Fleetwood Reports Preliminary Sales for Fourth Quarter and Fiscal Year 2005
28 Abril 2005 - 9:30AM
PR Newswire (US)
Fleetwood Reports Preliminary Sales for Fourth Quarter and Fiscal
Year 2005 RIVERSIDE, Calif., April 28 /PRNewswire-FirstCall/ --
Fleetwood Enterprises, Inc. (NYSE:FLE), a leading producer of
recreational vehicles and manufactured housing, today announced
preliminary sales for the fourth quarter and fiscal year ended
April 24, 2005. In the fourth quarter, Fleetwood's sales were
approximately $555 million, down 13 percent from $640 million in
last year's final quarter. Quarterly sales for wholesale
manufactured housing improved 14 percent, while recreational
vehicle revenues declined by 22 percent. For the fiscal year,
consolidated sales were essentially flat at $2.37 billion compared
with $2.36 billion last year, with manufactured housing up 19
percent and recreational vehicles off 7 percent. These amounts
exclude revenues from discontinued operations, pursuant to our
recent announcement that we intend to exit the manufactured housing
retail and financial services businesses. Manufactured housing
preliminary fourth quarter sales were $186 million, up 14 percent
from $164 million in the prior fiscal year, before eliminating
intercompany sales to the retail business of $23 million, which
were up 14 percent from $20 million last year. For the fiscal year,
preliminary manufactured housing sales were $780 million, up 19
percent from $657 million in the prior fiscal year, before
elimination of intercompany sales to the retail business of $123
million, which increased 5 percent over $117 million in fiscal
2004. Retail housing revenues of $56 million were up 16 percent in
the fourth quarter from last year's $48 million. Revenues for the
fiscal year were $241 million, down 1 percent from last year's $243
million. These amounts are considered discontinued operations for
financial reporting purposes. "The manufactured housing industry
appears to have bottomed out, and we believe that calendar 2005
year-to-date increases in shipments bode well for a gradual
recovery," Elden Smith, president and chief executive officer,
said. "Fleetwood's sales began to improve more than a year ago,
well ahead of the industry, resulting in substantial market share
gains." Recreational vehicle sales for the fiscal 2005 fourth
quarter slowed significantly to approximately $378 million, down 22
percent from $483 million a year ago. Motor home revenues declined
20 percent to $242 million from $301 million in the prior year,
while towable sales fell 25 percent to $136 million from $181
million in last year's fourth quarter. For the full fiscal year,
sales of recreational vehicles totaled approximately $1.66 billion,
down 7 percent from $1.78 billion in the prior year. Motor home
sales were virtually flat at $1.09 billion compared with $1.10
billion, while sales of towables were down 17 percent to $563
million from $675 million last year. "Despite the fact that
industry motor home sales were slower than anticipated during the
quarter," Smith said, "we are pleased that we accomplished a
reduction in the Company's RV inventories approaching $45 million.
This will help bolster our liquidity, following the previously
disclosed $20 million accelerated lease payment made in early
March. We believe liquidity will continue to improve in the first
fiscal quarter as we collect significant year-end receivables and
continue to reduce inventory during what is traditionally the peak
of the RV selling season. We are maintaining a close watch on
production levels and will adjust, as needed, to meet demand. Lower
sales and related production adjustments, combined with competitive
pricing pressures and targeted dealer incentives designed to help
move our inventories, contributed to a financially difficult fourth
quarter for the RV business. We believe, however, that the business
is now in a good position to operate profitably in our first
quarter. "While fourth quarter results will be impacted by some of
the same factors that hurt the third quarter, as well as some
additional non-recurring charges, we believe that future prospects
for Fleetwood are good," Smith said. "We believe fiscal 2006 will
benefit from the changes that we are implementing, including a
flatter organization structure, the planned divestiture of our
manufactured housing retail and finance units, and a renewed focus
on products and manufacturing. In the seven weeks since I joined
the Company, I have become increasingly optimistic about our
opportunities for improved financial performance." The Company
confirmed its intent to continue to defer distributions on its 6%
preferred securities, otherwise due on May 15, 2005. About
Fleetwood Fleetwood Enterprises, Inc. is a leading producer of
recreational vehicles and manufactured homes. This Fortune 1000
company, headquartered in Riverside, Calif., is dedicated to
providing quality, innovative products that offer exceptional value
to its customers. Fleetwood operates facilities strategically
located throughout the nation, including recreational vehicle,
manufactured housing and supply subsidiary plants. For more
information, visit the Company's website at
http://www.fleetwood.com/. This press release contains certain
forward-looking statements and information based on the beliefs of
Fleetwood's management as well as assumptions made by, and
information currently available to, Fleetwood's management. Such
statements reflect the current views of Fleetwood with respect to
future events and are subject to certain risks, uncertainties, and
assumptions, including risk factors identified in Fleetwood's 10-K
and other SEC filings. These risks and uncertainties include,
without limitation, the cyclical nature of both the manufactured
housing and recreational vehicle industries; ongoing weakness in
the manufactured housing market; continued acceptance of the
Company's products; the potential impact on demand for Fleetwood's
products as a result of changes in consumer confidence levels; the
effect of global tensions on consumer confidence; expenses and
uncertainties associated with the introduction and manufacturing of
new products; the future availability of manufactured housing
retail financing, as well as housing and RV wholesale financing;
exposure to interest rate and market changes affecting certain of
the Company's assets and liabilities; availability and pricing of
raw materials; changes in retail inventory levels in the
manufactured housing and recreational vehicle industries;
competitive pricing pressures; the ability to attract and retain
quality dealers, executive officers and other personnel; the
Company's ability to successfully meet its obligations with respect
to Section 404 of the Sarbanes-Oxley Act; and the Company's ability
to obtain financing needed in order to execute its business
strategies. Contact: Lyle Larkin, Vice President & Treasurer
(951) 351-3535 Kathy A. Munson, Director - Investor Relations (951)
351-3650 DATASOURCE: Fleetwood Enterprises, Inc. CONTACT: Lyle
Larkin, Vice President & Treasurer, +1-951-351-3535, or Kathy
A. Munson, Director - Investor Relations, +1-951-351-3650, both of
Fleetwood Enterprises, Inc. Web site: http://www.fleetwood.com/
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