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 June 30, 2001

{ } 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: 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 August 7, 2001
Common stock, par value                                   9,677,836
$.01 per share

<PAGE>
                          NATIONAL R.V. HOLDINGS, INC.

                                      INDEX

                                                                         PAGE
                         PART 1 - FINANCIAL INFORMATION                  ----

Item 1.    Consolidated Balance Sheet -                                    3
           June 30, 2001 and December 31, 2000

           Consolidated Statement of Income -                              4
           Three and Six Months Ended June 30, 2001 and 2000

           Consolidated Statement of Cash Flows -                          5
           Six Months Ended June 30, 2001 and 2000

           Notes to Consolidated Financial Statements                    6 - 7

Item 2.    Management's Discussion and Analysis of                       8 - 9
           Financial Condition and Results of Operations

Item 3.    Quantitative and Qualitative Disclosures about Market Risk      10

                         PART II - OTHER INFORMATION

Item 4.    Submission of Matters to a Vote of Security Holders             11

Item 5.    Exhibits and Reports on Form 8-K                                11

           Signature                                                       12


                                       2
<PAGE>

                          NATIONAL R.V. HOLDINGS, INC.
                           CONSOLIDATED BALANCE SHEET
                        (In thousands, except share data)

                                                 June 30,           December 31,
                                                   2001                 2000
                                               (Unaudited)
                                 ASSETS
Current assets:
  Cash                                          $  8,540             $ 16,696
  Trade receivables, less allowance               13,966               15,109
    for doubtful accounts of $321
  Inventories                                     70,253               63,639
  Deferred income taxes                            6,035                6,035
  Prepaid expenses                                 1,517                2,100
                                               ----------           ----------
    Total current assets                         100,311              103,579
Goodwill                                           6,333                6,539
Property, plant and equipment, net                46,058               44,460
Other                                              1,096                1,096
                                               ----------           ----------
                                                $153,798             $155,674
                                               ==========           ==========


                  LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
  Current portion of long-term debt             $     20             $     20
  Accounts payable                                10,765               12,550
  Accrued expenses                                16,634               14,946
                                               ----------           ----------
    Total current liabilities                     27,419               27,516
Deferred income taxes                              2,801                2,801
Long-term debt                                        54                   64
                                               ----------           ----------
Total liabilities                                 30,274               30,381
                                               ----------           ----------

Commitments and contingencies

Stockholders' equity:
  Preferred stock - $.01 par value;                 -                    -
    5,000 shares authorized, 4,000
    issued and outstanding
  Common stock - $.01 par value;                     106                  106
    25,000,000 shares authorized,
    10,595,536 issued and outstanding
Additional paid-in capital                        47,800               47,800
Accumulated earnings                              90,879               92,648
Less cost of treasury stock - 932,900 shares     (15,261)             (15,261)
                                               ----------           ----------
Total stockholders' equity                       123,524              125,293
                                               ----------           ----------
                                                $153,798             $155,674
                                               ==========           ==========


                 See Notes to Consolidated Financial Statements.
                                       3
<PAGE>


                          NATIONAL R.V. HOLDINGS, INC.
                        CONSOLIDATED STATEMENT OF INCOME
                    (In thousands, except per share amounts)
                                   (Unaudited)

<TABLE>
<CAPTION>

                                                        Three Months                         Six Months
                                                       Ended June 30,                      Ended June 30,
                                                     2001         2000                   2001         2000
<S>                                                <C>          <C>                    <C>          <C>
Net sales                                          $ 81,021     $ 77,726               $143,401     $184,566
Cost of goods sold                                   75,473       69,490                135,660      160,063
                                                  ----------   ----------             ----------   ----------
  Gross profit                                        5,548        8,236                  7,741       24,503
Selling expenses                                      3,235        3,137                  6,274        6,507
General and administrative expenses                   2,175        2,440                  4,539        4,876
Amortization of intangibles                             104          104                    207          207
                                                  ----------   ----------             ----------   ----------
  Operating income (loss)                                34        2,555                 (3,279)      12,913
Other expense (income):
  Interest expense                                     -               1                   -               2
  Interest income                                      (169)        (227)                  (389)        (481)
  Other                                                -              13                   -              21
                                                  ----------   ----------             ----------   ----------
  Income (loss) before income taxes                     203        2,768                 (2,890)      13,371
    and cumulative effect of change
    in accounting principle
Provision (benefit) for income taxes                     77        1,105                 (1,121)       5,026
                                                  ----------   ----------             ----------   ----------
  Income (loss) before cumulative                       126        1,663                 (1,769)       8,345
    effect of accounting change
  Cumulative effect on prior years of                  -            -                      -          (1,213)
    change in accounting principle,
    net of tax
                                                  ----------   ----------             ----------   ----------
    Net income (loss)                              $    126     $  1,663               $ (1,769)    $  7,132
                                                  ==========   ==========             ==========   ==========

Earnings per common share:
  Basic:
  Income (loss) before cumulative effect           $   0.01     $   0.17               $  (0.18)    $   0.85
    of accounting change
  Cumulative effect of accounting change               -            -                      -           (0.12)
                                                  ----------   ----------             ----------   ----------
    Net income (loss)                              $   0.01     $   0.17               $  (0.18)    $   0.72
                                                  ==========   ==========             ==========   ==========
    Weighted average number of shares                 9,663        9,657                  9,663        9,845
                                                  ==========   ==========             ==========   ==========
  Diluted:
  Income (loss) before cumulative effect           $   0.01     $   0.17               $  (0.18)    $   0.81
    of accounting change
  Cumulative effect of accounting change               -            -                      -           (0.12)
                                                  ----------   ----------             ----------   ----------
    Net income (loss)                              $   0.01     $   0.17               $  (0.18)    $   0.69
                                                  ==========   ==========             ==========   ==========
    Weighted average number of shares                 9,648       10,044                  9,663       10,294
                                                  ==========   ==========             ==========   ==========
</TABLE>


                 See Notes to Consolidated Financial Statements.
                                       4
<PAGE>


                          NATIONAL R.V. HOLDINGS, INC.
                      CONSOLIDATED STATEMENT OF CASH FLOWS
                                 (In thousands)
                                   (Unaudited)

                                                              Six Months
                                                             Ended June 30,
                                                          2001            2000
Cash flows from operating activities:
  Net (loss) income                                    $ (1,769)       $  7,132
  Adjustments to reconcile net (loss) income
    to net cash provided by operating activities:
    Depreciation expense                                  1,879           1,472
    Amortization of intangibles                             207             207
    Loss on asset disposal                                 -                 20
    Changes in assets and liabilities:
      Decrease in trade receivables                       1,143           5,863
      Increase in inventories                            (6,614)         (6,962)
      Decrease (increase) in prepaid expenses               583            (306)
      Decrease in accounts payable                       (1,785)           (825)
      Increase in accrued expenses                        1,688           3,184
      Increase in net deferred income taxes                -               (746)
                                                      ----------      ----------
Net cash (used in) provided by operating activities      (4,668)          9,039

Cash flows from investing activities:
  Increase in other assets                                 -               (156)
  Purchases of property, plant and equipment             (3,478)         (7,368)
                                                      ----------      ----------
    Net cash used in investing activities                (3,478)         (7,524)

Cash flows from financing activities:
  Principal payments on long-term debt                      (10)            (10)
  Proceeds from issuance of common stock                   -                 11
  Purchase of treasury stock                               -            (15,261)
                                                      ----------      ----------
    Net cash used in financing activities                   (10)        (15,260)
                                                      ----------      ----------

Net decrease in cash                                     (8,156)        (13,745)
Cash, beginning of period                                16,696          20,301
                                                      ----------      ----------
Cash, end of period                                    $  8,540          $6,556
                                                      ==========      ==========


                 See Notes to Consolidated Financial Statements.
                                       5
<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.



Revenue Recognition

     During  2000,  sales were  recorded  by the  Company  when  accepted by the
customer  rather than at the time of shipment as in prior years.  This change in
accounting  principle was made to fully implement  recent guidance issued by the
Securities  and Exchange  Commission  and  resulted in a cumulative  effect of a
change in accounting principle in 2000 of $1,213,000.



NOTE 2 - INVENTORIES

     Inventories consist of the following (in thousands):


                                                June 30,              Dec. 31,
                                                  2001                  2000
                                              (Unaudited)

Finished goods                                 $ 23,768              $ 15,989
Work-in-process                                  25,091                19,233
Raw materials                                    16,947                12,927
Chassis                                           4,447                15,490
                                               --------              --------
                                               $ 70,253              $ 63,639
                                               ========              ========

NOTE 3 - RECENT ACCOUNTING PRONOUNCEMENTS

     In June  1998,  the  FASB  issued  SFAS  133,  "Accounting  for  Derivative
Instruments and Hedging Activities." This statement requires that all derivative
instruments be recorded on the balance sheet at their fair value. Changes in the
fair value of  derivatives  will be recorded each period in current  earnings or
other comprehensive  income,  depending on whether a derivative is designated as
part of a hedge  transaction and, if it is, the type of hedge  transaction.  The
adoption of SFAS 133 in the first quarter of 2001 did not have any impact on the
Company's   consolidated   financial   statements,   as  the  Company  holds  no
derivatives.

                                       6
<PAGE>

     In June 2001, the FASB issued SFAS 141, "Business  Combinations."  SFAS 141
requires  that the  purchase  method  of  accounting  be used  for all  business
combinations  initiated  after June 30, 2001.  Use of the  pooling-of-  interest
method will be prohibited.  The Company has evaluated this Standard and believes
that adoption will not have an impact on its consolidated financial statements.

     In July 2001,  The FASB issued  SFAS 142,  "Goodwill  and Other  Intangible
Assets."  SFAS  142,   which  changes  the   accounting  for  goodwill  from  an
amortization method to an impairment-only approach, will be effective for fiscal
years  beginning  after  December 15, 2001.  The Company has not  determined the
impact that adoption of this Standard  will have on its  consolidated  financial
statements.


NOTE 4 - SUBSEQUENT EVENT

     On July 31,  2001,  the Company  signed a loan  agreement  in the form of a
revolving credit facility of $15 million with Bank of America National Trust and
Savings  Association.  The  revolving  credit  facility is available for general
corporate and working capital needs and capital  expenditures.  Amounts borrowed
under the revolving credit facility bear interest, at the Company's election, at
the  bank's  reference  rate  or at a  LIBOR-based  rate  plus  2%.  The  credit
facilities  contain,  among  other  provisions,   certain  financial  covenants,
including  net worth and debt ratios.  The credit  facility with Bank of America
expires on May 31, 2002.














                                       7
<PAGE>

NATIONAL R.V. HOLDINGS, INC.
PART 1, ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS

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;   potential   liabilities   under  repurchase   agreements;
competition;   government   regulation;   warranty  claims;  product  liability;
dependence on certain dealers and  concentration  of dealers in certain regions;
and the California  energy crisis.  Certain risks and  uncertainties  that could
cause actual results to differ  materially  from that projected or suggested are
set forth below.  Additional  information concerning risks and uncertainties 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.


Liquidity and Capital Resources

     At June 30, 2001, the Company had working capital of $72.9 million compared
to $76.1 million at December 31, 2000.

     Net cash used in operating  activities  was $4.7 million for the six months
ended June 30, 2001  compared to net cash  provided by operating  activities  of
$9.0 million for the  comparable  period last year. The change was due primarily
to a net loss of $1.8 million for the period  compared to income of $7.1 million
for last year,  and a $1.1  million  decrease in trade  receivables  at June 30,
2001, compared to a $5.9 million decrease in trade receivables last year.

     Cash used in investing activities was $3.5 million for the six months ended
June 30, 2001 compared to $7.5 million for the comparable  period last year. The
change was due primarily to a decrease in  expenditures  on property,  plant and
equipment in the first six months of 2001.

     Cash used in  financing  activities  was $0.01  million  for the six months
ended June 30, 2001  compared to $15.3  million for the  comparable  period last
year. The difference was primarily the result of cash used by the Company in its
stock  repurchase  program for the repurchase of 932,900 shares in the first six
months of 2000.

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


                                       8
<PAGE>
Results of Operations

     Net sales of $81.0 million for the quarter ended June 30, 2001 represent an
increase of $3.3 million or 4.2% from the same  quarter last year.  The increase
is  attributable  to the timing of the FMCA show,  as well as increased  towable
sales and relatively  strong  performance of the Company's  motorhomes  build on
diesel  chassis.  For the six months  ended June 30,  2001,  net sales of $143.4
million  represent a decrease of $41.2  million,  or 22.3%  compared to the same
period last year,  reflecting  an industry  slow-down.  The Company  shipped 506
coaches on diesel chassis  during the first six months,  159 less than last year
for the same  period.  The unit  decrease  was  partially  offset by an increase
average  price of diesel  products of 7.3% to  $180,800,  resulting  in an 18.3%
decrease in net sales from diesel  products.  The Company  shipped 488 gas motor
homes during the first six months,  382 less than last year for the same period,
a decrease of 43.9%.  Unit sales of the  Company's  towable  products  increased
170.1% to 624 units from 231 units for the same period last year.

     Cost of goods sold for the quarter  ended June 30, 2001  increased to $75.5
million,  an 8.6% increase from the  comparable  quarter last year. The increase
was due to the increase in sales,  inefficiencies  attributable  to operating at
reduced production levels,  increases in warranty expenses,  and continued sales
discounting. Cost of goods sold for the first six months of 2001 decreased 15.2%
to $135.7  million  from  $160.1  million  for the same  period  last year.  The
decrease was due to the drop in sales partially  offset by increases in costs as
described above. As a result of these current operating issues, the gross profit
margin  for the six  months  decreased  to 5.4%  compared  to 13.3% for the same
period last year.

     Selling expenses for the three months ended June 30, 2001 increased to $3.2
million,  a 3.1%  increase  from the same period  last year.  For the six months
ended June 30, 2001, selling expenses decreased to $6.3 million, a 3.6% decrease
from the same period last year. As a percentage of net sales,  selling  expenses
increased  to 4.4%,  from 3.5% for the same  period last year due to lower sales
over which to spread the fixed selling expenses.

     General and  administrative  expenses  for the three  months ended June 30,
2001 decreased to $2.2 million, a 10.9% decrease from the same period last year.
For the six months  ended June 30,  2001,  general and  administrative  expenses
decreased to $4.5 million,  a 6.9% decrease from the same period last year. As a
percentage of net sales, general and administrative  expenses increased to 3.2%,
from 2.6% for the same  period last year due to lower sales over which to spread
the fixed general and administrative expenses.

     Other income for the three months ended June 30, 2001 and June 30, 2000 was
$0.2 million.  For the six months ended June 30, 2001, other income decreased to
$0.4 million, from $0.5 million for the same period last year.

     Provision  (benefit)  for income  taxes for the three and six months  ended
June 30, 2001 decreased to $0.1 million and $(1.1)  million,  respectively.  The
effective tax rate for the six months ended June 30, 2001 was 38.8%  compared to
37.6% for the same period last year.

     As a result,  net income (loss) for the three and six months ended June 30,
2001  decreased to $0.1 million and $(1.8)  million,  from $1.7 million and $7.1
million, respectively, for the same periods last year.


                                       9
<PAGE>


NATIONAL R.V. HOLDINGS, INC.
PART 1, ITEM 3 - Quantitative and Qualitative Disclosures about Market Risk

     Information  about market risks for the six months ended June 30, 2001 does
not differ  materially  from that  discussed  under Item 7A of the  registrant's
Annual Report on Form 10-K for 2000.

























                                       10

<PAGE>


PART II - OTHER INFORMATION

     ITEM 4.  SUBMISSION  OF MATTERS TO A VOTE OF  SECURITY  HOLDERS

     On June 11, 2001, the Company held its 2001 Annual Meeting of  stockholders
(the "Annual  Meeting").  The matters  voted upon at the Annual  Meeting and the
votes cast for such matters were as follows:

        1.      The Company's stockholders elected Stephen M. Davis, Robert E.
                Lee, and Greg McCaffery as directors. Voting for the nominees
                for director was as follows: Stephen M. Davis; 7,800,463 shares
                FOR and 675,158 shares WITHHELD; Robert E. Lee; 7,670,663 shares
                FOR and 804,958 shares WITHHELD; and Greg McCaffery; 7,798,363
                shares FOR and 677,258 shares WITHHELD.

        2.      The  Company's  stockholders  approved the amendment to the 1999
                Stock Option Plan increasing the number of shares under the Plan
                by 350,000.  For the approval of the amendment to the 1999 Stock
                Option Plan, the vote was 5,754,102 shares FOR; 2,480,129 shares
                AGAINST; and 241,390 shares ABSTAINING.

        3.      The  Company's   stockholders   approved  the   appointment   of
                PricewaterhouseCoopers  as the Company's auditor for the current
                fiscal year. For the  appointment of  PricewaterhouseCoopers  as
                the Company's auditor, the vote was 8,433,385 shares FOR; 29,428
                shares AGAINST; and 12,808 shares ABSTAINING.


ITEM 5. EXHIBITS AND REPORTS ON FORM 8-K

A.     Exhibits

           10.1  Business Loan Agreement dated July 31, 2001 between Bank of
                 America, N.A. and the Company.

B.     Form 8-K

           None.




                                       11
<PAGE>


                                    SIGNATURE



         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: August 7, 2001                    By /s/ BRADLEY C. ALBRECHTSEN
                                                    --------------------------
                                                 Bradley C. Albrechtsen
                                                 Chief Financial Officer
                                                 (Principal Accounting and
                                                  Finance Officer)



























                                       12