EX-99.2 3 a05-15989_1ex99d2.htm EX-99.2

 

Exhibit 99.2

 

Fleetwood Enterprises, Inc.

CONSOLIDATED  STATEMENTS OF OPERATIONS (CONDENSED)

(Unaudited)

(Amounts in thousands, except per share data)

 

 

 

14 Weeks Ended

 

13 Weeks Ended

 

 

 

July 31, 2005

 

July 25, 2004

 

Net Sales:

 

 

 

 

 

RV Group

 

$

423,202

 

$

485,703

 

Housing Group

 

204,331

 

195,687

 

Supply Group

 

13,730

 

14,060

 

Intercompany sales

 

(24,788

)

(36,021

)

 

 

616,475

 

659,429

 

 

 

 

 

 

 

Cost of products sold

 

516,412

 

538,173

 

Gross profit

 

100,063

 

121,256

 

 

 

 

 

 

 

Operating expenses

 

96,626

 

98,767

 

Other, net

 

4,330

 

(26

)

 

 

100,956

 

98,741

 

Operating income (loss)

 

(893

)

22,515

 

Other income (expense):

 

 

 

 

 

Investment income

 

1,005

 

487

 

Interest expense

 

(7,399

)

(6,916

)

Other, net

 

 

(2,724

)

 

 

(6,394

)

(9,153

)

Income (loss) from continuing operations before income taxes

 

(7,287

)

13,362

 

Provision for income taxes

 

(10,126

)

(910

)

Income (loss) from continuing operations

 

(17,413

)

12,452

 

 

 

 

 

 

 

Discontinued operations

 

(12,144

)

(6,900

)

 

 

 

 

 

 

Net income (loss)

 

$

(29,557

)

$

5,552

 

 

 

 

Basic

 

Diluted

 

Basic

 

Diluted

 

 

 

 

 

 

 

 

 

 

 

Earnings (loss) per common share:

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations

 

$

(0.31

)

$

(0.31

)

$

0.23

 

$

0.21

 

Loss from discontinued operations

 

(0.22

)

(0.22

)

(0.13

)

(0.10

)

Net income (loss) per common share

 

$

(0.53

)

$

(0.53

)

$

0.10

 

$

0.11

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares

 

56,136

 

56,136

 

54,670

 

64,286

 

 



 

Fleetwood Enterprises, Inc.

CONSOLIDATED BALANCE SHEETS (CONDENSED)

(Unaudited)

(Amounts in thousands)

 

 

 

July 31, 2005

 

April 24, 2005

 

July 25, 2004

 

ASSETS

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

Cash

 

$

2,077

 

$

6,761

 

$

11,551

 

Marketable investments - available for sale

 

49,402

 

38,715

 

48,301

 

Receivables

 

186,234

 

164,609

 

203,031

 

Inventories

 

188,303

 

233,591

 

208,336

 

Deferred taxes, net

 

46,404

 

56,904

 

56,904

 

Assets of discontinued operations

 

145,511

 

145,784

 

150,031

 

Other current assets

 

25,947

 

23,974

 

19,839

 

Total current assets

 

643,878

 

670,338

 

697,993

 

 

 

 

 

 

 

 

 

Property, plant and equipment, net

 

230,832

 

232,125

 

235,022

 

Deferred taxes, net

 

17,859

 

17,859

 

17,859

 

Cash value of Company-owned life insurance, net

 

37,061

 

36,946

 

48,533

 

Goodwill

 

6,316

 

6,316

 

6,316

 

Other assets

 

47,363

 

46,663

 

49,998

 

Total assets

 

$

983,309

 

$

1,010,247

 

$

1,055,721

 

 

 

 

 

 

 

 

 

LIABILITIES & SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

Accounts payable

 

$

72,191

 

$

75,551

 

$

90,460

 

Employee compensation & benefits

 

71,665

 

77,924

 

74,142

 

Product warranty reserve

 

64,686

 

65,143

 

57,059

 

Other short-term borrowings

 

13,044

 

56,661

 

1,556

 

Accrued interest

 

54,666

 

52,446

 

39,502

 

Liabilities of discontinued operations

 

81,025

 

84,702

 

41,045

 

Other current liabilities

 

115,363

 

82,290

 

61,618

 

Total current liabilities

 

472,640

 

494,717

 

365,382

 

 

 

 

 

 

 

 

 

Deferred compensation and retirement benefits

 

39,133

 

38,771

 

50,205

 

Insurance reserves

 

35,328

 

32,215

 

32,614

 

Long-term debt

 

128,156

 

108,946

 

109,310

 

Convertible subordinated debentures

 

210,142

 

210,142

 

210,142

 

Total liabilities

 

885,399

 

884,791

 

767,653

 

 

 

 

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders’ equity:

 

 

 

 

 

 

 

Common stock

 

 

 

 

 

 

 

Additional paid-in-capital

 

56,352

 

56,043

 

55,386

 

Accumulated deficit

 

426,279

 

424,782

 

421,202

 

Accumulated other comprehensive loss

 

(386,353

)

(356,796

)

(188,669

)

Total shareholders’ equity

 

1,632

 

1,427

 

149

 

Total liabilities and shareholders’ equity

 

97,910

 

125,456

 

288,068

 

 

 

$

983,309

 

$

1,010,247

 

$

1,055,721

 

 



 

Fleetwood Enterprises, Inc.

BUSINESS SEGMENT AND UNIT SHIPMENT INFORMATION

(Unaudited)

(Amounts in thousands, except unit data)

 

 

 

14 Weeks Ended

 

13 Weeks Ended

 

 

 

July 31, 2005

 

July 25, 2004

 

OPERATING REVENUES:

 

 

 

 

 

RV Group

 

$

423,202

 

$

485,703

 

Housing Group

 

204,331

 

195,687

 

Supply Group

 

13,730

 

14,060

 

Intercompany sales

 

(24,788

)

(36,021

)

 

 

 

 

 

 

 

 

$

616,475

 

$

659,429

 

 

 

 

 

 

 

OPERATING INCOME (LOSS):

 

 

 

 

 

RV Group

 

$

(5,081

)

$

15,568

 

Housing Group

 

5,020

 

6,063

 

Supply Group

 

1,721

 

1,027

 

Corporate and other

 

(2,553

)

(143

)

 

 

 

 

 

 

 

 

$

(893

)

$

22,515

 

 

 

 

 

 

 

UNITS SOLD:

 

 

 

 

 

Manufactured housing -

 

 

 

 

 

Factory shipments

 

5,858

 

6,064

 

 

 

 

 

 

 

Recreational vehicles -

 

 

 

 

 

Motor homes

 

2,967

 

3,245

 

Travel trailers

 

6,612

 

8,542

 

Folding trailers

 

2,446

 

2,720

 

 

 

12,025

 

14,507

 

 

 

 

 

 

 

Less intercompany

 

(651

)

(956

)

Total shipments from continuing operations

 

17,232

 

19,615

 

 

 

 

 

 

 

Retail housing sales

 

1,089

 

1,186

 

 

 

 

 

 

 

Total Company shipments

 

18,321

 

20,801

 

 



 

Fleetwood Enterprises, Inc.

SUPPLEMENTAL OPERATING DATA

Quarter Ended July 31, 2005

(Unaudited)

(Dollars in thousands, except price per unit)

 

 

 

 

 

Recreational Vehicle Group

 

 

 

 

 

 

 

 

 

Housing
Group

 

Motor
Homes

 

Travel
Trailers

 

Folding
Trailers

 

Total

 

Supply
Group

 

Other

 

Company
Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

 

$

204,331

 

$

297,790

 

$

104,835

 

$

20,577

 

$

423,202

 

$

13,730

(A)

$

(24,788

)(B)

$

616,475

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Units sold

 

5,858

 

2,967

 

6,612

 

2,446

 

12,025

 

 

 

 

 

 

 

Single-sections

 

1,429

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Multi-sections

 

4,429

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-owned

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class As

 

 

 

2,088

 

 

 

 

 

 

 

 

 

 

 

 

 

Class Cs

 

 

 

879

 

 

 

 

 

 

 

 

 

 

 

 

 

Conventional trailers

 

 

 

 

 

5,225

 

 

 

 

 

 

 

 

 

 

 

Fifth-wheel trailers

 

 

 

 

 

1,387

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average selling price per unit

 

$

34,881

 

$

100,367

 

$

15,855

 

$

8,413

 

NM

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit percent

 

23.1

%

12.8

%

6.0

%

13.7

%

11.2

%

17.9

%

NM

 

16.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss)

 

$

5,020

 

$

5,185

 

$

(8,711

)

$

(1,555

)

$

(5,081

)

$

1,721

 

$

(2,553

)

$

(893

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating margin

 

2.5

%

1.7

%

(8.3

)%

(7.6

)%

(1.2

)%

12.5

%

NM

 

(0.1

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation

 

$

1,710

 

$

1,102

 

$

484

 

$

333

 

$

1,919

 

$

324

 

$

1,641

 

$

5,594

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures (est.)

 

$

639

 

$

2,212

 

$

585

 

$

238

 

$

3,035

 

$

100

 

$

582

 

$

4,356

 

 


(A)

Excludes $40.0 million of intercompany sales.

 

 

(B)

Represents the elimination of intercompany sales by the Housing Group to the retail housing business.

 

 

NM

Not meaningful.

 



 

Fleetwood Enterprises, Inc.

SUPPLEMENTAL OPERATIONAL DATA

Quarter Ended July 31, 2005

(Unaudited)

(Dollars in thousands)

 

 

 

 

 

Recreational Vehicle Group

 

 

 

 

 

Housing
Group

 

Motor
Homes

 

Travel
Trailers

 

Folding
Trailers

 

Total

 

Supply
Group

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Number of facilities (A)

 

21

 

3

 

8

 

1

 

12

 

3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capacity utilization (B)

 

60

%

73

%

60

%

39

%

NM

 

NM

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Number of independent distribution points

 

1,308

 

268

 

609

 

497

 

NM

 

NM

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Backlog units

 

1,457

 

944

 

2,150

 

407

 

3,501

 

NM

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales value (C)

 

$

50,822

 

$

94,747

 

$

34,089

 

$

3,424

 

$

132,260

 

NM

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dealer inventories (units)

 

 

 

4,153

 

15,567

 

5,705

 

NM

 

NM

 

Independent

 

6,728

 

 

 

 

 

 

 

 

 

 

 

Retail

 

1,603

 

 

 

 

 

 

 

 

 

 

 

 


(A)

Number of active facilities at the end of the year.

 

 

(B)

Based on the production at the end of the period.

 

 

(C)

The number of units in the backlog multiplied by the average selling price.

 

 

NM

Not meaningful.