-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, FAm0/X0A3G8K6PiQPqK+kz+qxXC9/nhNRuJ3JQR/Act+dla5ideHBig8GzC6wNcj 8jEkCXJg7RGLEr7tw9D9YA== 0000314132-95-000002.txt : 19950613 0000314132-95-000002.hdr.sgml : 19950613 ACCESSION NUMBER: 0000314132-95-000002 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19950129 FILED AS OF DATE: 19950308 SROS: NYSE SROS: PSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: FLEETWOOD ENTERPRISES INC/DE/ CENTRAL INDEX KEY: 0000314132 STANDARD INDUSTRIAL CLASSIFICATION: MOTOR HOMES [3716] IRS NUMBER: 951948322 STATE OF INCORPORATION: DE FISCAL YEAR END: 0428 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-07699 FILM NUMBER: 95519117 BUSINESS ADDRESS: STREET 1: 3125 MYERS ST STREET 2: P O BOX 7638 CITY: RIVERSIDE STATE: CA ZIP: 92523 BUSINESS PHONE: 7143513500 10-Q 1 FORM 10-Q SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) X OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended January 29, 1995 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) ______ OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ Commission File Number 1-7699 FLEETWOOD ENTERPRISES, INC. (Exact name of registrant as specified in its charter) Delaware 95-1948322 _______________________ ______________________________________________ (State or other jurisdiction of (IRS Employer incorporation or organization) Identification Number) 3125 Myers Street, Riverside, California 92503-5527 ____________________________________________________________________________ (Address of principal executive offices) (Zip code) Registrant's telephone number, including area code (909) 351-3500 Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No _____ Indicate the number of shares outstanding of each of the issuer's classes of Common stock as of the close of the period covered by this report. Class Outstanding at January 29, 1995 _________________________ _________________________________________ Common stock, $1 par value 46,037,542 shares Preferred share purchase rights -- CONDENSED FINANCIAL STATEMENTS The following unaudited interim condensed financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. Such financial statements have been reviewed by Arthur Andersen LLP in accordance with standards established by the American Institute of Certified Public Accountants. As indicated in their report included herein, Arthur Andersen LLP does not express an opinion on these statements. Certain information and note disclosures normally included in annual financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures made are adequate to make the information presented not misleading. In the Company's opinion, the statements reflect all adjustments (which include only normal recurring adjustments) necessary to present fairly the results of operations for the periods ending January 29, 1995 and January 23, 1994 and the balances as of January 29, 1995 and April 24, 1994. It is suggested that these condensed financial statements be read in conjunction with the financial statements and the notes thereto included in the Company's latest annual report on Form 10-K. REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS To the board of directors and shareholders of Fleetwood Enterprises, Inc.: We have reviewed the accompanying condensed consolidated balance sheet of FLEETWOOD ENTERPRISES, INC. (a Delaware Corporation) and subsidiaries as of January 29, 1995, and the related condensed consolidated statements of income for the thirteen and forty week periods ended January 29, 1995, and for the thirteen and thirty-nine week periods ended January 23, 1994, the condensed consolidated statements of cash flows for the forty and thirty-nine week periods ended January 29, 1995 and January 23, 1994, respectively, and the condensed consolidated statement of changes in shareholders' equity for the forty week period ended January 29, 1995. These condensed consolidated financial statements are the responsibility of the Company's management. We conducted our review in accordance with standards established by the American Institute of Certified Public Accountants. A review of interim financial information consists principally of applying analytical procedures to the financial data and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with generally accepted auditing standards, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion. Based on our review, we are not aware of any material modifications that should be made to the condensed consolidated financial statements referred to above for them to be in conformity with generally accepted accounting principles. We have previously audited, in accordance with generally accepted auditing standards, the consolidated balance sheet of Fleetwood Enterprises, Inc. and subsidiaries as of April 24, 1994, and the related consolidated statements of income, cash flows and changes in shareholders' equity for the year then ended (not presented herein) and, in our report dated June 23, 1994 we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying condensed consolidated balance sheet as of April 24, 1994, is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived. ARTHUR ANDERSEN LLP Orange County, California February 28, 1995 FLEETWOOD ENTERPRISES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (Amounts in thousands except per share data) (UNAUDITED) Thirteen Thirteen Forty Thirty-nine Weeks Weeks Weeks Weeks Ended Ended Ended Ended Jan. 29, Jan. 23, Jan. 29, Jan. 23, 1995 1994 1995 1994 OPERATING REVENUES: Manufacturing sales $648,248 $538,811 $2,101,351 $1,625,855 Finance interest income 13,177 9,812 34,793 27,640 ------- ------- ------- ------- 661,425 548,623 2,136,144 1,653,495 COSTS AND EXPENSES: Cost of products sold 534,175 445,074 1,714,510 1,331,569 Operating expenses 93,053 79,815 296,421 242,544 Finance interest expense 6,255 4,133 15,424 11,651 ------- ------- ------- ------- 633,483 529,022 2,026,355 1,585,764 Operating income 27,942 19,601 109,789 67,731 OTHER INCOME (EXPENSE): Investment income 3,835 1,893 8,372 7,373 Interest expense (1,180) (698) (3,024) (1,893) Other (339) (74) (531) 520 ----- ----- ----- ----- 2,316 1,121 4,817 6,000 Income before provision for income taxes and cumulative effect of accounting change 30,258 20,722 114,606 73,731 Provision for income taxes (12,116) (9,091) (46,528) (30,479) Minority interest in net loss of subsidiary 138 481 663 1,061 Income before cumulative effect of accounting change 18,280 12,112 68,741 44,313 Cumulative effect of change in accounting for income taxes -- -- -- (1,500) Net income $18,280 $12,112 $68,741 $42,813 Income per share before cumulative effect of accounting change $.39 $.26 $1.48 $.96 Cumulative effect of change in accounting for income taxes -- -- -- (.03) Net income per Common and equivalent share $.39 $.26 $1.48 $.93 Dividends declared per share of Common stock outstanding $.14 $.125 $.42 $.375 Common and equivalent shares outstanding 46,379 46,245 46,507 46,151 See accompanying notes to financial statements. FLEETWOOD ENTERPRISES, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (CONDENSED) (Amounts in thousands) ASSETS January 29, April 24, 1995 1994 (Unaudited) Cash $ 27,218 $ 37,267 Investments 141,283 121,212 Receivables: Manufacturing 179,847 158,054 Finance company 346,972 386,207 Inventories: Raw materials 144,662 117,778 Work in process and finished products 72,373 65,876 Land held for future development 6,834 6,800 Property, plant and equipment 251,210 220,788 Deferred tax benefits 64,946 59,084 Other assets 54,562 51,057 ---------- -------- $1,289,907 $1,224,123 LIABILITIES AND SHAREHOLDERS' EQUITY Accounts payable $ 84,770 $ 80,568 Commercial paper borrowings and long-term debt 350,485 360,601 Employee compensation and benefits 99,499 98,004 Federal and state taxes on income (7,003) (4,323) Insurance reserves 42,664 45,343 Other liabilities 124,518 97,715 Total liabilities 694,933 677,908 Contingent liabilities Minority interest (944) (251) Shareholders' equity: Preferred stock, $1 par value,authorized 10,000,000 shares, none outstanding -- -- Common stock, $1 par value,authorized 75,000,000 shares, outstanding 46,038,000 at January 29, 1995 and 45,996,000 at April 24, 1994 46,038 45,996 Capital surplus 41,254 40,949 Retained earnings 510,497 461,086 Foreign currency translation adjustment (1,381) (1,565) Investment securities valuation adjustment (490) -- ------- ------- 595,918 546,466 $1,289,907 $1,224,123 See accompanying notes to financial statements. FLEETWOOD ENTERPRISES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (CONDENSED) (Amounts in thousands) (UNAUDITED) Forty Thirty-nine Weeks Ended Weeks Ended Jan. 29, 1995 Jan. 23, 1994 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $68,741 $42,813 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation expense 16,303 13,465 Amortization of intangibles and goodwill 1,466 1,364 Provision for credit losses 4,560 2,479 (Gain) loss on sales of property, plant and equipment 531 (520) Changes in assets and liabilities: (Increase) decrease in manufacturing receivables (21,793) 642 Increase in inventories (33,381) (29,680) Increase in deferred tax benefits (5,862) (3,766) Increase in other assets (4,971) (11,263) Increase in accounts payable 4,202 16,784 Increase in employee compensation and benefits 1,495 3,797 Decrease in Federal and state taxes on income (2,680) (7,648) Increase (decrease) in insurance reserves (2,679) 3,759 Increase in other liabilities 26,803 13,180 Foreign currency translation adjustment 184 (709) Net cash provided by operating activities 52,919 44,697 CASH FLOWS FROM INVESTING ACTIVITIES: Acquisition of finance receivables (879,762) (732,847) Principal collected on finance receivables 644,875 540,330 Proceeds from sale of retail sales contracts 269,562 193,021 Purchases of investment securities: Held-to-maturity (4,617,311) (5,275,903) Available-for-sale (361,542) (160,397) Proceeds from maturity of investment securities: Held-to-maturity 4,597,327 5,278,901 Available-for-sale 258,634 35,812 Proceeds from sale of available-for- sale investment securities 102,331 123,870 Purchases of property, plant and equipment, net (47,256) (51,198) Additions to land held for future development (34) (33) Minority interest in subsidiary (693) (1,178) Net cash used in investing activities (33,869) (49,622) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from issuance of commercial paper 1,565,325 1,319,562 Principal payments on commercial paper (1,575,441) (1,281,147) Payment of long-term debt -- (30,000) Dividends to shareholders (19,330) (17,128) Proceeds from exercise of stock options 347 294 Net cash used in financing activities (29,099) (8,419) Decrease in cash (10,049) (13,344) Cash at beginning of period 37,267 34,834 Cash at end of period $27,218 $21,490 Supplementary disclosures: Income taxes paid $57,460 $42,949 Interest paid 19,163 15,160 See accompanying notes to financial statements. FLEETWOOD ENTERPRISES, INC. CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY (CONDENSED) (Amounts in thousands) (UNAUDITED) Invest- ment Foreign Secu- Currency rities Trans- Valu- Total Common Stock lation ation Share- Number of Capital Retained Adjust- Adjust- holders' Shares Amount Surplus Earnings ment ment Equity Balance April 24, 1994 45,996 $45,996 $40,949 $461,086 $(1,565) $ -- $546,466 Add (deduct)- Net income -- -- -- 68,741 -- -- 68,741 Cash dividends declared on Common stock -- -- -- (19,330) -- -- (19,330) Stock options exercised 42 42 305 -- -- -- 347 Foreign currency translation adjustment -- -- -- -- 184 -- 184 Investment securities valuation adjustment -- -- -- -- -- (490) (490) Balance Janaury 29, 1995 46,038 $46,038 $41,254 $510,497 $(1,381) $(490) $595,918 See accompanying notes to financial statements.
FLEETWOOD ENTERPRISES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS JANUARY 29, 1995 1) Reference to Annual Report Reference is made to the Notes to Consolidated Financial Statements included in the Company's Form 10-K annual report for the year ended April 24, 1994. 2) Investment Securities Effective with the beginning of fiscal year 1995, the Company adopted FAS No. 115, "Accounting for Certain Investments in Debt and Equity Securities." The statement requires that all applicable investments be classified as trading securities, available-for-sale securities or held- to-maturity securities. The Company did not have any investments classified as trading securities during the periods presented. The statement further requires that held-to-maturity securities be reported at amortized cost and available-for-sale securities be reported at fair value, with unrealized gains and losses excluded from earnings but reported in a separate component of shareholders' equity (net of the effect of income taxes) until they are sold. At the time of sale, any gains or losses, calculated by the specific identification method, will be recognized as a component of operating results. The following is a summary of investment securities as of January 29, 1995: (Amounts in thousands) Gross Gross Estimated Amortized Unrealized Unrealized Fair Cost Gains Losses Value Available-for-Sale Securities: U.S. Treasury securities and obligations of U.S. government agencies $24,075 $ -- $ 736 $23,339 Obligations of states and political subdivisions 8,772 -- 103 8,669 Foreign government obligations 3,008 -- 24 2,984 Other debt securities 44,148 463 375 44,236 $80,003 $ 463 $1,238 $79,228 Held-to-Maturity Securities: Foreign government obligations $ 1,403 $ -- $ -- $ 1,403 Other debt securities 60,367 -- -- 60,367 $61,770 $ -- $ -- $61,770
The amortized cost and estimated fair value of the securities at January 29, 1995, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because the issuers of the securities may have the right to prepay obligations without prepayment penalties. (Amounts in thousands) Fair Cost Value Available-for-Sale: Due in one year or less $38,036 $37,896 Due after one year through five years 22,851 22,567 Due after five years through ten years 19,116 18,765 $80,003 $79,228 Held-to-Maturity: All due in one year or less $61,770 $61,770 Investment income for the nine months ended January 29, 1995 consisted of the following: Amount Interest income $8,172 Gross realized gains 435 Gross realized losses (191) Investment management fees (44) $8,372
FLEETWOOD ENTERPRISES, INC. AND SUBSIDIARIES MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Amounts in thousands) The following is an analysis of changes in key items included in the consolidated statements of income for the 13-week and 40-week periods ended January 29, 1995. Thirteen Weeks Ended Forty Weeks Ended January 29, 1995 January 29, 1995 Increase % Increase % (Decrease) Change (Decrease) Change Manufacturing sales $109,437 20.3% $475,496 29.2% Cost of products sold 89,101 20.0 382,941 28.8 Manufacturing gross profit 20,336 21.7 92,555 31.5 Finance interest income 3,365 34.3 7,153 25.9 Finance interest expense 2,122 51.3 3,773 32.4 Net finance revenues 1,243 21.9 3,380 21.1 Selling expenses 10,471 32.6 37,619 40.7 General and admin. expenses 2,767 5.8 16,258 10.8 Operating expenses 13,238 16.6 53,877 22.2 Operating income 8,341 42.6 42,058 62.1 Other income (expense) 1,195 106.6 (1,183) (19.7) Income before taxes 9,536 46.0 40,875 55.4 Provision for income taxes 3,025 33.3 16,049 52.7 Net income $6,168 50.9% $25,928 60.6%
Current Quarter Compared to Same Quarter Last Year Net income for the three months ended January 29, 1995 rose 51 percent to $18,280,000 or 39 cents per share, the highest earnings for any third quarter on record. This compares with $12,112,000 or 26 cents per share for the similar quarter last year. The improved earnings primarily stemmed from increased operating income from the manufactured housing segment and higher interest income. Also, a lower effective income tax rate contributed to the earnings increase. Revenues for the third quarter also reached new highs, reflecting sales growth across all business segments. Third quarter revenues increased 21 percent to $661.4 million compared to $548.6 million a year ago. The manufactured housing group posted another strong performance with record third quarter sales of $330.6 million, up 31 percent over last year's $251.7 million. A total of 16,119 homes were shipped in the third period, 20 percent ahead of last year's unit volume. Housing group sales represented 50 percent of total Company revenues compared to 46 percent last year. Fleetwood's recreational vehicle group also posted record third quarter revenues with sales gains in all product categories. Motor home sales were up 5 percent to $172.4 million on 3,277 units which was virtually identical to last year's unit volume. Travel trailer revenues increased 12 percent to $105.9 million on a 1 percent rise in unit volume to 7,728. The Company's folding trailer division recorded a 3 percent increase in revenues to $14.8 million despite a 1 percent decline in shipments to 3,559 units. European RV revenues improved to $12.4 million in the third quarter. Recreational vehicle sales accounted for 46 percent of total Company revenues, down from 51 percent last year. Manufacturing sales increased 20.3 percent, more than the 20.0 percent increase in cost of products sold, resulting in an improvement in manufacturing gross profit from 17.4 percent to 17.6 percent of sales. All of the profit margin improvementcame from the manufactured housing segment. Net finance revenues rose 22 percent or $1.2 million primarily due to higher wholesale loan volume and higher interest rates charged on wholesale loans. Borrowing costs for the finance operation rose at a faster rate than finance revenues due to the competitive rate environment for consumer lending on recreational vehicles. Operating expenses increased $13.2 million or 17 percent to $93.1 million, but dropped as a percentage of revenues from 14.5 percent to 14.1 percent on the higher sales volume. Selling expenses rose 33 percent or $10.5 million to $42.5 million primarily due to higher product warranty costs, sales promotion expenses, sales commissions and product financing costs. Selling expenses increased as a percentage of revenues to 6.4 percent from 5.8 percent for the corresponding quarter last year. General and administrative expenses increased $2.8 million or 6 percent to $50.5 million, but decreased as a percentage of revenues from 8.7 percent to 7.6 percent. The dollar increase was primarily due to higher employee compensation and benefits related to increased staffing for new plants, along with normal salary increases. Non-operating income more than doubled to $2.3 million as a result of a doubling of interest income. Interest income in the current quarter included $1.9 million received in connection with a Federal income tax refund from prior years. Interest expense increased $482,000 primarily due to higher borrowing costs for the Company's European RV operation. The combined Federal and state income tax rate dropped to 40.0 percent from 43.9 percent for the same period last year due to lower state income tax accruals and a reduced loss from European operations which carry no tax benefit. Current Year-To-Date Compared to Same Period Last Year Earnings for the first nine months of fiscal 1995 climbed to a record $68,741,000 or $1.48 per share, up 61 percent from $42,813,000 and 93 cents per share in last year's comparable period. Last year's nine-month earnings included a $1.5 million charge (3 cents per share) for a change in accounting for income taxes. Revenues for the nine months reached an all-time high as all business segments experienced sales growth. Consolidated revenues jumped 29 percent to $2.14 billion, up from $1.65 billion in last year's similar nine- month period. Housing revenues for the first nine months of fiscal 1995 surged 39 percent to $1.03 billion compared to $739.9 million for last year's comparable period. Shipments increased 29 percent over last year to 52,020 units. This was the result of industry growth along with a higher market share for Fleetwood. For calendar year 1994, industry unit volume grew nearly 20 percent, but Fleetwood outpaced the industry with a 30 percent gain. This caused the Company's market share to increase from 19.9 percent to 21.6 percent. Housing revenues for the first nine months of fiscal 1995 represented 48 percent of total Company revenues, up from 45 percent for the same period last year. Recreational vehicle revenues for the nine months rose 20 percent to $1.04 billion, up from $864.0 million in the prior year, primarily as a result of higher sales of motor homes and travel trailers. Domestic motor home sales of $583.6 million were 19 percent ahead of last year's comparable period on a 13 percent gain in shipments to 11,949 units. Travel trailer revenues rose 21 percent to $362.4 million, with unit volume increasing 14 percent to 27,422. The Company's folding trailer division posted a 3 percent sales gain to $56.7 million, despite a 4 percent decline in shipments to 13,539 units. European RV sales also improved significantly, rising to $37.5 million in the nine-month period. Recreational vehicle sales represented 49 percent of total Company revenues compared to 52 percent last year. As a result of higher margins for both housing and recreational vehicles, manufacturing gross profit improved to 18.4 percent of manufacturing sales from 18.1 percent for the similar period last year. Direct labor and manufacturing overhead costs declined as a percentage of sales which more than offset the impact of higher raw material costs. Net finance revenues were up $3.4 million or 21 percent reflecting higher wholesale loan volume as previously discussed. For the nine months, the spread between lending and borrowing costs narrowed for the reason mentioned previously. Operating expenses rose $53.9 million or 22 percent to $296.4 million but decreased as a percentage of revenues from 14.7 percent to 13.9 percent. Selling expenses jumped 41 percent or $37.6 million to $130.0 million reflecting higher costs for product warranties and customer service, product financing, sales commissions and sales promotion. Selling expenses increased as a percentage of revenues from 5.6 percent to 6.1 percent. General and administrative expenses rose $16.3 million or 11 percent to $166.4 million, but declined as a percentage of revenues from 9.1 percent to 7.8 percent. The dollar increase was primarily due to higher employee compensation and benefit costs related to plant expansion along with increased management incentive compensation stemming from higher profits. Non-operating income for the nine months declined $1.2 million or 20 percent to $4.8 million. This mainly resulted from higher interest expense for the European operation and losses on the disposition of fixed assets. Losses totaling $531,000 were incurred this year on the disposition of fixed assets compared to aggregate gains of $520,000 recorded in the previous year. The combined Federal and state income tax rate fell to 40.6 percent from 41.3 percent last year for the reasons explained previously. Liquidity and Capital Resources The Company generally relies upon internally generated cash flows to fund capital expenditures and to satisfy working capital needs for its manufacturing operations. Positive cash flows from operations during the first nine months of fiscal 1995 improved the Company's liquidity as cash and investments rose $10.0 million to $168.5 million at January 29, 1995. During the seasonally slow January quarter, working capital needs generally increase while the Company is building inventory to meet the peak demand for recreational vehicles in the spring. This situation occurred in the third quarter of fiscal 1995 which required the Company to use uncommitted bank credit lines. During the month of January, the Company borrowed $1.5 million for a one-week period to meet working capital needs. All borrowings were paid off prior to the end of the quarter. Cash outflows in the nine months ended January 1995 included capital expenditures of $47.3 million, most of which was related to continuing capacity expansion in the Company's housing group. The quarterly shareholder dividend was increased from a per share rate of 12.5 cents to 14 cents in June 1994 which increased the aggregate dividend payments to $19.3 million for the first nine months of fiscal 1995. The Company's finance subsidiary secured cash for lending operations primarily through the issuance of commercial paper and the sale to investors of securities backed by retail sales contracts on Fleetwood recreational vehicles. In June 1994 and again in January 1995, Fleetwood Credit Corp.presold $150 million of asset-backed securities. The June 1994 sale became fully funded in August 1994 and the January 1995 sale will become fully funded in March 1995. As of January 31, 1995, the January sale was funded to the extent of approximately $120 million. The proceeds of these sales were principally used to pay down commercial paper debt. The finance subsidiary uses the commercial paper market to fund both its wholesale receivables, which are prime rate based, and its fixed-rate retail installment sale contract receivables prior to their sale in the asset-backed securities market. To protect the value of the retail installment sale contract portfolio from unfavorable changes in interest rates, the finance subsidiary typically enters into interest rate exchange agreements or other interest rate hedging transactions during the period between origination of the receivables and their sale in the asset-backed securities market. The finance company maintains a committed revolving credit facility with a number of major banks to support the issuance of commercial paper. In September 1994, Fleetwood Credit Corp. established a new $300 million credit facility to replace the existing $250 million facility, which is to be used for general corporate purposes, including commercial paper back-up. PART II OTHER INFORMATION There are no other items to be reported or exhibits to be filed. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. FLEETWOOD ENTERPRISES, INC. _______________________________ Paul M. Bingham Financial Vice President and Chief Financial Officer March 7, 1995 EX-27 2 ART. 5 FDS FOR 3RD QUARTER 10-Q
5 1,000 9-MOS APR-30-1995 JAN-29-1995 27,218 141,283 546,004 19,185 217,035 0 390,445 139,235 1,289,907 0 0 46,038 0 0 549,880 1,289,907 2,101,351 2,136,144 1,714,510 2,026,355 531 4,560 3,024 114,606 46,528 68,741 0 0 0 68,741 1.48 1.48 Amounts for current assets and current liabilities are not shown since balance sheet is presented in nonclassified format.
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