Monaco posts $8.5 million loss in first quarter

COBURG — Monaco Coach Corp. lost $8.5 million in the first quarter of 2008, or 28 cents per share, executives reported Wednesday.

That compares to a $1.5 million profit for the same period a year ago, when the company reported earnings per share of 5 cents.

Monaco CEO Kay Toolson blamed the losses on “plummeting consumer confidence,” which is causing prospective customers to put off buying new RVs. Further, the company’s sales, as well as the industry as a whole, were hurt by “a difficult consumer lending environment,” he said. The RV industry is one of the largest private employers in Lane County.

The company expects to lose money again in the second quarter, though not as much, executives said. Losses are expected to be 15 to 20 cents per share in the April-June quarter, they said. And it’s hard to see how the market will improve much before the November election, President John Nepute said in a conference call with analysts.
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