003:

    Common Shares, without par value 15,493,722 shares outstanding including an
    equivalent number of common share purchase rights.
--------------------------------------------------------------------------------



<PAGE>  2


                   COACHMEN INDUSTRIES, INC. AND SUBSIDIARIES

                                    FORM 10-Q

                                 INDEX
                                                                   PAGE NO.
PART I.  FINANCIAL INFORMATION
------------------------------

    Financial Statements:

       Consolidated Balance Sheets-
       March 31, 2003 and December 31, 2002                          3-4

       Consolidated Statements of Operations-
       Three Months Ended March 31, 2003 and 2002                     5

       Consolidated Statements of Cash Flows-
       Three Months Ended March 31, 2003 and 2002                     6

       Notes to Consolidated Financial Statements                    7-13

    Management's Discussion and Analysis of Financial
       Condition and Results of Operations                          14-17

    Quantitative and Qualitative Disclosures About Market Risk        18

    Controls and Procedures                                           19

PART II.  OTHER INFORMATION
---------------------------

    Item 6. Exhibits and Reports on Form 8-K                          20

    Signatures                                                        21

    Certifications                                                  22-23



                                        2




<PAGE>  3


                   COACHMEN INDUSTRIES, INC. AND SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEETS
                                 (in thousands)



                                               March 31,    December 31,
                                                 2003          2002
                                                 ----          ----
                                              (Unaudited)
ASSETS
Current assets:
  Cash and temporary cash investments         $  4,933      $ 16,549
  Marketable securities                          6,925         7,641
  Trade receivables, less allowance for
   doubtful receivables 2003 - $860
   and 2002 - $861                              35,443        29,408
  Other receivables                              2,265         1,572
  Refundable income taxes                        1,610         2,878
  Inventories                                  101,658        85,010
  Prepaid expenses and other                     4,382         4,412
  Deferred income taxes                          6,902         6,885
                                              --------      --------

    Total current assets                       164,118       154,355
                                              --------      --------



Property, plant and equipment, at cost         149,780       148,439
  Less, Accumulated depreciation                71,812        69,550
                                              --------      --------

    Property, plant and equipment, net          77,968        78,889
                                              --------      --------


Goodwill                                        18,954        18,954
Cash value of life insurance                    34,711        33,155
Real estate held for sale                          276           276
Other                                            7,706         7,656
                                              --------      --------


Total assets                                  $303,733      $293,195
                                              ========      ========







See Notes to Consolidated Financial Statements.



                                        3



<PAGE>  4


                   COACHMEN INDUSTRIES, INC. AND SUBSIDIARIES
                      CONSOLIDATED BALANCE SHEETS (continued)
                                 (in thousands)



                                               March 31,    December 31,
                                                 2003          2002
                                                 ----          ----
                                              (Unaudited)
LIABILITIES
Current liabilities:
  Accounts payable, trade                     $ 32,619      $ 18,801
  Accrued income taxes                             239         1,222
  Accrued expenses and other liabilities        39,398        39,856
  Short-term borrowings and current portion
   of long-term debt                             5,896           902
                                              --------      --------

    Total current liabilities                   78,152        60,781

Long-term debt                                  10,090        10,097
Deferred income taxes                            4,123         4,123
Other                                            9,391         8,768
                                              --------      --------

    Total liabilities                          101,756        83,769
                                              --------      --------


SHAREHOLDERS' EQUITY
  Common shares, without par value: authorized
   60,000 shares; issued 2003 - 21,068
   shares and 2002 - 21,062 shares              91,338        91,283
  Additional paid-in capital                     6,753         6,133
  Unearned compensation                           (892)         -
  Accumulated other comprehensive loss            (689)         (661)
  Retained earnings                            165,309       169,054
  Treasury shares, at cost: 2003 - 5,556
   shares and 2002 - 5,395 shares              (59,842)      (56,383)
                                              --------      --------

     Total shareholders' equity                201,977       209,426
                                             ---------      --------

Total liabilities and shareholders' equity    $303,733      $293,195
                                              ========      ========






See Notes to Consolidated Financial Statements.



                                        4



<PAGE>  5


                   COACHMEN INDUSTRIES, INC. AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                      (in thousands, except per share data)
                                   (Unaudited)



                                                Three Months
                                               Ended March 31,
                                           2003               2002
                                           ----               ----

Net sales                               $146,387           $152,846

Cost of goods sold                       129,353            134,576
                                        --------           --------

    Gross profit                          17,034             18,270
                                        --------           --------

Operating expenses:
  Delivery                                 6,989              6,989
  Selling                                  5,719              5,034
  General and administrative               8,723              7,658
                                        --------           --------

                                          21,431             19,681
                                        --------           --------

    Operating loss                        (4,397)            (1,411)
                                        --------           --------

Nonoperating (income) expense:
  Interest expense                           362                540
  Investment income                         (395)              (232)
  Gain on sale of properties, net             (5)              (665)
  Other, net                                 (62)              (158)
                                        --------           --------

    Total nonoperating income, net          (100)              (515)
                                        --------           --------

    Loss before income taxes              (4,297)              (896)

Income taxes (benefit)                    (1,477)              (306)
                                        --------           --------

    Net loss                            $ (2,820)          $   (590)
                                        ========           ========

Loss per common share:
    Basic                               $   (.18)          $   (.04)
    Diluted                             $   (.18)          $   (.04)

Number of shares used in the
 computation of loss per common share:
    Basic                                 15,473             16,040
    Diluted                               15,473             16,040

Cash dividends per common share         $    .06           $    .05






See Notes to Consolidated Financial Statements.



                                        5


<PAGE>  6


                   COACHMEN INDUSTRIES, INC. AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                 (in thousands)
                                   (Unaudited)
                                                           Three Months
                                                           Ended March 31,
                                                         2003          2002
                                                         ----          ----

Cash flows from operating activities:
  Net loss                                            $ (2,820)     $   (590)
  Adjustments to reconcile net loss to net cash
    provided by (used in) operating activities:
      Depreciation                                       2,384         2,538
      Provision for doubtful receivables                    47            30
      Provision for write-down of property to
        net realizable value                              -             (469)
      Gain on sale of properties, net                       (5)         (665)
      Increase in cash surrender value of
        life insurance policies                           (451)         (451)
      Net realized and unrealized (gains) losses
        on marketable securities and derivatives          (169)          265
      Deferred income taxes                                (17)          (74)
      Tax benefit from stock options exercised            -              102
      Other                                                954           480
      Changes in certain assets and liabilities, net
        of effects of acquisitions and dispositions:
          Receivables                                   (6,775)      (13,465)
          Inventories                                  (16,648)        4,553
          Prepaid expenses and other                        30            (4)
          Accounts payable, trade                       13,818        14,235
          Income taxes - accrued and refundable            285            53
          Accrued expenses and other liabilities          (458)        4,904
                                                      --------      --------
            Net cash provided by (used in)
              operating activities                      (9,825)       11,442
                                                      --------      --------

Cash flows from investing activities:
  Proceeds from sales of marketable securities           6,880        11,415
  Proceeds from sale of property and equipment              10         2,137
  Investments in marketable securities                  (7,432)      (11,711)
  Purchases of property and equipment                   (1,450)       (1,079)
  Other                                                    146            35
                                                      --------      --------
            Net cash provided by (used in)
              investing activities                      (1,846)          797
                                                      --------      --------

Cash flows from financing activities:
  Proceeds from short-term debt                          7,000          -
  Payments of short-term debt                           (2,000)         -
  Payments of long-term debt                               (13)          (14)
  Issuance of common shares under stock
    incentive plans                                         89           390
  Purchases of common shares for treasury               (4,096)          (10)
  Cash dividends paid                                     (925)         (802)
                                                      --------      --------
            Net cash provided by (used in)
              financing activities                          55          (436)
                                                      --------      --------

Increase (decrease) in cash and temporary
    cash investments                                   (11,616)       11,803

Cash and temporary cash investments
  Beginning of period                                   16,549        28,416
                                                      --------      --------
  End of period                                       $  4,933      $ 40,219
                                                      ========      ========




See Notes to Consolidated Financial Statements.



                                        6


<PAGE>  7


                   COACHMEN INDUSTRIES, INC. AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                 (in thousands)
                                   (Unaudited)


1.   BASIS OF PRESENTATION

     The consolidated balance sheet data as of December 31, 2002 was derived
     from audited financial statements, but does not include all disclosures
     required by accounting principles generally accepted in the United States.

     In the opinion of management, the information furnished herein includes all
     adjustments of a normal and recurring nature necessary to reflect a fair
     presentation of the statements of the interim periods reported. The results
     of operations for the three months ended March 31, 2003 are not necessarily
     indicative of the results to be expected for the full year.


2.   SEGMENT INFORMATION

     The Company has determined that its reportable segments are those that are
     based on the Company's method of internal reporting, which disaggregates
     its business by product category. The Company's two reportable segments
     are: Recreational vehicles, including related parts and supplies, and
     modular housing and building. The Company evaluates the performance of its
     segments and allocates resources to them based on pretax income.
     Differences between reported segment amounts and corresponding consolidated
     totals represent corporate expenses for administrative functions and income
     or expenses relating to property and equipment that are not allocated to
     segments.

     The table below presents information about segments used by the chief
     operating decision maker of the Company for the three months ended March
     31, 2003 and 2002:

                                                 2003           2002
                                                 ----           ----
         Net sales:
              Recreational vehicles           $107,396       $108,333
              Modular housing
                and building                    38,991         44,513
                                              --------       --------

                Consolidated total            $146,387       $152,846
                                              ========       ========

         Pretax income (loss):
              Recreational vehicles           $ (1,521)      $   (573)
              Modular housing
                and building                    (2,038)          (512)

              Other reconciling items             (738)           189
                                              --------       --------

                Consolidated total            $ (4,297)      $   (896)
                                              ========       ========



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<PAGE>  8


2. SEGMENT INFORMATION, Continued.

                                              March 31,    December 31,
                                                2003           2002
                                                ----           ----
   Total assets:
      Recreational vehicles                   $112,524       $ 93,571
      Modular housing and building             103,921         97,765
      Other reconciling items                   87,288        101,859
                                              --------       --------

                Consolidated total            $303,733       $293,195
                                              ========       ========


3. INVENTORIES

   Inventories consist of the following:

                                              March 31,    December 31,
                                                2003           2002
                                                ----           ----

   Raw materials                             $ 31,992       $ 28,432
   Work in process                             14,519         11,054
   Finished goods                              55,147         45,524
                                             --------      ---------

                Total                        $101,658       $ 85,010
                                             ========       ========


4. ACCRUED EXPENSES AND OTHER LIABILITIES

   Accrued expenses and other liabilities consist of the following:

                                               March 31,    December 31,
                                                 2003           2002
                                                 ----           ----

    Wages, salaries, bonuses and
      commissions                             $  3,553       $  5,661
    Dealer incentives, including volume
      bonuses, dealer trips, interest
      reimbursement, co-op advertising and
      other rebates                              4,454          4,368
    Warranty                                     7,868          8,796
    Insurance-products and general liability,
      workers compensation, group health and
      other                                      7,605          7,434
    Customer deposits and unearned revenues      6,302          5,598
    Other current liabilities                    9,616          7,999
                                              --------       --------

        Total                                 $ 39,398       $ 39,856
                                              ========       ========


    Changes in the Company's warranty liability during the quarter ended
    March 31, 2003 were as follows:

      Balance of accrued warranty at January 1, 2003          $ 8,796

      Warranties issued during the period and changes
        in liability for pre-existing warranties                2,992

      Cash settlements made during the quarter                 (3,920)
                                                               ------

      Balance of accrued warranty at March 31, 2003           $ 7,868
                                                              =======



                                        8


<PAGE>  9



5.   EARNINGS PER SHARE

     Basic earnings per share is based on the weighted average number of shares
     outstanding during the period. Diluted earnings per common share is based
     on the weighted average number of shares outstanding during the period,
     after consideration of the dilutive effect of stock options and awards.
     Basic and diluted earnings per share for the three months ended March 31,
     2003 and 2002 were calculated as follows:

                                                      2003         2002
                                                      ----         ----

     Numerator:
        Net loss applicable to common stock         $(2,820)     $  (590)

     Denominator:
      Number of shares outstanding, end of period:
       Common stock                                  15,512       16,079
       Effect of weighted average shares
        outstanding during period                       (39)         (39)
                                                     ------       ------
     Weighted average number of common
      shares used in basic EPS                       15,473       16,040
                                                     ======       ======


     As the Company reported net losses for the three months ended March 31,
     2003 and 2002, 66 and 139 common stock equivalents related to stock options
     and awards, respectively, did not enter into the computation of diluted
     earnings per share because their inclusion would have been antidilutive.

     For the periods ended March 31, 2003 and 2002, 314 and 370 shares of
     outstanding stock options were not included in the computation of diluted
     earnings per share because their exercise price was greater than the
     average market prices for the periods and their inclusion would have been
     antidilutive.

     During the quarter ended March 31, 2003, the Company repurchased 272 shares
     of common stock at a cost of $4,096.

6.   OTHER COMPREHENSIVE INCOME (LOSS)

     The changes in components of other comprehensive income (loss) for the
     three months ended March 31, 2003 and 2002 are as follows:

                                                       2003         2002
                                                       ----         ----

      Net loss                                      $(2,820)     $  (590)
      Unrealized gains on securities held
        for sale, net of taxes                           96           54
      Unrealized losses on cash flow hedges,
        net of taxes                                   (124)        -
                                                    -------      -------

           Other comprehensive loss                 $(2,848)     $  (536)
                                                    =======      =======

     As of March 31, 2003 and 2002, the accumulated other comprehensive income
     (loss), net of tax, relating to unrealized losses on securities held for
     sale was ($565) and ($661), respectively, and relating to deferred losses
     on cash flow hedges was ($124) and $0, respectively.



                                        9

<PAGE>  10


7.   RECLASSIFICATION

     Certain information in the accompanying consolidated statements of
     operations for the three months ended March 31, 2002 has been reclassified
     to conform to the 2003 presentation. The reclassifications had no effect on
     net income (loss) as previously reported.


8.   COMMITMENTS, CONTINGENCIES AND GUARANTEES

     The Company was contingently liable under guarantees to financial
     institutions of their loans to independent dealers for amounts totaling
     approximately $.7 million at March 31, 2003.

     The Company was contingently liable at March 31, 2003 to banks and other
     financial institutions on repurchase agreements in connection with
     financing provided by such institutions to most of the Company's
     independent dealers in connection with their purchase of the Company's
     recreational vehicle products. These agreements provide for the Company to
     repurchase its products from the financing institution in the event that
     they have repossessed them upon a dealer's default. Products repurchased
     from dealers under these agreements are accounted for as a reduction in
     revenue at the time of repurchase. Although the estimated guarantee
     approximates $209 million at March 31, 2003, the risk of loss resulting
     from these agreements is spread over the Company's numerous dealers and is
     further reduced by the resale value of the products repurchased.
     Historically, the Company has experienced losses under these agreements and
     accordingly, has recorded an accrual for the fair value of the guarantees
     of $.3 million for estimated losses under repurchase agreements.

     The Company obtains vehicle chassis for its recreational and specialized
     vehicle products directly from automobile manufacturers under converter
     pool agreements. The agreements generally provide that the manufacturer
     will provide a supply of chassis at the Company's various production
     facilities under the terms and conditions as set forth in the agreement.
     Chassis are accounted for as consigned inventory until either assigned to a
     unit in the production process or 90 days have passed. At the earlier of
     these dates, the Company is obligated to purchase the chassis and it is
     recorded as inventory. At March 31, 2003, chassis inventory, accounted for
     as consigned inventory, approximated $18.3 million.

     During the first quarter of 2003, the Company made commitments for the
     construction of a new Class C manufacturing facility to be located on its
     complex in Middlebury, Indiana. The estimated completed cost of this
     project is $4.0 million. As of March 31, 2003, the Company made commitments
     to this project totaling $2.9 million, of which $2.6 million remained
     outstanding as of the end of the period. The Company also entered into a
     commitment for a facility located in Fitzgerald, Georgia to be used for
     towable recreational vehicle production. Total cost to convert this
     facility to towable production is estimated at $1.5 million. The Company
     had $.9 million in outstanding commitments as of March 31, 2003 related to
     this project.

     The Company is involved in various legal proceedings, most of which are
     ordinary disputes incidental to the industry and most of which are covered
     in whole or in part by insurance. Management believes



                                       10

<PAGE>  11


8.   COMMITMENTS, CONTINGENCIES AND GUARANTEES, Continued

     that the ultimate outcome of these matters and any liabilities in excess of
     insurance coverage and self-insurance accruals will not have a material
     adverse impact on the Company's consolidated financial position, future
     business operations or cash flows.


9.   STOCK-BASED COMPENSATION

     The Company has stock option plans and an employee stock purchase plan. The
     Company accounts for these plans under the recognition and measurement
     principles of APB Opinion No. 25, "Accounting for Stock Issued to
     Employees," and related interpretations. No stock-based employee
     compensation cost is reflected in net earnings for these plans, as all
     options granted under these plans have an exercise price equal to the
     market value of the underlying common stock at the date of grant. The
     following table illustrates the effect on net income and earnings per share
     if the Company had applied the fair value recognition provisions of SFAS
     No. 123, "Accounting for Stock-Based Compensation," to stock-based
     compensation.

     Had the Company adopted the provisions of SFAS No. 123, "Accounting for
     Stock-Based Compensation," the Company's pro forma net income (loss) and
     net income (loss) per share for the periods ended March 31, 2003 and 2002
     would have been:


                                                       2003          2002
                                                       ----          ----

      Net loss, as reported                          $(2,820)     $  (590)
      Deduct total stock-based employee
       compensation expense determined under
       fair value based method for all awards,
       net of taxes                                     (110)        (161)
                                                     -------      -------

      Pro forma net loss                             $(2,930)     $  (751)
                                                     =======      =======


      Loss per share:

        Basic - as reported                             (.18)        (.04)
        Basic - pro forma                               (.19)        (.05)


        Diluted - as reported                           (.18)        (.04)
        Diluted - pro forma                             (.19)        (.05)


     On March 1, 2003, the Company adopted the Performance Based Restricted
     Stock Plan initiated to motivate and reward participants for superior
     achievement of the Company's pre-established long-term financial
     performance goals. This new plan, effective as of January 1, 2003, utilizes
     variable plan accounting, meaning that awards are expensed based upon the
     fair value of shares awarded throughout the vesting period. During the
     quarter ended March 31, 2003, a total of 88.5 shares were awarded under the
     plan. The amount expensed during the quarter ended March 31, 2003 was $97.



                                       11

<PAGE>  12


10.  NEW ACCOUNTING PRONOUNCEMENTS

     In July 2002, the FASB issued SFAS. 146, "Accounting for Costs Associated
     with Exit or Disposal Activities." Statement No. 146 addresses the timing
     of recognition and related measurement of the costs of one-time termination
     benefits. SFAS 146 was adopted on January 1, 2003 and did not have a
     significant impact on the Company's consolidated financial position or
     results of operations.

     FASB Interpretation No. (FIN) 45, "Guarantor's Accounting and Disclosure
     Requirements for Guarantees, Including Indirect Guarantees of Indebtedness
     of Others," changes current practice in accounting for, and disclosure of,
     guarantees. FIN 45 will require certain guarantees to be recorded as
     liabilities at fair value on the Company's balance sheet. Current practice
     requires that liabilities related to guarantees be recorded only when a
     loss is probable and reasonably estimable, as those terms are defined in
     FASB Statement No. 5, "Accounting for Contingencies." FIN 45 also requires
     a guarantor to make significant new disclosures, even when the likelihood
     of making any payments under the guarantee is remote, which is another
     change from current practice. The disclosure requirements of FIN 45 are
     effective immediately and are included in Notes 4 and 8. The initial
     recognition and measurement provisions are applicable on a prospective
     basis to guarantees issued or modified after December 31, 2002. The
     recognition and measurement provisions were adopted, prospectively, as of
     January 1, 2003 and did not have a significant impact on the Company's
     consolidated financial position or results of operations.

     In December 2002, the FASB issued SFAS 148, "Accounting for Stock-Based
     Compensation - Transition and Disclosure - an amendment of FASB Statement
     No. 123." SFAS 148 amends SFAS. 123, "Accounting for Stock-Based
     Compensation," to provide alternative methods of transition for a voluntary
     change to the fair-value based method of accounting for stock-based
     employee compensation. In addition, SFAS 148 amends the disclosure
     requirements of Statement No. 123 to require disclosure in interim
     financial statements regarding the method used on reported results. The
     Company does not intend to adopt a fair-value based method of accounting
     for stock-based employee compensation until a final standard is issued by
     the FASB that requires this accounting. Pro forma disclosures of quarterly
     earnings are included in Note 9 of this quarterly statement.

     In November 2002, the Emerging Issues Task Force reached a consensus on
     Issue 00-21, "Accounting for Revenue Arrangements with Multiple
     Deliverables," which addresses how to account for arrangements that may
     involve the delivery or performance of multiple products, services, and/or
     rights to use assets. Revenue arrangements with multiple deliverables
     should be divided into separate units of accounting if the deliverables in
     the arrangement meet the following criteria: (1) value to the customer
     exists on a stand alone basis,(2) there is objective and reliable evidence
     of the fair value of the undelivered items and (3) the arrangement includes
     a general right of return, where delivery or performance of the undelivered
     items is considered probable and substantially in the control of the
     vendor. Arrangement consideration should be allocated among the separate
     deliverables based on their relative fair values. The accounting for
     revenue arrangements under EITF 00-21 is applicable for all new agreements
     entered into in periods beginning after June 15, 2003. The Company has not
     yet determined what effect, if any, the new recognition and measurement
     provisions will have on the Company's



                                       12

<PAGE>  13


10.  NEW ACCOUNTING PRONOUNCEMENTS, Continued

     recognition and measurement provisions will have on the Company's future
     financial results.

     In January 2003, the FASB issued FIN 46, "Consolidation of Variable
     Interest Entities". This standard clarifies the application of Accounting
     Research Bulletin No. 51, "Consolidated Financial Statements", and
     addresses consolidation by business enterprises of variable interest
     entities (more commonly known as Special Purpose Entities or SPE's). FIN 46
     requires existing unconsolidated variable interest entities to be
     consolidated by their primary beneficiaries if the entities do not
     effectively disperse risk among the parties involved. FIN 46 also enhances
     the disclosure requirements related to variable interest entities. This
     statement is effective for variable interest entities created or in which
     an enterprise obtains an interest after January 31, 2003. FIN 46 will be
     effective for the Company beginning January 1, 2004 for all interest in
     variable interest entities acquired before February 1, 2003. The adoption
     of FIN 46 is not expected to have a material impact on the Company's
     consolidated financial statements.



                                       13

<PAGE>  14



                   COACHMEN INDUSTRIES, INC. AND SUBSIDIARIES
                      MANAGEMENT'S DISCUSSION AND ANALYSIS
                OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
                      (in thousands, except per share data)


The following is management's discussion and analysis of certain significant
factors which have affected the Company's financial condition, results of
operations and cash flows during the periods included in the accompanying
consolidated financial statements.

A summary of the changes in the principal items included in the consolidated
statements of operations is shown below.


                                               Comparison of
                                                Three Months
                                        Ended March 31, 2003 and 2002
                                            Increases (Decreases)
                                            ---------------------

                                            Amount      Percentage
                                            ------      ----------

Net sales                                 $ (6,459)       (4.2)%

Cost of goods sold                          (5,223)       (3.9)

Delivery                                      -             -

Selling                                        685        13.6

General and administrative                   1,065        13.9

Interest expense                              (178)      (33.0)

Investment income                              163        70.3

Gain on sale of
  properties, net                             (660)      (99.2)

Other, net                                     (96)      (60.8)

Loss before income taxes                     3,401       379.6

Income tax benefit                           1,171       382.7

Net loss                                     2,230       378.0



                                       14


<PAGE>  15


NET SALES

Consolidated net sales for the quarter ended March 31, 2003 were $146.4 million,
a decrease of 4.2% from the $152.8 million reported in the same quarter of 2002.
The Company's recreational vehicle segment experienced a sales decrease of .9%.
Sales dollars for motorized products increased slightly while revenue for
towable products posted a slight decrease. However, unit shipments of both
motorized and towable products were down from the prior year. Product mix
accounted for higher sales dollars on fewer units for motorized products. For
towable products, camping trailers experienced the most significant decline in
unit shipments, off 17.2% while shipments of other towable products increased or
were off only slightly. Compared to 2002, there was a decrease in unit shipments
of approximately 3.0% in the recreational vehicle segment. The Company's modular
housing and building segment experienced a 12.4% decrease in net sales for the
quarter compared to last year's first quarter. A significant factor for this
decrease was the result of delivery delays caused by unusually bad weather in
several of the regions.


COST OF GOODS SOLD

Cost of goods sold decreased 3.9% or $5.2 million for the three months ended
March 31, 2003 compared to the same quarter for 2002. As a percentage of net
sales, cost of goods sold was 88.4% for the 2003 quarter compared to 88.0% for
the 2002 quarter. The decrease in the dollar amount of cost of goods sold in the
current quarter is attributable to lower variable expenses as a result of the
decrease in sales. The increase in the cost of goods sold percentage to net
sales for the 2003 quarter is primarily related to sales mix, with sales from
the recreational vehicle segment comprising 73.4% of total sales in 2003 as
compared to 70.9% in 2002. Sales from recreational vehicle segment are typically
at lower profit margins as compared to sales from the modular housing and
building segment.


OPERATING EXPENSES

As a percentage of net sales, operating expenses, which include delivery,
selling, general and administrative expenses, were 14.6% and 12.9% for the
quarters ended March 31, 2003 and 2002, respectively. The percentage of delivery
expense to net sales increased .2 percentage points and the percentage of
selling expense to net sales increased .6 percentage points. Dollars spent for
delivery were unchanged while selling expenses increased $.7 million in 2003 as
compared to the same period for 2002. The increase in delivery expense as a
percentage of net sales was mainly due to higher fuel costs and resulting
increased rates from outside carriers. The increase in selling expenses was
primarily related to increased payroll costs and travel-related expenses.
General and administrative expenses were 6.0% of net sales for the first quarter
of 2003 and 5.0% of net sales for the first quarter of 2002, representing an
increase of $1.1 million. Most of this increase is the result of personnel-
related expenses and professional services that are not expected to occur in
future periods.


INTEREST EXPENSE

Interest expense was $362 and $540 for the quarters ended March 31, 2003 and
2002, respectively. Interest expense varies with the amount of long-



                                       15


<PAGE>  16


term debt and the amounts borrowed against the cash value of the Company's
investment in life insurance contracts. These life insurance contracts were
purchased to fund obligations under deferred compensation agreements with
executives and other key employees. In September of 2002, as a better
utilization of the Company's available cash at that time, $18.5 million in loans
against the cash value of life insurance policies were repaid. The resulting
reduction in interest expense for the current period is the direct result of
paying off those loans. This reduction in expense was somewhat offset by
interest charges incurred from borrowings against the Company's credit facility
during the current quarter.


INVESTMENT INCOME

Investment income was $395 for the 2003 quarter compared with $232 for the 2002
comparable quarter. The increase was principally attributable to the improved
performance of the Company's investments in marketable securities.


GAIN (LOSS) ON THE SALE OF PROPERTIES, NET

There were no significant gains or losses from property transactions for the
quarter ended March 31, 2003. For the quarter ended March 31, 2002, the gain on
the sale of properties was $665. The major component of the gain in 2002 was
from the sale of a previously closed manufacturing facility located in
Middlebury, Indiana.


OTHER INCOME, NET

Other income, net, represents income of $62 for the 2003 first quarter and $158
for the 2002 first quarter.  No items of significance caused the variances
between the comparable quarters.


INCOME TAXES

For the first quarter ended March 31, 2003, the effective tax rate was a 34.4%
benefit compared to a first quarter tax benefit rate of 34.2% in 2002. The
Company's effective tax rate fluctuates based upon the states where sales occur,
the level of export sales and the amount of nontaxable dividend income on
investments.


LIQUIDITY, CAPITAL RESOURCES AND FINANCIAL CONDITION

The Company generally relies on funds from operations as its primary source of
liquidity. In addition, the Company maintains a $30 million, secured bank line
of credit to meet its seasonal working capital needs. At March 31, 2003,
primarily due to increases in inventories, there were outstanding borrowings of
$5.0 million against this bank line of credit. At March 31, 2002, there were no
borrowings against credit facilities. For the three months ended March 31, 2003,
the major use of cash was from operating activities, which primarily consisted
of increases in receivables and inventories offset by an increase in accounts
payable. The cash used in investing activities included investments in
marketable securities and cash value life insurance policies and purchases of
property and equipment. The cash used in financing activities included the
purchase of common shares for the



                                       16


<PAGE>  17


treasury and payment of cash dividends, offset by borrowings against credit
facilities.

At March 31, 2003, working capital decreased to $86.0 million from $93.6 at
December 31, 2002. The $9.8 million increase in current assets at March 31, 2003
versus December 31, 2002 was primarily due to increased trade receivables and
inventories, offset by an $11.6 million decrease in cash. The increase in
current liabilities of $17.4 million was substantially due to increased trade
payables and borrowings against credit facilities.

During the first quarter of 2003, the Company entered into an agreement for the
construction of a new Class C manufacturing facility to be located on its
complex in Middlebury, Indiana. The expected completion date is July 2003 and
the estimated completed cost of the project is $4.0 million. The Company also
entered into a commitment for a facility located in Fitzgerald, Georgia to be
used for towable recreational vehicle production. Total cost to convert this
facility to towable production is estimated at $1.5 million and the Company
expects to begin manufacturing in this facility in June 2003.


FORWARD-LOOKING STATEMENTS

This Form 10-Q contains certain statements that are "forward-looking" statements
within the meaning of Section 27A of the Securities Act of 1933 and Section 21E
of the Securities Exchange Act of 1934, as amended. These forward-looking
statements involve risks and uncertainties, and are dependent on factors, which
may include, but are not limited to the potential fluctuations in the Company's
operating results; the condition of the telecommunications industry which
purchases modular structures; the availability and price of gasoline and diesel
products, which can impact the sale of recreational vehicles; availability of
chassis, which are used in the production of many of the Company's recreational
vehicle products; interest rates, which affect the affordability of the
Company's products; changing accounting standards and government regulations,
such as those covering accounting practices, environmental matters or product
warranties and recalls, which may affect costs of operations, revenues, product
acceptance and profitability; legislation governing the relationships of the
Company with its recreational vehicle dealers, which may affect the Company's
options and liabilities in the event of a general economic downturn; the impact
of economic uncertainty on high-cost discretionary product purchases, which can
hinder the sales of recreational vehicles; the demand for commercial structures
in the various industries that the modular housing and building segment serves;
the ability of the housing and building segment to perform in new market
segments where it has limited experience; and also on the state of the
recreational vehicle and modular housing industries in the United States. Other
factors affecting forward-looking statements include the cyclical and seasonal
nature of the Company's businesses, adverse weather, changes in property taxes
and energy costs, changes in federal income tax laws and federal mortgage
financing programs, changes in public policy, competition in these industries,
the Company's ability to maintain or increase gross margins which are critical
to profitability whether there are or are not increased sales, further
developments in the war on terrorism and related international crises; and other
risks and uncertainties.

At times, the Company's actual performance differs materially from its
projections and estimates regarding the economy, the recreational vehicle and
modular housing and building industries and other key performance



                                       17


<PAGE>  18


indicators. Readers of this Report are cautioned that reliance on any
forward-looking statements involves risks and uncertainties. Although the
Company believes that the assumptions on which the forward-looking statements
contained herein are reasonable, any of those assumptions could prove to be
inaccurate given the inherent uncertainties as to the occurrence or
nonoccurrence of future events. There can be no assurance that the
forward-looking statements contained in this Report will prove to be accurate.
The inclusion of a forward-looking statement herein should not be regarded as a
representation by the Company that the Company's objectives will be achieved.
For further discussion of the elements involved in this report, see the notes
and other materials included with the Company's latest Annual Report on Form
10-K.


ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

In the normal course of business, operations of the Company are exposed to
fluctuations in interest rates. These fluctuations can vary the costs of
financing and investing yields. The Company utilized its short-term credit
facility during the first quarter of 2003 for working capital needs resulting
from an increase in inventories. Under normal conditions, changes in interest
rates would primarily impact the Company's long-term debt. At March 31, 2003,
the Company had $11.0 million of long-term debt, including current maturities.
Long-term debt consists mainly of industrial development revenue bonds that have
variable or floating rates. In January of 2003, the Company entered into various
interest rate swap agreements that become effective beginning in October of
2003. These swap agreements, which are designated as cash flow hedges for
accounting purposes, effectively convert a portion of the Company's
variable-rate borrowings to a fixed-rate basis through November of 2011, thus
reducing the impact of changes in interest rates on future interest expense. The
fair value of the Company's interest rate swap agreements represents the
estimated receipts or payments that would be made to terminate the agreements.

A loss of $.1 million, net of taxes, attributable to changes in the fair value
of interest rate swap agreements was recorded as a component of accumulated
other comprehensive gain (loss) in the first quarter of 2003. If in the future
the interest rate swap agreements were determined to be ineffective or were
terminated before the contractual termination dates, or if it became probable
that the hedged variable cash flows associated with the variable-rate borrowings
would stop, the Company would be required to reclassify into earnings all or a
portion of the unrealized losses on cash flow hedges included in accumulated
other comprehensive gain (loss).

At March 31, 2003, the Company had $7.0 million invested in short-term and $4.5
million in long-term marketable securities. The Company's marketable securities
consist of public utility preferred stocks which typically pay quarterly fixed
rate dividends. These financial instruments are subject to market risk in that
available energy supplies and changes in available interest rates would impact
the market value of the preferred stocks. The Company utilizes U.S. Treasury
bond futures options as a protection against the impact of increases in interest
rates on the fair value of the Company's investments in these fixed rate
preferred stocks. Outstanding options are marked to market with market value
changes recognized in current earnings. The U.S. Treasury bond futures options
generally have terms ranging from 90 to 180 days. Based on the Company's overall
interest rate exposure at March 31, 2003, including variable or floating rate
debt and derivatives used to hedge the fair value of fixed rate preferred
stocks, a hypothetical 10 percent change in



                                       18


<PAGE>  19


interest rates applied to the fair value of the financial instruments as of
March 31, 2003, would have no material impact on earnings, cash flows or fair
values of interest rate risk sensitive instruments over a one-year period.

ITEM 4. CONTROLS AND PROCEDURES

Within 90 days prior to the date of filing this quarterly report on Form 10-Q,
an evaluation was performed under the supervision and with the participation of
the Company's management, including the Chief Executive Officer and Chief
Financial Officer, of the effectiveness of the design and operation of the
Company's disclosure controls and procedures. Based on and as of the time of
such evaluation, the Company's management, including the Chief Executive Officer
and Chief Financial Officer, concluded that the Company's disclosure controls
and procedures were effective in timely alerting them to material information
relating to the Company (including its consolidated subsidiaries) required to be
included in the Company's periodic filing with the Securities and Exchange
Commission. There have been no significant changes in the Company's internal
controls or in other factors that could significantly affect internal controls
subsequent to the time of such evaluation.



                                       19


<PAGE>  20


                           PART II. OTHER INFORMATION

Item 6.  Exhibits and Reports on Form 8-K

     (a) Exhibits

         See index to Exhibits

     (b) Reports on Form 8-K during the quarter ended March 31, 2003

         Form 8-K filed on January 21, 2003, reporting an item 5 event (a press
         release dated January 20, 2003 reporting an expectation of gain in
         fourth quarter and full year 2002 earnings).

         Form 8-K filed on February 5, 2003, reporting an item 5 event (a press
         release dated February 5, 2003 declaring a regular quarterly dividend
         and appointment of a new board member).

         Form 8-K filed on February 10, 2003, reporting an item 5 event (a press
         release dated February 6, 2003 announcing a partnership between All
         American Homes(R) and Town & Country Cedar Homes).

         Form 8-K filed on February 12, 2003 (and 2 Forms 8-K/A filed on
         February 13, 2002), reporting an item 5 event (a press release dated
         February 11, 2003 announcing confirmation of a strong gain in fourth
         quarter and full year earnings).

         Form 8-K filed on March 14, 2003, reporting an item 5 event (a press
         release dated March 13, 2003 announcing a major expansion at the
         Indiana and Georgia facilities).



                                       20


<PAGE>  21



                              SIGNATURES

Pursuant to the requirements of the Securities and Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.




                                       COACHMEN INDUSTRIES, INC.
                                             (Registrant)


Date: May 14, 2003            By:  /s/ Claire C. Skinner
                                   -----------------------------------------
                                   Claire C. Skinner, Chairman of the
                                   Board and Chief Executive Officer




Date: May 14, 2003            By:  /s/ Joseph P. Tomczak
                                   -----------------------------------------
                                   Joseph P. Tomczak, Executive Vice
                                   President and Chief Financial Officer




Date: May 14, 2003            By:  /s/ Gary L. Near
                                   -----------------------------------------
                                   Gary L. Near, Vice President
                                   and Controller



                                       21


<PAGE>  22


                                  CERTIFICATION

I, Claire C. Skinner, certify that:

   1. I have reviewed this quarterly report on Form 10-Q of Coachmen Industries,
      Inc.;

   2. Based on my knowledge, this quarterly report does not contain any untrue
      statement of a material fact or omit to state a material fact necessary to
      make the statements made, in light of the circumstances under which such
      statements were made, not misleading with respect to the period covered by
      this quarterly report;

   3. Based on my knowledge, the financial statements, and other financial
      information included in this quarterly report, fairly present in all
      material respects the financial condition, results of operations and cash
      flows of the registrant as of, and for, the periods presented in this
      quarterly report;

   4. The registrant's other certifying officers and I are responsible for
      establishing and maintaining disclosure controls and procedures (as
      defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant and
      have:

         a) designed such disclosure controls and procedures to ensure that
            material information relating to the registrant, including its
            consolidated subsidiaries, is made known to us by others within
            those entities, particularly during the period in which this
            quarterly report is being prepared;

         b) evaluated the effectiveness of the registrant's disclosure controls
            and procedures as of a date within 90 days prior to the filing date
            of this quarterly report (the "Evaluation Date"); and

         c) presented in this quarterly report our conclusions about the
            effectiveness of the disclosure controls and procedures based on our
            evaluation as of the Evaluation Date;

   5. The registrant's other certifying officers and I have disclosed, based on
      our most recent evaluation, to the registrant's auditors and the audit
      committee of registrant's board of directors (or persons performing the
      equivalent functions):

         a) all significant deficiencies in the design or operation of internal
            controls which could adversely affect the registrant's ability to
            record, process, summarize and report financial data and have
            identified for the registrant's auditors any material weaknesses in
            internal controls; and

         b) any fraud, whether or not material, that involves management or
            other employees who have a significant role in the registrant's
            internal controls; and

   6. The registrant's other certifying officers and I have indicated in this
      quarterly report whether there were significant changes in internal
      controls or in other factors that could significantly affect internal
      controls subsequent to the date of our most recent evaluation, including
      any corrective actions with regard to significant deficiencies and
      material weaknesses.

      Date: May 14, 2003


                          By:  /s/ Claire C. Skinner
                               --------------------------------------
                               Claire C. Skinner
                               Chairman of the Board and Chief Executive Officer



                                       22



<PAGE>  23


                                  CERTIFICATION

I, Joseph P. Tomczak, certify that:

   1. I have reviewed this quarterly report on Form 10-Q of Coachmen Industries,
      Inc.;

   2. Based on my knowledge, this quarterly report does not contain any untrue
      statement of a material fact or omit to state a material fact necessary to
      make the statements made, in light of the circumstances under which such
      statements were made, not misleading with respect to the period covered by
      this quarterly report;

   3. Based on my knowledge, the financial statements, and other financial
      information included in this quarterly report, fairly present in all
      material respects the financial condition, results of operations and cash
      flows of the registrant as of, and for, the periods presented in this
      quarterly report;

   4. The registrant's other certifying officers and I are responsible for
      establishing and maintaining disclosure controls and procedures (as
      defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant and
      have:

         a) designed such disclosure controls and procedures to ensure that
            material information relating to the registrant, including its
            consolidated subsidiaries, is made known to us by others within
            those entities, particularly during the period in which this
            quarterly report is being prepared;

         b) evaluated the effectiveness of the registrant's disclosure controls
            and procedures as of a date within 90 days prior to the filing date
            of this quarterly report (the "Evaluation Date"); and

         c) presented in this quarterly report our conclusions about the
            effectiveness of the disclosure controls and procedures based on our
            evaluation as of the Evaluation Date;

   5. The registrant's other certifying officers and I have disclosed, based on
      our most recent evaluation, to the registrant's auditors and the audit
      committee of registrant's board of directors (or persons performing the
      equivalent functions):

         a) all significant deficiencies in the design or operation of internal
            controls which could adversely affect the registrant's ability to
            record, process, summarize and report financial data and have
            identified for the registrant's auditors any material weaknesses in
            internal controls; and

         b) any fraud, whether or not material, that involves management or
            other employees who have a significant role in the registrant's
            internal controls; and

   6. The registrant's other certifying officers and I have indicated in this
      quarterly report whether there were significant changes in internal
      controls or in other factors that could significantly affect internal
      controls subsequent to the date of our most recent evaluation, including
      any corrective actions with regard to significant deficiencies and
      material weaknesses.

      Date: May 14, 2003


                      By:  /s/ Joseph P. Tomczak
                           --------------------------------------
                           Joseph P. Tomczak
                           Executive Vice President and Chief Financial Officer



                                       23

<PAGE>  24

                                INDEX TO EXHIBITS

Number Assigned
 In Regulation
 S-K, Item 601              Description of Exhibit

*10(a)         Supplemental Deferred Compensation Plan amended and restated as
               of January 1, 2003 (filed herewith)

 99.1          Certification of Chief Executive Officer Pursuant to 18
               U.S.C. Section 1350

 99.2          Certification of Chief Financial Officer Pursuant to 18
               U.S.C. Section 1350


*  Management Contract or Compensatory Plan.


                                       24