-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, M1kM/Ggs/ugIvo0HTlnxiPOLXrC3kHWDXG0kMrnToM/k+sqWs45BY0zMLNzVIhD6 OP5egALCKEoPLNNfFsNdAA== 0000314132-96-000013.txt : 19961204 0000314132-96-000013.hdr.sgml : 19961204 ACCESSION NUMBER: 0000314132-96-000013 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19961027 FILED AS OF DATE: 19961203 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: 96675214 BUSINESS ADDRESS: STREET 1: 3125 MYERS ST STREET 2: P O BOX 7638 CITY: RIVERSIDE STATE: CA ZIP: 92523 BUSINESS PHONE: 9093513500 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 October 27, 1996 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 (I.R.S. 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 October 27, 1996 _______________________ _____________________________ Common stock, $1 par value 35,562,199 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 October 27, 1996 and October 29, 1995 and the balances as of October 27, 1996 and April 28, 1996. 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 made a review of the accompanying condensed consolidated balance sheet of FLEETWOOD ENTERPRISES, INC. (a Delaware Corporation) and subsidiaries as of October 27, 1996, and the related condensed consolidated statements of income for the thirteen and twenty-six week periods ended October 27, 1996 and October 29, 1995, the condensed consolidated statements of cash flows for the twenty-six week periods ended October 27, 1996 and October 29, 1995, and the condensed consolidated statement of changes in shareholders' equity for the twenty-six week period ended October 27, 1996. 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 28, 1996, 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 25, 1996 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 28, 1996, 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 November 25, 1996 FLEETWOOD ENTERPRISES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (Amounts in thousands except per share data) (UNAUDITED) Thirteen Thirteen Twenty-six Twenty-six Weeks Weeks Weeks Weeks Ended Ended Ended Ended Oct. 27, Oct. 29, Oct. 27, Oct. 29, 1996 1995 1996 1995 Sales $748,780 $707,086 $1,500,025 $1,411,803 Cost of products sold 607,268 571,436 1,212,609 1,144,767 ------- ------- ------- ------- Gross profit 141,512 135,650 287,416 267,036 Operating expenses 100,585 102,921 201,811 202,133 ------- ------- ------- ------- Operating income 40,927 32,729 85,605 64,903 Other income (expense): Investment income 2,660 3,838 8,054 6,747 Interest expense (1,024) 276 (2,474) (618) Other (187) (48) (207) (160) ------- ------- ------- ------- 1,449 4,066 5,373 5,969 ------- ------- ------- ------- Income from continuing operations before income taxes and minority interest 42,376 36,795 90,978 70,872 Provision for income taxes (16,604) (15,147) (35,874) (28,905) Minority interest in net loss of subsidiary -- 191 -- 278 ------ ------ ------- ------ Income from continuing operations 25,772 21,839 55,104 42,245 Income from discontinued operations: Income from operations of finance subsidiary (net of income taxes) -- 2,172 887 4,564 Gain on sale of finance subsidiary (net of income taxes) -- -- 33,891 -- ------ ------ ------ ------ -- 2,172 34,778 4,564 ------ ------ ------ ------ Net income $25,772 $24,011 $89,882 $46,809 ------ ------ ------ ------ ------ ------ ------ ------ Net income per Common and equivalent share: Continuing operations $.68 $.47 $1.32 $.91 Discontinued operations: Income from operations of finance subsidiary -- .05 .02 .10 Gain on sale of finance subsidiary -- -- .81 -- ----- ----- ----- ----- Total $.68 $.52 $2.15 $1.01 ----- ----- ----- ----- ----- ----- ----- ----- Dividends declared per share of Common stock outstanding $.16 $.15 $.32 $.30 ----- ----- ----- ----- ----- ----- ----- ----- Common and equivalent shares outstanding 37,837 46,496 41,877 46,507 ------ ------ ------ ------ ------ ------ ------ ------ See accompanying notes to financial statements. FLEETWOOD ENTERPRISES, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (CONDENSED) (Amounts in thousands) ASSETS October 27, April 28, 1996 1996 (Unaudited) Cash $ 18,259 $ 15,792 Investments 86,549 272,138 Receivables 170,567 173,380 Inventories: Raw materials 123,597 94,302 Work in process and finished products 47,209 43,597 Net assets of discontinued operations -- 97,444 Property, plant and equipment 276,138 266,587 Deferred tax benefits 72,087 65,224 Cash value of Company-owned life insurance 30,882 30,953 Other assets 39,808 49,515 ---------- --------- $865,096 $1,108,932 ---------- --------- ---------- --------- LIABILITIES AND SHAREHOLDERS' EQUITY Accounts payable $101,689 $ 104,850 Employee compensation and benefits 113,514 109,552 Federal and state taxes on income 8,951 (16,850) Insurance reserves 47,341 47,408 Long-term debt 55,000 80,000 Other liabilities 119,586 134,835 -------- --------- 446,081 459,795 -------- --------- Contingent liabilities 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 35,562,000 at October 27, 1996 and 45,640,000 at April 28, 1996 35,562 45,640 Capital surplus 36,177 42,758 Retained earnings 347,128 561,500 Foreign currency translation adjustment (432) (946) Investment securities valuation adjustment 580 185 ------- ------- 419,015 649,137 ------- ------- $865,096 $1,108,932 ------- ------- ------- ------- See accompanying notes to financial statements. FLEETWOOD ENTERPRISES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (CONDENSED) (Amounts in thousands) (UNAUDITED) Twenty-six Twenty-six Weeks Ended Weeks Ended October 27, 1996 October 29, 1995 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $89,882 $46,809 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation expense 12,586 12,602 Amortization of intangibles and goodwill 834 801 Losses on sales of property, plant and equipment 207 160 Gain on sale of finance subsidiary (33,891) -- Changes in assets and liabilities: Decrease in receivables 2,813 7,481 (Increase) decrease in inventories (32,907) 71,367 Increase in deferred tax benefits (6,863) (7,929) (Increase) decrease in cash value of Company-owned life insurance 71 (557) (Increase) decrease in other assets 8,873 (6,284) Decrease in accounts payable (3,161) (985) Increase in other liabilities 14,447 30,181 Foreign currency translation adjustment 514 (421) ------- ------- Net cash provided by operating activities 53,405 153,225 ------- ------- CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of investment securities: Held-to-maturity (2,245,865) (2,196,289) Available-for-sale (1,515,797) (242,330) Proceeds from maturity of investment securities: Held-to-maturity 2,256,168 2,129,173 Available-for-sale 1,460,752 135,285 Proceeds from sale of available-for-sale investment securities 230,726 54,554 Purchases of property, plant and equipment, net (22,344) (14,670) Proceeds from sale of finance subsidiary, net of income taxes 132,222 -- Change in net assets of discontinued operation (887) (4,564) -------- -------- Net cash provided by (used in) investing activities 294,975 (138,841) -------- -------- CASH FLOWS FROM FINANCING ACTIVITIES: Retirement of long-term debt (25,000) -- Dividends to shareholders (12,985) (13,822) Proceeds from exercise of stock options 3,810 384 Purchase of Common stock (311,738) -- -------- --------- Net cash used in financing activities (345,913) (13,438) -------- --------- Increase in cash 2,467 946 Cash at beginning of period 15,792 9,410 -------- --------- Cash at end of period $18,259 $10,356 -------- --------- -------- --------- Supplementary disclosures: Income taxes paid $40,256 $25,691 Interest paid 2,421 511 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 28, 1996 45,640 $45,640 $42,758 $561,500 $(946) $185 $649,137 Add (deduct)- Net income -- -- -- 89,882 -- -- 89,882 Cash dividends declared on Common stock -- -- -- (12,985) -- -- (12,985) Stock options exercised 208 208 3,602 -- -- -- 3,810 Stock re- purchased (10,286) (10,286) (10,183) (291,269) -- -- (311,738) Foreign currency translation adjustment -- -- -- -- 514 -- 514 Investment securities valuation adjustment -- -- -- -- -- 395 395 Balance October 27, 1996 35,562 $35,562 $36,177 $347,128 $(432) $580 $419,015 See accompanying notes to financial statements.
FLEETWOOD ENTERPRISES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OCTOBER 27, 1996 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 28, 1996. 2) Industry Segment Information Information with respect to industry segments for the periods ending October 27, 1996 and October 29, 1995 is shown below: 13 Weeks 13 Weeks 26 Weeks 26 Weeks Ended Ended Ended Ended Oct. 27, Oct. 29, Oct. 27, Oct. 29, 1996 1995 1996 1995 OPERATING REVENUES: Manufactured housing $385,497 $386,452 $ 762,642 $ 747,989 Recreational vehicles 348,835 309,304 706,689 641,617 Supply operations 14,448 11,330 30,694 22,197 -------- -------- ---------- ---------- $748,780 $707,086 $1,500,025 $1,411,803 -------- -------- ---------- ---------- -------- -------- ---------- ---------- OPERATING INCOME: Manufactured housing $24,563 $31,197 $54,008 $59,144 Recreational vehicles 19,704 5,568 38,813 11,649 Supply operations 78 852 1,471 908 Corporate and other* (3,418) (4,888) (8,687) (6,798) ------- ------- ------- ------- $40,927 $32,729 $85,605 $64,903 ------- ------- ------- ------- ------- ------- ------- ------- * Including adjustments and eliminations.
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 26-week periods ended October 27, 1996. The amounts shown below apply only to continuing operations. Thirteen Weeks Ended Twenty-six Weeks Ended October 27, 1996 October 27, 1996 Increase % Increase % (Decrease) Change (Decrease) Change Sales $41,694 5.9% $88,222 6.2% Cost of products sold 35,832 6.3 67,842 5.9 ------- --- ------- --- Gross profit 5,862 4.3 20,380 7.6 Selling expenses (4,319) (8.9) (9,366) (9.7) General and administrative expenses 1,983 3.7 9,044 8.6 ------- --- ------- --- Operating expenses (2,336) (2.3) (322) (.2) ------- --- ------- --- Operating income 8,198 25.0 20,702 31.9 Other income (expense) (2,617) (64.4) (596) (10.0) Income before taxes 5,581 15.2 20,106 28.4 Provision for income taxes 1,457 9.6 6,969 24.1 Net income $3,933 18.0% $12,859 30.4% ------ ---- ------- --- ----- ---- ------- ---
Current Quarter Compared to Same Quarter Last Year Net income rose 7 percent to a second quarter record of $25,772,000 or 68 cents per share compared to $24,011,000 and 52 cents per share a year ago. Last year's second quarter included income from discontinued operations of $2,172,000 or 5 cents per share. Earnings per share in the current year benefited from fewer outstanding shares resulting from significant share repurchases over the past few months. Income from continuing operations for the 13 weeks ended October 27,1996 was up 18 percent on a 6 percent increase in revenues. Earnings per share from continuing operations was 45 percent ahead of last year's similar period on the reduced number of shares. The improvement in second quarter and first half earnings from continuing operations was largely driven by a dramatic improvement in the Company's recreational vehicle business. A sharp increase in motor home sales and profits led to the favorable RV results. Consolidated revenues rose 6 percent to a record $748.8 million in the second quarter, up from $707.1 million a year ago, as a result of the stronger motor home sales. Prior year revenues have been restated to exclude finance revenues from the discontinued finance operation. Recreational vehicle revenues for the 13 weeks were $348.8 million, 13 percent ahead of last year's $309.3 million. Last year's RV revenues included $12.7 million in sales from the Company's European operation which was sold in May 1996. Motor home revenues of $215.8 million were 33 percent ahead of last year's second quarter on a 16 percent gain in unit volume to 3,521 motor homes. Towable RV products did not fare as well, however. Travel trailer revenues eased 1 percent to $111 million as unit volume declined 7 percent to 7,889. Folding trailer sales were off 3 percent to $22.0 million on a 12 percent decline in units to 4,763. Recreational vehicle sales accounted for 47 percent of total Company revenues, up from 44 percent last year. Manufactured housing revenues for the quarter were $385.5 million, virtually identical to last year's record second quarter. The housing group sold 17,748 homes in the quarter which was 3 percent below last year's similar period. Due to a heavier mix of multi-section homes, floors shipped were virtually identical to last year's record second quarter. Housing group sales represented 51 percent of total Company revenues, down from 55 percent in last year's second quarter. Gross profit dropped as a percentage of sales from 19.2 percent to 18.9 percent as lower manufactured housing margins more than offset improved RV margins. Housing margins were impacted by start-up costs at two new plant facilities while RV margins benefited from a more favorable sales mix. Operating expenses of $100.6 million were 2 percent below last year's similar period, while declining as a percentage of sales from 14.6 percent to 13.4 percent. Selling expenses dropped 9 percent to $44.5 million primarily reflecting lower RV costs for sales promotion and product financing subsidies. As a percentage of sales, selling expenses declined from 6.9 percent to 5.9 percent. General and administrative expenses rose 4 percent to $56.1 million, but decreased as a percentage of sales from 7.7 percent to 7.5 percent. None of the administrative cost increases were individually significant. Non-operating income of $1.4 million was 64 percent below the $4.1 million earned last year due to lower investment income and higher interest expense. Lower invested balances and reduced rates of return led to the investment income decline. Interest expense in the current period was primarily related to long-term debt, which the Company did not have a year ago. Last year's interest expense in the second quarter was more than offset by a cumulative adjustment to reclassify interest charges related to non- qualified employee benefit plans. The effective income tax rate declined to 39.2 percent in the second quarter from 41.2 percent a year ago. The decline in the tax rate is mainly attributable to the elimination of the German RV operation which last year was generating operating losses with no tax benefits. Current Year-To-Date Compared to Same Period Last Year Net earnings for the first six months of fiscal 1997 were up 92 percent to $89,882,000 compared to $46,809,000 for last year's first half. Included in current year earnings is an after-tax gain of $33,891,000 on the sale of Fleetwood Credit Corp., the Company's RV finance subsidiary. First half earnings also include $887,000 or 2 cents per share for one month of operations from the discontinued finance operation. With the reduction in outstanding shares, earnings per share more than doubled to $2.15 versus $1.01 in the prior year. Income from continuing operations in the first half surged 30 percent to a record $55,104,000, up from $42,245,000 a year ago. Per share earnings from continuing operations jumped an even greater 45 percent from 91 cents to $1.32 on the fewer outstanding shares. First half revenues climbed 6 percent to a new high of $1.50 billion compared to $1.41 billion in last year's similar period. Prior year revenues have been restated to exclude finance revenues from the discontinued finance operation. As previously discussed, revenue gains were primarily the result of stronger motor home sales. Six month RV revenues were $706.7 million, 10 percent higher than last year's $641.6 million, which included $31.0 million of European sales. This primarily reflects the strength of motor home sales which were up 33 percent to $439.7 million on a 19 percent volume increase to 7,695 units. Travel trailer sales were lower, falling 3 percent to $227.9 million, as shipments dropped 7 percent to 16,726 units. Folding trailer sales were off from last year's record pace, falling 12 percent to $39.1 million. Folding trailer unit volume fell 23 percent to 8,287 units shipped. As a percentage of total Company revenues, RV revenues increased from 45 percent last year to 47 percent in the current year. Housing revenues for the first six months reached an all-time high of $762.6 million, 2 percent ahead of last year's similar period. Unit shipments declined 1 percent to 35,201 units, but the shift from single- section units to multi-section units resulted in a 2 percent increase in floors shipped. Housing sales were 51 percent of total Company revenues, down from 53 percent last year. Gross profit margin for the six month period increased as a percentage of sales from 18.9 percent to 19.2 percent. Improved RV profit margins more than offset the impact of lower housing margins, which were eroded in the second quarter. Operating expenses of $201.8 million for the first six months were virtually unchanged from the prior year. As a percentage of sales, however, operating expenses dropped to 13.5 percent from 14.3 percent. Selling expenses fell as a percentage of sales from 6.9 percent to 5.8 percent, while general and administrative expenses rose slightly from 7.5 percent to 7.6 percent. Selling expenses fell 10 percent to $87.5 million reflecting lower sales promotion and product financing costs, which more than offset higher product warranty costs. General and administrative expenses rose 9 percent to $114.3 million primarily due to higher management incentive compensation resulting from improved profitability. Non-operating income for the six month period dropped 10 percent to $5.4 million primarily reflecting interest expense on long-term debt which did not exist last year. The higher interest expense more than exceeded the rise in investment income for the period. The effective income tax rate decreased from 40.8 percent to 39.4 percent due to the elimination of European operating losses as mentioned previously. Although the Company achieved record operating results in the first half of fiscal 1997, there are currently signs of weakening demand for both manufactured homes and recreational vehicles. Order backlogs are below the levels of a year ago, and sales in the early part of the third quarter are running slightly behind last year's pace. Liquidity and Capital Resources The Company generally relies upon internally generated cash flows to satisfy working capital needs and to fund capital expenditures. Cash generated from operations dropped to $53.4 million in the first half of the current fiscal year compared to $153.2 million in the prior year. This change, which was primarily related to recreational vehicle operations, largely reflects a $32.9 million rise in inventory levels versus a $71.4 million decline last year. Included in first half cash flows is $132.2 million, net of income taxes, received from the sale of Fleetwood Credit Corp. The proceeds from the sale of FCC, along with the sale of investment securities, yielded net cash from investing activities of $295.0 million. During the six months ended October 27, 1996, the Company purchased 10.3 million shares or approximately 22.5 percent of its outstanding Common stock at a cost of $311.7 million. A Dutch Auction tender offer in the first quarter resulted in the purchase of 7.7 million shares at $31 per share. In the second quarter, the Company purchased 2.6 million shares of Common stock at an average price of $27.875 per share. Cash outflows also included $13.0 million for shareholder dividends, $25.0 million for the retirement of long-term debt and $22.3 million for capital expenditures. PART II OTHER INFORMATION Item 4. Submission of Matters to a Vote of Security Holders At Fleetwood's Annual Meeting of Shareholders held on September 10, 1996, the following directors were elected to three-year terms to Fleetwood's Board of Directors: Dr. Douglas M. Lawson, Walter F. Beran and Andrew Crean. The following directors continued in office after the meeting, but were not elected at the meeting: John C. Crean, William W. Weide, Glenn F. Kummer, Thomas A. Fuentes and Dr. James L. Doti. The shareholder votes on the elections were as follows: For Withheld Vote Douglas M. Lawson 35,273,484 134,750 Walter F. Beran 35,269,008 139,226 Andrew Crean 34,925,414 482,820
In addition, the shareholders approved the adoption of the Amended and Restated 1992 Stock-Based Incentive Compensation Plan which was approved by the Compensation Committee of the Board of Directors and ratified by the Board of Directors on April 17, 1996. The shareholder vote on the proposed plan was as follows: For: 25,163,267 Against: 7,107,009 Abstain: 146,907 Broker Non-Vote: 2,991,051
The shareholders also approved amendments to the Company's Amended and Restated Long-Term Incentive Plan which has been in effect since 1988 and was amended and restated in 1994. The shareholder vote on the proposed amendments was as follows: For: 34,662,747 Against: 448,757 Abstain: 148,772 Broker Non-Vote: 147,958
The total number of shares of Fleetwood Common stock outstanding as of July 19, 1996, the record date for the Annual Meeting, was 38,056,659 shares. 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 December 3, 1996 FLEETWOOD ENTERPRISES, INC. CONSOLIDATED FINANCIAL INFORMATION FINANCIAL DATA SCHEDULE [SROS] NYSE [SROS] PSE EX-27 2 ART. 5 FDS FOR 2ND QUARTER 10-Q
5 1,000 6-MOS APR-27-1997 OCT-27-1996 18,259 86,549 170,567 0 170,806 0 439,336 163,198 865,096 0 0 35,562 0 0 383,453 865,096 1,500,025 1,500,025 1,212,609 1,414,420 207 0 2,474 90,978 35,874 55,104 887 33,891 0 89,882 2.15 2.15 Amounts for current assets and current liabilities are not shown since balance sheet is presented in nonclassified format.
-----END PRIVACY-ENHANCED MESSAGE-----