<PAGE>  1


                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    Form 10-Q

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

                         SECURITIES EXCHANGE ACT OF 1934

               For the quarterly period ended SEPTEMBER 30, 2002
                                              ------------------

                                       OR

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

     For the transition period from __________________to__________________

     Commission file number 1-7160
                            ------

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

                INDIANA                                 35-1101097
--------------------------------------------------------------------------------
  (State or other jurisdiction of                     (I.R.S. Employer
   incorporation or organization)                  Identification number)

                    2831 DEXTER DRIVE, ELKHART, INDIANA 46514
--------------------------------------------------------------------------------
               (Address of principal executive offices) (Zip Code)

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

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

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

   At October 31, 2002:

   Common Shares, without par value 15,830,409 shares outstanding
   including an equivalent number of common share purchase rights.
--------------------------------------------------------------------------------


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                   COACHMEN INDUSTRIES, INC. AND SUBSIDIARIES

                                    FORM 10-Q

                                      INDEX
                                      -----

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

    Financial Statements:

       Consolidated Balance Sheets-
       September 30, 2002 and December 31, 2001                       3-4

       Consolidated Statements of Operations-
       Three and Nine Months Ended September 30, 2002 and 2001          5

       Consolidated Statements of Cash Flows-
       Nine Months Ended September 30, 2002 and 2001                    6

       Notes to Consolidated Financial Statements                    7-11

    Management's Discussion and Analysis of Financial
    Condition and Results of Operations                             12-16

    Quantitative and Qualitative Disclosures About Market Risk         16

    Controls and Procedures                                            17

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

    Item 6.  Exhibits and Reports on Form 8-K                          18

    Signatures                                                         19

    Certifications                                                  20-21



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



                                            September 30,   December 31,
                                                 2002          2001
                                                 ----          ----
                                             (Unaudited)
ASSETS
Current assets:
  Cash and temporary cash investments         $ 29,297      $ 28,416
  Marketable securities                         10,975        12,180
  Trade receivables, less allowance for
   doubtful receivables 2002 - $905
   and 2001 - $972                              37,446        23,756
  Other receivables                              1,972         2,162
  Refundable income taxes                        1,245         2,241
  Inventories                                   86,553        80,477
  Prepaid expenses and other                     4,183         4,656
  Deferred income taxes                          7,183         7,319
                                              --------      --------

    Total current assets                       178,854       161,207
                                              --------      --------



Property, plant and equipment, at cost         142,059       141,040
  Less, Accumulated depreciation                65,823        60,807
                                              --------      --------

    Property, plant and equipment, net          76,236        80,233
                                              --------      --------



Goodwill, net of accumulated amortization
  2002 and 2001 - $2,096                        18,954        18,954
Cash value of life insurance                    32,749        13,454
Real estate held for sale                        5,321        11,129
Other                                            5,842         3,583
                                              --------      --------


Total assets                                  $317,956      $288,560
                                              ========      ========



See Notes to Consolidated Financial Statements.



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



                                            September 30,   December 31,
                                                 2002          2001
                                                 ----          ----
                                             (Unaudited)

LIABILITIES
Current liabilities:
  Accounts payable, trade                     $ 38,625      $ 18,944
  Accrued income taxes                           2,668           494
  Accrued expenses and other liabilities        42,896        38,846
  Current maturities of long-term debt             908           917
                                              --------      --------
    Total current liabilities                   85,097        59,201

Long-term debt                                  10,620        11,001
Deferred income taxes                            2,158         1,257
Other                                            8,661         8,461
                                              --------      --------

    Total liabilities                          106,536        79,920
                                              --------      --------

SHAREHOLDERS' EQUITY
  Common shares, without par value: authorized
   60,000 shares; issued 2002 - 21,058
   shares and 2001 - 21,046 shares              91,228        91,072
  Additional paid-in capital                     5,966         5,755
  Accumulated other comprehensive loss            (625)         (931)
  Retained earnings                            167,339       162,646
  Treasury shares, at cost: 2002 - 5,150
   shares and 2001 - 5,110 shares              (52,488)      (49,902)
                                              --------      --------

    Total shareholders' equity                 211,420       208,640
                                              --------      --------

Total liabilities and shareholders' equity    $317,956      $288,560
                                              ========      ========




Notes to Consolidated Financial Statements.



                                        4


<PAGE>  5

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


                                    Three Months         Nine Months
                                 Ended September 30, Ended September 30,
                                   2002      2001      2002      2001
                                   ----      ----      ----      ----

Net sales                        $179,164  $149,577  $506,326  $464,860

Cost of sales                     148,013   123,436   426,773   394,538
                                 --------  --------  --------  --------

    Gross profit                   31,151    26,141    79,553    70,322
                                 --------  --------  --------  --------

Operating expenses:
  Delivery                          8,022     8,023    23,440    24,366
  Selling                           8,247     7,882    21,948    21,983
  General and administrative        8,153     8,022    23,932    25,707
                                 --------  --------  --------  --------

    Total operating expenses       24,422    23,927    69,320    72,056
                                 --------  --------  --------  --------

    Operating income (loss)         6,729     2,214    10,233    (1,734)
                                 --------  --------  --------  --------

Nonoperating (income) expense:
  Interest expense                    424       711     1,385     2,262
  Investment (income) loss           (321)      117      (363)        6
  Gain on sale of
     properties, net                  (22)     (147)   (1,371)     (209)
  Other (income) expense, net           8       (76)     (569)      143
                                 --------  --------  --------  --------

    Total nonoperating (income)
       expense, net                    89       605      (918)    2,202
                                 --------  --------  --------  --------

    Income (loss) before
       income taxes                 6,640     1,609    11,151    (3,936)

Income taxes (benefit)              2,344       604     3,882    (1,425)
                                 --------  --------  --------  --------

    Net income (loss)            $  4,296  $  1,005  $  7,269  $ (2,511)
                                 ========  ========  ========  ========

Earnings (loss) per common share:
    Basic                        $    .27  $    .06  $    .45  $   (.16)
    Diluted                      $    .27  $    .06  $    .45  $   (.16)

Number of common shares used in
 the computation of earnings (loss)
 per common share:
    Basic                          16,080    15,815    16,070    15,811
                                   ------    ------    ------    ------
    Diluted                        16,175    15,875    16,186    15,811
                                   ------    ------    ------    ------

Cash dividends per common share  $    .06  $    .05  $    .16  $    .15




See Notes to Consolidated Financial Statements.



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<PAGE>  6


                   COACHMEN INDUSTRIES, INC. AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                 (in thousands)
                                  (Unaudited)               Nine Months
                                                         Ended September 30,
                                                         2002          2001
                                                        -----          ----

Cash flows from operating activities:
  Net income (loss)                                   $  7,269      $ (2,511)
  Adjustments to reconcile net income (loss) to
    net cash provided by operating activities:
      Depreciation                                       7,244         8,188
      Amortization of intangibles                         -              869
      Provision for doubtful receivables                   167           193
      Provision for write-down of property to
        net realizable value                              -              400
      Gain on sale of properties, net                   (1,371)         (209)
      Increase in cash surrender value of
        life insurance policies                         (1,066)         (600)
      Net realized and unrealized losses on
        marketable securities and derivatives              868         1,772
      Deferred income taxes                              1,037        (1,275)
      Other                                                695         1,232
      Changes in certain assets and liabilities, net
        of effects of acquisitions and dispositions:
          Receivables                                  (13,667)        4,911
          Inventories                                   (6,076)       15,992
          Prepaid expenses and other                       473        (3,184)
          Accounts payable, trade                       19,681         9,027
          Income taxes - accrued and refundable          3,170         5,553
          Accrued expenses and other liabilities         4,050         2,233
                                                      --------      --------
            Net cash provided by
              operating activities                      22,474        42,591
                                                      --------      --------

Cash flows from investing activities:
  Proceeds from sales of marketable securities          24,776        40,975
  Proceeds from sale of properties                       5,941         1,583
  Proceeds from payments received on notes receivable     -            3,244
  Investments in marketable securities                 (24,133)      (37,633)
  Purchases of property and equipment                   (3,396)       (3,968)
  Acquisition of businesses, net of cash acquired         -           (7,273)
  Other                                                   (435)         (578)
                                                      --------      --------
            Net cash provided by (used in)
              investing activities                       2,753        (3,650)
                                                      --------      --------

Cash flows from financing activities:
  Proceeds from long-term debt                            -           13,500
  Payments of long-term debt                              (390)      (21,765)
  Repay borrowings against cash value of
    life insurance policies                            (18,458)         -
  Issuance of common shares under stock
    incentive plans                                        804           717
  Tax benefit from stock options exercised                 124          -
  Purchases of common shares for treasury               (3,850)         -
  Cash dividends paid                                   (2,576)       (2,373)
                                                      --------      --------
            Net cash provided by (used in)
              financing activities                     (24,346)       (9,921)
                                                      --------      --------

Increase in cash and temporary
    cash investments                                       881        29,020

Cash and temporary cash investments
  Beginning of period                                   28,416         2,614
                                                      --------      --------
  End of period                                       $ 29,297      $ 31,634
                                                      ========      ========




See Notes to Consolidated Financial Statements.



                                        6


<PAGE>  7


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


1.    BASIS OF PRESENTATION

      The consolidated balance sheet data as of December 31, 2001 was derived
      from audited financial statements, but does not include all disclosures
      required by accounting principles generally accepted in the United States.
      The interim financial statements should be read in connection with the
      financial statements in the Company's Annual Report on Form 10-K for the
      year ended December 31, 2001.


      In the opinion of management, the information furnished herein includes
      all adjustments of a normal and recurring nature necessary to reflect a
      fair statement of the interim periods reported. The results of operations
      for the three and nine month periods ended September 30, 2002 are not
      necessarily indicative of the results to be expected for the full year.


2.    SEGMENT INFORMATION

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

      The table below presents information about segments used by the chief
      operating decision-maker of the Company for the three and nine month
      periods ended September 30, 2002 and 2001:


                                    Three Months        Nine Months
                                 Ended September 30, Ended September 30,
                                   2002      2001      2002      2001
                                   ----      ----      ----      ----
Net sales:
   Recreational vehicles         $114,588  $ 78,527  $335,491  $278,705
   Modular housing and building    64,576    71,050   170,835   186,155
                                 --------  --------  --------  --------

      Consolidated total         $179,164  $149,577  $506,326  $464,860
                                 ========  ========  ========  ========

Pretax income (loss):
   Recreational vehicles         $  2,578  $ (1,551) $  3,115  $ (9,060)
   Modular housing and building     3,550     6,288     7,008    12,486
   Other reconciling items            512    (3,128)    1,028    (7,362)
                                  -------  --------  --------  --------

      Consolidated total         $  6,640  $  1,609  $ 11,151  $ (3,936)
                                 ========  ========  ========  ========



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<PAGE>  8



2.    SEGMENT INFORMATION, Continued.

                                                   As of           As of
                                                September 30,   December 31,
                                                    2002            2001
                                                    ----            ----
         Total assets:
           Recreational vehicles                 $101,780       $ 88,629
           Modular housing and building           101,207         97,578
           Other reconciling items                114,969        102,353
                                                 --------       --------

         Consolidated total                      $317,956       $288,560
                                                 ========       ========


3.    INVENTORIES

      Inventories consist of the following:

                                                September 30,   December 31,
                                                    2002            2001
                                                    ----            ----

        Raw materials                            $ 30,176       $ 24,224
        Work in process                            13,601          7,866
        Finished goods                             42,776         48,387
                                                 --------       --------

            Total                                $ 86,553       $ 80,477
                                                 ========       ========


4.    ACCRUED EXPENSES AND OTHER LIABILITIES

      Accrued expenses and other liabilities consist of the following:

                                                September 30,  December 31,
                                                    2002           2001
                                                    ----           -----

        Wages, salaries, bonuses and
          commissions                            $  6,227       $  3,860
        Dealer incentives                           3,042          4,443
        Warranty                                    8,701          8,391
        Insurance-products and general liability,
          workers compensation, group health and
          other                                     7,832          7,148
        Customer deposits and unearned revenues     7,766          7,318
        Other current liabilities                   9,328          7,686
                                                 --------       --------

          Total                                  $ 42,896       $ 38,846
                                                 ========       ========



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<PAGE>  9



5.    EARNINGS PER SHARE

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


                                              Three Months        Nine Months
                                                 Ended              Ended
                                              September 30,      September 30,
                                              2002    2001       2002    2001
                                              ----    ----       ----    ----
      Numerator:
       Net income (loss) available
        to common stockholders              $ 4,296 $ 1,005    $ 7,269 $(2,511)

      Denominator:
       Number of shares outstanding, end of period:
        Common stock                         15,908  15,936     15,908  15,936
        Effect of weighted average shares
         outstanding during period              172    (121)       162    (125)
                                             ------  ------     ------  ------
      Weighted average number of common
       shares used in basic EPS              16,080  15,815     16,070  15,811
      Effect of dilutive securities
       Stock options and awards                  85      60        106     -
       Deferred compensation plans               10     -           10     -
                                             ------  ------     ------  ------
      Weighted average number of common
       shares used in diluted EPS            16,175  15,875     16,186  15,811
                                             ======  ======     ======  ======


      As the Company reported a net loss for the nine months ended September 30,
      2001, 56 common stock equivalents related to stock options did not enter
      into the computation of diluted earnings per share because their inclusion
      would have been antidilutive.

      For the periods ended September 30, 2002 and 2001, 335 and 508 shares of
      outstanding stock options were not included in the computation of diluted
      earnings per share because their exercise price was greater than the
      average market prices for the periods and their inclusion would have been
      antidilutive.

      The sum of quarterly earnings per share for the three quarters may not
      equal year-to-date earnings per share due to rounding and changes in
      diluted potential common shares.


6.    OTHER COMPREHENSIVE INCOME (LOSS)

      Other comprehensive income (loss) represents unrealized depreciation of
      available-for-sale securities, net of taxes. Other comprehensive income
      (loss) for the quarter and nine months ended September 30, 2002 was $(101)
      and $306, respectively and $382 and $(824) for the quarter and nine months
      ended September 30, 2001, respectively. Total comprehensive income (loss)
      combines reported net income (loss) and other comprehensive income (loss).
      Total comprehensive income (loss) for the quarter and nine months ended
      September 30, 2002 was $4,195 and $7,575, respectively and $1,387 and
      $(3,335) for the quarter and nine months ended September 30, 2001,
      respectively.



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<PAGE>  10



7.    ACQUISITION OF A BUSINESS

      On February 12, 2001, the Company acquired all of the issued and
      outstanding shares of capital stock of Kan Build, Inc. ("Kan Build"), a
      manufacturer of modular buildings. The purchase price aggregated $21.6
      million and consisted of $8.9 million cash paid at closing and the
      assumption of $12.7 million of liabilities. The excess of purchase price
      over fair value of assets acquired ("goodwill"), approximated $4.1
      million. The acquisition was accounted for as a purchase and the operating
      results of Kan Build are included in the Company's consolidated financial
      statements from the date of acquisition.

      Unaudited pro forma financial information as if this acquisition had
      occurred at the beginning of each period is as follows:

                                                      NINE MONTHS
                                                  Ended September 30,
                                                   2002         2001
                                                   ----         ----

          Net sales                              $506,326     $468,383

          Net income (loss)                         7,269       (2,423)

          Earnings (loss) per share:

             Basic                               $    .45     $   (.15)
             Diluted                                  .45         (.15)


8.    COMMITMENTS AND CONTINGENCIES

      The Company was contingently liable at September 30, 2002 to banks and
      other financial institutions on repurchase agreements in connection with
      financing provided by such institutions to most of the Company's
      independent dealers in connection with their purchase of the Company's
      recreational vehicle products. These agreements provide for the Company to
      repurchase its products from the financing institution in the event that
      they have repossessed them upon a dealer's default. Products repurchased
      from dealers under these agreements are accounted for as a reduction in
      revenue at the time of repurchase. The risk of loss resulting from these
      agreements is spread over the Company's numerous dealers and is further
      reduced by the resale value of the products repurchased. As market
      conditions deteriorated in the latter half of 2000, the Company
      experienced losses under these agreements and, accordingly, established a
      reserve for estimated losses under repurchase agreements. Due to a lower
      than anticipated level of losses from repossessions in 2002 resulting from
      improved market conditions within the Recreational Vehicle Industry, the
      Company has reduced its estimate of anticipated losses. The favorable
      change in estimate exceeded actual losses incurred by $248 and $139 for
      the three and nine months ended September 30, 2002, respectively. This
      compares to losses of $261 and $635 for the same periods in 2001.

      The Company is involved in various legal proceedings, which are ordinary
      disputes incidental to the industry and which are covered in whole or in
      part by insurance. Management believes that the ultimate outcome of these
      matters and any liabilities in excess of insurance coverage and
      self-insurance accruals will not have a material adverse



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<PAGE>  11



      impact on the Company's consolidated financial position, future business
      operations or cash flows.


9.    NEW ACCOUNTING PRONOUNCEMENTS

      In June 2001, the Financial Accounting Standards Board ("FASB") issued
      Statement No. 142, "Goodwill and Other Intangible Assets", which revised
      the standards for accounting for goodwill and other intangible assets.
      SFAS No. 142 requires that goodwill and indefinite lived identifiable
      intangible assets no longer be amortized, but be tested for impairment at
      least annually based on their estimated fair market values. The provisions
      of SFAS No. 142 became effective on January 1, 2002 and require full
      implementation of the impairment measurement provisions by December 31,
      2002. During the second quarter of 2002, the Company performed its initial
      impairment analysis under SFAS No. 142. Based on the estimated fair values
      of the Company's reporting units using a discounted cash flows valuation,
      no goodwill for any unit was evaluated as impaired. Effective January 1,
      2002, the Company is not recording goodwill amortization expense.
      Application of the nonamortizaton provisions of Statement No. 142 in the
      prior year would have resulted in an increase in 2001 third quarter net
      earnings of $195 ($.01 per diluted share) and an increase in 2001
      year-to-date earnings of $555 ($.04 per diluted share). The Company will
      perform its annual impairment analysis under SFAS 142 during the fourth
      fiscal quarter of each fiscal year. The Company evaluates indicators of
      impairment, including the general business climate, on an ongoing basis.
      Any impairment charge would not affect cash flow.


      In August 2001, the FASB issued SFAS No. 144, "Accounting for the
      Impairment or Disposal of Long-Lived Assets", which addresses financial
      accounting and reporting for the impairment or disposal of long-lived
      assets and supersedes SFAS No. 121, "Accounting for the Impairment of
      Long-Lived Assets and for Long-Lived Assets to be Disposed of", and the
      accounting and reporting provisions of APB Opinion No. 30, "Reporting the
      Results of Operations" for a disposal of a segment of a business. The
      Company was required to adopt Statement No. 144 as of January 1, 2002 and
      it did not have a significant impact on operations or financial position
      of the Company.

      The Company is actively marketing certain real property, which is no
      longer being used in the operations of the business. The Company expects
      that disposition of such property will be completed within the next year
      given current market conditions and the location and condition of the
      properties. Under the provisions of SFAS No. 144, such property is being
      classified as real estate held for sale in the accompanying consolidated
      balance sheets at the lower of cost or estimated net selling price. The
      property is no longer being depreciated pending their sale. However, under
      the transition rules contained in SFAS No. 144, should these assets no
      longer qualify as assets held for sale at December 31, 2002 under the
      definition contained in the statement, such assets would be reclassified
      as assets held and used at that date and re-measured to the lower of its
      original carrying amount adjusted for depreciation had the asset been in
      continuous use or to its fair value.



                                       11


<PAGE>  12


                   COACHMEN INDUSTRIES, INC. AND SUBSIDIARIES
                      Management's Discussion and Analysis
                Of Financial Condition and Results of Operations
                    (in thousands, except per share amounts)


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

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




                                              Comparison of
                                    Three Months          Nine Months
                                    Ended September 30, 2002 and 2001
                                          Increases (Decreases)
                                          ---------------------
                                 Amount Percentage     Amount Percentage
                                 -----------------     -----------------

Net sales                       $ 29,587    19.8 %    $ 41,466     8.9 %

Cost of sales                     24,577    19.9        32,235     8.2

Delivery expense                      (1)    n/m          (926)   (3.8)

Selling expenses                     365     4.6           (35)    (.2)

General and
     administrative expenses         131     1.6        (1,775)   (6.9)

Interest expense                    (287)  (40.4)         (877)  (38.8)

Investment (income) loss             438   374.4           369     n/m

Gain on sale of
     properties, net                (125)  (85.0)        1,162   556.0

Other income, net                     84     n/m           712     n/m

Income before income taxes         5,031   312.7        15,087   383.3

Income taxes                       1,740   288.1         5,307   372.4

Net income                         3,291   327.5         9,780   389.5




n/m - not meaningful



                                        12


<PAGE>  13




NET SALES

Consolidated net sales for the quarter ended September 30, 2002 were $179.2
million, an increase of $29.6 million, or 19.8%, from the $149.6 million
reported for the corresponding quarter last year. Net sales for the nine months
were $506.3 million, representing an increase of 8.9% from the $464.9 million
reported for the same period in 2001. The Company's recreational vehicle segment
experienced a net sales increase of 45.9% for the quarter and an increase of
20.4% for the nine months. Both the motorized and towable products had increases
in the number of units and sales dollars from the 2001 periods reflecting a
continuing recovery from the softness that began in the latter half of 2000 and
continued through 2001 in the recreational vehicle industry. The Company's
modular housing and building segment experienced a net sales decrease for the
2002 quarter of 9.1% and a decrease of 8.2% for the nine months. This decrease
was principally attributable to decreased demand for commercial structures in
the telecommunications industry. However, shipments for housing and non-telecom
structures continued to strengthen during the third quarter, with September
shipments reaching their highest level for the year.

COST OF SALES

Cost of sales increased 19.9%, or $24.6 million, for the three months and 8.2%,
or $32.2 million, for the nine months ended September 30, 2002. The increase in
cost of sales of 19.9% was slightly greater than the 19.8% increase in net sales
for the quarter. For the nine-month period, the increase in cost of sales of
8.2% was less than the 8.9% increase in net sales. Cost of sales for the most
recent quarter was affected by a higher sales contribution from the recreational
vehicle segment, which accounted for 64.0% of net sales in 2002 as compared to
52.5% in the comparable three-month period for 2001. The recreational vehicle
segment typically operates on smaller profit margins than the modular housing
and building segment. However, for the nine-month period, overall cost of sales
was 84.3% of net sales in 2002 as compared to 84.9% in 2001. This improvement
was directly related to expanding production rates in the recreational vehicle
segment and improved absorption of fixed manufacturing costs.

OPERATING EXPENSES

As a percentage of net sales, operating expenses, which include delivery,
selling, general and administrative expenses, were 13.6% and 13.7% for the 2002
quarter and nine-month period compared to 16.0% and 15.5% for the quarter and
nine-month period of 2001. As a percentage of net sales, delivery expenses
decreased by .9 percentage points for the three-month period and .6 percentage
points for the nine-month period as compared to the prior year three- and
nine-month periods. This decrease was mainly attributable to the change in sales
mix. Recreational vehicles typically have lower delivery costs as a percentage
of sales as compared to modular buildings. Also, higher sales volumes resulted
in better utilization of Company-owned transportation equipment. Selling
expenses, at 4.6% of net sales for the quarter ended September 30, 2002, were
..7% lower than the comparable quarter of the previous year. This was mainly due
to increased selling expenses in 2001 in the recreational vehicle segment
necessitated by the challenging sales environment at that time. For the
nine-month period, selling expenses in 2002, as a percentage of net sales of
4.3%, were .4 percentage points lower than the 4.7% in 2001. Selling expenses
were down .2% for the nine-month period while revenue increased 8.9%. General
and administrative expenses were 4.6% of net sales for the third quarter
compared to 5.4% for the 2001 corresponding quarter and 4.7% of net sales for
the nine-month period compared to 5.5% for 2001.



                                       13


<PAGE>  14



These decreases in both the quarter and nine-month periods were primarily the
result of the discontinuation of goodwill amortization in 2002 resulting from
the adoption of SFAS No. 142 as previously discussed.

INTEREST EXPENSE

Interest expense was $424 and $1,385 for the quarter and nine-month periods in
2002 compared to $711 and $2,262 in the same periods last year. Interest expense
varies with the amount of long-term debt and the amounts borrowed against the
cash value of the Company's investment in life insurance contracts. These life
insurance contracts were purchased to fund obligations under deferred
compensation agreements with executives and other key employees. The interest
costs associated with deferred compensation obligations and with the borrowings
against the cash value of the insurance policies are partially offset by the
increases in cash surrender values. In September of 2002, as a better
utilization of the Company's available cash, $18.5 million in loans against the
cash value of life insurance policies were repaid. The resulting reduction in
interest expense is expected to approximate $1.0 million annually. The decrease
in interest expense for the current period reflects a reduction in debt and
lower rates on variable-rate loans. During the first quarter of 2001, the
Company borrowed $13.5 million from its bank line of credit to finance the
acquisition of Kan Build, Inc. Those borrowings were subsequently paid in full
by the third quarter of 2001.

INVESTMENT INCOME (LOSS)

There was investment income of $321 for the quarter ended September 30, 2002
compared to an investment loss of $117 for the third quarter of 2001. For the
nine-month period, investment income in 2002 was $363 compared to an investment
loss of $6 the previous year. Investment income in the current quarter is
primarily from interest earned on invested cash. The investment losses are
principally attributable to realized losses incurred from the sale of preferred
stocks held by the Company.

GAIN ON THE SALE OF PROPERTIES, NET

There was a net gain on the sale of properties for the third quarter of 2002 of
$22 compared with a gain of $147 in the same quarter of 2001. The net gain on
the sale of properties for the first nine months of 2002 and 2001 was $1,371 and
$209, respectively. No significant properties were sold during the quarter ended
September 30, 2002. However, the Company continues to actively market those
properties included in the balance sheet as real estate held for sale.

OTHER INCOME, NET

Other income, net, represents an expense of $8 for the third quarter of 2002 and
income of $76 for the same period of the previous year. For the nine-month
period, other income, net for 2002 was $569 compared to an expense of $143 in
2001. The were no significant items for the most recent quarter. The most
significant item of income for 2002 was a gain of $208 on the redemption of a
life insurance policy in the second quarter. In 2001, there was a second quarter
charge of $400 to write-down the carrying value of property held for sale to
estimated fair value less cost to sell.



                                       14


<PAGE>  15


INCOME TAXES

For the third quarter ended September 30, 2002, the effective tax rate was 35.3%
and the year-to-date rate was 34.8% compared with a 2001 third quarter and
year-to-date rate of 37.5% and 36.2%, respectively. The Company's effective tax
rate fluctuates based upon the states where sales occur, with the level of
export sales and also with the amount of nontaxable dividend income on
investments.

LIQUIDITY, CAPITAL RESOURCES AND FINANCIAL CONDITION

The Company generally relies on funds from operations as its primary source of
liquidity. In addition, the Company maintains a $30 million secured bank line of
credit to meet its seasonal working capital needs. The loan agreement contains
covenants whereby the Company must maintain certain financial ratios. At
September 30, 2002, there were no borrowings against this bank line of credit.
For the nine months ended September 30, 2002, the major source of cash was from
operating activities. Net cash provided by operating activities aggregated
$22,474 and $42,591 for the nine months ended September 30, 2002 and 2001,
respectively. The significant items in operating activities for the nine months
ended September 30, 2002 were net income, depreciation and increases in trade
accounts payable, accrued income taxes and accrued expenses and other
liabilities. The positive cash flow from these items was offset by increases in
inventories and trade receivables. The cash provided by investing activities was
primarily related to proceeds from the sale of properties. The cash used in
financing activities consisted principally of cash dividends paid and the
repayment of long-term debt and repayment of loans against the cash value of
life insurance policies. Also, $3,850 in common shares were repurchased for the
treasury. This was slightly offset by the issuance of common shares under stock
incentive plans.

At September 30, 2002, working capital decreased to $93.8 million from the
$102.0 million at December 31, 2001. The $17.6 million increase in current
assets at September 30, 2002 versus December 31, 2001 was primarily due to
increases in net trade receivables of $13.7 million and increases in inventories
of $6.1 million during the nine-month period. The increase in current
liabilities of $25.9 million was primarily due to increases in accounts payable
and accrued expenses.

FORWARD-LOOKING STATEMENTS

This Form 10-Q contains certain statements that are "forward-looking" statements
within the meaning of Section 27A of the Securities Act of 1933 and Section 21E
of the Securities Exchange Act of 1934, as amended. These forward-looking
statements involve risks and uncertainties, and are dependent on factors, which
may include, but are not limited to the potential fluctuations in the Company's
operating results; the condition of the telecommunications industry which
purchases modular structures; the availability and price of gasoline, which can
impact the sale of recreational vehicles; availability of chassis, which are
used in the production of many of the Company's recreational vehicle products;
interest rates, which affect the affordability of the Company's products;
changing government regulations, such as those covering accounting standards,
environmental matters or product warranties and recalls, which may affect costs
of operations, revenues, product acceptance and profitability; legislation
governing the relationships of the Company with its recreational vehicle
dealers, which may affect the Company's options and liabilities in the event of
a general economic downturn; the impact of economic uncertainty on high-cost
discretionary product purchases, which can hinder the sales of recreational
vehicles; the



                                       15


<PAGE>  16


demand for commercial structures in the various industries that the modular
housing and building segment serves; and also on the state of the recreational
vehicle and modular housing industries in the United States. Other factors
affecting forward-looking statements include the cyclical and seasonal nature of
the Company's businesses, adverse weather, changes in property taxes and energy
costs, changes in federal income tax laws and federal mortgage financing
programs, changes in public policy, competition in these industries and the
Company's ability to maintain or increase gross margins which are critical to
profitability whether there are or are not increased sales.

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


ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

In the normal course of business, operations of the Company are exposed to
fluctuations in interest rates. These fluctuations can vary the costs of
financing and investing yields. Because the Company has not utilized its
short-term credit facilities during 2002, changes in interest rates would
primarily impact the Company's long-term debt. At September 30, 2002, the
Company had $11.5 million of long-term debt, including current maturities.
Long-term debt consists mainly of industrial development revenue bonds that have
variable or floating rates. At September 30, 2002, the Company had $11.0 million
invested in marketable securities. The Company's marketable securities consist
of public utility preferred stocks which typically pay quarterly fixed rate
dividends. These financial instruments are subject to market risk in that
available energy supplies and changes in available interest rates would impact
the market value of the preferred stocks. The Company utilizes U.S. Treasury
bond futures options as a protection against the impact of increases in interest
rates on the fair value of the Company's investments in these fixed rate
preferred stocks. Outstanding options are marked to market with market value
changes recognized in current earnings. The U.S. Treasury bond futures options
generally have terms ranging from 90 to 180 days. Based on the Company's overall
interest rate exposure at September 30, 2002, including variable or floating
rate debt and derivatives used to hedge the fair value of fixed rate preferred
stocks, a hypothetical 10 percent change in interest rates applied to the fair
value of the financial instruments as of September 30, 2002, would have no
material impact on earnings, cash flows or fair values of interest rate risk
sensitive instruments over a one-year period.



                                       16


<PAGE>  17



ITEM 4. CONTROLS AND PROCEDURES


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



                                       17


<PAGE>  18


                  PART II. OTHER INFORMATION


Item 6. Exhibits and Reports on Form 8-K

    (a) Exhibits

            See Index to Exhibits

    (b) Reports on Form 8-K during the quarter ended September 30, 2002

            Form 8-K, dated July 30, 2002, reporting an Item 5 event (a press
            release announcing second quarter results).

            Form 8-K, dated August 6, 2002, reporting an Item 5 event(a press
            release announcing a 20% increase in quarterly dividend and
            resumption of share repurchase program).



                                       18


<PAGE>  19


                               SIGNATURES

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




                                       COACHMEN INDUSTRIES, INC.
                                             (Registrant)




Date: November 13, 2002      By: /s/ CLAIRE C. SKINNER
                                 ------------------------------------
                                   Claire C. Skinner, Chairman of the
                                   Board and Chief Executive Officer




Date: November 13, 2002      By:  /s/ JOSEPH P. TOMCZAK
                                  -----------------------------------
                                   Joseph P. Tomczak, Executive Vice
                                   President and Chief Financial Officer




Date: November 13, 2002      By:  /s/ GARY L. NEAR
                                  -----------------------------------
                                   Gary L. Near, Vice President
                                   and Controller



                                       19


<PAGE>  20

                                  CERTIFICATION

I, Claire C. Skinner, certify that:

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

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

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

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

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

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

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

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

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

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

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

      Date: November 13, 2002


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



                                       20


<PAGE>  21

                                  CERTIFICATION

I, Joseph P. Tomczak, certify that:

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

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

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

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

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

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

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

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

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

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


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

      Date: November 13, 2002


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



                                       21


<PAGE>  22


                                INDEX TO EXHIBITS

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

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

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



                                       22