FORM 10-Q
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549
(Mark One)
{X} QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE 
    ACT OF 1934.

For the quarterly period ended March 31, 1999

{   } TRANSITION REPORT PURSUANT TO SECTION 13 OF 15(d) OF THE SECURITIES
      EXCHANGE ACT OF 1934.
For the transition period from ........ to .........

Commission file number: 0-22268

                          NATIONAL R.V. HOLDINGS, INC.
             (Exact name of registrant as specified in its charter)

                Delaware                                   33-0371079
      (State or other jurisdiction of                     (I.R.S. Employer
       incorporation or organization)                    Identification No.)

                              3411 N. Perris Blvd.
                            Perris, California 92571
                                (909) 943-6007
          (Address, including zip code, and telephone number, including
             area code, of Registrant's principal executive offices)

         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 practicable date.

Class                                        Outstanding at April 30, 1999
-----                                        -----------------------------
Common stock, par value                              10,367,875
$.01 per share

                                       1
<PAGE>

                          NATIONAL R.V. HOLDINGS, INC.

                                      INDEX

                                                                         PAGE
                             PART 1 - FINANCIAL INFORMATION

Item 1.    Consolidated Balance Sheet -
           March 31, 1999 and December 31, 1998                            3

           Consolidated Statement of Income -
           Three Months Ended March 31, 1999 and 1998                      4

           Consolidated Statement of Cash Flows -
           Three Months Ended March 31, 1999 and 1998                      5

           Consolidated Statement of Changes in Stockholders' Equity       6

           Notes to Consolidated Financial Statements                      7

Item 2.    Management's Discussion and Analysis of
           Financial Condition and Results of Operations                 8 - 10

                               PART II - OTHER INFORMATION

Item 6.    Exhibits and Reports on Form 8-K                                11

           Signature                                                       12

                                       2

<PAGE>

                                          NATIONAL R.V. HOLDINGS, INC.
                                           CONSOLIDATED BALANCE SHEET
                                          (In thousands except shares)
<TABLE>
<CAPTION>
                                                                               March 31,          December 31,
                                                                                 1999                 1998
                                                                              (Unaudited)  
                                  ASSETS
Current Assets:
<S>                                                                                <C>                   <C>     
      Cash                                                                        $  29,434             $  10,446
      Trade receivables, less allowance for
          doubtful accounts of $188                                                  24,969                20,719
      Inventories                                                                    45,064                46,832
      Deferred income taxes                                                           4,083                 3,883
      Prepaid expenses                                                                  694                   809
                                                                            ----------------    ------------------
          Total current assets                                                      104,244                82,689
Goodwill - net                                                                        7,262                 7,365
Property, plant and equipment, net                                                   25,754                24,341
Other                                                                                   865                 3,344
                                                                            ----------------    ------------------
                                                                                  $ 138,125             $ 117,739
                                                                            ================    ==================
                   LIABILITIES AND STOCKHOLDER'S EQUITY
Current liabilities:
      Current portion of long-term debt                                           $     166             $     166
      Accounts payable                                                               15,652                 8,771
      Accrued expenses                                                               16,344                10,272
                                                                            ----------------    ------------------
          Total current liabilities                                                  32,162                19,209
Deferred income taxes                                                                 2,341                 2,341
Long-term debt                                                                        1,660                 1,700
Commitments and contingencies
Stockholders' equity:
      Preferred stock - $.01 par value; 5,000 shares
          authorized, 4,000 issued and outstanding                                        -                     -
      Common stock - $.01 par value; 10,000,000 shares
          authorized, 10,356,972 and 10,322,837 issued and
          outstanding, respectively                                                     104                   103
Additional paid-in capital                                                           44,796                44,645
Accumulated earnings                                                                 57,062                49,741
                                                                            ----------------    ------------------
      Total stockholders' equity                                                    101,962                94,489
                                                                            ----------------    ------------------
                                                                                  $ 138,125             $ 117,739
                                                                            ================    ==================
</TABLE>
                                 See Notes to Consolidated Financial Statements

                                       3
<PAGE>

                                          NATIONAL R.V. HOLDINGS, INC.
                                        CONSOLIDATED STATEMENT OF INCOME
                                      (In thousands except per share data)
                                                   (Unaudited)
<TABLE>
<CAPTION>
                                                                                        Three Months
                                                                                       Ended March 31,
                                                                                      1999                 1998
<S>                                                                               <C>                    <C>     
Net sales                                                                         $ 102,982              $ 80,286
Cost of goods sold                                                                   86,228                67,897
                                                                            ----------------    ------------------
          Gross profit                                                               16,754                12,389
Selling expenses                                                                      2,712                 2,788
General and administrative expenses                                                   1,908                 1,426
Amortization of intangibles                                                             103                   103
                                                                            ----------------    ------------------
          Operating income                                                           12,031                 8,072
Other expense (income):
      Interest expense                                                                   22                    64
      Interest income                                                                  (165)                  (70)
      Other (income) expense                                                             (4)                    8
                                                                            ----------------    ------------------
          Income before income taxes                                                 12,178                 8,070
      Provision for income taxes                                                      4,857                 3,093
                                                                            ----------------    ------------------
Net income                                                                        $   7,321              $  4,977
Earnings per common share:
      Basic                                                                       $    0.71              $   0.52
      Diluted                                                                     $    0.64              $   0.44
Weighted average number of shares:
      Basic                                                                          10,347                 9,642
      Diluted                                                                        11,522                11,316
</TABLE>

                                 See Notes to Consolidated Financial Statements

                                       4

<PAGE>

                                           NATIONAL R.V. HOLDINGS, INC.
                                       CONSOLIDATED STATEMENT OF CASH FLOWS
                                                  (In thousands)
                                                   (Unaudited)
<TABLE>
<CAPTION>
                                                                                             Three Months
                                                                                            Ended March 31,
                                                                                      1999                 1998
 Cash flows from operating activities:
<S>                                                                                 <C>                   <C>    
       Net income                                                                  $  7,321               $ 4,977
       Adjustments to reconcile net income to net cash provided
           by operating activities:
                Depreciation expense                                                    518                   415
                Amortization of intangibles                                             103                   103
                Increase in trade receivables                                        (4,250)               (7,609)
                Decrease in inventories                                               1,768                 1,815
                Decrease (increase) in prepaid expenses                                 115                   (19)
                Increase in accounts payable                                          6,881                 3,712
                Increase in accrued expenses                                          6,073                 3,481
                Increase in deferred income taxes                                      (200)                 (580)
                                                                            ----------------    ------------------
                  Net cash provided by operating activities                          18,329                 6,295
 Cash flows from investing activities:
       Decrease (increase) in other assets                                            2,479                   (32)
       Purchases of property, plant and equipment                                    (1,931)               (1,725)
                                                                            ----------------    ------------------
                  Net cash provided (used) by investing activities                      548                (1,757)
 Cash flows from financing activities:
       Principal payments on long-term debt                                             (40)                 (566)
       Proceeds from issuance of common stock                                           151                 1,302
                                                                            ----------------    ------------------
                  Net cash provided by financing activities                             111                   736
                                                                            ----------------    ------------------
 Net increase in cash                                                                18,988                 5,274
 Cash beginning of period                                                            10,446                 3,542
                                                                            ----------------    ------------------
 Cash end of period                                                                $ 29,434               $ 8,816
                                                                            ================    ==================
</TABLE>

                                 See Notes to Consolidated Financial Statements

                                       5

<PAGE>

                      NATIONAL R.V. HOLDINGS, INC.
     CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
                      (In thousands except shares)
                              (Unaudited)
<TABLE>
<CAPTION>
                                     Preferred       Common Stock         Paid-in           Accumulated
                                       Stock       Shares      Amount     Capital      Earnings      Total
                                     --------------------------------------------------------------------------
<S>                                         <C>    <C>            <C>        <C>         <C>          <C>     
Balance, December 31, 1998                  $ -    10,322,837     $ 103      $44,645     $ 49,741     $ 94,489
      Common Stock issued upon
        exercise of warrants                              295                      4                         4
      Common Stock issued upon
        exercise of options                            33,840         1          147                       148
      Net income                                                                            7,321        7,321
                                     --------------------------------------------------------------------------
Balance, March 31, 1999                     $ -    10,356,972     $ 104      $44,796     $ 57,062    $ 101,962
                                     ==========================================================================
</TABLE>

                                 See Notes to Consolidated Financial Statements

                                       6
<PAGE>

NATIONAL R.V. HOLDINGS, INC.
PART I, ITEM 1

     NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                            (Unaudited)

NOTE 1 - GENERAL

     In the opinion of National  R.V.  Holdings,  Inc.  (collectively,  with its
subsidiaries  National R.V., Inc., and Country Coach, Inc. referred to herein as
the "Company"),  the accompanying  unaudited  consolidated  financial statements
contain  all  adjustments,  consisting  only of  normal  recurring  adjustments,
necessary  for the fair  presentation  of the  financial  position,  results  of
operations  and cash flows for all  periods  presented.  Results for the interim
periods are not necessarily indicative of the results for an entire year and the
financial  statements  do  not  include  all of the  information  and  footnotes
required by generally accepted accounting principles. These financial statements
should be read in  conjunction  with the financial  statements and notes thereto
contained in the Company's latest annual report on Form 10-K.

NOTE 2 - INVENTORIES

   Inventories consist of the following:

                                           March 31,          December 31,
                                             1999                 1998
                                      ------------------  -------------------
Finished goods                           $ 10,659,000         $ 11,112,000
Work-in-process                            14,044,000           13,815,000
Raw materials                              11,715,000           12,477,000
Chassis                                     8,646,000            9,428,000
                                      ==================  ===================
                                         $ 45,064,000         $ 46,832,000
                                      ==================  ===================

                                       7
<PAGE>

NATIONAL R.V. HOLDINGS, INC.
PART 1, ITEM 2

         MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Liquidity and Capital Resources

   At March 31, 1999, the Company had working capital of $72.1  million compared
to $63.5 million at December 31, 1998.

   Net cash  provided by operating  activities  was $18.3  million for the three
months  ended March 31,  1999,  compared to $6.3  million for the same period in
1998.  The change was due  primarily to an increase in net income and  favorable
changes in inventories,  accounts payable and accrued expenses,  offset somewhat
by changes in accounts receivable and deferred income taxes.

     Cash  provided by investing  activities  was $0.5 million  compared to cash
used by  investing  activities  of $1.8 million for the  comparable  period last
year.  The change was primarily due to a partial $2.55 million  distribution  in
respect to the Companys limited partnership interest in Dune Jet Services, L.P.
received in March 1999.  On April 9, 1999,  the  Company  received a  subsequent
distribution  of  $362,000.  The Company  expects  that its limited  partnership
interest in Dune Jet Services will be fully liquidated during 1999.

   Cash  provided by financing  activities  was $0.1 million  compared to $0.7
million for the  comparable  period last year.

   The Company  believes that the  combination  of internally  generated  funds,
existing capital and funds available from its existing credit facility,  will be
sufficient to meet the Company's  planned capital and  operational  requirements
for at least the next 24 months.

Results of Operations

   Net sales for the three  months  ended  March  31,  1999  increased  by $22.7
million or 28.3% from the same period last year.  The  Company's  Country  Coach
subsidiary shipped 26 more Class A motorhomes than last year and the National RV
subsidiary  shipped 122 more Class A motorhomes and 21 more  fifth-wheel  units.
The average sales price for Class A motorhomes at the Country Coach and National
RV subsidiary  increased 7.6% and 8.6%,  respectively,  to $223,029 and $75,450,
respectively,   reflecting  strong  demand  for  higher-priced  motorhomes  with
slide-out rooms.

   Cost of goods sold for the three  months  ended March 31, 1999  increased  by
$18.3 million or 27.0% from the  comparable  period last year.  The increase was
primarily due to the increase in sales.  Gross profit margin  increased to 16.3%
for the current  period as compared to 15.4% for the same period last year.  The
increase  was  due  primarily  to  manufacturing   efficiencies  resulting  from
increased volume at both subsidiaries.

   Selling  expenses for the three months  ended March 31, 1999  decreased  $0.1
million or 2.7% from the same period last year.  The decrease was  primarily due
to lower sales  commissions  at the National RV subsidiary as there was a change
in the  method of  calculating  such  commissions.  As a percent  of net  sales,
selling expenses decreased to 2.6% from 3.5% for the same period last year.

   General and administrative expenses for the three months ended March 31, 1999
increased  $0.5 million or 33.8% from the same period last year. As a percent of
net sales,  general and administrative  expenses increased to 1.9% from 1.8% for
the same period last year.

                                       8
<PAGE>

NATIONAL R.V. HOLDINGS, INC.
PART 1, ITEM 2

         MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)

     As a result of the foregoing,  operating  income for the three months ended
March 31, 1999 increased $4.0 million,  or 49.0%, to $12.0 million. As a percent
of net sales, operating income increased to 11.7% from 10.1% for the same period
last year.

   Net interest  expense and other financing  related costs for the three months
ended March 31, 1999 increased income by $149,000 from the same period last year
due primarily to an increase in interest income.

   As a result of the foregoing,  income before taxes increased $4.1 million, or
50.9%,  to $12.2 million for the three months ended March 31, 1999. As a percent
of net sales,  income  before  taxes  increased to 11.8% from 10.1% for the same
period last year.

   Provision for income taxes for the three months ended March 31, 1999 and 1998
was  $4.9  million  and  $3.1  million,  respectively.  The  effective  tax rate
increased to 39.9% from 38.3% for the same period last year.

   As a result, net income increased $2.3 million, or 47.1%, to $7.3 million for
the three months ended March 31, 1999,  as compared to $5.0 million for the same
period last year. As a percent of net sales,  net income  increased to 7.1% from
6.2% for the same period last year.

                                       9
<PAGE>

NATIONAL R.V. HOLDINGS, INC.
PART 1, ITEM 2

         MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)

Year 2000 Date Conversion

   An issue affecting the Company and most other  companies is whether  computer
systems and  applications  will  recognize and process the year 2000 and beyond.
The Company is in the process of assessing and  implementing  necessary  changes
for all areas of the Company's  business which could be impacted;  these include
such  areas as  business  computer  systems,  dealership  systems,  plant  floor
equipment, end-user computing, financial institutions and suppliers.
   Based on assessments  completed to date and compliance plans in process,  the
Company does not expect that the year 2000 issue will have a material  effect on
its  business  operations,  consolidated  financial  condition,  cash flows,  or
results of operations. However, if appropriate modifications are not made by the
Company's  suppliers or dealers on a timely basis,  or if the  Company's  actual
costs or timing for the year 2000 date  conversion  differ  materially  from its
present  estimates,  the Company's  operations  and  financial  results could be
significantly adversely affected.

Disclosure Regarding Forward Looking Statements

   Statements  contained  in this  Quarterly  Report  on Form  10-Q that are not
historical  facts are  forward-looking  statements  within  the  meaning  of the
Private Securities  Litigation Reform Act of 1995.  Investors are cautioned that
forward-looking  statements are inherently  uncertain.  Actual  performance  and
results may differ  materially  from that  projected or suggested  herein due to
certain risks and  uncertainties  including,  without  limitation,  the cyclical
nature  of  the  recreational   vehicle  industry;   seasonality  and  potential
fluctuations in the Company's  operating  results;  the Company's  dependence on
chassis suppliers; the integration by the Company of acquired businesses and the
management  of  growth;   potential  liabilities  under  repurchase  agreements;
competition;   government  regulation;  product  liability;  dependence  on  key
personnel and  dependence  on certain  dealers and  concentration  of dealers in
certain   regions.   Additional   information   concerning   certain  risks  and
uncertainties  that could cause actual  results to differ  materially  from that
projected  or suggested  may be  identified  from time to time in the  Company's
filings with the  Securities  and Exchange  Commission  (SEC) and the  Company's
public  announcements,  copies of which are  available  from the SEC or from the
Company upon request.

                                       10
<PAGE>

PART II - OTHER INFORMATION

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K

A.   Exhibits

     None.

B.   Form 8-K

     None



                                       11

<PAGE>

                                   SIGNATURES

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

                                       NATIONAL R.V. HOLDINGS, INC.
                                              (Registrant)

         Date: April 30, 1999                By /s/ BRADLEY C. ALBRECHTSEN
                                             Bradley C. Albrechtsen
                                             Chief Financial Officer (Principal
                                               Accounting and Finance Officer)

                                       12