Fleetwood Provides Supplemental Quarterly Information for the Three Years Ended April 25, 2004
RIVERSIDE, Calif., July 12 -- Fleetwood Enterprises, Inc. , one of the nation's leading manufacturers of recreational vehicles and a leading producer and retailer of manufactured housing, today voluntarily provided supplemental quarterly financial results for the three years ended April 25, 2004. This information is intended to provide additional information with respect to the condensed quarterly results available in the Company's Form 10-K filed on July 8, 2004, and to provide greater clarity to the effect of certain accounting changes.
As a result of adopting various retroactive accounting changes, most notably the adoption of FIN 46R, "Consolidation of Variable Interest Entities," certain financial statement amounts previously reported have been reclassified to conform to the year-end 2004 presentation. The reclassified quarterly amounts are attached to this release. These reclassifications had no effect on the Company's net income (loss) or earnings (loss) per share.
About Fleetwood
Fleetwood Enterprises, Inc., a Fortune 1000 company headquartered in Riverside, Calif., is a leading manufacturer of a full range of recreational vehicles from motor homes to travel and folding trailers, and is a vertically integrated manufacturer, retailer and financier of manufactured housing. The Company is dedicated to providing quality, innovative products that offer high value to our customers. Fleetwood operates facilities strategically located throughout the nation, including recreational vehicle and manufactured housing plants, retail home centers, and supply subsidiary plants. For more information, visit the Company's website at www.fleetwood.com.
For further information, please contact: Lyle Larkin, Vice President, Treasurer, +1-909-351-3535, or Kathy A. Munson, Director-Investor Relations, +1-909-351-3650, both of Fleetwood Enterprises, Inc.
FLEETWOOD ENTERPRISES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands)
(Unaudited)
13 Weeks Ended Year Ended
July 27, Oct. 26, Jan. 25, Apr. 25, Apr. 25,
2003 2003 2004 2004 2004
Net sales:
RV Group $436,533 $450,018 $410,006 $482,676 $1,779,233
Housing Group 200,308 214,329 176,540 191,581 782,758
Supply Group 8,406 9,288 9,756 13,670 41,120
Financial Services 884 1,108 1,448 1,437 4,877
646,131 674,743 597,750 689,364 2,607,988
Cost of products sold 529,055 549,308 491,223 568,191 2,137,777
Gross profit 117,076 125,435 106,527 121,173 470,211
Operating expenses 103,041 108,681 107,099 108,163 426,984
Financial services
expenses 1,414 1,479 1,659 1,952 6,504
Other, net (724) 29 (3,645) (267) (4,607)
103,731 110,189 105,113 109,848 428,881
Operating income
(loss) 13,345 15,246 1,414 11,325 41,330
Other income
(expense):
Investment income 788 602 617 656 2,663
Interest expense (11,035) (11,069) (11,818) (11,453) (45,375)
Other, net -- -- -- (2,430) (2,430)
(10,247) (10,467) (11,201) (13,227) (45,142)
Income (loss) before
income taxes 3,098 4,779 (9,787) (1,902) (3,812)
Provision for income
taxes (1,182) (1,021) (384) (15,862) (18,449)
Net income (loss) $1,916 $3,758 $(10,171) $(17,764) $(22,261)
FLEETWOOD ENTERPRISES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands)
(Unaudited)
13 Weeks Ended Year Ended
July 28, Oct. 27, Jan. 26, Apr. 27, Apr. 27,
2002 2002 2003 2003 2003
Net sales:
RV Group $370,950 $395,812 $310,478 $405,355 $1,482,595
Housing Group 230,584 234,054 173,349 158,273 796,260
Supply Group 9,450 10,876 8,583 8,269 37,178
Financial Services 291 404 805 760 2,260
611,275 641,146 493,215 572,657 2,318,293
Cost of products sold 489,256 512,891 411,309 479,180 1,892,636
Gross profit 122,019 128,255 81,906 93,477 425,657
Operating expenses 112,647 111,969 103,622 121,276 449,514
Financial services
expenses 191 1,179 1,407 1,572 4,349
Other, net 343 (2,374) (3,469) 3,725 (1,775)
113,181 110,774 101,560 126,573 452,088
Operating income
(loss) 8,838 17,481 (19,654) (33,096) (26,431)
Other income
(expense):
Investment income 1,023 1,055 798 704 3,580
Interest expense (10,882) (10,979) (10,962) (10,563) (43,386)
Other, net -- -- -- -- --
(9,859) (9,924) (10,164) (9,859) (39,806)
Income (loss) before
income taxes (1,021) 7,557 (29,818) (42,955) (66,237)
Benefit (provision)
for income taxes (499) (2,956) 11,413 (12,460) (4,502)
Net income (loss) $(1,520) $4,601 $(18,405) $(55,415) $(70,739)
FLEETWOOD ENTERPRISES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands)
(Unaudited)
13 Weeks Ended Year Ended
July 29, Oct. 28, Jan. 27, Apr. 28, Apr. 28,
2001 2001 2002 2002 2002
Net sales:
RV Group $266,308 $296,855 $278,348 $371,393 $1,212,904
Housing Group 289,615 285,561 235,916 222,017 1,033,109
Supply Group 7,807 8,340 8,117 9,768 34,032
Financial Services 402 -- -- -- 402
564,132 590,756 522,381 603,178 2,280,447
Cost of products sold 453,840 468,814 416,447 503,257 1,842,358
Gross profit 110,292 121,942 105,934 99,921 438,089
Operating expenses 119,538 133,269 120,144 135,409 508,360
Financial services
expenses 367 -- -- -- 367
Other, net (955) 1,236 4,795 14,689 19,765
118,950 134,505 124,939 150,098 528,492
Operating loss (8,658) (12,563) (19,005) (50,177) (90,403)
Other income
(expense):
Investment income 1,140 795 968 1,128 4,031
Interest expense (10,095) (7,682) (9,338) (11,597) (38,712)
Other, net (932) 6 6 90 (830)
(9,887) (6,881) (8,364) (10,379) (35,511)
Loss before income
taxes and
cumulative effect
of accounting
change (18,545) (19,444) (27,369) (60,556) (125,914)
Benefit for income
taxes 7,418 7,095 10,074 20,034 44,621
Loss before
cumulative effect of
accounting change (11,127) (12,349) (17,295) (40,522) (81,293)
Cumulative effect of
accounting
change, net of
income taxes (80,635) -- -- -- (80,635)
Net loss $(91,762) $(12,349) $(17,295) $(40,522) $(161,928)