SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
Quarterly Report Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
For Quarter Ended June 30, 2000 Commission file number: 0-17824
REXHALL INDUSTRIES, INC.
(Exact name of Registrant as specified in its charter)
California 95-4135907
(State of Incorporation) (IRS Employer Identification No.)
46147 7th Street West, Lancaster California 93534
(Address of principal executive offices) (Zip Code)
(661) 726-0565
(Registrant's telephone number, including area code)
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 _____.
Applicable only to Corporate Issuers
State the number of shares outstanding of each of the issuer's classes of
common equity, as of the latest practicable date: 3,100,850 as of 8/10/00.
<PAGE>
REXHALL INDUSTRIES, INC.
INDEX
PART 1 - FINANCIAL INFORMATION PAGE NUMBER
Item 1.
Financial Statements (Unaudited):
Condensed Balance Sheets at June 30, 2000 3
and December 31, 1999
Condensed Statements of Earnings for the
three and six months ended June 30, 2000
and June 30, 1999 4-5
Condensed Statements of Cash Flows
for the six months ended June 30, 2000
and June 30, 1999 6
Notes to Condensed Financial Statements
as of June 30, 2000 7-8
Item 2.
Management's Discussion and Analysis of
Financial Condition and Results of Operations 9-12
Item 3.
Quantitative and Qualitative Disclosure About Market Risk 12
PART II - OTHER INFORMATION
Repurchase Agreements 12-13
Subsequent Events 13
Legal Proceedings 13
Reports on Form 8-K 13
Signatures 14
<PAGE>
(Unaudited)
June 30 December 31
PART I - FINANCIAL INFORMATION 2000 1999
Item 1. - Financial Statements
REXHALL INDUSTRIES, INC. CONDENSED BALANCE SHEETS
ASSETS
CURRENT ASSETS
Cash $ 5,414,000 $ 6,330,000
Accounts Receivable 4,501,000 6,972,000
Inventories 15,962,000 16,504,000
Deferred Income Taxes 832,000 1,133,000
Other Current Assets 652,000 341,000
Total Current Assets 27,361,000 31,280,000
Property and Equipment - Net 4,652,000 4,753,000
Property Held for Sale 122,000 131,000
Other Assets 54,000 20,000
TOTAL ASSETS $32,189,000 $36,184,000
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts Payable $ 6,780,000 $10,915,000
Warranty Allowance 800,000 1,000,000
Accrued Legal 500,000 737,000
Dealer Incentives 850,000 1,050,000
Other Accrued Liabilities 385,000 497,000
Accrued Compensation and Benefits 306,000 725,000
Current Portion of Long-Term Debt 31,000 31,000
Total Current Liabilities $ 9,652,000 $14,955,000
Deferred Income Tax Liabilities 152,000 198,000
Long Term Debt, Less Current Installments 722,000 737,000
TOTAL LIABILITIES 10,526,000 15,890,000
SHAREHOLDERS' EQUITY
Preferred Stock - no par value;
Authorized 1,000,000 shares;
No shares outstanding at
June 30, 2000 and December 31, 1999 --- ---
Common Stock - no par value;
Authorized 10,000,000 shares; issued and
outstanding 3,111,000 shares June 30, 2000
and 3,161,000 at December 31, 1999 6,498,000 6,788,000
Loan receivable from exercise of options (64,000) (399,000)
Retained Earnings 15,229,000 13,905,000
TOTAL SHAREHOLDERS' EQUITY 21,663,000 20,294,000
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $32,189,000 $36,184,000
See accompanying notes to condensed financial statements.
<PAGE>
PART I - FINANCIAL INFORMATION
Item 1. - Condensed Financial Statements
REXHALL INDUSTRIES, INC.
CONDENSED STATEMENTS OF EARNINGS
(UNAUDITED)
Three Months Ended
June 30, 2000 June 30, 1999
Net Revenues $ 15,090,000 $ 20,937,000
Cost of Sales 13,058,000 17,271,000
Gross Profit 2,032,000 3,666,000
Selling, General, Administrative
Expenses and Other Expenses 1,377,000 1,572,000
Earnings Before Income Taxes 655,000 2,094,000
Income Taxes 295,000 846,000
Net Earnings $ 360,000 $ 1,248,000
Basic and Diluted Earnings
Per Share (1) $ 0.11 $ .39
Weighted Average Shares Outstanding
- Basic and Diluted (1) 3,154,000 3,160,000
(1) Retroactively adjusted to give effect to 5% stock dividend of 150,488
shares in 1999.
See accompanying notes to condensed financial statements.
<PAGE>
PART I - FINANCIAL INFORMATION
Item 1. - Financial Statements
REXHALL INDUSTRIES, INC.
CONDENSED STATEMENTS OF EARNINGS
(UNAUDITED)
Six Months Ended
June 30, 2000 June 30, 1999
Net Revenues $ 35,754,000 $ 43,170,000
Cost of Sales 30,419,000 35,365,000
Gross Profit 5,335,000 7,805,000
Selling, General, Administrative
Expenses and Other Expenses 3,025,000 3,616,000
Earnings Before Income Taxes 2,310,000 4,189,000
Income Taxes 986,000 1,682,000
Net Earnings $ 1,324,000 $ 2,507,000
Basic and Diluted Earnings
Per Share (1) $ .42 $ .79
Weighted Average Shares Outstanding
-Basic and Diluted (1) 3,154,000 3,160,000
(1) Retroactively adjusted to give effect to 5% stock dividend of 150,488
shares in 1999.
See accompanying notes to condensed financial statements.
<PAGE>
PART I - FINANCIAL INFORMATION
Item 1. - Financial Statements
REXHALL INDUSTRIES, INC.
CONDENSED STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 2000 AND 1999
(UNAUDITED)
2000 1999
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Earnings $ 1,324,000 $ 2,507,000
Adjustments to reconcile net earnings
to net cash provided by (used in)
Operating Activities:
Depreciation and Amortization 246,000 138,000
Net change in deferred tax assets and liabilities 255,000 (232,000)
(INCREASE) DECREASE IN
Accounts Receivable 2,471,000 (1,382,000)
Inventories 542,000 (4,154,000)
Other Assets (295,000) (55,000)
INCREASE (DECREASE) IN:
Accounts Payable (4,135,000) 2,802,000
Other Accrued and Current Liabilities (562,000) 381,000
Dealer Incentives (200,000) 165,000
Net cash (used in) provided
by operating activities $ (354,000) $ 170,000
CASH FLOWS FROM INVESTING ACTIVITIES:
Net cash used in investing activities
Additions to property and equipment (186,000) (395,000)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of long-term debt (15,000) (13,000)
Repayment of short-term debt (71,000) ---
Repurchase of common stock (290,000) ---
Net cash used in financing activities (376,000) (13,000)
NET DECREASE IN CASH $ (916,000) $ (238,000)
BEGINNING CASH BALANCE 6,330,000 5,017,000
ENDING CASH BALANCE $ 5,414,000 $ 4,779,000
<PAGE>
PART I - FINANCIAL INFORMATION
Item 1.
REXHALL INDUSTRIES, INC.
Notes to the Condensed Financial Statements
June 30, 2000
1. Basis of Presentation:
The accompanying unaudited condensed Financial Statements have been prepared
in accordance with generally accepted accounting principles for interim
financial information and with the instructions to Form 10-Q. Accordingly,
they do not include all of the information and footnotes required by
generally accepted accounting principles for complete financial statements.
However, in the opinion of management, they include all adjustments,
consisting of normal accruals, necessary to present fairly the information
set forth herein in accordance with generally accepted accounting principles
for interim reporting.
For further information refer to the Financial Statements and footnotes
included in the Registrant's Annual Report on Form 10-K for year ended
December 31, 1999.
The Results of Operations for any interim period are not necessarily
indicative of the results to be expected for the full year.
2. Summary of Significant Accounting Polices:
Income Taxes
Income tax expense is based upon the estimated effective tax rate for the
entire fiscal year. The effective tax rate is subject to ongoing evaluation
by management.
Earnings Per Share
Basic earnings per share represents net earnings divided by the
weighted-average number of common shares outstanding for the period. Diluted
earnings per share represents net earnings divided by the weighted-average
number of shares outstanding, inclusive of the dilutive impact of common
stock options.
During the second quarter of 2000, the Company repurchased 50,000 common
shares on the open market at an average cost of $5.80 per share. Subsequent
to June 30, 2000, the Company repurchased an additional 10,000 shares on the
open market at an average cost of $5.00 per share.
3. Detail of Inventory June 30, 2000 December 31, 1999
Raw Material $ 7,571,000 $11,341,000
Work in Process 1,499,000 2,485,000
Finished Motorhomes 6,892,000 2,678,000
TOTAL $15,962,000 $16,504,000
<PAGE>
4. New Accounting Pronouncement:
On March 31, 2000, the Financial Accounting Standards Board issued FASB
Interpretation No. 44, Accounting for Certain Transactions involving Stock
Compensations - an interpretation of APB Opinion No. 25 (FIN44). This
Interpretation provides guidance for issues that have arisen in applying APB
Opinion No. 25, Accounting for Stock Issued to Employees. FIN 44 applies
prospectively to new awards, exchanges of awards in a business combination,
modifications to outstanding awards, and changes in grantee status that occur
on or after July 1, 2000, except for the provisions related to repricings and
the definition of an employee which apply to awards issued after December 15,
1998. The provisions related to modifications to fixed stock option awards
to add a reload feature are effective for awards modified after January 12,
2000. The new Interpretation is not expected to have a material impact upon
the financial statements.
<PAGE>
PART I - FINANCIAL INFORMATION
Item 2. -Management Discussion and Analysis of Financial Condition and
Results of Operations. All statements in this discussion and analysis which
relate to future sales, costs, capital expenditures or earnings are
"Forward-Looking Statements" and should be read subject to the assumptions
contained in the "Forward-Looking Statements".
Results of Operations
Comparison of the Three Months ended June 30, 2000 and for the Three Months
ended June 30, 1999
Revenues - 2000 Compared with 1999
Net Revenues for the second quarter ended June 30, 2000 were $15,090,000
compared to $20,937,000 for the same period prior year. This represents a
27.9% decrease from the comparable quarter in 1999. Net units sold for the
second quarter 2000 were 205 compared to 309 in the second quarter 1999. The
decrease in sales during the quarter is attributable to a general downturn in
the motorhome market associated with the increase in fuel and interest costs.
In addition to the adverse economic conditions, dealer inventory build-up and
price competition, there was a $900,000 decrease in sales to the Arizona
market compared to the second quarter of 1999 due to the bankruptcy of one of
the Company's significant customers. In addition, 19 units at a cost of
$1,310,000 were repurchased under the floorplan repurchase agreements related
the Arizona dealership which declared bankruptcy in the first quarter of
2000. Based upon current market conditions as reflected in the Company's
back-log, no significant change in the current downtrend is anticipated
during the next two quarters independent of improved economic conditions
affecting the industry. This is a forward-looking statement, and should be
considered subject to the comments in the "Forward-Looking Statements".
Cost of Sales - 2000 compared with 1999
Cost of Sales for the second quarter 2000 were $13,058,000 compared to
$17,271,000 for the second quarter of 1999, reflecting a decline in sales.
Direct material costs per unit remained comparable to prior periods. Due to
reduced production schedules, previous labor efficiencies eroded and fixed
costs coverage adversely affected the cost ratio during the period.
Gross Profit decreased to 15% for the second quarter of 2000 compared to 18%
for the same period of 1999. Management has made cost cuts in this area
including production layoffs and will continue to adjust staffing levels to
the current production schedules. Gross Profit was also adversely effected
by the repurchase of units from the bankrupt Arizona dealer. Due to the
price competition within the industry, there can be no assurances of
significant improvement in Gross Profit.
Selling, General Administrative and Other Expenses-2000 compared with 1999
Selling, General Administrative and Other Expenses declined to $1,377,000
from $1,572,000 for the quarter ended June 30, 2000. When comparing selling,
general, administrative and other expenses as a percentage of sales, the
quarter ended June 30, 2000 is 9.1% versus 7.5% for the same quarter in the
prior year. This decline is primarily the result of fixed costs being
spread over a lower base of sales.
Income Taxes - 2000 compared with 1999
Income tax expense was $295,000 for the quarter ended June 30, 2000 as
compared to $846,000 in the second quarter of 1999. Income taxes are
provided based upon the estimated effective tax rate for the entire fiscal
year applied to pre-tax income for the period. The effective tax rate is
subject to ongoing evaluation by management.
<PAGE>
Results of Operations
For the Six Months ended June 30, 2000 and for the Six Months ended June 30
1999
Revenues - 2000 Compared with 1999
Net Revenues for the six months ended June 30, 2000, totaled $35,754,000
compared to $43,170,000 for the same period in 1999. This represents a 17.2%
decrease from the prior year. Net units sold for the six months ended June
30, 2000 were 494 compared to 636 for the same period in the prior year. The
142 decrease in units sold for the six months ended June 30, 2000 is a 22%
decrease in shipments compared to the same period in 1999. The decrease in
revenues is primarily attributable to the bankruptcy of one of the Company's
significant customers located in Arizona and poor economic conditions
effecting the industry. Of the $13,400,000 in sales to the Arizona dealer
during 1999, $9,729,000 came in the first and second quarters of 1999.
During the first six months of 2000, sales to the Arizona dealer were
$1,750,000, representing a decrease of $7,979,000 from the first half of
1999. During the quarter 19 Arizona units at a cost of $1,310,000 were
repurchased and returned to inventory. In addition to the adverse affect of
the Arizona dealers bankruptcy, general economic conditions impacting the
Company's segment of the Class A motorhome market added to the decline in
sales during the second quarter. No immediate improvement is anticipated.
This is a forward-looking statement, and should be considered subject to the
comments in the "Forward-Looking Statements".
Costs of Sales - 2000 compared with 1999
Cost of Sales as a percentage of sales for the six months ended June 30, 2000
were $30,419,000 compared to $35,365,000 for the same period in 1999,
primarily due to the decline in sales. There have been no significant
changes in unit costs for material or labor.
Gross Profit declined to 15% for the six months ended June 30, 2000 as
compared to 18.1% for the same period in the prior year. The erosion in
margin is due to the decline in sales and production at a time when net
revenues were impacted by the repurchase of nineteen Arizona dealer units.
Even with cost cutting that has been implemented, there are no assurances
that the loss in margin can be regained in the near term given the current
intense competition within the industry.
Selling, General Administrative and Other Expenses - 2000 compared to 1999
Selling, General Administrative and Other Expenses decreased by $591,000 for
the six months ended June 30, 2000 when compared to the same period in 1999.
The percentage of sales for the six months ended June 30, 2000 was 8.5%
compared to 8.4% for the same period in the prior year. Administrative
bonuses and dealer incentives, along with a decrease in warranty expense were
the major portions of the dollar decrease for the six months ended June 30,
2000. As a percentage of sales, expenses have not decreased in relation to
revenues.
Income Taxes - 2000 compared with 1999
Income tax expense was $986,000 for the six months ended June 30, 2000 as
compared to $1,682,000 in the comparable period of 1999. Income taxes are
provided based upon the estimated effective tax rate for the entire fiscal
year applied to the pre-tax income for the period. The effective tax rate
is subject to ongoing evaluation by management.
<PAGE>
Financial Condition, Capital Resources and Liquidity
The Company has relied primarily on internally generated funds, trade credit
and debt to finance its operations and expansions. As of June 30, 2000, the
Company had working capital of $17,709,000 compared to $16,325,000 at
December 31, 1999. The $1,384,000 increase in working capital is primarily
due to a $4,135,000 decrease in accounts payable partially offset by a
$542,000 decrease in inventories and a $2,471,000 decrease in accounts
receivable.
As of June 30, 2000 the Company has a $3,500,000 line of credit with a bank
which can be used for working capital purposes. The line expires on July 1,
2001. Under this line of credit, $343,000 has been set aside as an
irrevocable standby letter of credit for the Company to meet the requirements
for self-insurance established by the Department of Industrial Relations
which regulates worker's compensation insurance in California. At June 30,
2000, no amounts were outstanding under the line of credit agreement. The
line of credit contains various covenants. The Company was in compliance with
such covenants as of June 30, 2000.
The Company has a line of credit with a chassis vendor, Ford Motor Credit
Company ("FMCC"), with a $4,000,000 limit. Borrowings under the line bear
interest at an annual rate of prime plus 1% (10.75% at June 30, 2000). All
borrowings are secured by the Company's assets. The outstanding balance
included in accounts payable at June 30, 2000 was $4,180,000. The
over-advance is temporary. The Company has adequate resources to pay down
this amount to the borrowing limit.
Capital expenditures during the first six months of 2000 were $186,000.
Management anticipates capital expenditures for the remainder of the 2000 to
be $2,000,000 for purchase and completion of the Arizona property and
refurbishment of certain production facilities and production equipment.
Cash flows from financing activities for the first six months ended June 30,
2000 consists principally of stock repurchases of $290,000. The Company
will buy back stock in the open market from time to time when the market
price is deemed to be appropriate by management. Future repurchases of
common stock for the remainder of 2000 is not expected to be significant.
The Company anticipates that it will be able to satisfy its ongoing cash
requirements through 2000, including payments related to the legal settlement
and expansion plans at the California and Arizona facility, primarily with
cash flows from operations, supplemented, if necessary, by borrowings under
its revolving credit agreement.
New Accounting Pronouncement:
On March 31, 2000, the Financial Accounting Standards Board issued FASB
Interpretation No. 44, Accounting for Certain Transactions involving Stock
Compensations - an interpretation of APB Opinion No. 25 (FIN44). This
Interpretation provides guidance for issues that have arisen in applying APB
Opinion No. 25, Accounting for Stock Issued to Employees. FIN 44 applies
prospectively to new awards, exchanges of awards in a business combination,
modifications to outstanding awards, and changes in grantee status that occur
on or after July 1, 2000, except for the provisions related to re-pricing and
the definition of an employee which apply to awards issued after December 15,
1998. The provisions related to modifications to fixed stock option awards
to add a reload feature are effective for awards modified after January 12,
2000. The new Interpretation is not expected to have a material impact upon
the financial statements.
Seasonality
The Company's business is subject to seasonal and quarterly fluctuations.
Historically, the Company has realized a higher portion of its sales in the
second quarter and third quarter, consistent with the summer vacation season.
This is consistent with industry trends, although in this quarter other
factors have acted to counter the normal seasonal trend towards increased
sales.
<PAGE>
Forward-Looking Statements
Our reports contain forward-looking statements, usually expressed as our
expectations or our intentions. These are based on assumptions and on facts
known to us today, and we do not intend to update statements in this report.
Rexhall's business is both seasonal and cyclical, and the timing of the
business cycle cannot be predicted. Its business is also subject to
increases in material costs, and pricing and other pressures from
substantially larger competitors, labor disruptions and adverse weather.
Rexhall depends on independent dealers for its sales and the loss of
significant dealers may have an adverse impact on sales and profits. The
recreational vehicle industry has in the past enjoyed favorable recreational
vehicle industry sales when we have low interest rates, low unemployment, and
ready availability of motor fuel. More recently, the sharp increase in fuel
prices has resulted in an unprecedented and corresponding decline in sales.
A subsequent decline in fuel prices may not reverse the downward trend during
this fiscal year.
Item 3. Quantitative and Qualitative Disclosure About Market Risk
In the ordinary course of its business, the Company is exposed to certain
market risks, including changes in interest rates. After an assessment of
these risks to the Company's operations, except for the impact of the Arizona
dealer's bankruptcy, the Company believes that its primary market risk
exposures (within the meaning of Regulation S-K Item 305) are not material
and are not expected to have any material adverse effect on the Company's
financial condition, results of operations or cash flows for the next fiscal
year. The Company's line of credit permits a combination of fixed and
variable rates at the Company's option, which Management believes reduces the
risk of interest rate fluctuation. This disclosure should be read together
with the comments in the "Forward-Looking Statements".
Part II - Other Information
Repurchase Agreements - Motorhomes purchased under financing agreements by
dealers are subject to repurchase by the Company, in some cases, at dealer
cost plus unpaid interest in the event of default by the dealer. To date
repurchases have not resulted in significant losses, although no assurance
can be given that the recent repurchases from the Arizona dealer will be
resold without sustaining such losses. During 1999, 1998 and 1997 and the
six months ended June 30, 2000, the Company repurchased approximately
$1,973,000, $832,000, $3,145,000 and $2,700,000 respectively, of motorhomes
under these agreements. At June 30, 2000 and December 31, 1999,
approximately $27,000,000 and $34,233,000, respectively, of dealer inventory
is covered by repurchase agreements. Dealers do not have the contractual
right to return motorhomes under any Rexhall Dealer Agreement. There are
states which require the repurchasing of motorhomes pursuant to their
individual state laws.
In March 2000, the Company was notified that one of its significant customers
had filed for reorganization bankruptcy. The motorhomes guaranteed under the
repurchase agreements with the dealer's flooring agents are estimated at
$3,000,000 for approximately 52 units in the dealers inventory at June 30,
2000. Management believes that the impact to the Company's financial
position and prospective operations should not be adversely affected in the
long term and should become beneficial if the Company can establish more
dealers in the Arizona market. Now that the state of Arizona is not
exclusive territory and limited to this one dealership, the Company believes
it has the opportunity to expand its dealer network throughout Arizona. The
short-term impact has resulted in a decrease in the Company's sales in the
first half of 2000. This dealer represented approximately 16% of sales in
1999 and the Company was expecting at least that for the first half of 2000.
The Company continues to carry excess inventory at their plant because of
the dealer's untimely filing of bankruptcy in the first quarter.
<PAGE>
The Company has made significant progress toward establishing a new dealer
base in Arizona by the end of August 2000. Management is currently working
with the dealer and related flooring agents to assist him in selling units
to retail customers. Through the date of this report, 19 units have been
repurchased or accrued for repurchase by Rexhall and another 12 sold. In
addition to the 11 units required to be repurchased in August and which have
been accrued for at $733,000 at June 30, 2000, the Company is negotiating for
the repurchase of an additional 30 units from one of the flooring sources at
favorable terms. Upon completion of the August 2000 transaction,
approximately 22 units will remain in the Arizona dealers inventory. No
additional units have been identified to be repurchased from this significant
customer under the financial institutions' repurchase agreements. If
required to repurchase these units, management believes it will be able to
satisfy its ongoing cash requirements through cash on hand and existing
credit facilities. This paragraph and section should be read together with
the comments in the "Forward-Looking Statements".
Subsequent Event- On July 17, 2000, the Company purchased property and a
partially constructed commercial building and all related "improvements" in
Arizona. The purchase price for the property, not to exceed $800,000, of
which $742,500 was paid at closing in addition to a $50,000 escrow deposit
made in the second quarter. The Company will also fund the completion of the
commercial building and related improvements , not to exceed $450,000 and
shall be paid in a series of progress payments to be determined by mutual
written agreement of Buyer and Seller.
The property is located in Mesa, Arizona and is the future site for motorhome
sales and service for the remaining inventory of the bankrupt Arizona
dealership and future shipments as to be determined.
Item 1- Legal Proceedings
Litigation - The Company was sued by Bruce Elworthy and Anne B. Marshall
(Elworthy and Marshall) in June 1995 in the Superior Court of the County of
Los Angeles. The complaint alleged that a leveling system on a motorhome
purchased from Rexhall was defective and caused damages to Elworthy and
Marshall of $1,000,000 for medical expenses, loss of earnings, and pain and
suffering. Rexhall prevailed in its defense with zero dollars being awarded
to the Plaintiffs. The verdict is currently under appeal by the Plaintiffs.
Although the Company believes the final disposition of this matter will not
have a material adverse effect on the Company's financial position or result
of operations, if Elworthy and Marshall were to prevail on its liability
claims, a judgment on appeal in a material amount could be awarded against
the Company.
The Company is a party to various claims, complaints and other legal actions
that have arisen in the ordinary course of business. The Company believes
that the outcome of such pending legal proceedings, in the aggregate will not
have a material adverse effect on the Company's financial condition or
results of operations.
Item 2. - Reports on Form 8-K
a) Reports on Form 8-K: Filed May 1, 2000; Repurchase of Stock.
<PAGE>
REXHALL INDUSTRIES, INC.
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.
REXHALL INDUSTRIES, INC. by
(Registrant)
Date: /s/William J. Rex
William J. Rex
Chairman, President and
Chief Executive Officer
Date: /s/Richard K. Krueger
Richard K. Krueger
Controller
