Fleetwood Reports Preliminary Revenues for Fiscal 2008 Third Quarter, Year to Date
31 Janeiro 2008 - 10:30AM
PR Newswire (US)
RIVERSIDE, Calif., Jan. 31 /PRNewswire-FirstCall/ -- Fleetwood
Enterprises, Inc. (NYSE:FLE) announced today preliminary revenues
for the fiscal third quarter and nine months ended January 27,
2008. Revenues for the third quarter were approximately $354
million, a decline of 20 percent from $443 million in the same
quarter last year. For the first nine months of the current fiscal
year, revenues declined 10 percent to $1.35 billion from $1.50
billion in the prior year. "The third quarter, which encompasses
the seasonally slowest three months of the year, was incrementally
impacted by the uncertainties regarding the housing and financial
markets," Fleetwood's President and CEO Elden L. Smith said. "The
slower sales trend relative to the prior year was apparent in all
of our businesses throughout the quarter. Lower year-over-year
travel trailer sales reflected the soft industry market, as well as
our downsizing of production facilities and elimination of certain
product offerings. Even so, we are encouraged to see essentially
flat travel trailer sales compared to the second fiscal quarter
despite the seasonal slowdown. Motor home sales trended downward
after four quarters of growth in the face of tougher economic and
industry conditions. The RV retail show season began about three
weeks ago. So far we are seeing good traffic but we remain cautious
with regard to the potential for the RV spring selling season."
Commenting on the Housing Group's revenues, Smith said, "The
challenges facing the conventional housing market continue to
exacerbate the issues faced by the manufactured housing industry,
for which sales were down 19 percent through November 2007. These
trends particularly impacted California, Florida and Arizona.
Although we increased our overall wholesale market share in these
states during the first 11 months of calendar 2007, sales in these
states comprised less than one-quarter of our total revenues
compared with more than one-third of our total revenues in the same
period of the prior year. "We are actively pursuing opportunities
for our modular housing business and, as announced last week, we
secured a second contract to build military housing at Fort Bliss
in Texas," Smith continued. "In our traditional HUD-code business,
we continue to drive down costs and focus on improving market share
through regional products and proprietary programs that have led to
higher customer and dealer satisfaction. As a result of these
initiatives, our combined HUD-code and military backlog currently
exceeds last year's level." Although Fleetwood expects to report a
significant operating loss for the quarter, the Company said it
anticipates the loss will be reduced moderately from that of the
comparable prior year period because of successful restructuring
and cost-cutting initiatives, before considering gains from the
ongoing sale of idle real estate. Full results for the third
quarter will be announced on March 6, 2008. PRELIMINARY REVENUES
(Dollar amounts in millions) 13 Weeks Ended 39 Weeks Ended Jan. 27,
Jan. 28, % Jan. 27, Jan. 28, % 2008 2007 Change 2008 2007 Change
REVENUES: Motor homes $ 193 $ 228 (15)% $ 730 $ 684 7% Travel
trailers 44 82 (46) 156 308 (49) Folding trailers 16 14 14 59 68
(13) RV Group 253 324 (22) 945 1,060 (11) Housing Group 96 109 (12)
390 401 (3) Supply Group 5 10 (50) 19 38 (50) $ 354 $ 443 (20)%
$1,354 $1,499 (10)% About Fleetwood Fleetwood Enterprises, Inc.,
through its subsidiaries, 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,
factory-built 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, including those regarding results for the third quarter
and prospects for the fourth quarter, 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 lack of
assurance that we will regain sustainable profitability in the
foreseeable future; the effect of ongoing weakness in the
manufactured housing market and more recent weakness in the
recreational vehicle market; the effect of global tensions,
volatile fuel prices, interest rates, employment trends, stock
market performance, availability of financing generally, and other
factors that can have a negative impact on consumer confidence,
which in turn may reduce demand for our products, particularly
recreational vehicles; the availability and cost of wholesale and
retail financing for both manufactured housing and recreational
vehicles; our ability to comply with financial tests and covenants
on existing debt obligations; our ability to obtain the financing
we will need in the future to execute our business strategies and
to meet the terms of our outstanding convertible debt instruments;
the cyclical and seasonal nature of both the manufactured housing
and recreational vehicle industries; expenses and uncertainties
associated with the entry into new business segments or the
manufacturing, development, and introduction of new products; the
potential for excessive retail inventory levels in the manufactured
housing and recreational vehicle industries; the volatility of our
stock price; repurchase agreements with floorplan lenders, which
could result in increased costs; potential increases in the
frequency of product liability, wrongful death, class action, and
other legal actions; and the highly competitive nature of our
industries. Lyle Larkin Kathy A. Munson Vice President -- Treasurer
Director -- Investor Relations (951) 351-3535 (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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