10000014697

EXHIBIT 1
Draft for Discussion Purposes Only
NATIONAL RV HOLDINGS, INC. X. BALANCE SHEET - DECEMBER 2007

(ACCRUAL BASIS ONLY)
ASSETS: 1 Current Assets: 2 Unrestricted Cash 3 Petty Cash 4 Accounts Receivable 5 Inventory 6 Intercompany Receivable/(Payable) - Pre-petition 7 Intercompany Receivable/(Payable) - Post-Petition 8 Prepaid Expenses 9 Other (Itemize) 10 Total Current Assets
11 12 13
Reported on Previous MOR

2,516,101 93,998 44,700,902 1,416,692 48,727,693 3,344,856 2,740,634 604,222
DETAIL NOTES
A B C D Note 1 Notes 1 - 5 E F
Pre-Petition AJE #1
Professional Fees AJE #2
Royalty AJE #3
Mgmt Fee AJE #4
Tax AJE #5
Revised MOR
2,516,101 93,998
400,971 (400,971)
506,770
680,402
2,189,000
45,101,873 2,975,201 1,416,692 52,103,865 3,344,856 2,740,634 604,222
Property, Plant, and Equipment Accumulated Depreciation/Depletion Net Property, Plant, and Equipment
14 15 16 17
Due from Insiders Other (Itemize) Total Other Assets Total Assets LIABILITIES:
6,210,836 6,210,836 55,542,751
6,210,836 6,210,836 506,770 680,402 2,189,000 58,918,923
18 19 20 21 22 23 24
Accounts Payable Taxes Payable Notes Payable Professional fees Secured Debt
41,155 25,406
I J
610,730
651,885 25,406 52,347 729,638
Payroll
Total Post-Petition Liabilities
52,347 118,908
25 26 27 28 29
Secured Liabilities Priority Liabilities Unsecured Liabilities Other (Itemize) Total Pre-Petition Liabilities Total Liabilities
7,665,946 6,200 10,944,382 18,616,528 18,735,436
L Note below
7,665,946 6,200 10,944,382 18,616,528 19,346,166
30
31 32 33 34 35
Pre-Petition Owners Equity Post-Petition Profit/(Loss) Direct Charges to Equity
38,148,731 (1,341,417) 36,807,314
M N
(103,960)
680,402
2,189,000
38,148,731 1,424,026 39,572,757 58,918,923
Total Liabilities & Equity Note: NRVH and NRV are co-obligors on the secured loan to Wells Fargo Business Credit
55,542,751
506,770
680,402
2,189,000
EXHIBIT 1
NATIONAL RV HOLDINGS, INC.

ROLLFORWARD OF CASH AND INTERCOMPANY ACCOUNT - DECEMBER 2007 DOLLARS IN THOUSANDS CASH INTERCOMPANY REC (PAY) $ (808.3) 596.3 (212.0) (2,189.0) 2,000.0
1 2 3 4 5 6 7
Beginning balance First day sweep of cash in lock box Timing difference on recording of cash between bank accounts at 11-30-07 Transfers to / from NRV sub-total before accruals Intercompany entries: Tax entry Release of $2mm LOC to St of CA - offset to W/C on NRV books
161.0 808.3 807.0 (596.3) 1,180.0
AJE's 8 Professional Fees 9 Royalty 10 Management Fee 11 Tax entry Operations: 12 Sale of ROG's 13 Kemlite professionals 14 Payroll and other expenses, net of outstanding checks
506.8 680.4 2,189.0 1,585.0 (177.9) (71.0)
15 Ending balance
2,516.1
2,975.2
NATIONAL RV HOLDINGS, INC. IX. PROFIT AND LOSS STATEMENT - DECEMBER 2007
EXHIBIT 1
Revised
Current Month
1 2 3
Cumulative Post-Petition 103,867 63,725 9,175 19,649 (14) 10,975 729 230,504 438,610 (438,610) 28,717 1,485,000 680,402 2,194,119 24,464 177,911 610,730 (506,770) 2,214,149 (2,189,000) 331,484 1,424,026
Notes / Comments
Sales/Revenue: Gross Sales/Revenue Less: Returns/Discounts Net Sales/Revenue Cost of Goods Sold: Beginning Inventory at cost Purchases Less: Ending Inventory at cost Cost of Goods Sold (COGS) Gross Profit Other Operating Income (Itemize) Operating Expenses: Payroll - Insiders LHI Management Fee Payroll - Other Employees Payroll - HR and Engineering Payroll Taxes Other Related Payroll Depreciation and Amortization Rent Expense - Real Property Lease Expense - Personal Property Insurance Real Property Taxes Telephone and Utilities Repairs and Maintenance Travel and Entertainment (Itemize) Miscellaneous Operating Expenses (Itemize) Total Operating Expenses Net Gain/(Loss) from Operations Non-Operating Income: Interest Income Net Gain on Sale of Assets (Itemize) Other - Royaty and Management fee (Itemize) Total Non-Operating income Non-Operating Expenses: Interest Expense Interest Expense - Capital Leases Legal and Professional costs - Ongoing Kemlite Case (itemize) BK related Legal and Professional costs (itemize) Allocable portion of BK related Legal and Professional costs to NRV Other - Fed & State Tax Provision Back out Fed & State Tax Provision - NRV Inc. Total Non-Operating Expenses NET INCOME/(LOSS) (Attach exhibit listing all itemizations required above) RECONCILIATION FROM ORIGINAL MOR TO REVISED:
4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30
103,867 63,725 9,175 19,649 (14) 10,975 729 230,504 438,610 (438,610) 28,717 1,485,000 680,402 2,194,119 24,464 177,911 610,730 (506,770) 2,214,149 (2,189,000) 331,484 1,424,026
Note8 Note8 Note10 Note11 Note21 Note12 Note13 Note14 Note15 Note16
Note17 Note18 Note4
31 32 33 34 35 36 37 38 39
Note20 Note19 Notes2&7 Notes2&7 Note5
RECONCILIATION TO PREVIOUS MOR (1,341,417) (610,730) 506,770 680,402 2,189,000 1,424,026 (1,341,417) (610,730) 506,770 680,402 2,189,000 1,424,026 Notes2&7 Notes2&7 Note3 Note4 Note5
40 41 42 43 44 45 46
NET INCOME/(LOSS) PER FILED MOR AJE - #2 - Total BK related professional and attorney fees AJE - #2 -- Less - allocable portion to NRV, Inc. AJE - #3 - Royalty fee income AJE - #4 - Management fee income AJE - #5 - Tax provision NET INCOME/(LOSS) PER REVISED
EXHIBIT 1
NATIONAL RV HOLDINGS, INC. IX. PROFIT AND LOSS STATEMENT SCHEDULES - DECEMBER 2007
Attachment 1 - Itemized Detail Listings Current Month
47 48 49
Revised
Cumulative Post-Petition 901 (173) 729 901 (173) 729
Travel & Entertainment Auto mileage Meals (incl per diem)
50 51 52 53 54 55 56 57 58 59 60
Misc Operating Expenses Freight in Dues & subscriptions General supplies Office supplies Outside services Postage Taxes - state tags & seals Bank charges Loan costs Subtotal Net Gain on Sale of Assets (Itemize) Gain(loss) on sale of Assets ERC Credits
118 2,550 50 765 57,900 107 125 158,011 10,878 230,504
118 2,550 50 765 57,900 107 125 158,011 10,878 230,504
Platinum Sec
Notes 20&22 Notes 20&22
61 62
1,485,000 1,485,000
1,485,000 1,485,000
Note18
63 64 65
Other Non-Operating Income: Royalty Income (Note 3 of Balance Sheet) Management Fees (Note 4 on Balance Sheet)
568,125 568,125
568,125 568,125
Note4
66 67 68 69 70
Legal & Professional: Prof. fees - attorneys LEGAL MEDIA, INC. Prof. fees - attorneys FREEMAN & MILLS Prof. fees - attorneys EXPONENT Prof. fees - attorneys ONSITE SOURCING, INC.
25,000 60,000 85,000 7,911 177,911
25,000 60,000 85,000 7,911 177,911 280,146 13,385 4,292 141,621 42,606 89,121 39,559 610,730 (506,770) 103,960
Kemlite related Kemlite related Kemlite related Kemlite related
71 72 73 74 75 76 77 78 79 80 81 82 83 84
BK related Legal & Professional (included retainer applied): Klee Tuchin Heller Ehrmann Venable (WARN) Voelske (Patent) Kilbel Green OMNI Claims Administrator Greenburg (WFBC) Creditors' - Pachulski Creditors' - X Roads Kaye Scholer (Holdings) Creditor Comm Expenses sub-total Less allocable portion - charge to NRV BK related Legal & Professional - NRVH Other Non-Operating Expenses Provision for fed taxes Provision for state taxes
280,146 13,385 4,292 141,621 42,606 89,121 39,559 610,730 (506,770) 103,960
Note7 Note7 Note7
85 86 87
1,871,000 343,149 2,214,149
1,871,000 343,149 2,214,149 Note5
NATIONAL RV HOLDINGS, INC. DETAIL AND NOTES TO X. FINANCIAL STATEMENTS - DECEMBER 2007
Draft for Discussion Purposes Only (ACCRUAL BASIS ONLY)
EXHIBIT 1
A 1 2 3 4 5 6 7 8 9 10 11
B C C.1 C.2 D E
12 13 14 15 16 17 18 19 20 21 22 23 24 25 26
27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 H H.1 F G
BALANCE SHEET DETAIL Unrestricted Cash: Post-Petition .8397 ROG Account Post-Petition .3430 General Account (O/S checks) Post-Petition .3422 Funding Account Pre-petition .6799 Funding Account Pre-petition .5617 MM Account Total Unrestricted Cash: Petty Cash Accounts Receivable Pre-Petition - Split S/T Receivable due on Life Insurance Mertes Post - Petition - Interest Receivable on ROG Cash Total Accounts Receivable Inventory Prepaid Expenses (refer to Schedules of Assets and Liabilities - Sched B3): Prepaid Insurances: Smith & Crakes General Liability Smith & Crakes Business Auto Smith & Crakes Garagekeepers Lumbermen's Property Ins Smith & Crakes Umbrella, $3mil Excess Smith & Crakes Umbrella $15mil excess Smith & Crakes Excess Work/Comp Smith & Crakes Finance Charges Marsh Commercial Crime Marsh Fiduciary Marsh - Dir & Officer Insurance Amortization on Pre-paid Insurances (Post Petition) Prepaid Other: Unsecured Prop. Tax, parcel 303080006-8 Mapics - Syteline maintenance Amortization Tax and Software maintenance (Post Petition) Prepaid Deposits (Other): Retainers to be used to offset on-going Kemlite litigation, audits, and postpetition BK related professional and attorney fees Retainer-Kibel Green Retainer-O'Melveny & Myers Deposit-The Spartan Group Deposit- R & D Strategic Deposit-Greenburg & Taurig Deposit-Freeman & Mills Deposit-Heller Ehrman Deposit-Omni Management Deposit-Legal Media, Inc. Deposit-Copy Page Retainer-Klee, Tuchin, Bogdanoff & Stern Swenson Advisors Annual Report-Curran & Conners TOTAL Prepaid Expenses: Other Fixed Assets: Autos and trucks Information Services equip Office furn & equip Office Furn & Equip under capital lease Machinery and equipment Const. in progress - bldg impr Accumulated Depreciation Net Book Value: Other Assets (Itemize): Wells Fargo acct .450 (LT restricted) Add - one month interest earned Less 2M release of L/C to State of California (Worker's Compensation): Intangibles - Life Insurance CSV - policyholders Mertes and Moses.
COMMENTS 1,585,387 (91,652) 959,811 88 62,467 Approved sale of energy credits 12/28/2007 (see exhibit 1) $ 1,493,735 This includes the $808k, which was Inc's. lockbox at the petition date, but swept up to Holdings thru the Interco Acct 1,022,366 2,516,101
93,750 248 $
Note6 93,998 93,998 -
Current portion of Life Insurance - subsequently received in Mar 2008
83,393 4,307 7,946 25,058 31,806 25,415 33,743 949 9,043 8,314 89,920 (21,817) 29,975 47,986 (10,523)
298,077
67,439
170,000 50,000 10,000 50,000 50,000 65,000 25,000 20,000 75,000 40,000 320,000 150,000
$ $
1,025,000 26,176 1,416,692 -
Note7
Debtor advisor Kemlite case Spartan Group not retained post petition - Estate entitled to refund Kemlite case WFB counsel Financial experts in Kemlite case Corporate counsel Claims agent Kemlite case Kemlite case Debtor counsel Swenson Advisors were not retained post-petition - Estate entitled to refund.
22,466 2,657,251 265,495 269,850 110,643 19,150
$ $
3,344,856 (2,740,634) 604,222
Construction In Process (CIP) not yet cross charged to NRV Inc. These assets were held for sale at 12/1/07 .
7,703,704 27,844 2,000,000 $
5,731,548 479,288 6,210,836 Note6
State of CA drew on L/C post petition LT portion of Life Insurance cash surrender value - book value at Sept 2007 5
H.2
EXHIBIT 1
56 57 58 59
I J K L
Post-petition A/P (schedule IV) Add - Total BK related costs Post-petition P/R Taxes (schedule III) Post-petition Payroll Pre-Petition Liabilities (net of post-petition adjustments) Secured Claims (Schedule of Assets and Liabilities - Schedule D): Secured Liabilities - Wells Fargo Bank, NA -- L/C's Less: L/C released - Self Insurer (Worker's Compensation) Secured Liabilities - Wells Fargo Bank, NA -- WFBC Add: Timing - lockbox item swept back Add: Timing - Loan Costs / Interest Expense Secured Liabilities - Wells Fargo Bank, NA -- Secured Debt: Secured Liabilities - Xerox - Capital Lease - Coper/Scanner/Fax Less: lease payment (post-petition) Total Secured Claims - Post-petition: Priority Unsecured Claims (Sched of Assets & Liabilities - Schedule E): CA State Disbursement Unit Commissioner of Revenue Florida Dept. of State Florida Dept. of Revenue Internal Revenue Service Treasurer of Virginia WA. State Support Registry Total Priority Claims - Post-petition: General, Unsecured Liabilities: Deferred Gain on sale-leaseback - current and long-term portion Accrued Deferred Compensation - current and long-term portion Trade AP Accrued Expenses State Tax Payable P/R Withholding Taxes TOTAL Pre-Petition Liabilities as of period ended 12/31/2007: Pre-Petition Owners Equity Less off-balance sheet item - L/C net of timing issue from loan costs Pre-Petition Owners Equity Post-Petition Profit/(Loss) - period ended 12/31/2007 Pre-adjusted as of period ended 12/31/2007: Add - BK related professional and attorney costs Less - Management fee income Back out Tax provision Post-Petition Profit/(Loss) - net of adjustments
41,155 610,730 651,885 25,406 52,347
60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 100
7,155,000 2,000,000 1,391,963 848,001 145,189 130,477 4,684
5,155,000
Note8
$5mm to 1st Industrial (landlord); $155k - misc. for credit card accounts and surety bonds on traveler's insurance.
2,385,153 7,540,153 125,793 7,665,946
Notes 20&22
Both NRVH and NRV are obligors on the loan; according to practice, the debt has been carried on NRVH.
100 200 5,500 200 100 100 6,200 10,327,240 271,164 203,552 97,092 41,905 3,430 $ Deferred gain on sale of real estate Deferred comp - see life insurance polices
10,944,383 18,616,528 43,281,862 (5,133,131) 38,148,731 (1,341,417) (103,960) 568,125 2,189,000 1,311,749
$43.3M pre-petition owner's equity (OE) comprised of Total OE $93.3M offset by Original Investment in NRV of $47M. Offset to off balance sheet item - L/C. correct offset for l/c liability
Total BK related costs $611K, less $507k allocated (cross-charged) to NRV, Inc. - net $104k NRVH portion. See notes 3 - 4. See note 5.
EXHIBIT 1
NOTES TO ADJUSTMENTS AND EXPLANATION:

Note1: (AJE#1) Reclassification: Add back cumulative net change post-petition to arrive at pre-petition balance at 11/30/2007.
Note2: (ATE#2) Accumulated attorney and professional fees related to bankruptcy - allocable portion due that was paid by National RV Holdings., Inc., on behalf of National RV, Inc. - 82.98% of total. Note3: (AJE#3) Royalty calculation - $500.00 per unit produced - No units produced during period of December. Note4: (AJE#4) All costs to date recorded on Holdings' records less: R&D / Engineering federal and state income taxes. Net costs - basis for management fee: Management fee charged to NRV, Inc. = net costs multiplied by 108% $ 10,984 2,214,149 $ 2,855,134 Total Oper. Exp; Interest exp; Kemlite legal (only); tax accrual expense
2,225,132 630,002 680,402
Note5: (AJE#5) Federal and State tax provision not considered to apply according to tax authority. Liability to be assessed at a later time. Note6: There are for Cash Surrender Values on Life Insurance - Two reported on Holdings and two reported on Inc. The policies under NRVH are comprised of: MERTES Policy -- New England Financial life insurance policy 1Z003445: S/T portion (split pay 93,750 / year to NRVH) L/T portion MOSES Policy -- ING Security Life - policy 610000938: TOTAL - S/T portion + combined L/T portion on CSV - SERP
93,750 250,191
$ $
343,941 229,097 573,038
RECAP 93,750 479,288 573,038
ST LT
Note7: Retainers to be used to offset on-going Kemlite litigation, audits, and post-petition BK related professional and attorney fees. The allocation of these professional fees is a non-binding, interim allocation (based on input from the professionals) and remains subject to change. Allocable portion of all BK related professional and attorney fees by firm: Law Firm or Advisory Group: Klee Tuchin Heller Ehrmann Venable (WARN) Voelske (Patent) Kibel Green OMNI Claims Administrator Greenburg (WFBC) Creditors' - Pachulski Creditors' - X Roads Kaye Scholer (Holdings) Creditor Comm Expenses
NRV Inc. 95% 5% 70% 0% 95% 50% 50% 100% 100% 0% 100%
NRVH Inc. 5% 95% 30% 100% 5% 50% 50% 0% 0% 100% 0%
In addition, there are three post-petition items for ongoing Kemlite litigation that had been disbursed - recorded directly to expense instead of a deposit. Total retainers are comprised of: Pre-petition Deposits reported on Balance sheet (Item E): $ 1,025,000 Add post-petition retainers expensed (refer to IX P&L): Prof. fees - attorneys LEGAL MEDIA, INC. 25,000 Prof. fees - attorneys FREEMAN & MILLS 60,000 Prof. fees - attorneys EXPONENT 85,000 170,000 Pre-adjusted deposits - pre and post petitions $ 1,195,000 Less - retainers applied through December 2007 411,696 Adjusted deposits: 783,304
EXHIBIT 1
Note8 All employees on stay pool - excluding insider pay. Note9 Not Used Note10 Applicable P/R tax for all employees on stay-pool. Note11 This includes Worker's Comp labor paid and 401k related expense. Note12 Prepaid insurances include non-cash (amortized) expenses and cash related refunds on prior year relateed premiums. Note13 Cash related telephone, Electric, Gas and Water expenses for both Perris, CA and Lakeland, FL facilities
Note14 This includes both cash and non-cash related expenses as follows: Building maintenance paid to First Industrial ; non-cash (amortized) software maintenance and support to run Enterprise Resource Planning system (Syteline); and other related expenses. Note15 Travel and Expense (T&E) related costs as needed during and after build-out.
Note16 Miscellaneous Operating Expenses consists primarily of cash and non-cash related expenses such as Bank charges -which are primarily all bank accounts on NRVH's books swept from subsidiaries - most of which are carrying cost on the Line of Credit (LOC) with Wells Fargo; non-cash earned labor and overhead (see comment contained in Cost of Goods Sold - Costing method); Security Services with Platinum Protection for the property plant and equipment on-site; non-professional services for ongoing operations during and after buildout as well as ongoing management of the estate; and other such expenses as needed for ongoing buildout, liquidation, and management of the debtor's estate. Note17 Earned income on all cash accounts to accounts on NRV, Inc. and NRVH, Inc. Historically, interest has not been allocated. All cash is swept to NRVH through the intercompany account. Note18 Sale of real, personal and intangibles from a) Sale of Emission credits; b) Auction through BidItUp (BIU), c) dispositioning of Capitalized Leases to Xerox. Note19 All ongoing Kemlite as well as BK related legal and professional costs for management of debtor's estate. Note20 Interest Expense on LOC from Wells Fargo. Both NRVH and NRV are obligors on this loan. Historically the loan and related bank charges are recorded at NRVH. Note21 Cash related rent paid to First Industrial. First post-petition payment made in Jan. 2008 per agreement reached with 1st Industrial. Note 22 - Includes $150,000 fee charged by Wells Fargo for early termination.
EXHIBIT 2
NATIONAL RV HOLDINGS, INC. X. BALANCE SHEET - JANUARY 2008

ASSETS
1 2 3 4 5 6 7 8 9 10

1,654,339 0 93,750 0 44,013,510 1,010,992 0 Total Current Assets 46,772,591 3,344,856 2,740,634 604,222
DETAIL NOTES
Pre-Petition AJE #1
Royalty AJE #3
Mgmt Fee AJE #4
Tax AJE #5
Revised MOR
1,654,339 93,750
Current Assets: Unrestricted Cash Petty Cash Accounts Receivable Inventory Intercompany Receivable/(Payable) Intercompany Receivable/(Payable) - Post-Petition Prepaid Expenses Other (Itemize)
1,088,363 (1,088,363) 937,227 11,000 1,295,017 3,229,000
45,101,873 4,383,881 1,010,992 52,244,835 3,344,856 2,740,634
11 12 13
Property, Plant, and Equipment Accumulated Depreciation/Depletion

Net Property, Plant, and Equipment
604,222
Other Assets (Net of Amortization):

14 15 16 17
Due from Insiders Other (Itemize) Total Other Assets TOTAL ASSETS LIABILITIES Post-Petition Liabilities:
0 6,231,651 6,231,651 53,608,464 937,227 11,000 1,295,017 3,229,000 H
6,231,651 6,231,651 59,080,708
420,249 17,098 I J 295,107 715,356 17,098 92,620 Total Post-Petition Liabilities 529,966 L 7,710,463 6,200 11,025,634 Total Pre-Petition Liabilities 18,742,297 0.00 Note below 0.00 7,710,463 6,200 11,025,634 18,742,297 K 92,620 825,073
18 19 20 21 22 23 24
Accounts Payable Taxes Payable Notes Payable Professional fees Secured Debt Payroll
Pre-Petition Liabilities:
25 26 27 28 29
Secured Liabilities Priority Liabilities Unsecured Liabilities Other (Itemize)
30
TOTAL LIABILITIES EQUITY:
19,272,263
19,567,370
31 32 33 34 35
Pre-Petition Owners Equity Post-Petition Profit/(Loss) Direct Charges to Equity TOTAL EQUITY TOTAL LIABILITIES & EQUITY
38,148,731 (3,812,530) 0 34,336,201 53,608,464
M N 642,120 11,000 1,295,017 3,229,000
38,148,731 1,364,608 39,513,338 937,227 11,000 1,295,017 3,229,000 59,080,708
Note: NRVH and NRV are co-obligors on the secured loan to Wells Fargo Business Credit
EXHIBIT 2

ROLLFORWARD OF CASH AND INTERCOMPANY ACCOUNT - JANUARY 2008 DOLLARS IN THOUSANDS CASH INTERCOMPANY REC (PAY) $ 2,975.2 240.3 3,215.5
1 2 3
Beginning balance Transfers to / from NRV sub-total cash Intercompany entries: Tax entry - Jan Intercompany accruals: Professional Fees Royalty Management Fee Tax entry
2,516.1 (240.3) 2,275.8
(1,040.0)
5 6 7 8
430.5 11.0 726.9 1,040.0
Operations: 9 Interest Income 10 Kemlite professionals - Omelveny 11 Payroll and other expenses, net of outstanding checks 12 Ending balance
52.4 (200.0) (473.9) 1,654.3 4,383.8
Note: In anticipation of paying off WFBC revolver, and with the influx of cash from the sale of motorhomes, it was no longer necessary to automatically sweep cash from NRV to NRVH. WFBC was paid off on 2-1-08.
EXHIBIT 2
NATIONAL RV HOLDINGS, INC. IX. PROFIT AND LOSS STATEMENT - JANUARY 2008
Draft for Discussion Purposes Only Sales/Revenue:

1 2 3
Revised
Current Month 0 Net Sales/Revenue Cost of Goods Sold:
4 5 6 7 8 9
Cumulative Post-Petition 0 0 0 0
Notes / Comments
Gross Sales/Revenue Less: Returns/Discounts
Beginning Inventory at cost Purchases Less: Ending Inventory at cost Cost of Goods Sold (COGS) Gross Profit Other Operating Income (Itemize) Operating Expenses: 0 0 0
0 0 0 0 0 0
10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27
Payroll - Insiders LHI Management Fee Payroll - Other Employees Payroll - reclass to one line item Labor Services provided by Select Payroll Taxes Other Related Payroll Depreciation and Amortization Rent Expense - Real Property Lease Expense - Personal Property Insurance Real Property Taxes Telephone and Utilities Repairs and Maintenance Travel and Entertainment (Itemize) Miscellaneous Operating Expenses (Itemize) Total Operating Expenses Net Gain/(Loss) from Operations Non-Operating Income:
61,991 0 253,989 (63,725) 460 32,176 1,756 0 1,665 0 (4,742) 0 1,003 10,766 6,999 225,074 527,412 (527,412)
61,991 0 357,856 0 460 41,351 1,756 0 1,665 0 14,907 0 989 21,741 7,728 455,578 966,022 (966,022) Note13 Note14 Note15 Note12 Note21 Note8 Note8 Note10 Note11
28 29 30 31
Interest Income Net Gain on Sale of Assets (Itemize) Other - Royaty and Management fee (Itemize) Total Non-Operating income Non-Operating Expenses:
23,758 0 737,891 761,650
52,476 1,485,000 1,306,017 2,843,493
Note17 Note18 Note4
32 33 34 35 36 37 38 38 39
Interest Expense Interest Expense - Capital Leases Legal and Professional (Combine ongoing Kemlite & BK related costs) BK related legal and professional (KTBS/KGI/OMNI adjusted for timing) Allocable portion of BK related Legal and Professional costs to NRV Other - Fed & State Tax provision Back out Fed & State Tax provision Total Non-Operating Expenses NET INCOME/(LOSS) RECONCILIATION FROM ORIGINAL MOR TO REVISED:
1,944 0 925,515 (315,623) (430,457) 1,040,000 (1,040,000) 181,379 52,859
26,408 0 1,103,427 295,107 (937,227) 3,254,149 (3,229,000) 512,863 1,364,608
Note20 Note19 AJE #2 Notes2&7 Note5
RECONCILIATION TO PREVIOUS MOR (2,471,113) 315,623 430,457 11,000 726,891 1,040,000 52,859 (3,812,529) (295,107) 937,227 11,000 1,295,016 3,229,000 1,364,608 Notes2&7 Notes2&7 Note3 Note4 Note5
40 41 42 43 44 45 46
NET INCOME/(LOSS) PER FILED MOR Total BK related professional and attorney fees AJE - #2 -- Less - allocable portion to NRV, Inc. AJE - #3 - Royalty fee income AJE - #4 - Management fee income AJE - #5 - Tax provision NET INCOME/(LOSS) PER REVISED
EXHIBIT 2
NATIONAL RV HOLDINGS, INC. IX. PROFIT AND LOSS STATEMENT SCHEDULES - JANUARY 2008
(ACCRUAL BASIS ONLY) Draft for Discussion Purposes Only Attachment 1 - Itemized Detail Listings Current Month Travel & Entertainment
47 48 49 50 51 52 53 54 55
Revised
Cumulative Post-Petition 1,527 2,533 520 211 108 2,099 411 319 7,728
Air fare E Auto mileage Auto rental Auto-company Entertainment E Lodging E Meals (incl per diem) Travel (alloc to meals)
1,527 1,632 520 211 108 2,099 584 319 6,999
Misc Operating Expenses

56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72
Freight in Dues & subscriptions General supplies License fees Office supplies Outside services Security Services Postage Taxes - state tags & seals Bank charges Director fees Investor relations Loan costs Subtotal Net Gain on Sale of Assets (Itemize) Gain(loss) on sale of Assets ERC Credits
0 1,020 479 7,517 10 23,613 111,720 0 104 56,366 24,000 245 0 225,074
118 3,570 529 7,517 775 81,513 111,720 107 229 214,377 24,000 245 10,878 455,578 Platinum Sec
0 0
1,485,000 1,485,000
Other Non-Operating Income:

73 74 75
Royalty Income (Note 3 of Balance Sheet) Management Fees (Note 4 on Balance Sheet)
11,000 726,891 737,891
11,000 1,295,017 1,306,017
Legal & Professional

76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92
Prof. fees - attorneys LEGAL MEDIA, INC. Prof. fees - attorneys FREEMAN & MILLS Prof. fees - attorneys EXPONENT Prof. fees - attorneys ONSITE SOURCING, INC. Prof. fees - attorneys COPYPAGE, INC. Prof. fees - attorneys HELLER EHRMAN Prof. fees - consulting KIBEL GREEN Prof. fees - attorneys KLEE TUCHIN Prof. fees - attorneys KNJ GROUP Prof. fees - attorneys LEGALINK, INC. Prof. fees - attorneys LITIGATION SUPPORT PROF. Prof. fees - consulting OMNI MGMT Prof. fees - attorneys PREMIERE GLOBAL SERVICES Prof. fees - attorneys VERITEXT LOS ANGELES Prof. fees - attorneys WILLIAMS LEA INC. Prof. fees - consulting SPARTAN GROUP 1,872 670 23,385 240,000 558,748 1,515 3,354 33,810 50,322 147 600 1,091 10,000 925,515
25,000 60,000 85,000 9,784 670 23,385 240,000 558,748 1,515 3,354 33,810 50,322 147 600 1,091 10,000 1,103,427
Kemlite Kemlite Kemlite Kemlite Kemlite BK BK BK Kemlite Kemlite Kemlite BK Kemlite Kemlite Kemlite
EXHIBIT 2
NATIONAL RV HOLDINGS, INC. IX. PROFIT AND LOSS STATEMENT SCHEDULES - JANUARY 2008
(ACCRUAL BASIS ONLY) Draft for Discussion Purposes Only Attachment 1 - Itemized Detail Listings (continued) Current Month BK related Legal & Professional (included retainer applied):
93 94 95 96 97 98 99 100 101 102 103 104 105 106
Revised
Cumulative Post-Petition (86,840) 20,264 30,000 5,997 (16,369) 78,028 149,839 101,705 11,235 0 1,248 295,107 (937,227) (642,120) Note7 Note7 Note7
Klee Tuchin Heller Ehrmann Venable (WARN) Voelske (Patent) Kilbel Green OMNI Claims Administrator Greenburg (WFBC) Creditors' - Pachulski Creditors' - X Roads Kaye Sholer (Holdings) Creditor Comm Expenses sub-total Less allocable portion - charge to NRV BK related Legal & Professional - NRVH Other Non-Operating Expenses
(366,986) 6,879 30,000 1,705 (157,990) 35,422 60,718 62,146 11,235 0 1,248 (315,623) (430,457) (746,080)
107 108 109
Provision for fed taxes Provision for state taxes
879,000 161,000 1,040,000
2,750,000 504,149 3,254,149
Note 5 Note 5 Note 5
NATIONAL RV HOLDINGS, INC. DETAIL AND NOTES TO X. FINANCIAL STATEMENTS - JANUARY 2008
EXHIBIT 2
BALANCE SHEET DETAIL Itemized breakdown of major balance sheet components: A

1 2 3 4 5 6 7 8 9 10 11 12 13
COMMENTS
Unrestricted Cash: Post-Petition .8397 ROG Account Post-Petition .3430 General Account (O/S checks) Post-Petition .3471 Tax Account (O/S checks) Post-Petition .3422 Funding Account Pre-petition .6799 Funding Account Pre-petition .5617 MM Account Total Unrestricted Cash: 266,078 (18,569) (21) 1,344,167 0 62,685 $ 1,406,852 1,654,339 93,750 $ 93,750 93,750 Note6 Current portion of Life Insurance - subsequently rec'd in March 2008. $ 247,487
B C C.1 C.2 D E
Petty Cash Accounts Receivable Pre-Petition - Split S/T Receivable due on Life Insurance Mertes Post - Petition - Interest Receivable on ROG Cash Total Accounts Receivable Inventory Prepaid Expenses (refer to Schedules of Assets and Liabilities - Sched B3): Prepaid Insurances: Smith & Crakes General Liability Smith & Crakes Business Auto Smith & Crakes Garagekeepers Lumbermen's Property Ins Smith & Crakes Umbrella, $3mil Excess Smith & Crakes Umbrella $15mil excess Smith & Crakes Excess Work/Comp Smith & Crakes Finance Charges Marsh Commercial Crime Marsh Fiduciary Marsh - Dir & Officer Insurance Amortization on Pre-paid Insurances (Post Petition cumulative) Prepaid Other: Unsecured Prop. Tax, parcel 303080006-8 Mapics - Syteline maintenance Amortization Tax and Software maintenance (Post Petition cumulative) Prepaid Deposits (Other): Retainers to be used to offset on-going Kemlite litigation, audits, and post-petition BK related professional and attorney fees 83,393 4,307 7,946 25,058 31,806 25,415 33,743 949 9,043 8,314 89,920 (80,945) 29,975 47,986 (13,710)
14 15 16 17 18 19 20 21 22 23 24 25
238,949
26 27 28
64,251
29 30 31 32 33 34 35 36 37 38 39 40 41 42 43
Retainer-Kibel Green Retainer-O'Melveny & Myers Deposit-The Spartan Group Deposit- R & D Strategic Deposit-Greenburg & Taurig Deposit-Freeman & Mills Deposit-Heller Ehrman Deposit-Omni Management Deposit-Legal Media, Inc. Deposit-Copy Page Retainer-Klee, Tuchin, Bogdanoff & Stern Swenson Advisors Less items expensed Annual Report-Curran & Conners TOTAL Prepaid Expenses:
170,000 250,000 10,000 50,000 50,000 65,000 25,000 20,000 75,000 40,000 320,000 150,000 (543,385) $ 681,615 26,176 1,010,992 Note7
Debtor advisor Kemlite case Spartan Group - spent prepetition - expensed in January Kemlite case WFB counsel Financial experts in Kemlite case Corporate counsel Claims agent Kemlite case Kemlite case Debtor counsel Swenson Advisors were not retained post-petition - Estate entitled to refund.
EXHIBIT 2
BALANCE SHEET DETAIL

44
COMMENTS -
F G
Other Fixed Assets: Autos and trucks Information Services equip Office furn & equip Office Furn & Equip under capital lease Machinery and equipment Const. in progress - bldg impr Accumulated Depreciation Net Book Value: H Other Assets (Itemize): Wells Fargo acct .450 (LT restricted) - Beginning Add - interest earned (cumulative) Wells Fargo acct .450 (LT restricted) - Ending H.2 I J K L Life Insurance CSV - policyholders Mertes and Moses. TOTAL - Other Assets Post-petition A/P (schedule IV) Post-petition P/R Taxes (schedule III) Post-petition P/R Liability Pre-Petition Liabilities (net of post-petition adjustments) Secured Claims (Schedule of Assets and Liabilities - Schedule D): Secured Liabilities - Wells Fargo Bank, NA -- L/C Less: L/C released - Self Insurer (Worker's Compensation) Secured Liabilities - Wells Fargo Bank, NA -- WFBC Add: Loan Costs / Interest Expense Secured Liabilities - Wells Fargo Bank, NA -- Secured Debt: Secured Liabilities - Xerox - Capital Lease - Coper/Scanner/Fax Less: lease payment (post-petition) Total Secured Claims - Post-petition: Priority Claims (Sched of Assets & Liabilities - Schedule E): CA State Disbursement Unit Commissioner of Revenue Florida Dept. of State Florida Dept. of Revenue Internal Revenue Service Treasurer of Virginia WA. State Support Registry Total Priority Claims - Post-petition: Unsecured Liabilities: Deferred Gain on sale-leaseback - current and long-term portion Accrued Deferred Compensation - current and long-term portion Trade AP Accrued Expenses State Tax Payable P/R Withholding Taxes TOTAL Pre-Petition Liabilities as of period ended 01/31/2008: M Pre-Petition Owners Equity Less off-balance sheet item - L/C net of timing issue from loan costs Pre-Petition Owners Equity 10,327,240 271,164 244,707 97,092 67,033 18,399 $ 100 200 5,500 200 100 100 125,794 3,117 7,155,000 2,000,000 2,385,153 74,688 $ H.1
45 46 47 48 49 50 51 52
22,466 2,657,251 265,495 269,850 110,643 19,150
$ $
3,344,856 (2,740,634) 604,222 5,731,548 20,815 5,752,363 479,288 6,231,651 420,249 17,098 92,620 Note6
53 54 55 56 57 58 59 60
61 62 63 64 65 66 67 68
5,155,000 2,432,786 7,587,786 122,677 7,710,463
Note8 Notes 20
$5mm to 1st Industrial (landlord); $155k - misc. for credit card accounts and surety bonds on traveler's insurance. In aniticpation of WFB payoff and since NRV no longer was in a borrowing position, the automatic sweeping of lockbox funds stopped in mid January. In addition, a Chassis Vendor restricted account was set up per agreement with the Chassis Vendors
69 70 71 72 73 74 75 76
6,200 Deferred gain on sale of real estate Deferred comp - see life insurance polices
77 78 79 80 81 82 83 84 85 86
11,025,634 18,742,297 43,281,862 (5,133,131) 38,148,731
$43.3M pre-petition owner's equity (OE) comprised of Total OE $93.3M offset by Original Investment in NRV of $47M and offset to off balance sheet item - L/C. Offset to off balance sheet item - L/C.
EXHIBIT 2
BALANCE SHEET DETAIL N

87 88 89 90 91 92
COMMENTS
Post-Petition Profit/(Loss) Pre-adjusted as at 01/31/2008: Add - BK related professional and attorney costs Less - Royalty Fee income Less - Management fee income Back out Tax provision Post-Petition Profit/(Loss) - net of adjustments NOTES TO ADJUSTMENTS AND EXPLANATION: Note1: (AJE#1) Reclassification: Add back cumulative net change post-petition to arrive at pre-petition balance at 11/30/2007. Note2: (AJE#2) Accumulated attorney and professional fees related to bankruptcy - allocable portion due that was paid by National RV Holdings., Inc., on behalf of National RV, Inc. - 80.27% of total. Note3: (AJE#3) Royalty calculation - $500.00 per unit produced - 22 Units produced in January. $ Note4: (AJE#4) All costs to date recorded on Holdings' records (pre-adjusted) less: R&D / Engineering Bankruptcy related legal and professional fees federal and state income taxes. Net costs - basis for management fee: Management fee to charge NRV, Inc. = net costs multiplied by 108% $ 24,311 872,455 3,254,149 4,150,916 1,199,090 1,295,017 $ 11,000 5,350,005 Cumulative Total Oper. Exp; Interest exp; Kemlite & BK legal; tax accrual expense (3,812,530) 642,120 11,000 1,295,017 3,229,000 1,364,608 Includes $872.5k reported to date. Total BK related costs net of allocable portion to NRV, Inc. See note 3. See note 4. See note 5.
Note5: (AJE#5) Federal and State tax provision not considered to apply according to tax authority. Liability to be assessed at a later time. Note6: There are for Cash Surrender Values on Life Insurance - Two reported on Holdings and two reported on Inc. The policies under NRVH are comprised of: MERTES Policy -- New England Financial life insurance policy 1Z003445: S/T portion (split pay 93,750 / year to NRVH) L/T portion MOSES Policy -- ING Security Life - policy 610000938: TOTAL - S/T portion + combined L/T portion on CSV - SERP $ 93,750 250,191 $ 343,941 229,097 573,038
Note7: Retainers to be used to offset on-going Kemlite litigation, audits, and post-petition BK related professional and attorney fees. The allocation of these professional fees is a non-binding, interim allocation (based on input from the professionals) and remains subject to change. Allocable portion of all BK related professional and attorney fees by firm: Law Firm or Advisory Group: Klee Tuchin Heller Ehrmann Venable (WARN) Voelske (Patent) Kibel Green OMNI Claims Administrator Greenburg (WFBC) Creditors' - Pachulski Creditors' - X Roads Kaye Sholer (Holdings) Creditor Comm Expenses NRV Inc. 95% 5% 70% 0% 95% 50% 50% 100% 100% 0% 100% NRVH Inc. 5% 95% 30% 100% 5% 50% 50% 0% 0% 100% 0%
EXHIBIT 2
BALANCE SHEET DETAIL In addition, there are three post-petition items for ongoing Kemlite litigation that had been disbursed - recorded directly to expense instead of a deposit. Total retainers are comprised of: Pre-petition Deposits reported on Balance sheet (Item E): Add post-petition retainers expensed (refer to IX P&L): Prof. fees - attorneys LEGAL MEDIA, INC. Prof. fees - attorneys FREEMAN & MILLS Prof. fees - attorneys EXPONENT Add - New post-petition Retainers Post petition - attorneys O'MELVENY Pre-adjusted deposits - pre and post petitions Less - retainers applied through January 2008 Adjusted deposits: Note8 All employees on stay pool - excluding insider pay. Note9 Temp labor for buildout of motorhomes Note10 Applicable P/R tax for all employees on stay-pool. Note11 This includes Worker's Comp labor paid and 401k related expense. Note12 Prepaid insurances include non-cash (amortized) expenses and cash related refunds on prior year relateed premiums. Note13 Cash related telephone, Electric, Gas and Water expenses for both Perris, CA and Lakeland, FL facilities $ $ 25,000 60,000 85,000 170,000 1,195,000 200,000 1,395,000 543,385 851,615 $ 1,025,000
COMMENTS
Note14 This includes both cash and non-cash related expenses as follows: Building maintenance paid to First Industrial $160k; building maintenance and expense related to ongoing utilization of plant for buildout $67.5k; non-cash (amortize software main Note15 Travel and Expense (T&E) related costs as needed during and after build-out. Note16 Not used. Note17 Earned income on all cash accounts to accounts on NRV, Inc. and NRVH, Inc. Historically, interest has not been allocated. All cash was swept to NRVH through the intercompany up mid January, when in anticipation of WFB being paid off and NRV Inc. no longer in a borrowing position, the sweep was no longer necessary. Note18 Sale of real, personal and intangibles from a) Sale of Emission credits; b) Auction through BidItUp (BIU), c) dispositioning of Capitalized Leases to Xerox. Note19 All ongoing Kemlite as well as BK related legal and professional costs for management of debtor's estate. Note20 Interest Expense on LOC from Wells Fargo. Both NRVH and NRV are borrowers on this loan. Historically the loan and related bank charges are recorded at NRVH. Note21 Cash related rent paid to First Industrial.
EXHIBIT 3
NATIONAL RV HOLDINGS, INC. X. BALANCE SHEET - FEBRUARY 2008

Reported on
ASSETS 1 2 3 4 5 6 7 8 9 10 Current Assets: Unrestricted Cash Petty Cash Accounts Receivable Inventory Intercompany Receiavble/(Payable) Intercompany Receiavble/(Payable) - Post-Petition Prepaid Expenses Other (Itemize) Total Current Assets 896,528 0 42,871,768 1,507,033 0 93,750 0 40,374,456 Previous MOR
DETAIL
NOTES A B C D Note 1 Notes 1 - 5 E F
Pre-Petition
AJE #1
Professional Fees
AJE #2
Royalty
AJE #3
Mgmt Fee
AJE #4
Tax
AJE #5
Revised
MOR 1,507,033
93,750
4,727,417 (4,727,417) 1,305,486 13,000 1,708,002 3,655,000
45,101,873 1,954,071 896,528
49,553,256
11 12 13
Property, Plant, and Equipment Accumulated Depreciation/Depletion Net Property, Plant, and Equipment
3,148,694 2,627,157 521,537 G
3,148,694 2,627,157 521,537
Other Assets (Net of Amortization): 14 15 16 17 TOTAL ASSETS Due from Insiders Other (Itemize) Total Other Assets 0 6,247,106 6,247,106 49,640,411 1,305,486 13,000 1,708,002 3,655,000 H 6,247,106 6,247,106 56,321,899
LIABILITIES Post-Petition Liabilities: 18 19 20 21 22 23 24 Accounts Payable Taxes Payable Notes Payable Professional fees Secured Debt Other (Itemize) Total Post-Petition Liabilities 28,590 688,864 K 635,107 25,166 I J 35,126 670,234 25,166 28,590 723,990
Pre-Petition Liabilities: 25 26 27 28 29 30 TOTAL LIABILITIES Secured Liabilities Priority Liabilities Unsecured Liabilities Other (Itemize) Total Pre-Petition Liabilities 16,151,971 16,840,834 5,193,558 6,200 10,952,213
L Note below 5,193,558 6,200 10,952,213
16,151,971 16,875,961
EQUITY: 31 32 33 34 35 Pre-Petition Owners Equity Post-Petition Profit/(Loss) Direct Charges to Equity TOTAL EQUITY TOTAL LIABILITIES & EQUITY 38,148,731 (5,349,154) 0 32,799,577 49,640,411 1,305,486 13,000 1,708,002 3,655,000 M N 1,270,359 13,000 1,708,002 3,655,000 38,148,731 1,297,207 39,445,938 56,321,899
Note: NRVH and NRV are co-obligors on the secured loan with Wells Fargo Business Credit
EXHIBIT 3

ROLLFORWARD OF CASH AND INTERCOMPANY ACCOUNT - FEBRUARY 2008 DOLLARS IN THOUSANDS CASH INTERCOMPANY REC (PAY) $ 4,383.8 (3,603.8) 780.0
1 2 3
Beginning balance Transfers to / from NRV sub-total before accruals Intercompany entries: Tax entry - Jan Wired for NRV benefit - Feb and 1/2 Dec rent AJE's: Professional Fees Royalty Management Fee Tax entry Operations: Interest Income Payroll and other expenses Professionals / Kemlite Payoff WFBC
1,654.3 3,603.8 5,258.1
4 5
(390.8)
(426.0) 390.8
6 7 8 9
368.3 2.0 413.0 426.0
10 12 13 14
16.7 (438.8) (553.0) (2,385.2) 1,507.0 1,954.0
15 Ending balance
NATIONAL RV HOLDINGS, INC. IX. PROFIT AND LOSS STATEMENT - FEBRUARY 2008
EXHIBIT 3
Revised
Sales/Revenue:
1 2 3
Current Month 0 Net Sales/Revenue 0
Cumulative Post-Petition 0 0 0
Cost of Goods Sold:

4 5 6 7 8 9
Beginning Inventory at cost Purchases Less: Ending Inventory at cost Cost of Goods Sold (COGS) Gross Profit Other Operating Income (Itemize) Operating Expenses: 0 0 0
0 0 0 0 0 0
10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27
Payroll - Insiders LHI Management Fee Payroll - Other Employees Payroll - consolidated above Labor Services provided by Select Payroll Taxes Other Related Payroll Depreciation and Amortization Rent Expense - Real Property Lease Expense - Personal Property Insurance Real Property Taxes Telephone and Utilities Repairs and Maintenance Travel and Entertainment (Itemize) Miscellaneous Operating Expenses (Itemize) Total Operating Expenses Net Gain/(Loss) from Operations Non-Operating Income:
77,488 0 109,339 0 15,277 0 0 1,665 0 39,832 0 624 31,748 3,922 60,087 339,981 (339,981)
139,479 0 467,195 0 460 56,628 1,756 0 3,330 0 54,740 0 1,612 53,488 11,650 515,665 1,306,003 (1,306,003)
Note 8 Note8 Note8 Note10 Note11
Note21 Note12 Note13 Note14 Note15 Note16
28 29 30 31
Interest Income Net Gain on Sale of Assets (Itemize) Other - Royaty and Management fee (Itemize) Total Non-Operating income Non-Operating Expenses:
16,768 2,701 414,985 434,453
69,243 1,487,701 1,721,002 3,277,946
Note17 Note18 Note4
32 33 34 35 36 37 38 38 39
Interest Expense Interest Expense - Capital Leases Legal and Professional (Combine ongoing Kemlite & BK related costs) BK related legal and professional (KTBS/KGI/OMNI adjusted for timing) Allocable portion of BK related Legal and Professional costs to NRV Other - Fed & State Tax provision Back out Fed & State Tax provision Total Non-Operating Expenses NET INCOME/(LOSS) RECONCILIATION FROM ORIGINAL MOR TO REVISED:
486 0 788,726 (259,980) (368,259) 426,900 (426,000) 161,873 (67,401)
26,894 0 1,892,153 35,126 3,681,049 (3,655,000) 674,736 1,297,207
Note20 Note19 Note7 Note20
(1,305,486) Note7
RECONCILIATION TO PREVIOUS MOR (1,536,625) 259,980 368,259 2,000 412,985 426,000 (67,401) (5,349,153) (35,126) 1,305,486 13,000 1,708,002 3,655,000 1,297,208
40 41 42 43 44 45 46
NET INCOME/(LOSS) PER FILED MOR Total BK related professional and attorney fees AJE - #2 -- Less - allocable portion to NRV, Inc. AJE - #3 - Royalty fee income AJE - #4 - Management fee income AJE - #5 - Tax provision NET INCOME/(LOSS) PER REVISED
NATIONAL RV HOLDINGS, INC. IX. PROFIT AND LOSS STATEMENT SCHEDULES - FEBRUARY 2008
EXHIBIT 3
Attachment 1 - Itemized Detail Listings Current Month Travel & Entertainment

47 48 49 50 51 52 53 54 55
Revised
Cumulative Post-Petition 595 1,596 133 30 0 773 795 0 3,922 2,122 4,129 653 241 108 2,872 1,206 319 11,650
Air fare E Auto mileage Auto rental Auto-company Entertainment E Lodging E Meals (incl per diem) Travel (alloc to meals)

56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73
Inventory Adjustment Rework Freight in Advertising E Dues & subscriptions General supplies License fees Office supplies Outside services Security Services Postage Taxes - state tags & seals Bank charges Director fees Investor relations Loan costs Subtotal Net Gain on Sale of Assets (Itemize)
428 34 0 16,917 92 70 0 1,378 750 23,520 0 0 16,899 0 0 0 60,087
428 34 118 16,917 3,662 598 7,517 2,154 82,263 135,240 107 229 231,275 24,000 245 10,878 515,665
74 75 76 77 78 79
Gain(loss) on sale of Assets ERC Credits Gain(loss) - return of Xerox Copiers 2,701 2,701 Other (Itemize) Royalty Income (Note 3 of Balance Sheet) Management Fees (Note 4 on Balance Sheet) 2,000 54,164 56,164
1,485,000 2,701 1,487,701
13,000 1,349,181 1,362,181
NATIONAL RV HOLDINGS, INC. IX. PROFIT AND LOSS STATEMENT SCHEDULES - FEBRUARY 2008
EXHIBIT 3
Attachment 1 - Itemized Detail Listings (continued) Current Month Legal & Professional
80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106
Revised
Cumulative Post-Petition 1,321 858 1,953 85,000 60,000 22,119 89,121 39,934 694,036 1,515 25,000 3,354 60,279 10,126 162,139 228 60,000 600 11,500 1,091 283,094 217,777 375 5,734 10,000 45,000 1,892,153 BK Kemlite Kemlite Kemlite Kemlite Kemlite Kemlite accrual BK BK BK Kemlite Kemlite Kemlite Kemlite Kemlite BK Kemlite BK Kemlite BK Kemlite BK BK
Prof. fees - attorneys CAL-PACIFIC BUSINESS SYS Prof. fees - attorneys COPYPAGE, INC. Prof. fees - attorneys CP DOCUMENT TECHNOLOGIES Prof. fees - attorneys EXPONENT Prof. fees - attorneys FREEMAN & MILLS Prof. fees - attorneys General Prof. fees - attorneys GREENBERG TRAURIG LLP Prof. fees - attorneys HELLER EHRMAN Prof. fees - attorneys KLEE TUCHIN Prof. fees - attorneys KNJ GROUP Prof. fees - attorneys LEGAL MEDIA, INC. Prof. fees - attorneys LEGALINK, INC. Prof. fees - attorneys LITIGATION SUPPORT PROF. Prof. fees - attorneys ONSITE SOURCING, INC. Prof. fees - attorneys PACHULSKI Prof. fees - attorneys PREMIERE GLOBAL SERVICES Prof. fees - attorneys VENABLE Prof. fees - attorneys VERITEXT LOS ANGELES Prof. fees - attorneys VOESKE Prof. fees - attorneys WILLIAMS LEA INC. Prof. fees - consulting KIBEL GREEN Prof. fees - consulting OMNI MGMT Prof. fees - consulting RICH STRONG Prof. fees - consulting SIDNEY R CONRAD Prof. fees - consulting SPARTAN GROUP Prof. fees - consulting X-ROADS
1,321 188 1,953 0 0 22,119 89,121 16,549 135,287 0 0 0 26,468 343 162,139 81 60,000 0 11,500 0 43,094 167,454 375 5,734 0 45,000 788,726
BK related Legal & Professional (included retainer applied):

107 108 109 110 111 112 113 114 115 116 117 118 119
Klee Tuchin Heller Ehrmann Venable (WARN) Voelske (Patent) Kilbel Green OMNI Claims Administrator Greenburg (WFBC) Creditors' - Pachulski Creditors' - X Roads Kaye Sholer (Holdings) Creditor Comm Expenses Less allocable portion - charge to NRV BK related Legal & Professional - NRVH Other Non-Operating Expenses
(0) 12,871 (30,000) (7,594) 17,005 (71,004) (83,007) (101,705) 2,398 1,057 (368,259) (628,239)
(86,841) 33,135 0 (1,597) 636 7,023 66,832 (0) 13,633 0 2,305 (1,305,486) (1,270,359)
120 121 122
360,000 66,900 426,900
3,110,000 571,049 3,681,049
EXHIBIT 3
NATIONAL RV HOLDINGS, INC. DETAIL AND NOTES TO X. FINANCIAL STATEMENTS - FEBRUARY 2008
BALANCE SHEET DETAIL A

1 2 3 4 5 6 7 8 9 10 11 12 13 Unrestricted Cash: Post-Petition .8397 ROG Account Post-Petition .3430 General Account (O/S checks) Post-Petition .3471 Tax Account (O/S checks) Post-Petition .3422 Funding Account Pre-petition .6799 Funding Account Pre-petition .5617 MM Account Total Unrestricted Cash: Petty Cash Accounts Receivable Pre-Petition - Split S/T Receivable due on Life Insurance Mertes Post - Petition - Interest Receivable on ROG Cash Total Accounts Receivable (117,150) 1,624,184 -
COMMENTS
(117,150)
1,624,184 1,507,033
Since the WFBC loan has been paid off, cash is no longer automatically swept from NRV to NRVH.
B C C.1 C.2 D E
93,750 $
Note6 93,750 93,750 -
Current portion of Life Insurance - subsequently rec'd in March 2008.
14 15 16 17 18 19 20 21 22 23 24 25 26 27 28
29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44
Inventory Prepaid Expenses (refer to Schedules of Assets and Liabilities - Sched B3): Prepaid Insurances: Smith & Crakes General Liability 83,393 Smith & Crakes Business Auto 4,307 Smith & Crakes Garagekeepers 7,946 Lumbermen's Property Ins 25,058 Smith & Crakes Umbrella, $3mil Excess 31,806 Smith & Crakes Umbrella $15mil excess 25,415 Smith & Crakes Excess Work/Comp 33,743 Smith & Crakes Finance Charges 949 Marsh Commercial Crime 9,043 Marsh Fiduciary 8,314 Marsh - Dir & Officer Insurance 89,920 Amortization on Pre-paid Insurances (Post Petition) (21,817) Prepaid Other: Unsecured Prop. Tax, parcel 303080006-8 29,975 Mapics - Syteline maintenance 47,986 Amortization Tax and Software maintenance (Post Petition) (47,986) Prepaid Deposits (Other): Retainers to be used to offset on-going Kemlite litigation, audits, and post-petition BK related professional and attorney fees Retainer-Kibel Green 170,000 Retainer-O'Melveny & Myers 250,000 Deposit-The Spartan Group 10,000 Deposit- R & D Strategic 50,000 Deposit-Greenburg & Taurig 50,000 Deposit-Freeman & Mills 65,000 Deposit-Heller Ehrman 25,000 Deposit-Omni Management 20,000 Deposit-Legal Media, Inc. 75,000 Deposit-Copy Page 40,000 Retainer-Klee, Tuchin, Bogdanoff & Stern 320,000 Swenson Advisors 150,000 (545,000) Annual Report-Curran & Conners TOTAL Prepaid Expenses: $ Other Fixed Assets: Autos and trucks Information Services equip Office furn & equip Office Furn & Equip under capital lease Machinery and equipment Const. in progress - bldg impr Accumulated Depreciation Net Book Value: Xerox Copier/Fax/Scanner - return Cost Accumulated Depreciation Fixed Assets NBV -- assets held for sale - net of return: $ 22,466 2,657,251 265,495 269,850 110,643 19,150
160,377
29,975
Note7 680,000 26,176 896,528 -
Debtor advisor Kemlite case Spartan Group not retained post petition - Estate entitled to refund Kemlite case WFB counsel Financial experts in Kemlite case Corporate counsel Claims agent Kemlite case Kemlite case Debtor counsel Swenson Advisors were not retained post-petition - Estate entitled to refund.
F G
Property, Plant and Equipment - this include Construction In Process (CIP) not yet cross charged to NRV Inc. These assets were held for sale at 12/1/07 . 45 46 47 48 49 50 51 52 53 54 55
$ $
3,344,856 (2,740,634) 604,222
196,162 113,476 $
82,685 521,537
EXHIBIT 3
56 57 58 59 60
H H.1
H.2
61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92
Other Assets (Itemize): Wells Fargo acct .450 (LT restricted) Add - one month interest earned Less 2M release of L/C to State of California (Worker's Compensation): Intangibles - Life Insurance CSV - policyholders Mertes and Moses. Post-petition A/P (schedule IV) Add - Total BK related costs Post-petition P/R Taxes (schedule III) Post-petition Payroll Pre-Petition Liabilities (net of post-petition adjustments) Secured Claims (Schedule of Assets and Liabilities - Schedule D): Secured Liabilities - Wells Fargo Bank, NA -- L/C Less: L/C released - Self Insurer (Worker's Compensation) and other Secured Liabilities - Wells Fargo Bank, NA -- WFBC Less: post-petition settlement WFBC Add: Loan Costs / Interest Expense Secured Liabilities - Wells Fargo Bank, NA -- Secured Debt: Secured Liabilities - Xerox - Capital Lease - Coper/Scanner/Fax Less: Disposition - Xerox return Less: lease payment (post-petition) Total Secured Claims - Post-petition: Priority Unsecured Claims (Sched of Assets & Liabilities - Schedule E): CA State Disbursement Unit Commissioner of Revenue Florida Dept. of State Florida Dept. of Revenue Internal Revenue Service Treasurer of Virginia WA. State Support Registry Total Priority Claims - Post-petition: General, Unsecured Liabilities: Deferred Gain on sale-leaseback - current and long-term portion Accrued Deferred Compensation - current and long-term portion Trade AP Accrued Expenses State Tax Payable P/R Withholding Taxes TOTAL Pre-Petition Liabilities as of period ended 12/31/2007: Pre-Petition Owners Equity Less off-balance sheet item - L/C net of timing issue from loan costs Pre-Petition Owners Equity Post-Petition Profit/(Loss) - period ended 12/31/2007 Pre-adjusted as of period ended 2/29/2008: Add - BK related professional and attorney costs Less - Royalty fee income Less - Management fee income Back out Tax provision Post-Petition Profit/(Loss) - net of adjustments
7,703,704 64,114 2,000,000 $
5,767,818 479,288 6,210,836 670,234 25,166 28,590
Note6
State of CA drew on L/C post petition See Exhibit 2
I J K L
635,107 35,126
7,155,000 2,000,000 2,358,098 2,385,153 7,665 130,477 85,386 14,197
5,155,000
Note8
$5mm to 1st Industrial (landlord); $155k - misc. for credit card accounts and surety bonds on traveler's insurance. WFBC loan paid off on 2-1-08; as a result, cash is no longer automatically swept from NRV to NRVH.
7,665 Note20
30,894 5,193,558
100 200 5,500 200 100 100 6,200 10,327,240 271,164 171,264 97,092 67,054 18,399 $
10,952,212 16,151,971 43,281,862 (5,133,131) 38,148,731 $43.3M pre-petition owner's equity (OE) comprised of Total OE $93.3M offset by Original Investment in NRV of $47M. Offset to off balance sheet item - L/C. correct offset for l/c liability
(5,349,154) 1,270,359 13,000 1,349,181 3,655,000 938,386
Total BK related costs $1.638K, less $507k allocated (cross-charged) to NRV, Inc. - net $332k NRVH portion. See notes 3 - 4. See note 5.
EXHIBIT 3
NOTES TO ADJUSTMENTS AND EXPLANATION: Note1: (AJE#1) Add back cumulative net change post-petition to arrive at pre-petition balance at 11/30/2007.
Note2: (AJE#2) Accumulated attorney and professional fees related to bankruptcy - allocable portion due that was paid by National RV Holdings., Inc., on behalf of National RV, Inc. - 79.71% of total. Note3: (AJE#3) Royalty calculation - $500.00 per unit produced 26 units produced, or $13,000.00 500 X 26 units produced through January = $13,000.00 Note4: (AJE#4) All costs to date recorded on Holdings' records (cumulative): less: R&D / Engineering Bankruptcy related legal and professional fees federal and state income taxes. Net costs - basis for management fee: Management fee charged to NRV, Inc. = net costs multiplied by 108%
$ $ 40,966 1,602,601 3,681,049 $
13,000 6,906,099 Cumulative costs through 2-29-08
5,324,616 1,581,483 1,708,002
Note5: (AJE#%) Federal and State tax provision not considered to apply according to tax authority. Liability to be assessed at a later time. Note6: There are for Cash Surrender Values on Life Insurance - Two reported on Holdings and two reported on Inc. The policies under NRVH are comprised of: MERTES Policy -- New England Financial life insurance policy 1Z003445: S/T portion (split pay 93,750 / year to NRVH) L/T portion MOSES Policy -- ING Security Life - policy 610000938: TOTAL - S/T portion + combined L/T portion on CSV - SERP
93,750 250,191
$ $
343,941 229,097 573,038
Note7: Retainers to be used to offset on-going Kemlite litigation, audits, and post-petition BK related professional and attorney fees. The allocation of these professional fees is a non-binding, interim allocation (based on input from the professionals) and remains subject to change. Allocable portion of all BK related professional and attorney fees by firm: Law Firm or Advisory Group: Klee Tuchin Heller Ehrmann Venable (WARN) Voelske (Patent) Kibel Green OMNI Claims Administrator Greenburg (WFBC) Creditors' - Pachulski Creditors' - X Roads Kaye Sholer (Holdings) Creditor Comm Expenses
NRV Inc. 95% 5% 70% 0% 95% 50% 50% 100% 100% 0% 100%
NRVH Inc. 5% 95% 30% 100% 5% 50% 50% 0% 0% 100% 0%
In addition, there are three post-petition items for ongoing Kemlite litigation that had been disbursed - recorded directly to expense instead of a deposit. Total retainers are comprised of: $ 1,225,000 Pre-petition Deposits reported on Balance sheet (Item E): Add post-petition retainers expensed (refer to IX P&L): Prof. fees - attorneys LEGAL MEDIA, INC. 25,000 Prof. fees - attorneys FREEMAN & MILLS 60,000 Prof. fees - attorneys EXPONENT 85,000 170,000 Pre-adjusted deposits - pre and post petitions $ 1,395,000 Less - retainers applied through December 2007 545,000 Adjusted deposits: 850,000 N Note8 All employees on stay pool - excluding insider pay. N Note9 Temp labor for buildout of motorhomes N Note10 Applicable P/R tax for all employees on stay-pool. N Note11 This includes Worker's Comp labor paid and 401k related expense. N Note12 Prepaid insurances include non-cash (amortized) expenses and cash related refunds on prior year relateed premiums. N Note13 Cash related telephone, Electric, Gas and Water expenses for both Perris, CA and Lakeland, FL facilities Note14 This includes both cash and non-cash related expenses as follows: Building maintenance paid to First Industrial; building maintenance and expense related to ongoing utilization of plant for buildout; non-cash (amortized) software maintenance and support to run Enterprise Resource Planning system (Syteline) and other related maintenance and repair expenses such as trash, and hazardous material disposals during and after buildout. N N Note15 Travel and Expense (T&E) related costs as needed during and after build-out. Note16 Miscellaneous Operating Expenses consists primarily of cash and non-cash related expenses such as Bank charges -which are primarily all bank accounts on NRVH's books swept from subsidiaries $231.8k - most of which are carrying cost on the Line of Credit (LOC) with Wells Fargo; non-cash earned labor and overhead (see comment contained in Cost of Goods Sold - Costing method); write off of four (4) buildout units to expense $137.5k; Security Services with Platinum Protection for the property plant and equipment on-site; non-professional services for ongoing operations during and after buildout as well as ongoing management of the estate; and other such expenses as needed for ongoing buildout, liquidation, and management of the N debtor's estate. N Note17 Earned income on all cash accounts to accounts on NRV, Inc. and NRVH, Inc. Historically, interest has not been allocated. Cash is no longer automatically swept. N Note18 Sale of real, personal and intangibles from a) Sale of Emission credits; b) Auction through BidItUp (BIU), c) dispositioning of Capitalized Leases to Xerox. N Note19 All ongoing Kemlite as well as BK related legal and professional costs for management of debtor's estate. N Note20 Interest Expense on LOC from Wells Fargo. Both NRVH and NRV are co-obligors on this loan. Historically, the loan and related bank charges are recorded on NRVH. N Note21 Cash related rent paid to First Industrial.
NATIONAL RV, INC. X. BALANCE SHEET - DECEMBER 2007

EXHIBIT 4
Royalty
AJE #3
Reported on
ASSETS Current Assets:
1 2 3 4 5 6 7 8 9
DETAIL
NOTES A B C D Note 1 Notes 1 - 5 E F (17,707,968)
Pre-Petition
AJE #1
Professional Fees
AJE #2
Mgmt Fee
AJE #4
Tax
AJE #5
Revised
MOR 523,472 500
Previous MOR 523,472 500 1,065,014 25,127,931 (44,695,902) 271,017 Total Current Assets
Unrestricted Cash Petty Cash Accounts Receivable Inventory Intercompany Receiavble/(Payable) Prepaid Expenses Other (Itemize)
5,000 (405,971) 400,971 (506,770) (680,402) (2,189,000)
1,070,014 25,127,931 (45,101,873) (2,975,201) 271,017 (21,084,140) 13,797,381 9,172,418
11 12 13
Property, Plant, and Equipment Accumulated Depreciation/Depletion Net Property, Plant, and Equipment Other Assets (Net of Amortization):
13,797,381 9,172,418 4,624,963 G
4,624,963
14 15 16 17
0 4,138,067 4,138,067 (8,944,938) (506,770) (680,402) (2,189,000) H
4,138,067 4,138,067 (12,321,110)
198,947 13,943 0 0 0 29,155 Total Post-Petition Liabilities 242,045 L 5,087,739 176,388 16,386,417 Total Pre-Petition Liabilities 21,650,544 21,892,589 21,892,589 Note below 5,087,739 176,388 16,386,417 21,650,544 K I J 198,947 13,943 29,155 242,045
18 19 20 21 22 23 24
Accounts Payable Taxes Payable Notes Payable Professional fees Secured Debt Payroll
25 26 27 28 29 30
31 32 33 34 35
(32,423,343) 1,585,816 0 (30,837,527) (8,944,938)
M N (506,770) (680,402) (2,189,000)
(32,423,343) (1,790,356) (34,213,699) (506,770) (680,402) (2,189,000) (12,321,110)
Note: NRV is a co-obligor with NRVH on a secured loan from Wells Fargo Business Credit - see footnotes.
EXHIBIT 4
NATIONAL RV, INC.

ROLLFORWARD OF CASH AND INTERCOMPANY ACCOUNT - DECEMBER 2007 DOLLARS IN THOUSANDS CASH INTERCOMPANY REC (PAY) $ 808.3 (596.3) 212.0
1 2 3 4
Beginning balance First day sweep of cash in lock box Intransit Transfers to / from NRVH sub-total before accruals Intercompany entries: Tax entry Release of $2mm LOC to St of CA - offset to W/C on NRV books AJE's: Professional Fees Royalty Management Fee Tax entry Operations: Collection of Accounts Receivable Payment to Chassis Vendors Payment to Transportation Security Utility deposits Payroll and other
829.4 (808.3) (93.9) 596.3 523.5
5 6
2,189.0 (2,000.0)
7 8 9 10
(506.8) (680.4) (2,189.0) 1,037.0 (83.0) (35.0) (30.0) (36.0) (85.0) 768.0 (768.0) 523.5 (2,975.2)
11 12 13 14 15 16 17 18 Offset in net transfers above (see note) 19 Ending balance
Note: Cash accounts at NRV level are Lockbox (which get swept daily up to NRVH) and ZBA checking (where daily clearing checks are covered by NRVH).
NATIONAL RV, INC. IX. PROFIT AND LOSS STATEMENT - DECEMBER 2007
EXHIBIT 4
Item (1,444,925) 0 (1,444,925) Note10
Revised
Sales/Revenue:
1 2 3
Current Month (1,444,925) # Net Sales/Revenue (1,444,925)
Cumulative Post-Petition
Cost of Goods Sold:

4 5 6 7 8 9
Beginning Inventory at cost Purchases Less: Ending Inventory at cost Cost of Goods Sold (COGS) Gross Profit Other Operating Income (Itemize) Operating Expenses:
23,840,261 25,127,931 (1,287,670) (157,255) 0
23,840,261 0 25,127,931 (1,287,670) (157,255) 0 Note12
10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26
Payroll - Insiders LHI Management Fee Payroll - Other Employees Payroll - Production related Payroll Taxes Other Related Payroll Depreciation and Amortization Rent Expense - Real Property Lease Expense - Personal Property Insurance Real Property Taxes Telephone and Utilities Repairs and Maintenance Travel and Entertainment (Itemize) Miscellaneous Operating Expenses (Itemize) Total Operating Expenses Net Gain/(Loss) from Operations Non-Operating Income:
0 0 47,485 46,911 5,411 (185) 0 226,457 0 64,536 1,167 20,930 33,889 2,179 (2,852) 445,928 (603,184)
0 0 47,485 46,911 5,411 (185) 0 226,457 0 64,536 1,167 20,930 33,889 2,179 (2,852) 445,928 (603,184) Note18 Note19 Note20 Note21 Note22 Note23 Note17 Note13 Note13 Note15 Note16
27 28 29 30
Interest Income Net Gain on Sale of Assets (Itemize) Other (Itemize) Total Non-Operating income Non-Operating Expenses:
0 0 0 0
0 0 0 0
Note24 Note25
31 32 33 34 35 36 37 38
Interest Expense Interest Expense - Capital Leases BK related professional and legal costs Other - royalty and management fee expense Other - Fed & State Tax Provision Back out Fed & State Tax Provision - NRV Inc. Total Non-Operating Expenses NET INCOME/(LOSS) (Attach exhibit listing all itemizations required above) RECONCILIATION FROM ORIGINAL MOR TO REVISED:
0 0 506,770 680,402 (2,189,000) 2,189,000 1,187,172 (1,790,356)
0 0 506,770 680,402 (2,189,000) 2,189,000 1,187,172 (1,790,356)
Note26 Note7 Note4 Note27
RECONCILIATION TO PREVIOUS MOR 1,585,816 (506,770) (680,402) (2,189,000) (1,790,356) 1,585,816 (506,770) 0 (680,402) (2,189,000) (1,790,356) 3 Notes2&7 Note3 Note4 Note5
39 40 41 42 43 44
NET INCOME/(LOSS) PER FILED MOR AJE - #2 - NRV Inc Portion of BK related professional and attorney fees AJE - #3 - Royalty fee expense AJE - #4 - Management fee expense AJE - #5 - Tax provision NET INCOME/(LOSS) PER REVISED
NATIONAL RV, INC. Draft for Discussion Purposes Only Attachment 1 - Itemized Detail Listings Current Month Travel & Entertainment
45 48 49
EXHIBIT 4
Revised
Cumulative Post-Petition 1,999 180 2,179
IX. PROFIT AND LOSS STATEMENT SCHEDULES - DECEMBER 2007
Auto rental Lodging E
1,999 180 2,179

50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65
Material usage variance Purchase price variance Inventory Adjustment Sales tax on purchases Freight in AQMD fees Propane Gax Dealer Warranty - Parts Vendor - Parts Internal Employee relations General supplies License fees Office supplies Outside services Postage Employee functions Subtotal Net Gain on Sale of Assets (Itemize)
10 (0) (4,185) 294 (136) 1,866 96 (1,540) (706) 100 257 161 36 315 10 570 (2,852)
10 (0) (4,185) 294 (136) 1,866 96 (1,540) (706) 100 257 161 36 315 10 570 (2,852)
66
67
Other:
68 69 70 71
Royalty Income (Note 3 of Balance Sheet) Management Fees (Note 4 on Balance Sheet) 568,125 568,125 BK related Legal & Professional 568,125 568,125 Note 4
72 73 74 75 76 77 78 79 80 81 82
Klee Tuchin Heller Ehrmann Venable (WARN) Voelske (Patent) Kilbel Green OMNI Claims Administrator Greenburg (WFBC) Creditors' - Pachulski Creditors' - X Roads Kaye Sholer (Holdings) Creditor Comm Expenses
232,459 11,107 0 3,561 117,514 35,354 73,951 32,825 0 0 0 506,770
232,459 11,107 0 3,561 117,514 35,354 73,951 32,825 0 0 0 506,770 (1,871,000) (318,000) (2,189,000) Note7 Note5 Note5 Note5 4
83
Other Non-Operating Expenses

84 85
(1,871,000) (318,000) (2,189,000)
86
EXHIBIT 4
NATIONAL RV, INC. DETAIL AND NOTES TO X. FINANCIAL STATEMENTS - DECEMBER 2007
A
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
B C D
E
16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42
BALANCE SHEET DETAIL Unrestricted Cash: Post-Petition .3489 General Account (O/S checks) Pre-Petition .6807 Lockbox Account Total Unrestricted Cash: Petty Cash Post-Petition Accounts Receivable Inventory: Raw material inventory Parts and Service - CA Chassis inventory Parts and Service - FL WIP-materials F/G material inventory DNO Inventory Reserves Total Inventory - net of reserves Prepaid Expenses (refer to Schedules of Assets and Liabilities - Sched B3): Prepaid taxes Prepaid W/C insurance Prepaid Shows: Tampa Supershow FL - Jan'08 Perris Dealer show CA - Feb'08 Pomona FMCA CA - Feb'08 Perry AGI Rally GA - Mar'08 Prepaid Materials: Axco Adhesive Systems Co CR&R Don-Ray E.M.W.D. Hehr International Paetec Perry Color Card Philips Products Rackspace Roadmaster, Inc. So Cal Gas Co Sprint Swavelle / Mill Creek Fab Verio Verizon Waste Management (FL) Deposits Amortization of Pre-paid Expenses TOTAL Prepaid Expenses: Other Fixed Assets: Land Buildings Leasehold improvements Autos and trucks Information Services equip Office furn & equip Machinery and equipment Const. in progress - bldg impr Accumulated depreciation Net Book Value: Other Assets (Itemize): Bank of the West acct 9400 (LT restricted) L/T Deposit Intangibles - Life Insurance CSV - policyholders Bailey and Howard Post-petition A/P (schedule IV) Post-petition P/R Taxes (schedule III) Post-petition Accrued P/R Pre-Petition Liabilities (net of post-petition adjustments)
COMMENTS $ $ $ $ $ 5,325,700 1,379,297 3,651,576 194,478 6,166,049 10,406,932 43,049 (299) 523,771 523,472 500 1,070,014 -
1.065M + 5K reclassification from Pre-petition Intercompany (Due from CCI, LLC)
$ $
27,167,081 (2,039,150) 25,127,931 Unsecured Property Tax - Perris, CA -- Bill # / Parcel # 200419320 / 303120023-6 7/2007 thru 6/2008 amount to be expense in subsequent period upon liquidation of property. State Fund - Worker's Comp. assessment charge Remaining amount to be expensed as advised by Tom Martin Refund received in subsequent period net of $1K non-refundable deposit
$ $ $ 27,041 14,750 20,900 21,800 77 11,446 35,000 2,273 46,591 4,684 5,753 381 415 79 13,481 2,733 7,520 505 504 389 $
31,945 13,351
$ $
84,491
$ $
131,831 9,400 271,017 -
FMCA Show Feb'08 $10k
F G
43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59
426,800 430,019 32,458 320,964 235,485 20,458 11,925,833 405,364
Property, Plant and Equipment - this include property owned in Lakeland, FL, as well as Construction In Process (CIP) for various Engineering and Facility related projects. These assets were held for sale at 12/1/07 .
$ $
13,797,381 (9,172,418) 4,624,963 3,512,074 186,316 439,677 4,138,067 198,947 13,943 29,155 L/C for Self-Insured Worker's Compensation - To offset against L/T portion of Worker's Comp. Liability. Released to State of CA Self Insuranc Note6 Book value at Sept 2007 of cash surrender value of policies
H H.1 H.2 H.3 I J K L
EXHIBIT 4
60 61
Secured Claims (Schedule of Assets and Liabilities - Schedule D) Priority Unsecured Claims (Sched of Assets & Liabilities - Schedule E)
5,087,739 176,388
5,087,739 176,388
Note8 Note8
Freightliner (FCCC) Tax Agencies (Various) Accrued Worker's Comp; Accrued Warranty (including recalls and timing of unprocessed claims); Sales Rebates and Cash Sales Incentives; Accrued Freight; and various Trade Accounts Payables. Pre-petition Owner's Equity/(Deficit) due to accumulation of losses which occurred since YE 200 Majority of profit is below the line - federal and state tax benefit three month catch-up
62 63 64 65 66 67 68
General, Unsecured Liabilities (Schedule of Assets & Liabilities - Schedule F): M N Pre-Petition Owners Equity/(Deficit) Post-Petition Profit/(Loss) - period ended 12/31/2007 Pre-adjusted as of period ended 12/31/2007: Less - BK related professional and attorney costs Less - Management fee expense Back out Tax provision Post-Petition Profit/(Loss) - net of adjustments
16,386,417 (32,423,343) 1,585,816 (506,770) (568,125) (2,189,000) (1,678,079) -
16,386,417
Note9
Note2&7 Note4 Note5
See notes 3 - 4 See note 5.
NOTES TO ADJUSTMENTS AND EXPLANATION: Note1: (AJE#1) Reclassification: Add back cumulative net change post-petition to arrive at pre-petition balance at 11/30/2007.
Note2: (AJE#2) Accumulated attorney and professional fees related to bankruptcy - allocable portion due that was paid by National RV Holdings., Inc., on behalf of National RV, Inc. - 82.98% of total Note3: (AJE#3) Royalty calculation - $500.00 per unit produced - No units produced during period of December Note4: (AJE#4) All costs to date recorded on Holdings' records less: R&D / Engineering federal and state income taxes. Net costs - basis for management fee Management fee charged from NRVH, Inc. = net costs multiplied by 108% 2,855,134 10,984 2,214,149 Total Oper. Exp; Interest exp; Kemlite legal; tax accrual expense
2,225,132 630,002 680,402
Note5: (AJE#5) Federal and State tax provision not considered to apply according to tax authority. Liability to be assessed at a later time. Note6: There are for Cash Surrender Values on Life Insurance - Two reported on Inc. and two reported on Holdings. The policies under NRV Inc. are comprised o HOWARD Policy -- ING Security Life - policy 610000945 BAILEY Policy -- ING Security Life - policy 610000937 TOTAL CSV - 12/31/2007
320,662 119,015 439,677
Policies reported balance per trial balance. Current Statements are to be provide for calculation and restatemen
Note7: Retainers to be used to offset on-going Kemlite litigation, audits, and post-petition BK related professional and attorney fees. The allocation of these professional fees is a non-binding, interim allocation (based on input from the professionals) and remains subject to chang Allocable portion of all BK related professional and attorney fees by firm Law Firm or Advisory Group Klee Tuchin Heller Ehrmann Venable (WARN) Voelske (Patent) Kibel Green OMNI Claims Administrator Greenburg (WFBC) Creditors' - Pachulski Creditors' - X Roads Kaye Sholer (Holdings) Creditor Comm Expenses
NRV Inc. 95% 5% 70% 0% 95% 50% 50% 100% 100% 0% 100%
NRVH Inc. 5% 95% 30% 100% 5% 50% 50% 0% 0% 100% 0%
In addition, there are three post-petition items for ongoing Kemlite litigation that had been disbursed - recorded directly to expense instead of a depos Total retainers are comprised of: Pre-petition Deposits reported on Balance sheet (NRVH B/S, Item E) 1,025,000 Add post-petition retainers expensed (refer to IX P&L) Prof. fees - attorneys LEGAL MEDIA, INC 25,000 Prof. fees - attorneys FREEMAN & MILLS 60,000 Prof. fees - attorneys EXPONENT 85,000 170,000 Pre-adjusted deposits - pre and post petitions 1,195,000 411,696 Less - retainers applied through December 2007 on NRVH's books 783,304 Adjusted deposits on NRVH's Books:
EXHIBIT 4
Note8: Details are contained on the Schedule fo Assets and Liabilities, Schedules D and E Note9: Details are contained Schedule of Assets and Liabilities Schedule F Note10 Pre-petition sales of Motorhome (MH) coaches that were not received by dealers in time - to be resold to Dillon RV. Note11 Not used Note12 Credit for Motorhome (MH) coaches returns (see Note 10). Cost of Goods Sold (COGS) are adjusted at standard costs. Note13 All employees on stay pool - excluding insider pay. Note14 Temp labor for buildout of motorhomes Note15 Applicable P/R tax for all employees on stay-pool. Note16 This includes Worker's Comp labor paid and 401k related expense. Note17 Accrued rent to First Industrial - agreement reached in mid Jan 2008. Note18 Prepaid insurances include non-cash (amortized) expenses and cash related refunds on prior year relateed premiums. Note19 Property tax on real property in Lakeland, FL, and Personal Property at both Lakeland FL and Perris, CA facilities. Note20 Cash related telephone, Electric, Gas and Water expenses for both Perris, CA and Lakeland, FL facilities Note21 This includes both cash and non-cash related expenses as follows: Building maintenance paid to First Industrial $160k; building maintenance and expense related to ongoing utilization of plant for buildout $67.5k; non-cash (amortized) software maintenance and support to run Enterprise Resource Planning system (Syteline) $47.9k and other related maintenance and repair expenses such as trash, and hazardous material disposals during and after buildout. Note22 Travel and Expense (T&E) related costs as needed during and after build-out.
Note23 Miscellaneous Operating Expenses consists primarily of cash and non-cash related expenses such as Bank charges -which are primarily all bank accounts on NRVH's books swept from subsidiaries $231.8k - most of which are carrying cost on the Line of Credit (LOC) with Wells Fargo; non-cash earned labor and overhead (see comment contained in Cost of Goods Sold - Costing method); write off of four (4) buildout units to expense $137.5k; Security Services with Platinum Protection for the property plant and equipment on-site; non-professional services for ongoing operations during and after buildout as well as ongoing management of the estate; and other such expenses as needed for ongoing buildout, liquidation, and management of the debtor's estate. Note24 Earned income on all cash accounts to accounts on NRV, Inc. and NRVH, Inc. Historically, interest has not been allocated. All cash is swept to NRVH through the intercompany account Note25 Sale of real and personal property from a) auction through BidItUp(BIU); b) property sale in Lakeland, FL Note26 Interest Expense on LOC from Wells Fargo. Both NRVH and NRV are obligors on this loan. Historically the loan and related bank charges are recorded at NRVH Note27 Cumulative Federal and State Tax provision calculated and later backed out as it was not needed. $26k cash related state taxes paid by NRVH for CCI Inc. - related to sale of subsidiary.
EXHIBIT 5
NATIONAL RV, INC. X. BALANCE SHEET - JANUARY 2008

ASSETS Current Assets:

1 2 3 4 5 6 7 8 9 11 12 13

7,290,237.13 500.00 1,341,721.37 15,756,691.60 (44,013,510.08) 270,625.35 Total Current Assets (19,353,734.63) 13,797,380.65 9,172,418.06 4,624,962.59 Net Property, Plant, and Equipment
DETAIL NOTES
Pre-Petition AJE #1
Royalty AJE #3
Mgmt Fee AJE #4
Tax AJE #5
Revised MOR
7,290,237 500 1,341,721 15,756,692
Unrestricted Cash & Chassis Vendor Lien account Petty Cash Accounts Receivable Inventory Intercompany Receiavble/(Payable) Intercompany Receiavble/(Payable) - Post-Petition Prepaid Expenses Other (Itemize)
(1,088,363) 1,088,363 (937,227) (11,000) (1,295,017) (3,229,000)
(45,101,873) (4,383,881) 270,625 (24,825,978) 13,797,381 9,172,418
4,624,963

14 15 16 17
0.00 1,684,618.80 1,684,618.80 (13,044,153.24) (937,227) (11,000) (1,295,017) (3,229,000) H
1,684,619 1,684,619 (18,516,397)
18 19 20 21 22 23 24
Accounts Payable Taxes Payable Notes Payable Professional fees Secured Debt Other (Itemize) Total Post-Petition Liabilities Pre-Petition Liabilities:
163,903.45 11,291.21 0.00 0.00 0.00 62,218.00 237,412.65
I J
163,903 11,291 -
62,218 237,413
L 5,087,739.00 176,388.00 13,932,968.57 Total Pre-Petition Liabilities 19,197,095.57 19,434,508.22 Note below 5,087,739 176,388 13,932,969 19,197,096 19,434,508
25 26 27 28 29 30
31 32 33 34 35
(32,423,344.92) (55,316.54) 0.00 (32,478,661.46) (13,044,153.24)
M N (937,227) (11,000) (1,295,017) (3,229,000)
(32,423,345) (5,527,560) (37,950,905) (937,227) (11,000) (1,295,017) (3,229,000) (18,516,397)
Note: NRV is a co-obligor on a secured loan from Wells Fargo Business Credit.
EXHIBIT 5
NATIONAL RV, INC.

ROLLFORWARD OF CASH AND INTERCOMPANY ACCOUNT - JANUARY 2008 DOLLARS IN THOUSANDS CASH INTERCOMPANY REC (PAY) $ (2,975.2) (240.3) (3,215.5)
1 2 3
Beginning balance Transfers to / from NRVH sub-total before accruals Intercompany entries: Tax entry Intercompany accruals: Professional Fees Royalty Management Fee Tax entry Operations: Collection of Accounts Receivable, net of swept Dillon Payments Dillon Trfr to Chassis Account Payroll & Other Property Lease payments
523.5 240.3 763.8
1,040.0
5 6 7 8
(430.5) (11.0) (726.9) (1,040.0)
9 10 11 12 13
279.0 4,794.0 2,092.0 (247.6) (391.0)
14 Ending balance
7,290.2
(4,383.8)
NATIONAL RV, INC. IX. PROFIT AND LOSS STATEMENT - JANUARY 2008
EXHIBIT 5
Revised
Sales/Revenue:
1 2 3
Current Month 10,426,506 # 3,010,898 Net Sales/Revenue 7,415,607
Cumulative Post-Petition 8,981,581 Note10 3,010,898 Note11 5,970,683
Cost of Goods Sold:

4 5 6 7 8 9
Beginning Inventory at cost Purchases Less: Ending Inventory at cost Cost of Goods Sold (COGS) Gross Profit Other Operating Income (Itemize) Operating Expenses:
25,127,931 31,938 15,756,692 9,403,177 (1,987,570) 0
48,968,191 31,938 Note12 0 8,115,507 (2,144,825) 0
10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27
Payroll - Insiders LHI Management Fee Payroll - Other Employees Payroll - reclass to one line item Labor Services provided by Select Payroll Taxes Other Related Payroll Depreciation and Amortization Rent Expense - Real Property Lease Expense - Personal Property Insurance Real Property Taxes Telephone and Utilities Repairs and Maintenance Travel and Entertainment (Itemize) Miscellaneous Operating Expenses (Itemize) Total Operating Expenses Net Gain/(Loss) from Operations Non-Operating Income:
0 0 187,346 (46,911) 102,114 20,696 1,940 0 226,457 0 67,643 1,167 42,317 49,101 11,408 30,629 693,909 (2,681,479)
0 0 234,831 Note13 0 Note13 102,114 Note14 26,107 Note15 1,755 Note16 0 452,914 Note17 0 132,179 Note18 2,335 Note19 63,248 Note20 82,991 Note21 13,587 Note22 27,777 Note23 1,139,837 (3,284,662)
28 29 30 31
Interest Income Net Gain on Sale of Assets (Itemize) Other (Itemize) Total Non-Operating income Non-Operating Expenses:
346 0 0 346
346 Note24 0 Note25 0 346
32 33 34 35 36 37 38 39
Interest Expense Interest Expense - Capital Leases BK related professional and legal costs Other - royalty and management fee expense Other - Fed & State Tax Provision Back out Fed & State Tax Provision - NRV Inc. Total Non-Operating Expenses NET INCOME/(LOSS) (Attach exhibit listing all itemizations required above) RECONCILIATION FROM ORIGINAL MOR TO REVISED:
0 0 430,456 737,891 (1,040,000) 1,040,000 1,168,347 (3,849,480)
0 Note26 0 937,227 Note7 1,306,017 Note4 (3,229,000) Note27 3,229,000 2,243,244 (5,527,560)
RECONCILIATION TO PREVIOUS MOR (1,641,133) (430,456) (11,000) (726,891) (1,040,000) (3,849,480) (55,317) (937,227) (11,000) (1,295,017) (3,229,000) (5,527,560)
40 41 42 43 44 45
NET INCOME/(LOSS) PER FILED MOR AJE - #2 - NRV Inc Portion of BK related professional and attorne AJE - #3 - Royalty fee expense AJE - #4 - Management fee expense AJE - #5 - Tax provision NET INCOME/(LOSS) PER REVISED
NATIONAL RV, INC. Draft for Discussion Purposes Only IX. PROFIT AND LOSS STATEMENT SCHEDULES - JANUARY 2008
EXHIBIT 5
Attachment 1 - Itemized Detail Listings Current Month Travel & Entertainment

46 47 48 49 50 51
Revised
Cumulative Post-Petition 749 314 842 0 9,502 11,408 749 314 842 1,999 9,682 13,587
Air fare E Auto mileage Meals Auto rental Lodging E

52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82
Material usage variance Purchase price variance Allocated labor Allocated labor overhead Write-off of 4 chassis not built out Inventory Adjustment Sales tax on purchases Damaged parts replacement Freight in Freight out AQMD fees Propane Gax Dealer Warranty - Parts Vendor - Parts Internal Show space Dues & subscriptions Employee relations General supplies Internet access License fees Office supplies Outside services Postage Taxes - state tags & seals Training Bad Debt Recovery Bank charges Employee functions Loan costs Subtotal
0 4,758 (49,132) (79,839) 137,577 (129) 100 1 (289) 38 0 0 0 0 1,000 0 0 16,234 405 3,356 173 1,353 775 0 (195) (5,732) 174 0 0 30,629
10 4,758 (49,132) (79,839) 137,577 (4,314) 394 1 (425) 38 1,866 96 (1,540) (706) 1,000 0 100 16,492 405 3,517 210 1,668 785 0 (195) (5,732) 174 570
27,777
EXHIBIT 5
Draft for Discussion Purposes Only NATIONAL RV, INC. IX. PROFIT AND LOSS STATEMENT SCHEDULES - JANUARY 2008 Attachment 1 - Itemized Detail Listings Current Month Net Gain on Sale of Assets (Itemize)
83 84 85
Revised
0 Other (Itemize) Royalty Income (Note 3 of Balance Sheet) Management Fees (Note 4 on Balance Sheet) 11,000 726,891 737,891 BK related Legal & Professional Klee Tuchin Heller Ehrmann Venable (WARN) Voelske (Patent) Kilbel Green OMNI Claims Administrator Greenburg (WFBC) Creditors' - Pachulski Creditors' - X Roads Kaye Sholer (Holdings) Creditor Comm Expenses 148,241 23,395 23,191 1,318 63,397 66,284 46,938 48,042 8,685 0 965
0 11,000 Note 3 1,295,017 Note 4 1,306,017 380,700 34,502 23,191 4,879 180,911 101,638 120,889 80,867 8,685 0 965
86 87 88 89
90 91 92 93 94 95 96 97 98 99 100 101 102 103
430,456 Other Non-Operating Expenses Provision for fed taxes Provision for state taxes (879,000) (161,000) (1,040,000)
937,227 Note 7 (2,750,000) (479,000) (3,229,000) Note 5
104 105 106 107
EXHIBIT 5
NATIONAL RV, INC. DETAIL AND NOTES TO X. FINANCIAL STATEMENTS - JANUARY 2008
A
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16
B C D
E
17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44
BALANCE SHEET DETAIL Unrestricted Cash: Post-Petition .3489 General Account (O/S checks) Pre-Petition .6807 Lockbox Account Post-Petition .4506 Chassis Lien Total Unrestricted Cash: Petty Cash Post-Petition Accounts Receivable Inventory: Raw material inventory $ Parts and Service - CA Chassis inventory Parts and Service - FL WIP-materials F/G material inventory DNO $ Inventory Reserves Total Inventory - net of reserves Prepaid Expenses (refer to Schedules of Assets and Liabilities - Sched B3): Prepaid taxes Prepaid W/C insurance Prepaid Shows: Tampa Supershow FL - Jan'08 Perris Dealer show CA - Feb'08 Pomona FMCA CA - Feb'08 Perry AGI Rally GA - Mar'08 Prepaid Materials: Axco Adhesive Systems Co. CR&R Don-Ray E.M.W.D. Hehr International Paetec Perry Color Card Philips Products Rackspace Roadmaster, Inc. Select Remedy So Cal Gas Co Sprint Swavelle / Mill Creek Fab Verio Verizon Waste Management (FL) Deposits Amortization of Pre-paid Expenses TOTAL Prepaid Expenses: Other
COMMENTS $ (31,491) 5,229,358 2,092,370 7,290,237 500 1,341,721 -
Unencumbered cash Establishment of Chassis Vendor Lien Account, per agreement with FCCC, Harbill & Fritz
$ $ $ 5,302,601 1,378,670 3,651,576 194,478 3,481,532 3,743,936 43,049
$ $
17,795,842 (2,039,150) 15,756,692 Unsecured Property Tax - Perris, CA -- Bill # / Parcel # 200419320 / 303120023-6 7/2007 thru 6/2008 amount to be expense in subsequent period upon liquidation of property. State Fund - Worker's Comp. assessment charge Remaining amount to be expensed as advised by Tom Martini. Refund received net of $1K non-refundable deposit.
$ $ $ 14,750 20,900 21,800 77 11,446 35,000 2,273 46,591 4,684 5,753 381 415 79 40,000 13,481 2,733 7,520 505 504 389 $
31,945 -
$ $
57,450
$ $
171,831 9,400 270,625 -
F G
45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60
H H.1 H.2 H.3 H.4
Fixed Assets: Land Buildings Leasehold improvements Autos and trucks Information Services equip Office furn & equip Machinery and equipment Const. in progress - bldg impr Accumulated depreciation Net Book Value: Other Assets (Itemize): Bank of the West acct 9400 (LT restricted) L/T Deposit Intangibles - Life Insurance CSV - policyholders Bailey and Howard.
Property, Plant and Equipment - this include property owned in Lakeland, FL, as well as Construction In Process (CIP) for various Engineering and Facility related projects. These assets were held for sale at 12/1/07 . $ 426,800 430,019 32,458 320,964 235,485 20,458 11,925,833 405,364
$ $
13,797,381 (9,172,418) 4,624,963 L/C for Self-Insured Worker's Compensation - To offset against L/T portion of Worker's Comp. Liability. Released to State of CA Self Insurance Fund. Note6 See Exhibit 1 $3.5M Restricted Cash released to State of California - Write off to Worker's Comp Liability.
186,316 439,677 1,058,626 1,684,619
Worker's Comp. Receivable - L/T (State of CA Insurance - Security Fund)
EXHIBIT 5
61 62 63 64 65 65
I J K L
Post-petition A/P (schedule IV) Post-petition P/R Taxes (schedule III) Post-petition Accrued P/R Pre-Petition Liabilities (net of post-petition adjustments) Secured Claims (Schedule of Assets and Liabilities - Schedule D): Priority Unsecured Claims (Sched of Assets & Liabilities - Schedule E):
163,903 11,291 62,218 5,087,739 176,388 Note8 Note8 Freightliner (FCCC) Tax Agencies (Various) Accrued Worker's Comp - written off to State of Ca Worker's Comp Security Fund; Accrued Warranty (including recalls and timing of unprocessed claims); Sales Rebates and Cash Sales Incentives; Accrued Freight; and various Trade Accounts Payables. Pre-petition Owner's Equity/(Deficit) due to accumulation of losses which occurred since YE 2001. Majority of profit is below the line - federal and state tax benefit three month catch-up.
66 67 68 69 70 71 72 73 74
General, Unsecured Liabilities (Schedule of Assets & Liabilities - Schedule F): M N Pre-Petition Owners Equity/(Deficit) Post-Petition Profit/(Loss) - period ended 01/31/2008: Pre-adjusted as of period ended 01/31/2008: Less - BK related professional and attorney costs Less - Royalty fee expense Less - Management fee expense Back out Tax provision Post-Petition Profit/(Loss) - net of adjustments
13,932,969 (32,423,345) (55,317) (937,227) (11,000) (1,295,017) (3,229,000) (5,527,560)
Note9
NOTES TO ADJUSTMENTS AND EXPLANATION: Note1: (AJE#1) Reclassification: Add back cumulative net change post-petition to arrive at pre-petition balance at 11/30/2007. Note2: (AJE#2) Accumulated attorney and professional fees related to bankruptcy - allocable portion due that was paid by National RV Holdings., Inc., on behalf of National RV, Inc. - 82.98% of total. Note3: (AJE#3) Royalty calculation - $500.00 per unit produced - No units produced during period of December. 500 X 22 units produced during month of January = $11,000.00 $ Note4: (AJE#4) All costs to date recorded on Holdings' records less: R&D / Engineering Bankruptcy related legal and professional fees federal and state income taxes. Net costs - basis for management fee: Management fee charged from NRVH, Inc. = net costs multiplied by 108%
11,000 5,350,005
24,311 872,455 3,254,149
4,150,916
1,199,090 1,295,017
Note5: (AJE#5) Federal and State tax provision not considered to apply according to tax authority. Liability to be assessed at a later time. Note6: There are for Cash Surrender Values on Life Insurance - Two reported on Inc. and two reported on Holdings. The policies under NRV Inc. are comprised of: HOWARD Policy -- ING Security Life - policy 610000945: BAILEY Policy -- ING Security Life - policy 610000937: TOTAL CSV - as of 01/31/2008
320,662 119,015 439,677 Exhibit A Policies reported balance per trial balance. Current Statements are to be provide for calculation and restatement.
NRV Inc. 95% 5% 70% 0% 95% 50% 50% 100% 100% 0% 100%
NRVH Inc. 5% 95% 30% 100% 5% 50% 50% 0% 0% 100% 0%
In addition, there are three post-petition items for ongoing Kemlite litigation that had been disbursed - recorded directly to expense instead of a deposit. Total retainers are comprised of: $ 1,025,000 Pre-petition Deposits reported on Balance sheet (NRVH B/S, Item E): Add post-petition retainers expensed (refer to IX P&L): Prof. fees - attorneys LEGAL MEDIA, INC. $ 25,000 Prof. fees - attorneys FREEMAN & MILLS 60,000 Prof. fees - attorneys EXPONENT $ 85,000 $ 170,000 Add - New post-petition Retainers Post petition - attorneys O'MELVENY Pre-adjusted deposits - pre and post petitions Less - retainers applied through December 2007 on NRVH's books Adjusted deposits on NRVH's Books: $ $ 200,000 1,395,000 543,385 851,615
EXHIBIT 5
Note8: Details are contained on the Schedule fo Assets and Liabilities, Schedules D and E. Note9: Details are contained Schedule of Assets and Liabilities Schedule F. Note10 Motorhome sales to Dillon RV Note11 On invoice discount for Dillon sales Note12 Debtor's accounting was on Standard Cost Method; therefore, Cost of Goods Sold (COGS) are at standard - not actual. Note13 All employees on stay pool - excluding insider pay. Note14 Temp labor for buildout of motorhomes Note15 Applicable P/R tax for all employees on stay-pool. Note16 This includes Worker's Comp labor paid and 401k related expense. Note17 Cash related rent paid to First Industrial. Note18 Prepaid insurances include non-cash (amortized) expenses and cash related refunds on prior year relateed premiums. Note19 Property tax on real property in Lakeland, FL, and Personal Property at both Lakeland FL and Perris, CA facilities. Note20 Cash related telephone, Electric, Gas and Water expenses for both Perris, CA and Lakeland, FL facilities
Note21 This includes both cash and non-cash related expenses as follows: Building maintenance paid to First Industrial $160k; building maintenance and expense related to ongoing utilization of plant for buildout $67.5k; non-cash (amortized) software maintenance and support to run Enterprise Resource Planning system (Syteline) $47.9k and other related maintenance and repair expenses such as trash, and hazardous material disposals during and after buildout. Note22 Travel and Expense (T&E) related costs as needed during and after build-out.
Note23 Miscellaneous Operating Expenses consists primarily of cash and non-cash related expenses such as Bank charges -which are primarily all bank accounts on NRVH's books swept from subsidiaries $231.8k - most of which are carrying cost on the Line of Credit (LOC) with Wells Fargo; non-cash earned labor and overhead (see comment contained in Cost of Goods Sold - Costing method); write off of four (4) buildout units to expense $137.5k; Security Services with Platinum Protection for the property plant and equipment on-site; non-professional services for ongoing operations during and after buildout as well as ongoing management of the estate; and other such expenses as needed for ongoing buildout, liquidation, and management of the debtor's estate. Note24 Earned income on all cash accounts to accounts on NRV, Inc. and NRVH, Inc. Historically, interest has not been allocated. All cash had been swept to NRVH through the intercompany account; as a result of the sales of motorhomes and the anticipated pay down of WFBC (2-1-08), this automatic sweep was stopped mid month. Note25 Sale of real and personal property from a) auction through BidItUp(BIU); b) property sale in Lakeland, FL. Note26 Interest Expense on LOC from Wells Fargo. Both NRVH and NRV are co-obligors on this loan. Historically the loan and related bank charges are recorded at NRVH. Note27 Cumulative Federal and State Tax provision calculated and later backed out as it was not needed. $26k cash related state taxes paid by NRVH for CCI Inc. - related to sale of subsidiary.
EXHIBIT 6
NATIONAL RV, INC. X. BALANCE SHEET - FEBRUARY 2008

ASSETS
Current Assets: 1 2 3 4 5 6 7 8 9 11 12 13 Prepaid Expenses Other (Itemize) Total Current Assets Unrestricted Cash & Chassis Vendor Lien Account Petty Cash Accounts Receivable Inventory Intercompany Receiavble/(Payable)

6,296,410.17 500.00 791,326.76 12,786,380.98 (40,374,456.34) 270,625.35 (20,229,213.08) 13,797,380.65 9,172,418.06 4,624,962.59
DETAIL NOTES
Pre-Petition AJE #1
Royalty AJE #3
Mgmt Fee AJE #4
Tax AJE #5
Revised MOR
6,296,410 500 791,327 12,786,381
(4,727,417) 4,727,417 (1,305,486) (13,000) (1,708,002) (3,655,000)
(45,101,873) (1,954,071) 270,625 (26,910,701) 13,797,381 9,172,418

Net Property, Plant, and Equipment
4,624,963

14 15 16 17 Due from Insiders Other (Itemize) Total Other Assets 0.00 1,684,618.80 1,684,618.80 (13,919,631.69) (1,305,486) (13,000) (1,708,002) (3,655,000) H 1,684,619 1,684,619 (20,601,119)
TOTAL ASSETS LIABILITIES Post-Petition Liabilities:
80,745.29 7,555.00 0.00 0.00 0.00 20,353.85 Total Post-Petition Liabilities 108,654.14 L 5,087,739.00 176,388.00 13,856,128.00 Total Pre-Petition Liabilities 19,120,255.00 19,228,909.14 19,228,909.14 Note below K I J 80,745 7,555 20,354 108,654 5,087,739 176,388 13,856,128 19,120,255 19,228,909
18 19 20 21 22 23 24
Accounts Payable Taxes Payable Notes Payable Professional fees Secured Debt Other (Itemize)
25 26 27 28 29 30 Secured Liabilities Priority Liabilities Unsecured Liabilities Other (Itemize)
31 32 33 34 35
Pre-Petition Owners Equity Post-Petition Profit/(Loss) Direct Charges to Equity
(32,423,344.92) (725,195.91) 0.00 (33,148,540.83) (13,919,631.69)
M N (1,305,486) (13,000) (1,708,002) (3,655,000)
(32,423,345) (7,406,684) (39,830,029) (1,305,486) (13,000) (1,708,002) (3,655,000) (20,601,119)
TOTAL EQUITY TOTAL LIABILITIES & EQUITY Note: NRV is a co-obligor on a secured loan from Wells Fargo Business Credit.
EXHIBIT 6
NATIONAL RV, INC.

ROLLFORWARD OF CASH AND INTERCOMPANY ACCOUNT - FEBRUARY 2008 DOLLARS IN THOUSANDS CASH INTERCOMPANY REC (PAY) $ (4,383.8) 3,603.8 (780.0)
1 2 3
Beginning balance Transfers to / from NRVH sub-total before accruals Intercompany entries: Tax entry Property lease wires sent by NRVH in NRV behalf
7,290.2 (3,603.8) 3,686.4
4 5
426.0 (390.8)
6 7 8 9
AJE's: Professional Fees Royalty Management Fee Tax entry Operations: Insurance refund Dillon Payments, net of trfr Dillon Trfr to Chassis Account Payroll and other expenses Build-out related
(368.3) (2.0) (413.0) (426.0)
10 11 12 13 14
382.0 597.0 2,300.0 (271.0) (398.0) 6,296.4
15 Ending balance
(1,954.0)
Note: WFBC was paid off 2-1-08. It was no longer necessary for an automatic sweep of NRV cash every night. Also, part of this cash is segregated in a Chassis Vendor account subject to agreement with certain chassis vendors - see footnotes.
NATIONAL RV, INC. IX. PROFIT AND LOSS STATEMENT - FEBRUARY 2008
EXHIBIT 6
Revised
Sales/Revenue:
1 2 3 Cost of Goods Sold: 4 5 6 7 8 9 Gross Profit Other Operating Income (Itemize) Operating Expenses: 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 Non-Operating Income: 28 29 30 31 Non-Operating Expenses: 32 33 34 35 36 37 38 39 40 NET INCOME/(LOSS) (Attach exhibit listing all itemizations required above) RECONCILIATION FROM ORIGINAL MOR TO REVISED: 41 42 43 44 45 46 NET INCOME/(LOSS) PER FILED MOR AJE - #2 - NRV Inc Portion of BK related professional and attorney fees AJE - #3 - Royalty fee expense AJE - #4 - Management fee expense AJE - #5 - Tax provision NET INCOME/(LOSS) PER REVISED Interest Expense Interest Expense - Capital Leases BK related professional and legal costs Other - royalty and management fee expense Legal and Professional (Itemize) Other - Fed & State Tax Provision Back out Fed & State Tax Provision - NRV Inc. Total Non-Operating Expenses 0 0 368,259 414,985 5,220 (426,000) 426,000 788,464 (1,879,123) 0 Note26 0 1,305,486 Note7 1,721,002 Note4 5,220 Note7 (3,655,000) Note27 3,655,000 3,031,708 (7,406,684) Interest Income Net Gain on Sale of Assets (Itemize) Other (Itemize) Total Non-Operating income 78,203 0 0 78,203 78,549 Note24 0 Note25 0 78,549 Payroll - Insiders LHI Management Fee Payroll - Other Employees Payroll - combined above Labor Services provided by Select Payroll Taxes Other Related Payroll Depreciation and Amortization Rent Expense - Real Property Lease Expense - Personal Property Insurance Real Property Taxes Telephone and Utilities Repairs and Maintenance Travel and Entertainment (Itemize) Miscellaneous Operating Expenses (Itemize) Total Operating Expenses Net Gain/(Loss) from Operations 334,488 9,496 5,512 0 113,229 0 (243,783) 0 32,061 152,198 401 (65,508) 438,361 (1,168,863) 0 0 100,269 0 0 335,100 Note13 0 Note13 436,603 Note14 35,603 Note15 7,266 Note16 0 566,143 Note17 0 (111,604) Note18 2,335 Note19 95,309 Note20 235,188 Note21 13,988 Note22 (37,732) Note23 1,578,198 (4,453,525) Beginning Inventory at cost Purchases Less: Ending Inventory at cost Cost of Goods Sold (COGS) 15,756,692 126,514 12,786,381 3,096,824 (730,501) 0 64,724,883 158,452 Note12 0 11,212,332 (2,875,326) 0 Gross Sales/Revenue Less: Returns/Discounts Net Sales/Revenue
Current Month
3,322,125 # 955,802 2,366,323
12,303,706 Note10 3,966,700 Note11 8,337,006
RECONCILIATION TO PREVIOUS MOR

(669,879) (368,259) (2,000) (412,985) (426,000) (1,879,123) (725,196) (1,305,486) (13,000) (1,708,002) (3,655,000) (7,406,684)
NATIONAL RV, INC. Draft for Discussion Purposes Only IX. PROFIT AND LOSS STATEMENT SCHEDULES - FEBRUARY 2008
EXHIBIT 6
Attachment 1 - Itemized Detail Listings Current Month

Travel & Entertainment 47 48 49 50 51 52 53 Misc Operating Expenses 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 Material usage variance Purchase price variance Allocated labor Allocated labor overhead Lower Cost or Market Expense Inventory Adjustment Rework Chassis Parts Sales tax on purchases R & D purchases Damaged parts replacement Freight in Freight out AQMD fees Propane Gax Dealer Warranty - Parts Vendor - Parts Internal Show space Employee relations General supplies Internet access License fees Office supplies Outside services Postage Titles & license Training Bad Debt Recovery Bank charges Employee functions Subtotal 0 347 (37,640) (61,165) 0 25,584 450 483 35 (32) (108) 0 101 104 0 0 0 0 (500) 2,069 0 14 0 4,330 0 34 0 0 385 0 (65,508) Air fare E Auto mileage Meals Auto rental Auto-company Lodging E 43 (24) 401 382
Revised
749 696 842 1,999 43 9,658 13,988
10 5,105 (86,772) (141,004) 137,577 21,270 450 483 429 (32) (107) (425) 140 1,970 96 (1,540) (706) 1,000 (400) 18,560 405 3,531 210 5,998 785 34 (195) (5,732) 559 570 (37,732)
NATIONAL RV, INC. IX. PROFIT AND LOSS STATEMENT SCHEDULES - FEBRUARY 2008 Draft for Discussion Purposes Only Attachment 1 - Itemized Detail Listings Current Month
Legal & Professional 85 Webster buyback 5,220 5,220
EXHIBIT 6
Revised
86
5,220
5,220
Other (Itemize) 87 88 89 Royalty Income (Note 3 of Balance Sheet) Management Fees (Note 4 on Balance Sheet) 2,000 54,164 56,164 13,000 1,349,181 1,362,181
BK related Legal & Professional 90 91 92 93 94 95 96 97 98 99 100 101 Klee Tuchin Heller Ehrmann Venable (WARN) Voelske (Patent) Kilbel Green OMNI Claims Administrator Greenburg (WFBC) Creditors' - Pachulski Creditors' - X Roads Kaye Sholer (Holdings) Creditor Comm Expenses 128,523 1,471 21,000 0 57,094 48,225 3,057 60,434 47,398 0 1,057 368,259 509,223 35,973 44,191 4,879 238,005 149,863 123,946 141,301 56,083 0 2,022 1,305,486
Other Non-Operating Expenses 102 103 Provision for fed taxes Provision for state taxes (360,000) (66,000) (3,110,000) (545,000)
104
(426,000)
(3,655,000)
EXHIBIT 6
NATIONAL RV, INC. DETAIL AND NOTES TO X. FINANCIAL STATEMENTS - FEBRUARY 2008
A
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16
B C D
E
17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44
BALANCE SHEET DETAIL Unrestricted Cash: Post-Petition .3489 General Account (O/S checks) Pre-Petition .6807 Lockbox Account Post-Petition .4506 Chassis Lien Total Unrestricted Cash: Petty Cash Post-Petition Accounts Receivable Inventory: Raw material inventory $ Parts and Service - CA Chassis inventory Parts and Service - FL WIP-materials F/G material inventory DNO $ Inventory Reserves Total Inventory - net of reserves Prepaid Expenses (refer to Schedules of Assets and Liabilities - Sched B3): Prepaid taxes Prepaid W/C insurance Prepaid Shows: Tampa Supershow FL - Jan'08 Perris Dealer show CA - Feb'08 Pomona FMCA CA - Feb'08 Perry AGI Rally GA - Mar'08 Prepaid Materials: Axco Adhesive Systems Co. CR&R Don-Ray E.M.W.D. Hehr International Paetec Perry Color Card Philips Products Rackspace Roadmaster, Inc. Select Remedy So Cal Gas Co Sprint Swavelle / Mill Creek Fab Verio Verizon Waste Management (FL) Deposits Amortization of Pre-paid Expenses TOTAL Prepaid Expenses: Other Fixed Assets: Land Buildings Leasehold improvements Autos and trucks Information Services equip Office furn & equip Machinery and equipment Const. in progress - bldg impr Accumulated depreciation Net Book Value: Other Assets (Itemize): H.1 H.2 H.3 H.4
COMMENTS $ (145,809) 2,044,596 4,397,623 6,296,410 500 791,327 -
Unencumbered cash Chassis Vendor lien account is a segregated account established in agreement with chassis vendors.
$ $ $ 5,200,624 1,375,404 3,651,576 194,478 3,141,796 1,218,604 43,049
$ $
14,825,531 (2,039,150) 12,786,381 Unsecured Property Tax - Perris, CA -- Bill # / Parcel # 200419320 / 303120023-6 7/2007 thru 6/2008 amount to be expense in subsequent period upon liquidation of property. State Fund - Worker's Comp. assessment charge Remaining amount to be expensed as advised by Tom Martini. Refund received net of $1K non-refundable deposit.
$ $ $ 14,750 20,900 21,800 77 11,446 35,000 2,273 46,591 4,684 5,753 381 415 79 40,000 13,481 2,733 7,520 505 504 389 $
31,945 -
$ $
57,450
$ $
171,831 9,400 270,625 -
F G
Property, Plant and Equipment - this include property owned in Lakeland, FL, as well as Construction In Process (CIP) for various Engineering and Facility related projects. These assets were held for sale at 12/1/07 . $ 426,800 430,019 32,458 320,964 235,485 20,458 11,925,833 405,364
45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60
$ $
13,797,381 (9,172,418) 4,624,963 L/C for Self-Insured Worker's Compensation - To offset against L/T portion of Worker's Comp. Liability. Released to State of CA Self Insurance Fund. Note6 See Exhibit 1 $3.5M Restricted Cash released to State of California - Write off to Worker's Comp Liability.
Bank of the West acct 9400 (LT restricted) L/T Deposit Intangibles - Life Insurance CSV - policyholders Bailey and Howard. Worker's Comp. Receivable - L/T (State of CA Insurance - Security Fund)
186,316 439,677 1,058,626 1,684,619
EXHIBIT 6
61 62 63 64 65 65
I J K L
Post-petition A/P (schedule IV) Post-petition P/R Taxes (schedule III) Post-petition Accrued P/R Pre-Petition Liabilities (net of post-petition adjustments) Secured Claims (Schedule of Assets and Liabilities - Schedule D): Priority Unsecured Claims (Sched of Assets & Liabilities - Schedule E):
80,745 7,555 20,354 5,087,739 176,388 Note8 Note8 Freightliner (FCCC) Tax Agencies (Various) Accrued Worker's Comp - written off to State of Ca Worker's Comp Security Fund; Accrued Warranty (including recalls and timing of unprocessed claims); Sales Rebates and Cash Sales Incentives; Accrued Freight; and various Trade Accounts Payables. Pre-petition Owner's Equity/(Deficit) due to accumulation of losses which occurred since YE 2001. Majority of profit is below the line - federal and state tax benefit three month catch-up.
66 67 68 69 70 71 72 73 74
M N
General, Unsecured Liabilities (Schedule of Assets & Liabilities - Schedule F): Pre-Petition Owners Equity/(Deficit) Post-Petition Profit/(Loss) - period ended 02/29/2008: Pre-adjusted as of period ended 02/29/2008: Less - BK related professional and attorney costs Less - Royalty fee expense Less - Management fee expense Back out Tax provision Post-Petition Profit/(Loss) - net of adjustments
13,856,128 (32,423,345) (725,196) (1,305,486) (13,000) (1,708,002) (3,655,000) (7,406,684)
Note9
NOTES TO ADJUSTMENTS AND EXPLANATION: Note1: Reclassification: Add back cumulative net change post-petition to arrive at pre-petition balance at 11/30/2007.
Note2: Accumulated attorney and professional fees related to bankruptcy - allocable portion due that was paid by National RV Holdings., Inc., on behalf of National RV, Inc. - 82.98% of total. Note3: Royalty calculation - $500.00 per unit produced - No units produced during period of December.
500 X 26 units produced through January = $13,000.00

Note4: All costs to date recorded on Holdings' records less: R&D / Engineering Bankruptcy related legal and professional fees federal and state income taxes. Net costs - basis for management fee: Management fee charged from NRVH, Inc. = net costs multiplied by 108%
$
$ 40,966 1,602,601 3,681,049 $
13,000
6,906,099
5,324,616 1,581,483 1,708,002
Note5: Federal and State tax provision not considered to apply according to tax authority. Liability to be assessed at a later time. Note6: There are for Cash Surrender Values on Life Insurance - Two reported on Inc. and two reported on Holdings. The policies under NRV Inc. are comprised of: HOWARD Policy -- ING Security Life - policy 610000945: BAILEY Policy -- ING Security Life - policy 610000937: TOTAL CSV - as of 01/31/2008
320,662 119,015 439,677
Exhibit A
Policies reported balance per trial balance. Current Statements are to be provide for calculation and restatement.
NRV Inc. 95% 5% 70% 0% 95% 50% 50% 100% 100% 0% 100%
NRVH Inc. 5% 95% 30% 100% 5% 50% 50% 0% 0% 100% 0%
In addition, there are three post-petition items for ongoing Kemlite litigation that had been disbursed - recorded directly to expense instead of a deposit. Total retainers are comprised of: $ 1,025,000 Pre-petition Deposits reported on Balance sheet (NRVH B/S, Item E): Add post-petition retainers expensed (refer to IX P&L): Prof. fees - attorneys LEGAL MEDIA, INC. $ 25,000 Prof. fees - attorneys FREEMAN & MILLS 60,000 Prof. fees - attorneys EXPONENT $ 85,000 $ 170,000 Add - New post-petition Retainers Post petition - attorneys O'MELVENY Pre-adjusted deposits - pre and post petitions Less - retainers applied through December 2007 on NRVH's books Adjusted deposits on NRVH's Books: $ $ 200,000 1,395,000 543,385 851,615
EXHIBIT 6
(ACCRUAL BASIS ONLY) Note8: Details are contained on the Schedule fo Assets and Liabilities, Schedules D and E. Note9: Details are contained Schedule of Assets and Liabilities Schedule F. Note10 Motorhome sales to Dillon RV Note11 On invoice discount for Dillon sales Note12 Debtor's accounting was on Standard Cost Method; therefore, Cost of Goods Sold (COGS) are at standard - not actual. Note13 All employees on stay pool - excluding insider pay. Note14 Temp labor for buildout of motorhomes Note15 Applicable P/R tax for all employees on stay-pool. Note16 This includes Worker's Comp labor paid and 401k related expense. Note17 Cash related rent paid to First Industrial. Note18 Prepaid insurances include non-cash (amortized) expenses and cash related refunds on prior year relateed premiums. Note19 Property tax on real property in Lakeland, FL, and Personal Property at both Lakeland FL and Perris, CA facilities. Note20 Cash related telephone, Electric, Gas and Water expenses for both Perris, CA and Lakeland, FL facilities Note21 This includes both cash and non-cash related expenses as follows: Building maintenance paid to First Industrial $160k; building maintenance and expense related to ongoing utilization of plant for buildout $67.5k; non-cash (amortized) software maintenance and Note22 Travel and Expense (T&E) related costs as needed during and after build-out. Note23 Miscellaneous Operating Expenses consists primarily of cash and non-cash related expenses such as Bank charges -which are primarily all bank accounts on NRVH's books swept from subsidiaries $231.8k - most of which are carrying cost on the Line of Credit (LOC) Note24 Earned income on all cash accounts to accounts on NRV, Inc. and NRVH, Inc. Historically, interest has not been allocated. Note25 Sale of real and personal property from a) auction through BidItUp(BIU); b) property sale in Lakeland, FL. Note26 Interest Expense on LOC from Wells Fargo. Both NRVH and NRV were obligors on this loan, which was paid off 2-1-08. Historically the loan and related bank charges are recorded at NRVH. Note27 Cumulative Federal and State Tax provision calculated and later backed out as it was not needed. $26k cash related state taxes paid by NRVH for CCI Inc. - related to sale of subsidiary.

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EXHIBIT 1

Draft for Discussion Purposes Only

NATIONAL RV HOLDINGS, INC. X. BALANCE SHEET - DECEMBER 2007

Reported on Previous MOR

Professional Fees AJE #2

Mgmt Fee AJE #4

45,101,873 2,975,201 1,416,692 52,103,865 3,344,856 2,740,634 604,222

6,210,836 6,210,836 55,542,751

6,210,836 6,210,836 506,770 680,402 2,189,000 58,918,923

651,885 25,406 52,347 729,638

7,665,946 6,200 10,944,382 18,616,528 18,735,436

7,665,946 6,200 10,944,382 18,616,528 19,346,166

Pre-Petition Owners Equity Post-Petition Profit/(Loss) Direct Charges to Equity

38,148,731 (1,341,417) 36,807,314

38,148,731 1,424,026 39,572,757 58,918,923

NATIONAL RV HOLDINGS, INC.

161.0 808.3 807.0 (596.3) 1,180.0

506.8 680.4 2,189.0 1,585.0 (177.9) (71.0)

Draft for Discussion Purposes Only

Note17 Note18 Note4

Note20 Note19 Notes2&7 Notes2&7 Note5

Travel & Entertainment Auto mileage Meals (incl per diem)

118 2,550 50 765 57,900 107 125 158,011 10,878 230,504

118 2,550 50 765 57,900 107 125 158,011 10,878 230,504

Notes 20&22 Notes 20&22

25,000 60,000 85,000 7,911 177,911

Kemlite related Kemlite related Kemlite related Kemlite related

Note7 Note7 Note7

1,871,000 343,149 2,214,149

1,871,000 343,149 2,214,149 Note5

Note6 93,998 93,998 -

Current portion of Life Insurance - subsequently received in Mar 2008

1,025,000 26,176 1,416,692 -

22,466 2,657,251 265,495 269,850 110,643 19,150

3,344,856 (2,740,634) 604,222

7,703,704 27,844 2,000,000 $

5,731,548 479,288 6,210,836 Note6

41,155 610,730 651,885 25,406 52,347

7,155,000 2,000,000 1,391,963 848,001 145,189 130,477 4,684

2,385,153 7,540,153 125,793 7,665,946

NOTES TO ADJUSTMENTS AND EXPLANATION:

2,225,132 630,002 680,402

343,941 229,097 573,038

RECAP 93,750 479,288 573,038

NRVH Inc. 5% 95% 30% 100% 5% 50% 50% 0% 0% 100% 0%

NATIONAL RV HOLDINGS, INC. X. BALANCE SHEET - JANUARY 2008

Reported on Previous MOR

Professional Fees AJE #2

Mgmt Fee AJE #4

1,088,363 (1,088,363) 937,227 11,000 1,295,017 3,229,000

45,101,873 4,383,881 1,010,992 52,244,835 3,344,856 2,740,634

Property, Plant, and Equipment Accumulated Depreciation/Depletion

Other Assets (Net of Amortization):

0 6,231,651 6,231,651 53,608,464 937,227 11,000 1,295,017 3,229,000 H

6,231,651 6,231,651 59,080,708

Secured Liabilities Priority Liabilities Unsecured Liabilities Other (Itemize)

TOTAL LIABILITIES EQUITY:

38,148,731 (3,812,530) 0 34,336,201 53,608,464

M N 642,120 11,000 1,295,017 3,229,000

38,148,731 1,364,608 39,513,338 937,227 11,000 1,295,017 3,229,000 59,080,708

NATIONAL RV HOLDINGS, INC.

2,516.1 (240.3) 2,275.8

430.5 11.0 726.9 1,040.0