RIVERSIDE, Calif., June 26 /PRNewswire-FirstCall/ -- Fleetwood
Enterprises, Inc. (NYSE:FLE) announced today financial results for
its fiscal 2008 fourth quarter and full year ended April 27, 2008.
Consolidated Results Consolidated revenues for the quarter declined
26 percent to $363.5 million from $488.3 million in last year's
fourth quarter. Benefiting from profitable asset dispositions, the
Company reported $18.0 million in consolidated operating income
compared to a consolidated operating loss of $12.1 million in the
fourth quarter of the prior year. Net income from continuing
operations for the quarter totaled $21.7 million, or $0.30 per
share, compared to a net loss from continuing operations of $32.0
million, or $0.50 per share, for the corresponding quarter of the
prior year. Non-recurring asset dispositions during the quarter
generated $24.1 million of gains on previously announced real
estate sales, while the prior-year quarter included $9.6 million of
expenses primarily related to restructuring of the travel trailer
division, partially offset by real estate gains. "Beyond the
one-time events, our operating results reflect, in part, the work
we've done to reduce overhead expenses in response to a lower
revenue base in the face of continued weakness in manufactured
housing and an increasingly challenging environment in recreational
vehicles," said Elden L. Smith, Fleetwood's president and chief
executive officer. "Our cost-containment initiatives yielded a 24
percent reduction in operating expenses for the most recent quarter
to $55.4 million from $72.7 million in the prior-year period.
Industry-wide sales for the motor home and travel trailer
industries are down substantially calendar year to date. This is
clearly the result of volatile and rising fuel prices and the
crisis in the home mortgage market, which have driven consumer
confidence to its lowest mark in 16 years. The drop in volume has
been most notable in Class A motor homes, triggering a swing for
the motor home division from a substantial operating profit last
year to an operating loss this year." Results for the full fiscal
year were increasingly affected by these same issues as the year
progressed. Consequently, consolidated revenues for fiscal year
2008 were down 14 percent to $1.66 billion from $1.92 billion in
the same period last year. Operating income for the year, however,
was $17.8 million, reflecting cost reductions and non-recurring
gains, compared to an operating loss of $57.8 million in fiscal
2007. Net income from continuing operations for fiscal 2008 was
$2.9 million, or $0.05 per share, compared to a net loss from
continuing operations of $78.0 million, or $1.22 per share, for the
same period last year. RV Group Quarterly Results The RV Group
generated operating income of $5.6 million for the fourth quarter
compared to a $12.1 million operating loss in the comparable period
of the prior year. Current-year results included an $8.8 million
gain on the previously announced sale of an RV supply plant. The
motor home division incurred an operating loss of $2.2 million in
the quarter compared to operating income of $11.5 million in the
same quarter last year, due to a 32 percent drop in revenues and a
shift away from higher-margin Class A products. The travel trailer
division generated operating income of $0.9 million, which included
the benefit from a reduction to warranty reserves of $3.9 million,
prompted by better-than-expected warranty experience and reduced
volumes. In the prior year, the division incurred an operating loss
of $23.4 million, including $10.2 million in restructuring costs,
on revenues that were 27 percent higher. "The travel trailer
division has made progress in many of its key metrics," Smith said,
"and we will continue to make further adjustments in that division
until it achieves consistent profitability. In the motor home
division, we have seen an improvement in shipments and market share
of both the lower-priced and fuel-efficient Class C categories that
we specifically targeted last year, as well as some of our Class A
products. While it is our intention to engage in minimal
discounting in this highly competitive environment, the outlook for
the RV industry remains quite challenging, at least for the balance
of this calendar year and into the spring of 2009. Accordingly, we
will continue to carefully manage our production and overhead costs
going forward, while working to maintain or improve our market
share." Housing Group Quarterly Results The Housing Group remained
profitable for the quarter despite a further reduction in revenues,
earning $0.5 million in operating income compared with $2.1 million
in the prior year. Quarterly revenues were $106.3 million, off 9
percent compared with the prior year's $117.1 million. The modular
division accounted for 8 percent of sales versus none in the prior
year. "The manufactured housing industry shows no immediate sign of
a turnaround," Smith said. "We continue to battle stiff competition
from foreclosed site-built homes, as well as the turmoil in the
mortgage industry and sluggishness in our traditional retiree
market. Despite the immediacy of these concerns, we do not believe
they fundamentally alter the positive long-term outlook for a
business that provides affordable housing in this country. We are
operating above breakeven at current depressed sales levels and
continue to be opportunistically poised in the regions and markets
in which we participate to take advantage of any recovery.
Meanwhile, Trendsetter Homes, our modular division, is carefully
but successfully growing its business in the military and
commercial fields. We are placing greater emphasis on this sector
and have begun to allocate incremental resources to more
aggressively pursue additional contracts." Discontinued Operations
On May 12, 2008, the Company completed the sale of Fleetwood
Folding Trailers, Inc. The folding trailer division's revenues and
results are now accounted for as discontinued operations, and the
financial statements for prior years have been restated
accordingly. Balance Sheet Changes As of fiscal year end, cash and
investments were $100 million, up from both the third quarter and
the prior year. This includes $33.5 million from the sale of the
corporate headquarters complex, a portion of which the Company is
now leasing, and the sale of an RV supply plant. The remaining
increase came from improved working capital utilization, primarily
reductions in inventory levels. On June 25, 2008, the Company
completed a public offering for 12 million shares of its common
stock that raised almost $39 million in net proceeds, which will be
used to repurchase a portion of the $100 million 5% convertible
senior subordinated debentures and for general corporate purposes.
The holders of the debentures are expected to exercise their right
to require Fleetwood to repurchase them at par on December 15,
2008, and the Company has the flexibility to redeem them with cash,
by issuing common stock, or through a combination of both. The
Company also plans to pursue additional sales of idle real estate
as well as real estate financing on certain unencumbered facilities
to provide additional redemption funding as well as liquidity for
ongoing operations. Corporate Outlook "We expect sales to remain
soft in the manufactured housing business and very challenging in
recreational vehicles until fuel prices and home values stabilize
and consumer confidence begins to recover," Smith said. "However,
we continue working to improve our share of available sales through
enhanced, more competitive product offerings and better dealer
relations. "We believe that Fleetwood Financial Services, a
previously announced strategic RV wholesale and retail financing
alliance with Bank of America, the largest lender in the industry,
will play an important role in supporting our efforts and
differentiating us from our competition in the RV industry," Smith
continued. RV dealers seem likely to conservatively manage their
inventories in the coming months, especially for motor homes. Such
conservatism has resulted in lower production volumes so far in the
first fiscal quarter. This has led to costs related to short work
weeks and layoffs that will negatively impact near-term margins.
Operating expenses are expected to show continued year-over-year
declines, although at a reduced rate compared with recent quarters.
"Overall, despite expectations of a challenging fiscal 2009, we are
confident that the changes we continue to make in all sectors of
our Company will enable us to weather current conditions and to
capitalize on an upturn," Smith concluded. Conference Call The
Company will host a conference call with interested parties at
10:30 a.m. PDT/1:30 p.m. EDT on Thursday, June 26, 2008. The call
will be broadcast live on the Company's website,
http://www.fleetwood.com/ under Investor Relations, and over the
Internet at http://www.streetevents.com/ and
http://www.earnings.com/. 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,
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, including those regarding our outlook for the RV and
housing industries, the effect of Fleetwood Financial Services on
our competitive position, our pursuit of modular business, our
ability to meet the upcoming $100 million obligation with cash, and
our expectation for first quarter revenues and results, 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 both the
manufactured housing and the recreational vehicle markets; the
effect of a decline in home equity values, volatile fuel prices and
interest rates, global tensions, employment trends, stock market
performance, availability of financing generally, and other factors
that can and have had a negative impact on consumer confidence,
which 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, on reasonable
terms if at all, the financing we will need in the future to
execute our business strategies and to meet the repayment terms of
our outstanding convertible debt instruments, including the 5%
convertible senior subordinated debentures; potential dilution
associated with equity financings we may undertake to raise
additional capital and the risk that the equity pricing may not be
favorable; 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. All financial information is unaudited and
subject to possible adjustment prior to the finalization of the
Company's Annual Report on Form 10-K. Contact: Lyle Larkin Vice
President - Treasurer (951) 351-3535 Kathy A. Munson Director -
Investor Relations (951) 351-3650 (tables to follow) Fleetwood
Enterprises, Inc. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except per share data) (Unaudited) 13 Weeks
Ended April 27, 2008 April 29, 2007 Net Sales: RV Group $257,259
$371,240 Housing Group 106,288 117,075 363,547 488,315 Cost of
products sold 313,765 418,151 Gross profit 49,782 70,164 Operating
expenses 55,360 72,674 Other operating (income) expenses, net
(23,557) 9,608 31,803 82,282 Operating income (loss) 17,979
(12,118) Other income (expense): Investment income 733 1,201
Interest expense (4,664) (6,784) Other, net - - (3,931) (5,583)
Income (loss) from continuing operations before income taxes 14,048
(17,701) Benefit (provision) for income taxes 7,660 (14,268) Income
(loss) from continuing operations 21,708 (31,969) Loss from
discontinued operations, net (2,805) (7,249) Net income (loss)
$18,903 $(39,218) Basic Diluted Basic Diluted Net income (loss) per
common share: Income (loss) from continuing operations $0.34 $0.30
$(0.50) $(0.50) Loss from discontinued operations (0.05) (0.04)
(0.11) (0.11) Net income (loss) per common share $0.29 $0.26
$(0.61) $(0.61) Weighted average common shares 64,257 72,965 64,058
64,058 Fleetwood Enterprises, Inc. CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS (Amounts in thousands, except per share
data) (Unaudited) 52 Weeks Ended April 27, 2008 April 29, 2007 Net
Sales: RV Group $1,163,041 $1,400,886 Housing Group 496,939 518,461
1,659,980 1,919,347 Cost of products sold 1,410,133 1,654,370 Gross
profit 249,847 264,977 Operating expenses 262,474 310,269 Other
operating (income) expenses, net (30,460) 12,487 232,014 322,756
Operating income (loss) 17,833 (57,779) Other income (expense):
Investment income 4,459 5,902 Interest expense (23,010) (25,557)
Other, net - 18,530 (18,551) (1,125) Income (loss) from continuing
operations before income taxes (718) (58,904) Benefit (provision)
for income taxes 3,637 (19,109) Income (loss) from continuing
operations 2,919 (78,013) Loss from discontinued operations, net
(3,932) (11,948) Net income (loss) $(1,013) $(89,961) Basic Diluted
Basic Diluted Net income (loss) per common share: Income (loss)
from continuing operations $0.05 $0.05 $(1.22) $(1.22) Loss from
discontinued operations (0.07) (0.07) (0.19) (0.19) Net income
(loss) per common share $(0.02) $(0.02) $(1.41) $(1.41) Weighted
average common shares 64,228 64,582 63,933 63,933 Fleetwood
Enterprises, Inc. CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in
thousands) (Unaudited) April 27, January 27, April 29, 2008 2008
2007 ASSETS Cash and cash equivalents $58,262 $20,088 $52,127
Restricted cash and investments (A) 41,877 24,990 24,161
Receivables 102,420 112,930 118,334 Inventories 139,813 172,503
162,944 Other current assets 40,649 47,109 49,362 Total current
assets 383,021 377,620 406,928 Property, plant and equipment, net
146,573 154,277 185,454 Deferred taxes, net 45,909 42,362 46,488
Other assets 50,067 54,605 64,301 Total assets $625,570 $628,864
$703,171 LIABILITIES & SHAREHOLDERS' EQUITY Accounts payable
$27,701 $32,720 $49,625 Employee compensation and benefits 32,253
32,098 47,018 Other short-term borrowings 9,568 8,362 7,314 5%
convertible senior subordinated debentures 100,000 100,000 - Other
current liabilities 109,621 127,024 142,689 Total current
liabilities 279,143 300,204 246,646 5% convertible senior
subordinated debentures - - 100,000 6% convertible subordinated
debentures 160,142 160,142 160,142 Other long-term debt 16,145
17,482 17,508 Other non-current liabilities 83,873 85,403 92,868
Total non-current liabilities 260,160 263,027 370,518 Total
shareholders' equity 86,267 65,633 86,007 Total liabilities and
shareholders' equity $625,570 $628,864 $703,171 (A) Includes $16.8
million of restricted cash proceeds from a real estate sale pledged
in connection with the Company's secured credit facility. The
restriction lapsed on May 23, 2008, following the completion of the
substitution of alternative real estate collateral. Fleetwood
Enterprises, Inc. CONDENSED STATEMENTS OF CASH FLOWS (Amounts in
thousands) (Unaudited) 13 Weeks Ended 52 Weeks Ended 4/27/2008
4/29/2007 4/27/2008 4/29/2007 CASH FLOWS FROM OPERATING ACTIVITIES:
Income (loss) from continuing operations $21,708 $(31,969) $2,919
$(78,013) Adjustments to reconcile net income (loss) to net cash
provided by (used in) operating activities: Depreciation and
amortization expense 4,446 6,430 19,538 25,074 Stock-based
compensation 2,508 976 5,141 3,438 Gain on sale of property, plant
and equipment (24,084) (561) (32,487) (4,325) Deferred taxes, net
(7,700) 11,136 (4,887) 14,721 Other non-cash items 479 (1) 286
(15,763) Changes in assets and liabilities: Inventories 32,690
18,545 23,131 5,076 Other assets and liabilities, net (5,495)
31,717 (44,689) 18,447 Net cash provided by (used in) operating
activities 24,552 36,273 (31,048) (31,345) CASH FLOWS FROM
INVESTING ACTIVITIES: Purchases and sales of investments, net (292)
(298) (1,237) (1,085) Purchases of property, plant and equipment,
net (793) (2,083) (6,019) (7,752) Proceeds from sale of property,
plant and equipment 32,739 3,149 59,699 12,398 Change in restricted
cash (16,790) -- (16,790) -- Net cash provided by investing
activities 14,864 768 35,653 3,561 CASH FLOWS FROM FINANCING
ACTIVITIES: Change in short-term borrowings 1,171 2,420 1,984 (341)
Changes in long-term debt (1,302) (1,263) (1,093) (5,512)
Redemption of convertible subordinated debentures -- -- -- (30,385)
Proceeds from exercise of stock options -- 234 872 1,063 Net cash
provided by (used in) financing activities (131) 1,391 1,763
(35,175) CASH FLOWS FROM DISCONTINUED OPERATIONS: Net cash provided
by (used in) discontinued operations (1,111) 3,159 (494) (8,523)
Foreign currency translation adjustment -- 815 261 469 Increase
(decrease) in cash 38,174 42,406 6,135 (71,013) Cash at beginning
of period 20,088 9,721 52,127 123,140 Cash at end of period $58,262
$52,127 $58,262 $52,127 Fleetwood Enterprises, Inc. BUSINESS
SEGMENT AND UNIT SHIPMENT INFORMATION (Dollar amounts in thousands)
(Unaudited) 13 Weeks Ended 52 Weeks Ended April 27, April 29, April
27, April 29, 2008 2007 2008 2007 REVENUES: Motor homes $189,862
$278,201 $919,578 $961,925 Travel trailers 61,383 83,725 219,014
391,310 RV supply 6,014 9,314 24,449 47,651 RV Group 257,259
371,240 1,163,041 1,400,886 Housing Group 106,288 117,075 496,939
518,461 $363,547 $488,315 $1,659,980 $1,919,347 OPERATING INCOME
(LOSS): Motor homes $(2,176) $11,489 $14,767 $12,122 Travel
trailers 855 (23,420) (16,765) (65,301) RV supply 6,896 (131) 4,998
1,598 RV Group 5,575 (12,062) 3,000 (51,581) Housing Group 507
2,099 8,608 (2,557) Corporate and other 11,897 (2,155) 6,225
(3,641) $17,979 $(12,118) $17,833 $(57,779) UNITS SOLD:
Recreational vehicles - Motor homes 1,716 2,386 7,804 8,496 Travel
trailers 3,145 4,566 10,926 22,035 4,861 6,952 18,730 30,531
Housing - HUD 2,631 3,057 12,337 13,257 MOD 220 - 759 - 2,851 3,057
13,096 13,257 Total Company shipments 7,712 10,009 31,826 43,788
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/
http://www.streetevents.com/ http://www.earnings.com/
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