Fleetwood Reaches Sales Milestone
29 April 1998
Fleetwood Announces Milestone Achievement: Fiscal 1998 Sales Surpass $3 Billion Mark
RIVERSIDE, Calif., April 29 -- Fleetwood Enterprises, Inc.
, a leading producer of manufactured housing and recreational
vehicles, today announced record breaking preliminary sales for the fourth
quarter and fiscal year ended April 26, 1998. With both core businesses
achieving record volume in fiscal 1998, the Company reached the $3 billion
sales mark for the first time.
Fourth quarter sales rose 13 percent to approximately $844 million
compared to $746.4 million a year ago, reflecting solid revenue growth for
both manufactured housing and recreational vehicles. Consolidated sales for
all of fiscal 1998 totaled $3.05 billion, a six percent increase over last
year's $2.87 billion.
Manufactured housing revenues reached an all-time high of $376 million in
the fourth quarter, 11 percent ahead of the $339.9 million posted in last
year's final quarter. Stronger sales in the central and eastern regions more
than offset a decline in the western region. Housing revenues for the fiscal
year were up four percent to about $1.49 billion, surpassing the previous high
reached in fiscal 1996.
Fleetwood President Nelson Potter commented saying, "The housing group has
shown steady sales growth over the last three quarters and, encouragingly, has
increased market share in recent months. Fleetwood's share of the
manufactured housing market turned the corner in October 1997 and has been on
the upswing through February 1998, the latest month for which industry
shipment information is available. For the five months ended in February, our
national market share was 19.3 percent compared to 18.5 percent for the
similar period a year ago," Potter said.
Recreational vehicle sales increased 16 percent in the fourth quarter to a
new high of $456 million. This compares with $394.8 million in the final
quarter of fiscal 1997. Motor home sales were up 13 percent to about $270
million, primarily reflecting stronger sales of upscale Class A products.
Travel trailer revenues rose 20 percent to $155 million, and the folding
trailer division produced a 22 percent sales gain to $31 million.
Total RV sales for fiscal year 1998 rose nine percent to a new high of
$1.52 billion, up from $1.40 billion in fiscal 1997. The Company's motor home
division generated a six percent sales increase with healthy demand for
Fleetwood's popular Class A products driving sales to a record $904 million.
Towable products also fared well in 1998 as both travel trailer and folding
trailer divisions achieved record sales. Travel trailer revenues increased 11
percent to approximately $505 million and folding trailer sales jumped 27
percent to nearly $110 million.
Potter commented that, "The Company's record RV sales in fiscal 1998
reflect the rising popularity of Fleetwood RV brands in all of the major
product segments. Recent retail sales statistics indicate that we are
increasing market share in motor homes, travel trailers and folding trailers.
These trends support our belief that a growing number of RV buyers are
recognizing the quality and value that we build into our products."
The Company's supply subsidiaries contributed revenues of about $11
million for the fourth quarter and nearly $45 million for all of fiscal 1998.
This compares with $11.8 million and $52.3 million, respectively, last year.
Final sales and earnings for the fourth quarter and the fiscal year will
be announced by the Company in about four weeks.
SOURCE Fleetwood Enterprises, Inc.
