----

----

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

| Indiana                                       |   | 35-1101097                             |
|-----------------------------------------------|--------|----------------------------------------|
| (State of incorporation or      organization) |   | (IRS      Employer Identification No.) |

| 2831      Dexter Drive, Elkhart, Indiana      |   | 46514           |
|-----------------------------------------------|--------|-----------------|
| (Address      of principal executive offices) |   | (Zip      Code) |

| Registrant's      telephone number, including area code: |   | (574)      266-2500 |
|----------------------------------------------------------|--------|---------------------|

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

----

| FORM 10-Q                                                                                            |
|------------------------------------------------------------------------------------------------------|
|                                                                                                 |   |
|                                                                                                 |   |
| INDEX                                                                                                |
|                                                                                                 |   |
| Part I.      Financial      Information                                                         | Page |
|                                                                                                 |   |
| Financial      Statements:                                                                           |   |
|                                                                                                 |   |
| Consolidated Balance Sheets at June 30, 2009 and December 31,      2008                              | 3 |
|                                                                                                 |   |
| Consolidated Statements of Operations for the three and      six months ended June 30, 2009 and 2008 | 4 |
|                                                                                                 |   |
| Consolidated Statements of Cash Flows for the six months      ended June 30, 2009 and 2008           | 5 |
|                                                                                                 |   |
| Notes to Consolidated Financial    Statements                                                        | 6-14 |
|                                                                                                 |   |
| Management’s Discussion and Analysis of Financial Condition      and Results of Operations     | 15-22 |
|                                                                                                 |   |
| Quantitative and Qualitative Disclosures About Market      Risk                                      | 23 |
|                                                                                                 |   |
| Controls and Procedures                                                                              | 23 |
|                                                                                                 |   |
| Part II.      Other Information                                                                      |   |
|                                                                                                 |   |
| Item 4. Submission of Matters to a Vote of Security      Holders                                     | 24 |
|                                                                                                 |   |
| Item 6. Exhibits                                                                                     | 24 |
|                                                                                                 |   |
| Signatures                                                                                           | 25 |
|                                                                                                 |   |
| Index to Exhibits                                                                                    | 26 |

----

Index

Coachmen Industries, Inc. and Subsidiaries

|                                                                                                                                   |   | June      30, |    |   | December      31, |   |
|----------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|---------|--------|-------------------|--------|
|                                                                                                                                   |   | 2009          |    |   | 2008              |   |
| Assets                                                                                                                                 |   | (Unaudited)   |    |   |              |   |
| CURRENT      ASSETS                                                                                                                    |   |          |    |   |              |   |
| Cash      and cash equivalents                                                                                                         |   | $             | 3,684   |   |              | $      | 15,745 |   |
| Restricted      cash                                                                                                                   |   |          | 600     |   |              |   | 1,600 |   |
| Trade      receivables, less allowance for doubtful receivables 2009 - $1,516 and      2008 - $1,676                                   |   |          | 8,503   |   |              |   | 1,837 |   |
| Other      receivables                                                                                                                 |   |          | 7,572   |   |              |   | 4,666 |   |
| Refundable      income taxes                                                                                                           |   |          | 1,479   |   |              |   | 1,559 |   |
| Inventories                                                                                                                            |   |          | 19,503  |   |              |   | 19,910 |   |
| Prepaid      expenses and other                                                                                                        |   |          | 3,231   |   |              |   | 4,390 |   |
| Assets      held for sale                                                                                                              |   |          | 2,914   |   |              |   | 2,913 |   |
|                                                                                                                                   |   |          |    |   |              |   |   |   |
| Total      current assets                                                                                                              |   |          | 47,486  |   |              |   | 52,620 |   |
|                                                                                                                                   |   |          |    |   |              |   |   |   |
| Property,      plant and equipment,    net                                                                                             |   |          | 29,513  |   |              |   | 30,922 |   |
| Cash      value of life insurance, net of loans                                                                                        |   |          | 3,804   |   |              |   | 4,710 |   |
| Restricted      cash                                                                                                                   |   |          | 15,031  |   |              |   | 17,321 |   |
| Other                                                                                                                                  |   |          | 1,874   |   |              |   | 1,831 |   |
|                                                                                                                                   |   |          |    |   |              |   |   |   |
| TOTAL      ASSETS                                                                                                                      |   | $             | 97,708  |   |              | $      | 107,404 |   |
|                                                                                                                                   |   |          |    |   |              |   |   |   |
| Liabilities      and Shareholders’ Equity                                                                                        |   |          |    |   |              |   |   |   |
| CURRENT      LIABILITIES                                                                                                               |   |          |    |   |              |   |   |   |
| Accounts      payable, trade                                                                                                           |   |          | 9,642   |   |              |   | 11,414 |   |
| Accrued      income taxes                                                                                                              |   |          | 1,142   |   |              |   | 1,470 |   |
| Accrued      expenses and other liabilities                                                                                            |   |          | 19,784  |   |              |   | 31,127 |   |
| Floorplan      notes payable                                                                                                           |   |          | -       |   |              |   | 3,096 |   |
| Current      maturities of long-term debt                                                                                              |   |          | 977     |   |              |   | 819 |   |
|                                                                                                                                   |   |          |    |   |              |   |   |   |
| Total      current liabilities                                                                                                         |   |          | 31,545  |   |              |   | 47,926 |   |
|                                                                                                                                   |   |          |    |   |              |   |   |   |
| Long-term      debt                                                                                                                    |   |          | 3,822   |   |              |   | 2,190 |   |
| Deferred      income taxes                                                                                                             |   |          | 457     |   |              |   | 457 |   |
| Postretirement      deferred compensation benefits                                                                                     |   |          | 2,967   |   |              |   | 3,104 |   |
| Other                                                                                                                                  |   |          | 901     |   |              |   | 1,038 |   |
|                                                                                                                                   |   |          |    |   |              |   |   |   |
| Total      liabilities                                                                                                                 |   |          | 39,692  |   |              |   | 54,715 |   |
|                                                                                                                                   |   |          |    |   |              |   |   |   |
| COMMITMENTS      AND CONTINGENCIES (Note 9)                                                                                       |   |          |    |   |              |   |   |   |
|                                                                                                                                   |   |          |    |   |              |   |   |   |
| SHAREHOLDERS’      EQUITY                                                                                                        |   |          |    |   |              |   |   |   |
| Common      shares, without par value: authorized 60,000 shares; issued 2009 – 21,247      shares and 2008 – 21,236 shares |   |          | 92,698  |   |              |   | 92,688 |   |
| Additional      paid-in capital                                                                                                        |   |          | 6,426   |   |              |   | 7,213 |   |
| Accumulated      other comprehensive loss                                                                                              |   |          | (3      | )      |              |   | (75 | ) |
| Retained      earnings                                                                                                                 |   |          | 15,990  |   |              |   | 10,925 |   |
| Treasury      shares, at cost, 2009 – 5,074 shares and 2008 – 5,236      shares                                            |   |          | (57,095 | )      |              |   | (58,062 | ) |
| Total      shareholders’ equity                                                                                                  |   |          | 58,016  |   |              |   | 52,689 |   |
|                                                                                                                                   |   |          |    |   |              |   |   |   |
| TOTAL      LIABILITIES AND SHAREHOLDERS’ EQUITY                                                                                  |   | $             | 97,708  |   |              | $      | 107,404 |   |

See Notes to ConsolidatedFinancial Statements

----

Index

Coachmen Industries, Inc. andSubsidiaries

|                                                                                    |   | Three      Months Ended June 30, |   |    |                 Six Months Ended June 30, |   |
|-----------------------------------------------------------------------------------------|--------|----------------------------------|--------|---------|---------------------------------------------------------------------------------------------|--------|
|                                                                                    |   | 2009                             |   |    | 2008                                                                                        |   |   | 2009 |   |   | 2008 |   |
|                                                                                    |   |                             |   |    |                                                                                        |   |   |   |   |   |   |   |
| Net      sales                                                                          |   |                             |   |    |                                                                                        |   |   |   |   |   |   |   |
| Products                                                                                |   | $                                | 16,350 |    |                                                                                        | $      | 34,011 |   |   | $ | 26,795 |   |   | $ | 61,451 |   |
| Delivery      and set                                                                   |   |                             | 1,384  |    |                                                                                        |   | 4,321 |   |   |   | 2,220 |   |   |   | 7,721 |   |
|                                                                                    |   |                             | 17,734 |    |                                                                                        |   | 38,332 |   |   |   | 29,015 |   |   |   | 69,172 |   |
| Cost      of sales                                                                      |   |                             |   |    |                                                                                        |   |   |   |   |   |   |   |   |   |   |   |
| Products                                                                                |   |                             | 15,255 |    |                                                                                        |   | 27,043 |   |   |   | 27,508 |   |   |   | 48,936 |   |
| Delivery      and set                                                                   |   |                             | 1,626  |    |                                                                                        |   | 4,322 |   |   |   | 2,730 |   |   |   | 7,744 |   |
|                                                                                    |   |                             | 16,881 |    |                                                                                        |   | 31,365 |   |   |   | 30,238 |   |   |   | 56,680 |   |
|                                                                                    |   |                             |   |    |                                                                                        |   |   |   |   |   |   |   |   |   |   |   |
| Gross      profit (loss)                                                                |   |                             | 853    |    |                                                                                        |   | 6,967 |   |   |   | (1,223 | ) |   |   | 12,491 |   |
|                                                                                    |   |                             |   |    |                                                                                        |   |   |   |   |   |   |   |   |   |   |   |
| Operating      expenses:                                                           |   |                             |   |    |                                                                                        |   |   |   |   |   |   |   |   |   |   |   |
| Selling                                                                                 |   |                             | 997    |    |                                                                                        |   | 1,822 |   |   |   | 1,635 |   |   |   | 3,474 |   |
| General      and administrative                                                         |   |                             | 2,534  |    |                                                                                        |   | 2,194 |   |   |   | 6,122 |   |   |   | 4,818 |   |
| Gain      on sale of assets, net                                                        |   |                             | (15    | )  |                                                                                        |   | (31 | )  |   |   | (14 | )  |   |   | (56 | )  |
|                                                                                    |   |                             | 3,516  |    |                                                                                        |   | 3,985 |   |   |   | 7,743 |   |   |   | 8,236 |   |
| Operating      income (loss)                                                            |   |                             | (2,663 | )  |                                                                                        |   | 2,982 |   |   |   | (8,966 | )  |   |   | 4,255 |   |
| Nonoperating      (income) expense:                                                |   |                             |   |    |                                                                                        |   |   |   |   |   |   |   |   |   |   |   |
| Interest      expense                                                                   |   |                             | 595    |    |                                                                                        |   | 295 |   |   |   | 1,460 |   |   |   | 582 |   |
| Investment      income                                                                  |   |                             | (323   | )  |                                                                                        |   | (226 | )  |   |   | (570 | )  |   |   | (453 | )  |
| Other      income, net                                                                  |   |                             | (49    | )  |                                                                                        |   | (31 | )  |   |   | (850 | )  |   |   | (71 | )  |
|                                                                                    |   |                             | (223   | )  |                                                                                        |   | 38 |   |   |   | 40 |   |   |   | 58 |   |
| Income      (loss) from continuing operations before incometaxes                        |   |                             | (2,886 | )  |                                                                                        |   | 2,944 |   |   |   | (9,006 | )  |   |   | 4,197 |   |
| Income      taxes, credit                                                          |   |                             | (53    | )  |                                                                                        |   | - |   |   |   | (53 | )  |   |   | - |   |
| Net      income (loss) from continuing operations                                       |   |                             | (2,833 | )  |                                                                                        |   | 2,944 |   |   |   | (8,953 | )  |   |   | 4,197 |   |
|                                                                                    |   |                             |   |    |                                                                                        |   |   |   |   |   |   |   |   |   |   |   |
| Discontinued      operations:                                                           |   |                             |   |    |                                                                                        |   |   |   |   |   |   |   |   |   |   |   |
| Loss      from operations of discontinued entities (net of taxes of      $0)            |   |                             | (440   | )       |                                                                                        |   | (5,915 | ) |   |   | (729 | ) |   |   | (6,024 | ) |
| Gain      on sale of assets of discontinued entities (net of taxes of      $0)          |   |                             | 25     |    |                                                                                        |   | 8 |   |   |   | 25 |   |   |   | 191 |   |
| Income      from legal settlement (net of taxes of $188)                                |   |                             | -      |    |                                                                                        |   | - |   |   |   | 14,722 |   |   |   | - |   |
| Income      (loss) from discontinued operations                                    |   |                             | (415   | )       |                                                                                        |   | (5,907 | ) |   |   | 14,018 |   |   |   | (5,833 | ) |
|                                                                                    |   |                             |   |    |                                                                                        |   |   |   |   |   |   |   |   |   |   |   |
| Net      income (loss)                                                                  |   | $                                | (3,248 | )       |                                                                                        | $      | (2,963 | ) |   | $ | 5,065 |   |   | $ | (1,636 | ) |
|                                                                                    |   |                             |   |    |                                                                                        |   |   |   |   |   |   |   |   |   |   |   |
| Earnings      (loss) per share – Basic and Diluted                                |   |                             |   |    |                                                                                        |   |   |   |   |   |   |   |   |   |   |   |
| Continuing      operations                                                              |   | $                                | (0.18  | )       |                                                                                        | $      | 0.19 |   |   | $ | (0.56 | ) |   | $ | 0.27 |   |
| Discontinued      operations                                                            |   |                             | (0.03  | )       |                                                                                        |   | (0.37 | ) |   |   | 0.88 |   |   |   | (0.37 | ) |
| Net      income (loss) per share                                                        |   | $                                | (0.21  | )       |                                                                                        | $      | (0.18 | ) |   | $ | 0.32 |   |   | $ | (0.10 | ) |
|                                                                                    |   |                             |   |    |                                                                                        |   |   |   |   |   |   |   |   |   |   |   |
| Number      of common shares used in the computation of earnings (loss) per      share: |   |                             |   |    |                                                                                        |   |   |   |   |   |   |   |   |   |   |   |
| Basic                                                                                   |   |                             | 15,819 |    |                                                                                        |   | 15,774 |   |   |   | 15,883 |   |   |   | 15,762 |   |
| Diluted                                                                                 |   |                             | 15,819 |    |                                                                                        |   | 15,774 |   |   |   | 15,883 |   |   |   | 15,762 |   |
|                                                                                    |   |                             |   |    |                                                                                        |   |   |   |   |   |   |   |   |   |   |   |
| See Notes to Consolidated      Financial Statements                                     |   |                             |   |    |                                                                                        |   |   |   |   |   |   |   |   |   |   |   |

----

Index

Coachmen Industries, Inc. and Subsidiaries

|                                                                                    |   | Six      Months Ended |
|-----------------------------------------------------------------------------------------|--------|-----------------------|
|                                                                                    |   | June      30,         |
|                                                                                    |   | 2009                  |   | 2008 |   |   |
| CASH      FLOWS FROM OPERATING ACTIVITIES:                                              |   |                  |   |   |   |   |   |   |
| Net      income                                                                         |   | $                     | 5,065 |   | $ | (1,636 | )  |   |
| Adjustments      to reconcile net income to net cash used in operating      activities: |   |                  |   |   |   |   |   |   |
| Depreciation                                                                            |   |                  | 1,325 |   |   | 2,688 |   |   |
| Provision      for doubtful receivables, net of recoveries                              |   |                  | (276 | )  |   | 234 |   |   |
| Net      realized and unrealized losses on derivatives                             |   |                  | 72 |   |   | 4 |   |   |
| Gain      on sale of properties and other assets, net                                   |   |                  | (39 | ) |   | (247 | ) |   |
| Increase      in cash surrender value of life insurance policies                        |   |                  | (1,317 | ) |   | (544 | ) |   |
| Other                                                                                   |   |                  | (47 | )  |   | (580 | )  |   |
| Changes      in certain assets and liabilities:                                         |   |                  |   |   |   |   |   |   |
| Accounts      receivable                                                                |   |                  | (9,336 | )  |   | (16,870 | )  |   |
| Inventories                                                                             |   |                  | 407 |   |   | (1,715 | ) |   |
| Prepaid      expenses and other                                                         |   |                  | 1,159 |   |   | 2,052 |   |   |
| Accounts      payable, trade                                                            |   |                  | (1,772 | )  |   | 4,314 |   |   |
| Income      taxes – accrued and refundable                                        |   |                  | (248 | )  |   | 33 |   |   |
| Accrued      expenses and other liabilities                                             |   |                  | (11,343 | )  |   | (6,335 | ) |   |
| Net      cash used in operating activities                                         |   |                  | (16,350 | )  |   | (18,602 | ) |   |
|                                                                                    |   |                  |   |   |   |   |   |   |
| CASH      FLOWS FROM INVESTING ACTIVITIES:                                              |   |                  |   |   |   |   |   |   |
| Proceeds      from sale of properties and other assets                                  |   |                  | 704 |   |   | 630 |   |   |
| Investments      in life insurance policies                                             |   |                  | 771 |   |   | (1,989 | ) |   |
| Purchases      of property and equipment                                                |   |                  | (576 | ) |   | (1,036 | ) |   |
| Other                                                                                   |   |                  | 3,281 |   |   | 125 |   |   |
| Net      cash provided by (used in) investing activities                                |   |                  | 4,180 |   |   | (2,270 | )  |   |
|                                                                                    |   |                  |   |   |   |   |   |   |
| CASH      FLOWS FROM FINANCING ACTIVITIES:                                              |   |                  |   |   |   |   |   |   |
| Proceeds      from short-term borrowings                                                |   |                  | 2,345 |   |   | 16,813 |   |   |
| Payments      of short-term borrowings                                                  |   |                  | (5,441 | ) |   | (5,220 | ) |   |
| Proceeds      from long-term debt                                                       |   |                  | 2,000 |   |   | - |   |   |
| Payments      of long-term debt                                                         |   |                  | (210 | ) |   | (68 | ) |   |
| Proceeds      from borrowings on cash value of life insurance    policies               |   |                  | 1,452 |   |   | 19,000 |   |   |
| Payments      of borrowings on cash value of life insurance    policies                 |   |                  | - |   |   | (9,000 | ) |   |
| Issuance      of common shares under stock incentive plans                              |   |                  | 10 |   |   | 77 |   |   |
| Purchases      of common shares for treasury                                            |   |                  | (47 | ) |   | - |   |   |
| Net      cash provided by financing activities                                     |   |                  | 109 |   |   | 21,602 |   |   |
|                                                                                    |   |                  |   |   |   |   |   |   |
| Increase      (decrease) in cash and cash equivalents                                   |   |                  | (12,061 | )  |   | 730 |   |   |
|                                                                                    |   |                  |   |   |   |   |   |   |
| CASH      AND CASH EQUIVALENTS:                                                         |   |                  |   |   |   |   |   |   |
| Beginning      of period                                                                |   |                  | 15,745 |   |   | 1,549 |   |   |
| End      of period                                                                      |   | $                     | 3,684 |   | $ | 2,279 |   |   |
|                                                                                    |   |                  |   |   |   |   |   |   |
| Supplemental      disclosures of cash flow information:                            |   |                  |   |   |   |   |   |   |
| Operating      cash received during the quarter related to insurance      settlement    |   | $                | 139  |   | $  | 600 |   |   |

See Notes to ConsolidatedFinancial Statements.

----

Index

Coachmen Industries, Inc. and Subsidiaries

----

Index

2.     SEGMENT INFORMATION.

Note 11

|                                                              | Three      Months Ended June 30, |   | Six      Months Ended June 30, |    |
|-------------------------------------------------------------------|----------------------------------|--------|--------------------------------|---------|
|                                                              | 2009                             |   | 2008                           |    | 2009 |   |   | 2008 |   |
| Net      sales                                                    |                             |   |                           |    |   |   |   |   |   |   |   |   |
| Specialty      vehicles                                           |                             | $      | 2,867                          |    |   | $ | 406 |   |   | $ | 3,939 |   |   | $ | 406 |   |
| Housing                                                           |                             |   | 14,867                         |    |   |   | 37,926 |   |   |   | 25,076 |   |   |   | 68,766 |   |
|        Consolidated      total |                             | $      | 17,734                         |    |   | $ | 38,332 |   |   | $ | 29,015 |   |   | $ | 69,172 |   |
|                                                              |                             |   |                           |    |   |   |   |   |   |   |   |   |   |   |   |   |
| Gross      profit                                                 |                             |   |                           |    |   |   |   |   |   |   |   |   |   |   |   |   |
| Specialty      vehicles                                           |                             | $      | (162                           | )       |   | $ | (160 | ) |   |   | (595 | )  |   | $ | (306 | ) |
| Housing                                                           |                             |   | 1,021                          |    |   |   | 7,127 |   |   |   | (613 | )  |   |   | 12,798 |   |
| Other      reconciling items                                      |                             |   | (6                             | )  |   |   | - |   |   |   | (15 | ) |   |   | (1 | ) |
| Consolidated      total                                           |                             | $      | 853                            |    |   | $ | 6,967 |   |   | $ | (1,223 | ) |   | $ | 12,491 |   |
|                                                              |                             |   |                           |    |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating      expenses                                           |                             |   |                           |    |   |   |   |   |   |   |   |   |   |   |   |   |
| Specialty      vehicles                                           |                             | $      | 288                            |    |   | $ | - |   |   | $ | 573 |   |   | $ | - |   |
| Housing                                                           |                             |   | 3,198                          |    |   |   | 4,027 |   |   |   | 6,044 |   |   |   | 8,317 |   |
| Other      reconciling items                                      |                             |   | 30                             |    |   |   | (42 | ) |   |   | 1,126 |   |   |   | (81 | ) |
| Consolidated      total                                           |                             | $      | 3,516                          |    |   | $ | 3,985 |   |   | $ | 7,743 |   |   | $ | 8,236 |   |
|                                                              |                             |   |                           |    |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating      income (loss)                                      |                             |   |                           |    |   |   |   |   |   |   |   |   |   |   |   |   |
| Specialty      vehicles                                           |                             | $      | (450                           | )       |   | $ | (160 | ) |   | $ | (1,168 | ) |   | $ | (306 | ) |
| Housing                                                           |                             |   | (2,177                         | )  |   |   | 3,100 |   |   |   | (6,656 | )  |   |   | 4,481 |   |
| Other      reconciling items                                      |                             |   | (36                            | )  |   |   | 42 |   |   |   | (1,142 | )  |   |   | 80 |   |
| Consolidated      total                                           |                             | $      | (2,663                         | )       |   | $ | 2,982 |   |   | $ | (8,966 | ) |   | $ | 4,255 |   |
|                                                              |                             |   |                           |    |   |   |   |   |   |   |   |   |   |   |   |   |
| Pre-tax      income (loss)                                        |                             |   |                           |    |   |   |   |   |   |   |   |   |   |   |   |   |
| Specialty      vehicles                                           |                             | $      | (435                           | )       |   | $ | (160 | ) |   | $ | (1,169 | ) |   | $ | (306 | ) |
| Housing                                                           |                             |   | (2,212                         | )  |   |   | 3,051 |   |   |   | (6,716 | )  |   |   | 4,409 |   |
| Other      reconciling items                                      |                             |   | (239                           | )  |   |   | 53 |   |   |   | (1,121 | )  |   |   | 94 |   |
| Consolidated      total                                           |                             | $      | (2,886                         | )       |   | $ | 2,944 |   |   | $ | (9,006 | ) |   | $ | 4,197 |   |

|                                       |   | June      30, |   |   | December      31, |   |
|--------------------------------------------|--------|---------------|--------|--------|-------------------|--------|
|                                       |   | 2009          |   |   | 2008              |   |
| Total      assets                          |   |          |   |   |              |   |
| Specialty      vehicles                    |   | $             | 7,121  |   |              | $      | 1,655 |   |
| Housing                                    |   |          | 47,684 |   |              |   | 43,456 |   |
| Corporate      and Other reconciling items |   |          | 42,903 |   |              |   | 62,293 |   |
| Consolidated      total                    |   | $             | 97,708 |   |              | $      | 107,404 |   |

----

Index

|                    |   | June      30, |   |   | December      31, |   |
|-------------------------|--------|---------------|--------|--------|-------------------|--------|
|                    |   | 2009          |   |   | 2008              |   |
| Raw      materials      |   |          |   |   |              |   |
| Specialty      vehicles |   | $             | 1,528  |   |              | $      | 902 |   |
| Housing                 |   |          | 3,400  |   |              |   | 4,157 |   |
| Other                   |   |          | 6      |   |              |   |   |   |
| Consolidated      total |   |          | 4,934  |   |              |   | 5,059 |   |
|                    |   |          |   |   |              |   |   |   |
| Work      in process    |   |          |   |   |              |   |   |   |
| Specialty      vehicles |   |          | 961    |   |              |   | 385 |   |
| Housing                 |   |          | 1,672  |   |              |   | 2,392 |   |
| Consolidated      total |   |          | 2,633  |   |              |   | 2,777 |   |
|                    |   |          |   |   |              |   |   |   |
| Improved      lots      |   |          |   |   |              |   |   |   |
| Housing                 |   |          | 391    |   |              |   | 434 |   |
| Consolidated      total |   |          | 391    |   |              |   | 434 |   |
|                    |   |          |   |   |              |   |   |   |
| Finished      goods     |   |          |   |   |              |   |   |   |
| Specialty      vehicles |   |          | 1,179  |   |              |   | 824 |   |
| Housing                 |   |          | 10,366 |   |              |   | 10,816 |   |
| Consolidated      total |   |          | 11,545 |   |              |   | 11,640 |   |
|                    |   |          |   |   |              |   |   |   |
| Consolidated      total |   | $             | 19,503 |   |              | $      | 19,910 |   |

|                                    |   | June      30,2009 |   |   | December      31,2008 |   |
|-----------------------------------------|--------|-------------------|--------|--------|-----------------------|--------|
|                                    |   |              |   |   |                  |   |
| Land      and improvements              |   | $                 | 7,485  |   |                  | $      | 7,700 |   |
| Buildings      and improvements         |   |              | 31,451 |   |                  |   | 32,849 |   |
| Machinery      and equipment            |   |              | 11,001 |   |                  |   | 10,637 |   |
| Transportation      equipment           |   |              | 10,645 |   |                  |   | 11,035 |   |
| Office      furniture and fixtures      |   |              | 13,867 |   |                  |   | 13,992 |   |
|                                    |   |              |   |   |                  |   |   |   |
| Total                                   |   |              | 74,449 |   |                  |   | 76,213 |   |
| Less,      accumulated depreciation     |   |              | 44,936 |   |                  |   | 45,291 |   |
|                                    |   |              |   |   |                  |   |   |   |
| Property,      plant and equipment, net |   | $                 | 29,513 |   |                  | $      | 30,922 |   |

----

Index

5.     ACCRUED EXPENSES AND OTHERLIABILITIES.

|                                                                                                                             |   | June      30,2009 |   |   | December      31,2008 |   |
|----------------------------------------------------------------------------------------------------------------------------------|--------|-------------------|--------|--------|-----------------------|--------|
|                                                                                                                             |   |              |   |   |                  |   |
| Wages,      salaries, bonuses and commissions and other    compensation                                                          |   | $                 | 356    |   |                  | $      | 5,022 |   |
| Dealer      incentives, including volume bonuses, dealer trips, interest      reimbursement, co-op advertising and other rebates |   |              | 282    |   |                  |   | 989 |   |
| Warranty                                                                                                                         |   |              | 6,565  |   |                  |   | 9,688 |   |
| Insurance-products      and general liability, workers compensation, group health and      other                                 |   |              | 4,649  |   |                  |   | 6,320 |   |
| Customer      deposits and unearned revenues                                                                                     |   |              | 2,436  |   |                  |   | 2,545 |   |
| Interest                                                                                                                         |   |              | 72     |   |                  |   | 395 |   |
| Sales      and property taxes                                                                                                    |   |              | 810    |   |                  |   | 920 |   |
| Deferred      gain on sale of real estate                                                                                        |   |              | 814    |   |                  |   | 814 |   |
| Repurchase      liability                                                                                                        |   |              | 2,098  |   |                  |   | 2,671 |   |
| Other      current liabilities                                                                                                   |   |              | 1,702  |   |                  |   | 1,763 |   |
|                                                                                                                             |   |              |   |   |                  |   |   |   |
| Total                                                                                                                            |   | $                 | 19,784 |   |                  | $      | 31,127 |   |

|                                                                                               |   | Three      Months Ended June 30, |   |   | Six Months      Ended June 30, |   |
|----------------------------------------------------------------------------------------------------|--------|----------------------------------|--------|--------|-------------------------------------|--------|
|                                                                                               |   | 2009                             |   |   | 2008                                |   |   | 2009 |   |   | 2008 |   |
|                                                                                               |   |                             |   |   |                                |   |   |   |   |   |   |   |   |   |   |   |
| Balance      of accrued warranty at beginning of period                                            |   | $                                | 8,323  |   |                                | $      | 7,277 |   |   | $ | 9,688 |   |   | $ | 8,123 |   |
| Warranties      issued during the period and changes in liability for pre-existing      warranties |   |                             | 66     |   |                                |   |   2,781 |   |   |   | 855 |   |   |   |   5,757 |   |
| Settlements      made during the period                                                            |   |                             | (1,824 | )      |                                |   | (3,547 | ) |   |   | (3,978 | ) |   |   | (7,369 | ) |
|                                                                                               |   |                             |   |   |                                |   |   |   |   |   |   |   |   |   |   |   |
| Balance      of accrued warranty at June 30                                                        |   | $                                | 6,565  |   |                                | $      | 6,511 |   |   | $ | 6,565 |   |   | $ | 6,511 |   |

Note 11

Note 12

----

Index

|                                                    |   | Three      Months Ended June 30, |   |   | Six      Months Ended June 30, |   |
|---------------------------------------------------------|--------|----------------------------------|--------|--------|--------------------------------|--------|
|                                                    |   | 2009                             |   |   | 2008                           |   |   | 2009 |   |   | 2008 |   |
|                                                    |   |                             |   |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Net      loss                                           |   | $                                | (3,248 | )      |                           | $      | (2,963 | ) |   | $ | 5,065 |   |   | $ | (1,636 | ) |
| Unrealized      gains on securities                     |   |                             | 59     |   |                           |   | - |   |   |   | 59 |   |   |   | - |   |
| Unrealized      gains on cash flow hedges, net of taxes |   |                             | 10     |   |                           |   | 26 |   |   |   | 13 |   |   |   | 4 |   |
|                                                    |   |                             |   |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Comprehensive      loss                                 |   | $                                | (3,179 | )      |                           | $      | (2,937 | ) |   | $ | 5,137 |   |   | $ | (1,632 | ) |

|                                                                                                                               |   | Three      Months Ended June 30, |   |   | Six      Months Ended June 30, |   |
|------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------|--------|--------|--------------------------------|--------|
|                                                                                                                               |   | 2009                             |   |   | 2008                           |   |   | 2009 |   |   | 2008 |   |
| Numerator:                                                                                                                         |   |                             |   |   |                           |   |   |   |   |   |   |   |
| Net      loss available to common stockholders                                                                                     |   | $                                | (3,248 | )      |                           | $      | (2,963 | ) |   | $ | 5,065 |   |   | $ | (1,636 | ) |
| Denominator:                                                                                                                       |   |                             |   |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Number      of shares outstanding, end of period:                                                                                  |   |                             |   |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Weighted      average number of common shares used in basic EPS                                                                    |   |                             | 15,819 |   |                           |   | 15,774 |   |   |   | 15,883 |   |   |   | 15,762 |   |
|                 Effect      of dilutive securities |   |                             | -      |   |                           |   | - |   |   |   | - |   |   |   | - |   |
| Weighted      average number of common shares used in dilutive EPS                                                                 |   |                             | 15,819 |   |                           |   | 15,774 |   |   |   | 15,883 |   |   |   | 15,762 |   |

8.     INCOME TAXES.

----

Index

9.     COMMITMENTS ANDCONTINGENCIES.

----

Index

----

Index

10.  STOCK-BASED COMPENSATION.

11.  DISCONTINUED OPERATIONS.

12.  RESTRICTED CASH.

|                                                         |   | June      30, |   |   | December      31, |   |
|--------------------------------------------------------------|--------|---------------|--------|--------|-------------------|--------|
|                                                         |   | 2009          |   |   | 2008              |   |
|                                                         |   |          |   |   |              |   |   |   |
| Cash      collateral for letters of credit (1)               |   | $             | 6,796  |   |              | $      | 7,492 |   |
| Indemnity      escrow account (2)                            |   |          | 7,402  |   |              |   | 10,000 |   |
| Cash      collateral for workers compensation trust accounts |   |          | 1,433  |   |              |   | 1,429 |   |
| Total      restricted cash                                   |   | $             | 15,631 |   |              | $      | 18,921 |   |

| (1)   | The      amount classified as current assets is $0.6 million and $1.6 million      as of June 30, 2009 and December 31, 2008,  respectively. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------|

| (2)   | The      indemnity escrow account is related to the agreement for the asset sale of      the recreational vehicle business (see Note      11, DiscontinuedOperations). |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Index

|                                 |   |               |   |   | Fair      Value Measurements at Reporting Date Using |
|--------------------------------------|--------|--------------------|--------|--------|------------------------------------------------------|
|                                 |   |               |   |   |                                                 |   |   |   |   |   |   |
|                                 |   |               |   |   | Quoted      Prices in                                |   |   |   |   |   |   |
|                                 |   |               |   |   | Active      Markets                                  |   |   | Significant |   |   | Significant |
|                                 |   |               |   |   | For      Identical                                   |   |   | Other      Observable |   |   | Unobservable |
|                                 |   |               |   |   | Assets                                               |   |   | Inputs |   |   | Inputs |
|                                 |   | Total      as of   |   |   |                                                 |   |   |   |   |   |   |
| Description                          |   | June      30, 2009 |   |   | (Level      1)                                       |   |   | (Level      2) |   |   | (Level      3) |
|                                 |   |               |   |   |                                                 |   |   |   |   |   |   |   |   |   |   |
| Cash      and cash equivalents       |   | $                  | 3,684  |   |                                                 | $ | 3,684 |   |   | $ | - |   |   | $ | - |
|                                 |   |               |   |   |                                                 |   |   |   |   |   |   |   |   |   |   |
| Restricted      cash                 |   |               | 15,031 |   |                                                 |   | 15,031 |   |   |   | - |   |   |   | - |
|                                 |   |               |   |   |                                                 |   |   |   |   |   |   |   |   |   |   |
| Short-term      investments (1) |   |               | 133    |   |                                                 |   | 133 |   |   |   | - |   |   |   | - |
|                                 |   |               |   |   |                                                 |   |   |   |   |   |   |   |   |   |   |
| Interest      Rate Swap (2)          |   |               | (62    | )      |                                                 |   | - |   |   |   | (62 | ) |   |   | - |
|                                 |   |               |   |   |                                                 |   |   |   |   |   |   |   |   |   |   |
| Net                                  |   | $                  | 18,786 |   |                                                 | $ | 18,848 |   |   | $ | (62 | ) |   | $ | - |

----

Index

Coachmen Industries, Inc. and Subsidiaries

|                                                                 |   | Three Months Ended |   |
|----------------------------------------------------------------------|--------|--------------------|--------|
|                                                                 |   |               |   |   |   |   |   |   |   |   |   |   |   | Percentage      Change |   |
|                                                                 |   |               |   |   | Percentage |   |   |   |   |   | Percentage |   |   | 2009 |   |
|                                                                 |   | June      30,      |   |   | of |   |   | June      30, |   |   | of |   |   | to |   |
|                                                                 |   | 2009               |   |   | Net      Sales |   |   | 2008 |   |   | Net      Sales |   |   | 2008 |   |
| Net      sales:                                                 |   |               |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Specialty      vehicles                                              |   | $                  | 2,867  |   |   |   | 16.2 | %  |   | $ | 406 |   |   |   | 1.1 | %  |   |   | 606.2 | % |
| Housing                                                              |   |               | 14,867 |   |   |   | 83.8 |   |   |   | 37,926 |   |   |   | 98.9 |   |   |   | (60.8 | ) |
| Consolidated      total                                              |   |               | 17,734 |   |   |   | 100.0 |   |   |   | 38,332 |   |   |   | 100.0 |   |   |   | (53.7 | ) |
|                                                                 |   |               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Gross      profit:                                              |   |               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Specialty      vehicles                                              |   |               | (162   | ) |   |   | (5.7 | ) |   |   | (160 | ) |   |   | (39.4 | ) |   |   | (1.3 | ) |
| Housing                                                              |   |               | 1,021  |   |   |   | 6.9 |   |   |   | 7,127 |   |   |   | 18.8 |   |   |   | (85.7 | ) |
| Other                                                                |   |               | (6     | ) |   |   | - |   |   |   | - |   |   |   | n/m |   |   |   | n/m |   |
| Consolidated      total                                              |   |               | 853    |   |   |   | 4.8 |   |   |   | 6,967 |   |   |   | 18.2 |   |   |   | (87.8 | ) |
|                                                                 |   |               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating      expenses:                                        |   |               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Selling                                                         |   |               | 997    |   |   |   | 5.6 |   |   |   | 1,822 |   |   |   | 4.8 |   |   |   | (45.3 | )  |
| General      and administrative                                 |   |               | 2,534  |   |   |   | 14.3 |   |   |   | 2,194 |   |   |   | 5.7 |   |   |   | 15.5 |   |
| (Gain)      loss on sale of assets, net                         |   |               | (15    | ) |   |   | - |   |   |   | (31 | ) |   |   | (0.1 | ) |   |   | n/m |   |
| Consolidated      total                                              |   |               | 3,516  |   |   |   | 19.9 |   |   |   | 3,985 |   |   |   | 10.4 |   |   |   | (11.8 | )  |
|                                                                 |   |               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Nonoperating      (income) expense                              |   |               | 223    |   |   |   | 1.2 |   |   |   | 38 |   |   |   | 0.1 |   |   |   | n/m |   |
|                                                                 |   |               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Income      (loss) from continuing operations before incometaxes     |   |               | (2,886 | ) |   |   | (16.3 | ) |   |   | 2,944 |   |   |   | 7.7 |   |   |   | (198.0 | )  |
| Tax      expense (credit)                                       |   |               | (53    | ) |   |   | (0.3 | ) |   |   | - |   |   |   | - |   |   |   | - |   |
| Net      income (loss) from continuing operations                    |   |               | (2,833 | ) |   |   | (16.0 | )  |   |   | 2,944 |   |   |   | 7.7 |   |   |   | (196.2 | )  |
|                                                                 |   |               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Discontinued      operations:                                   |   |               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Loss      from operations of discontinued entities (net of    taxes) |   |               | (440   | ) |   |   | (2.5 | ) |   |   | (5,915 | ) |   |   | (15.4 | ) |   |   | 92.6 |   |
| Gain      on sale of discontinued RV assets (net of taxes)           |   |               | 25     |   |   |   | (0.2 | ) |   |   | 8 |   |   |   | - |   |   |   | n/m |   |
| Loss      from discontinued operations                               |   |               | (415   | ) |   |   | (2.3 | ) |   |   | (5,907 | ) |   |   | (15.4 | ) |   |   | 93.0 |   |
|                                                                 |   |               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net      loss                                                        |   | $                  | (3,248 | ) |   |   | (18.3 | )% |   | $ | (2,963 | ) |   |   | (7.7 | )% |   |   | (9.6 | )% |
|                                                                 |   |               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| n/m      - not meaningful                                       |   |               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

Index

|                                                                 |   | Six Months Ended |   |
|----------------------------------------------------------------------|--------|------------------|--------|
|                                                                 |   |             |   |   |   |   |   |   |   |   |   |   |   | Percentage      Change |   |
|                                                                 |   |             |   |   | Percentage |   |   |   |   |   | Percentage |   |   | 2009 |   |
|                                                                 |   | June      30,    |   |   | of |   |   | June      30, |   |   | of |   |   | to |   |
|                                                                 |   | 2009             |   |   | Net      Sales |   |   | 2008 |   |   | Net      Sales |   |   | 2008 |   |
| Net      sales:                                                 |   |             |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Specialty      vehicles                                              |   | $                | 3,939  |   |   |   | 13.6 | %  |   | $ | 406 |   |   |   | 0.6 | %  |   |   | n/m | % |
| Housing                                                              |   |             | 25,076 |   |   |   | 86.4 |   |   |   | 68,766 |   |   |   | 99.4 |   |   |   | (63.5 | ) |
| Consolidated      total                                              |   |             | 29,015 |   |   |   | 100.0 |   |   |   | 69,172 |   |   |   | 100.0 |   |   |   | (58.1 | ) |
|                                                                 |   |             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Gross      profit:                                              |   |             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Specialty      vehicles                                              |   |             | (595   | ) |   |   | (15.1 | ) |   |   | (306 | ) |   |   | n/m |   |   |   | n/m |   |
| Housing                                                              |   |             | (613   | ) |   |   | (2.4 | )  |   |   | 12,798 |   |   |   | 18.6 |   |   |   | (104.8 | ) |
| Other                                                                |   |             | (15    | ) |   |   | - |   |   |   | (1 | ) |   |   | n/m |   |   |   | n/m |   |
| Consolidated      total                                              |   |             | (1,223 | ) |   |   | (4.2 | )  |   |   | 12,491 |   |   |   | 18.1 |   |   |   | (109.8 | ) |
|                                                                 |   |             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating      expenses:                                        |   |             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Selling                                                         |   |             | 1,635  |   |   |   | 5.6 |   |   |   | 3,474 |   |   |   | 5.0 |   |   |   | (52.9 | )  |
| General      and administrative                                 |   |             | 6,122  |   |   |   | 21.1 |   |   |   | 4,818 |   |   |   | 7.0 |   |   |   | 27.1 |   |
| (Gain)      loss on sale of assets, net                         |   |             | (14    | ) |   |   | - |   |   |   | (56 | ) |   |   | (0.1 | ) |   |   | n/m |   |
| Consolidated      total                                              |   |             | 7,743  |   |   |   | 26.7 |   |   |   | 8,236 |   |   |   | 11.9 |   |   |   | (6.0 | )  |
|                                                                 |   |             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Nonoperating      (income) expense                              |   |             | 40     |   |   |   | 0.1 |   |   |   | 58 |   |   |   | 0.1 |   |   |   | (31.0 | ) |
|                                                                 |   |             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Income      (loss) from continuing operations before incometaxes     |   |             | (9,006 | ) |   |   | (31.0 | ) |   |   | 4,197 |   |   |   | 6.1 |   |   |   | (314.6 | )  |
| Tax      expense (credit)                                       |   |             | (53    | ) |   |   | (0.2 | )  |   |   | - |   |   |   | - |   |   |   | - |   |
| Net      income (loss) from continuing operations                    |   |             | (8,953 | ) |   |   | (30.8 | )  |   |   | 4,197 |   |   |   | 6.1 |   |   |   | (313.3 | )  |
|                                                                 |   |             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Discontinued      operations:                                   |   |             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Loss      from operations of discontinued entities (net of    taxes) |   |             | (729   | ) |   |   | (2.5 | ) |   |   | (6,024 | ) |   |   | (8.7 | ) |   |   | 87.9 |   |
| Gain      on sale of discontinued RV assets (net of taxes)           |   |             | 25     |   |   |   | 0.1 |   |   |   | 191 |   |   |   | 0.3 |   |   |   | n/m |   |
| Income      from legal settlement (net of tax)                       |   |             | 14,722 |   |   |   | 50.7 |   |   |   | - |   |   |   |   |   |   |   | n/m |   |
| Gain      (loss) from discontinued operations                        |   |             | 14,018 |   |   |   | 48.3 |   |   |   | (5,833 | ) |   |   | (8.4 | ) |   |   | 340.3 |   |
|                                                                 |   |             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net      income (loss)                                          |   | $                | 5,065  |   |   |   | 17.5 | % |   | $ | (1,636 | ) |   |   | (2.3 | )% |   |   | 409.6 | % |
|                                                                 |   |             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| n/m      - not meaningful                                       |   |             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

|                                    | Three      Months |   | Three      Months |   | Six      months |   | Six      Months |   |
|-----------------------------------------|-------------------|--------|-------------------|--------|-----------------|--------|-----------------|--------|
|                                    | Ended             |   | Ended             |   | Ended           |   | Ended           |   |
|                                    | June      30,     |   | June      30,     |   | June      30,   |   | June      30,   |   |
|                                    | 2009              |   | 2008              |   | 2009            |   | 2008            |   |
|                                    |              |   |              |   |            |   |            |   |   |   |   |   |
| Legal/Insurance      expense recoveries |              | $      | (139              | )      |            | $      | (987            | )      |   | $ | (139 | ) |   | $ | (1,937 | ) |
|                                    |              |   |              |   |            |   |            |   |   |   |   |   |   |   |   |   |

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Note2

Note8

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Note 5

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| • | 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 of working capital and financing to the    Company;                                                                                                                                                                         |
| • | uncertainties      regarding the length and depth of the recession and the timing and speed      of recovery in the housing market;                                                                                                               |
| • | the      ability of the Company to bond major government  contracts;                                                                                                                                                                              |
| • | 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 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 carryforwards that may      be available, and the tax interpretations as to their      availability;        |
| • | the      collectibility of debt owed to the Company for sold  assets;                                                                                                                                                                             |
| • | 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 discounting offered by our competitors;                                                                                                          |
| • | uncertainties      regarding the impact of the disclosed restructuring  steps;                                                                                                                                                                    |
| • | the      ability to attract and retain qualified senior  managers.                                                                                                                                                                                |

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ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKETRISK

ITEM 4.  CONTROLS AND PROCEDURES

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Item 4. Submission of Matters to a Vote of SecurityHolders

|                  | For        | Withheld                  |   |
|-----------------------|------------|---------------------------|--------|
|                  |       |                      |   |
| Donald      W. Hudler | 11,009,077 | 1,943,593                 |   |
| John      A. Goebel   | 12,677,190 |    275,480 |   |

|            | For       | Against   | Abstained | Broker Non-Votes |
|-----------------|-----------|-----------|-----------|------------------|
|            |      |      |      |             |
| Proposal      2 | 4,508,799 | 6,063,620 | 7,914     | 2,372,336        |

Item 6. Exhibits

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SIGNATURES

| Date:      August 5, 2009      | By:    | /s/      Richard M. Lavers                      |
|--------------------------------|--------|-------------------------------------------------|
|                           |   | Richard      M. Lavers, Chief Executive Officer |
|                           |   |                                            |
|                           |   |                                            |
|                           |   |                                            |
|                           |   |                                            |
| Date:      August 5, 2009      | By:    | /s/      Colleen A. Zuhl                        |
|                           |   | Colleen      A. Zuhl, Chief Financial Officer   |
|                           |   |                                            |
|                           |   |                                            |
|                           |   |                                            |
|                           |   |                                            |
| Date:      August 5, 2009 | By:    | /s/      Stephen L. Patterson                   |
|                           |   | Stephen      L. Patterson, Corporate Controller |
|                           |   |                                            |

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INDEX TO EXHIBITS

| 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 May 1, 2008 (incorporated by reference to Exhibit 3(b)      to the Company’s Quarterly Report on Form 10-Q for the quarter ended June      30, 2008).                                                                                                                                                |
|                                                     |                                                                                                                                                                                                                                                                                                                                        |
| (10)(a)                                                  | 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).                    |
|                                                     |                                                                                                                                                                                                                                                                                                                                        |
| (10)(b)                                                  | 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).       |
|                                                     |                                                                                                                                                                                                                     |
| (10)(c)                                                  | 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).  |
|                                                     |                                                                                                                                                                                                                                                                                                                                        |
| (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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