-----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, IKI38/9CHDAl4YBh12gE1v3pE9DXQhT/gTSTMxd/h74gRZYUk6b5hjVGruv7hG7X P4LjmwrZP49CTihz/LYyCQ== 0001104659-06-079924.txt : 20061207 0001104659-06-079924.hdr.sgml : 20061207 20061207060251 ACCESSION NUMBER: 0001104659-06-079924 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20061207 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20061207 DATE AS OF CHANGE: 20061207 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: 0425 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-07699 FILM NUMBER: 061261272 BUSINESS ADDRESS: STREET 1: 3125 MYERS ST STREET 2: P O BOX 7638 CITY: RIVERSIDE STATE: CA ZIP: 92503 BUSINESS PHONE: 9093513798 MAIL ADDRESS: STREET 1: 3125 MYERS ST CITY: RIVERSIDE STATE: CA ZIP: 92503 8-K 1 a06-24996_18k.htm CURRENT REPORT OF MATERIAL EVENTS OR CORPORATE CHANGES

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC  20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) December 7, 2006

FLEETWOOD ENTERPRISES, INC.

(Exact Name of Registrant as specified in its charter)

Delaware

 

1-7699

 

95-1948322

(State or other
 jurisdiction of
incorporation)

 

(Commission
File Number)

 

(IRS Employer
Identification No.)

3125 Myers Street, Riverside, California    92503-5527

(Address of principal executive offices)

Registrant’s telephone number, including area code    (951) 351-3500

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 




INFORMATION INCLUDED IN THIS REPORT

 Item 2.02.             Results of Operations and Financial Condition.

On December 7, 2006, Fleetwood Enterprises, Inc. (the “Company”) issued a news release reporting results of the Company for its second quarter ended October 29, 2006.  A copy of the news release is attached to this Current Report as Exhibit 99.1.

On December 7, 2006, the Company will hold an investor conference call to disclose financial results for the second quarter ended October 29, 2006.  The Supplemental Information for this conference call is attached and incorporated by reference herein as Exhibit 99.2.  All information in the Supplemental Information package is presented as of the date or for the period specified therein, and the Company does not assume any obligation to correct or update said information in the future.

The information in this Current Report on Form 8-K, including the exhibits included herewith, is furnished pursuant to Item 2.02 and shall not be deemed to be filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section.

 Item 9.01.               Financial Statements and Exhibits.

(d)           Exhibits:

99.1

 

News release of Fleetwood Enterprises, Inc. dated December 7, 2006.

 

 

 

99.2

 

Supplemental Information (unaudited) prepared for use in connection with the financial results for the second quarter ended October 29, 2006.

2




SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this current report to be signed on its behalf by the undersigned hereunto duly authorized.

FLEETWOOD ENTERPRISES, INC.

 

 

Date:  December 7, 2006

 

 

 

 

By

/s/ Boyd R. Plowman

 

 

 

Boyd R. Plowman

 

 

 

 

 

Executive Vice President,

 

 

Chief Financial Officer

 

3




Index to Exhibits

99.1

News release of Fleetwood Enterprises, Inc. dated December 7, 2006.

 

 

99.2

Supplemental Information prepared for use in connection with the financial results for the second quarter ended October 29, 2006.

 

4



EX-99.1 2 a06-24996_1ex99d1.htm EX-99.1

Exhibit 99.1

 

FLEETWOOD REPORTS SECOND QUARTER FISCAL 2007 RESULTS

Riverside, Calif., December 7, 2006 — Fleetwood Enterprises, Inc. (NYSE:FLE), one of the nation’s leading producers of recreational vehicles and manufactured housing, announced today its results for the second quarter and first half of fiscal 2007 ended October 29, 2006.

Consolidated revenues for the quarter were $526.6 million, down 16.4 percent from $629.5 million in last year’s second quarter. The Company incurred a net loss from continuing operations of $19.8 million in the current quarter or $0.31 per diluted share compared with net income from continuing operations of $3.8 million or $0.07 per diluted share in the prior year. The current year results included $2.6 million in restructuring costs, primarily severance. Including discontinued operations, the net loss totaled $20.4 million or $0.32 per diluted share compared with a net loss in the second quarter of fiscal 2006 of $1.9 million or $0.03 per diluted share.

“Approximately $60 million of the sales decline reflected an atypical comparison with the prior year, when we provided emergency living units from both the Housing Group and the travel trailer division for disaster relief in the Gulf Coast area,” said Elden L. Smith, Fleetwood’s president and chief executive officer. “The current year financial performance also was impacted by sluggish motor home sales and an unusually slow quarter for manufactured housing. We have continued to pursue cost cutting and capacity consolidation initiatives, and by the end of our third quarter will be better positioned for current market conditions. In addition, we believe that our embedded operating leverage means any upturn in our industries will result in significant financial improvement in our operations.”

For the first six months of fiscal 2007, consolidated revenues declined 15.2 percent to $1.06 billion from $1.25 billion for the first half of fiscal 2006. RV Group sales were down 9.9 percent while Housing Group sales fell 31.8 percent. The loss from continuing operations for the first six months of fiscal 2007 was $19.1 million compared with $13.6 million in last year’s comparable period. The net loss for the first half of fiscal 2007 was $20.8 million or $0.33 per diluted share compared with a net loss of $31.5 million or $0.56 per diluted share last year.

Housing Group Results

The Housing Group generated operating income of $1.4 million for the second quarter of fiscal 2007 on revenues of $147.0 million, down from $14.2 million on revenues of $225.0 million for the same quarter of the prior year. Last year’s second quarter included revenues of approximately $30 million from the sale of homes for disaster relief with no similar sales in the current year.

For the first half of the current fiscal year, the Housing Group earned $3.5 million in operating income on revenues of $292.6 million, compared with $19.2 million on $429.3 million in revenues for the first six months of last year.

“Operating results continue to be affected by the weak manufactured housing market,” Smith said. “Although the rebuilding effort in the Gulf Coast states continues to be slow, we expect that the volume of homes needed there will eventually provide a boost to modular and manufactured housing shipments. Due to a recent sharp slowdown in the Florida and California manufactured housing markets, we are reducing capacity by consolidating two neighboring plants into one facility in both south Georgia and southern California, and at the same time we are pursuing expansion of our modular operations. It appears that much of the business in the Gulf Coast area will be modular. We are well positioned to take advantage of this. We have eight plants in the surrounding area, some of which are already certified to build modular housing while




 

others could be converted. There is also excellent potential for additional modular business through military housing initiatives. We have successfully completed a second military project and we anticipate that these successes will lead to additional contracts.”

RV Group Results

The RV Group incurred an operating loss of $14.9 million for the quarter on revenues of $364.6 million, compared with an operating loss of $0.7 million on revenues of $393.5 million for the same quarter of the prior year. In the first six months of fiscal 2007, the Group reported an operating loss of $28.2 million on revenues of $735.8 million, versus an operating loss of $5.8 million on revenues of $816.7 million in the comparable period last year. Group operating results were impacted by a 7 percent decline in sales in the motor home division and a combination of significantly lower volume and more competitive pricing in the travel trailer division. Production efficiencies for travel trailers were negatively impacted by a more complex mix of products built in the quarter compared to the large number of emergency living units very efficiently produced last year.

The motor home division incurred an operating loss of $1.1 million in the second quarter, compared with operating income of $2.9 million in fiscal 2006, and the travel trailer division’s operating loss increased to $14.4 million from $3.8 million in the prior year period. Operating income for the folding trailer division improved to $0.6 million from $0.3 million.

“We are optimistic that if recent positive trends in fuel prices, interest rates, and consumer confidence extend into spring, motor home sales will recover next year. This is true particularly for Fleetwood, as we believe our product offering is now among the best in the industry,” Smith said. “Recently, the more affordable and fuel efficient motor home segments have been relatively strong, and we have not been adequately represented. We are adding products to address these categories, and will have lower-cost Class C units ready for the spring selling season. We will also introduce more fuel-efficient models and lower-cost Class A units mid-year. Overall travel trailer division sales were down 13 percent, but, excluding FEMA unit revenues of $30 million last year, sales of travel trailers to dealers actually increased by 17 percent this year. Our travel trailer retail market share has modestly improved in recent months after a lengthy period of decline, and our own dealer inventory statistics indicate that our shelf space at dealer lots has improved as well. The travel trailer division is undertaking a plant and product rationalization initiative that is intended to capitalize on this progress and generate greater production efficiencies by the fourth fiscal quarter. The folding trailer operation is responding well to our decentralized structure, and its sales, market share and operating income have been improving in recent quarters.

“Enthusiasm was apparent at last week’s national RV trade show in Louisville, Kentucky,” Smith continued. “Most of the dealers we spoke to seem to think that conditions are in place for a good selling season in 2007, particularly in motor homes. We don’t expect dealers to take on much additional inventory at this time of the year, especially given higher floorplan interest rates than in recent years. We do believe, however, that our products are positioned to perform well in the coming season. We were especially pleased with the reaction to our Class A motor homes, our new more affordably priced Class Cs and our lightweight travel trailers.”

Corporate Outlook

“We continue to make significant changes to improve Fleetwood’s operations, balance sheet and future financial results,” Smith said. “We believe our cost-cutting initiatives, combined with improvements in the way we develop, manufacture, and service our products, position us well for improved performance. While we are optimistic about the prospects in all of our businesses, the winter months are typically a very slow period for the RV and housing industries. This seasonality is aggravated by the current environment of discounting by competitors, especially in travel trailers and manufactured housing. Accordingly, we expect




 

operating results in the third quarter to be weaker than in the just completed quarter. Last year’s third quarter results were enhanced significantly by volume and efficiencies from the sale of a large number of emergency living units in both the Housing Group and the travel trailer division, so comparisons will not be meaningful. Looking into our fourth quarter and beyond, we believe that our ongoing corporate revitalization, continued focus on products and customers in both of our industries, improved travel trailer efficiencies, and excellent consumer demographics will enable us to post consistently better results.”

The Company will host a conference call at 10:30 a.m. PST/1:30 p.m. EST on Thursday, December 7, 2006. The call will be broadcast live over the Internet at www.streetevents.com, www.earnings.com, and the Company’s website, www.fleetwood.com under Company Information.

 

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 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, but not limited to, the Company’s ability to post consistently better results, the potential for additional modular business, being optimistic about motor home sales next year, and the belief that Fleetwood’s RV products are positioned to perform well in the coming season, 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 the Company will regain sustainable profitability in the foreseeable future; the Company’s ability to comply with financial tests and covenants on existing debt obligations and to obtain future financing needed in order to execute its business strategies; the volatility of the Company’s stock price; the impact of ongoing weakness in the manufactured housing market and more recent weakness in the recreational vehicle market; the effect of global tensions, fuel prices, interest rates, and other factors on consumer confidence, which in turn may reduce demand for Fleetwood’s products; the availability and cost of wholesale and retail financing for both manufactured housing and recreational vehicles; repurchase agreements with floorplan lenders, which could result in increased costs; the cyclical and seasonal nature of both the manufactured housing and recreational vehicle industries; potential increases in the frequency of product liability, wrongful death, class action, and other legal actions; expenses and uncertainties associated with the manufacturing, development and introduction of new products; the potential for excessive retail inventory levels in the manufactured housing and recreational vehicle industries; the highly competitive nature of our industries; and lack of acceptance of Fleetwood’s products.

(tables to follow)

 

 




Fleetwood Enterprises, Inc.

CONDENSED CONSOLIDATED  STATEMENTS OF OPERATIONS

(Unaudited)

(Amounts in thousands, except per share data)

 

 

13 Weeks Ended

 

26 Weeks Ended

 

27 Weeks Ended

 

 

 

October 29, 2006

 

October 30, 2005

 

October 29, 2006

 

October 30, 2005

 

Net Sales:

 

 

 

 

 

 

 

 

 

RV Group

 

$

364,591

 

$

393,471

 

$

735,817

 

$

816,673

 

Housing Group

 

146,981

 

224,981

 

292,645

 

429,312

 

Supply Group

 

15,001

 

11,888

 

27,882

 

25,618

 

Intercompany Housing Group sales

 

 

(839

)

 

(25,627

)

 

 

526,573

 

629,501

 

1,056,344

 

1,245,976

 

 

 

 

 

 

 

 

 

 

 

Cost of products sold

 

453,058

 

517,484

 

909,575

 

1,033,896

 

Gross profit

 

73,515

 

112,017

 

146,769

 

212,080

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

87,867

 

100,878

 

171,419

 

197,504

 

Other operating (income) expenses, net

 

874

 

1,004

 

(1,190

)

5,334

 

 

 

88,741

 

101,882

 

170,229

 

202,838

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss)

 

(15,226

)

10,135

 

(23,460

)

9,242

 

Other income (expense):

 

 

 

 

 

 

 

 

 

Investment income

 

1,292

 

1,151

 

3,432

 

2,156

 

Interest expense

 

(6,058

)

(7,283

)

(12,831

)

(14,682

)

Other, net

 

 

 

18,530

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(4,766

)

(6,132

)

9,131

 

(12,526

)

Income (loss) from continuing
operations before income taxes

 

(19,992

)

4,003

 

(14,329

)

(3,284

)

Benefit (provision) for income taxes

 

223

 

(212

)

(4,771

)

(10,338

)

Income (loss) from continuing operations

 

(19,769

)

3,791

 

(19,100

)

(13,622

)

 

 

 

 

 

 

 

 

 

 

Loss from discontinued operations, net

 

(658

)

(5,709

)

(1,738

)

(17,853

)

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(20,427

)

$

(1,918

)

$

(20,838

)

$

(31,475

)

 

 

 

Basic

 

Diluted

 

Basic

 

Diluted

 

Basic

 

Diluted

 

Basic

 

Diluted

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (loss) per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations

 

$

(0.31

)

$

(0.31

)

$

0.07

 

$

0.07

 

$

(0.30

)

$

(0.30

)

$

(0.24

)

$

(0.24

)

Loss from discontinued operations

 

(0.01

)

(0.01

)

(0.10

)

(0.10

)

(0.03

)

(0.03

)

(0.32

)

(0.32

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss per common share

 

$

(0.32

)

$

(0.32

)

$

(0.03

)

$

(0.03

)

$

(0.33

)

$

(0.33

)

$

(0.56

)

$

(0.56

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares

 

63,919

 

63,919

 

56,481

 

57,209

 

63,905

 

63,905

 

56,302

 

56,302

 

 




Fleetwood Enterprises, Inc.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(Amounts in thousands)

 

 

October 29, 2006

 

July 30, 2006

 

October 30, 2005

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash

 

$

55,172

 

$

39,051

 

$

91,065

 

Marketable investments - available for sale

 

23,505

 

23,149

 

17,880

 

Receivables

 

136,306

 

154,181

 

181,690

 

Inventories

 

197,382

 

207,622

 

211,604

 

Deferred taxes benefits - current

 

13,197

 

13,081

 

13,748

 

Other current assets

 

15,941

 

15,523

 

22,107

 

Total current assets

 

441,503

 

452,607

 

538,094

 

 

 

 

 

 

 

 

 

Property, plant and equipment, net

 

204,874

 

210,115

 

224,657

 

Deferred taxes benefits - non-current

 

52,274

 

52,390

 

50,515

 

Cash value of Company-owned life insurance

 

29,722

 

29,634

 

36,623

 

Goodwill and intangible assets

 

6,316

 

6,316

 

6,316

 

Other assets

 

40,045

 

43,462

 

59,878

 

 

 

 

 

 

 

 

 

Total assets

 

$

774,734

 

$

794,524

 

$

916,083

 

 

 

 

 

 

 

 

 

LIABILITIES & SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

 

$

59,411

 

$

65,088

 

$

83,232

 

Employee compensation and benefits

 

45,023

 

45,751

 

58,985

 

Federal and state income taxes

 

2,211

 

3,666

 

 

Product warranty reserves

 

44,997

 

44,516

 

44,885

 

Insurance reserves

 

17,588

 

16,918

 

17,619

 

Other short-term borrowings

 

20,661

 

8,054

 

19,981

 

Accrued interest

 

6,356

 

4,568

 

60,045

 

Other current liabilities

 

70,887

 

62,145

 

89,227

 

Total current liabilities

 

267,134

 

250,706

 

373,974

 

 

 

 

 

 

 

 

 

Deferred compensation and retirement benefits

 

34,637

 

34,700

 

39,656

 

Product warranty reserves

 

21,510

 

21,627

 

20,508

 

Insurance reserves

 

34,232

 

35,000

 

47,579

 

Convertible senior subordinated debentures

 

100,000

 

100,000

 

100,000

 

Convertible subordinated debentures

 

160,142

 

160,142

 

210,142

 

Other long-term debt

 

4,360

 

21,269

 

26,507

 

 

 

 

 

 

 

 

 

Total liabilities

 

622,015

 

623,444

 

818,366

 

 

 

 

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders’ equity:

 

 

 

 

 

 

 

Common stock

 

63,969

 

63,896

 

56,499

 

Additional paid-in capital

 

490,863

 

489,522

 

427,120

 

Accumulated deficit

 

(406,071

)

(385,644

)

(388,271

)

Accumulated other comprehensive income

 

3,958

 

3,306

 

2,369

 

 

 

 

 

 

 

 

 

Total shareholders’ equity

 

152,719

 

171,080

 

97,717

 

 

 

 

 

 

 

 

 

Total liabilities and shareholders’ equity

 

$

774,734

 

$

794,524

 

$

916,083

 

 




Fleetwood Enterprises, Inc.

BUSINESS SEGMENT AND UNIT SHIPMENT INFORMATION

(Unaudited)

(Amounts in thousands)

 

 

13 Weeks Ended

 

26 Weeks Ended

 

27 Weeks Ended

 

 

 

October 29, 2006

 

October 30, 2005

 

October 29, 2006

 

October 30, 2005

 

REVENUES:

 

 

 

 

 

 

 

 

 

Motor homes

 

$

230,645

 

$

248,740

 

$

455,873

 

$

546,530

 

Travel trailers

 

104,113

 

119,334

 

225,799

 

224,169

 

Folding trailers

 

29,833

 

25,397

 

54,145

 

45,974

 

RV Group

 

364,591

 

393,471

 

735,817

 

816,673

 

Housing Group

 

146,981

 

224,981

 

292,645

 

429,312

 

Supply Group

 

15,001

 

11,888

 

27,882

 

25,618

 

Intercompany Housing Group sales

 

 

(839

)

 

(25,627

)

 

 

 

 

 

 

 

 

 

 

 

 

$

526,573

 

$

629,501

 

$

1,056,344

 

$

1,245,976

 

 

 

 

 

 

 

 

 

 

 

OPERATING INCOME (LOSS):

 

 

 

 

 

 

 

 

 

Motor homes

 

$

(1,141

)

$

2,852

 

$

(4,619

)

$

8,037

 

Travel trailers

 

(14,361

)

(3,805

)

(24,338

)

(12,516

)

Folding trailers

 

604

 

250

 

806

 

(1,305

)

RV Group

 

(14,898

)

(703

)

(28,151

)

(5,784

)

Housing Group

 

1,384

 

14,156

 

3,451

 

19,176

 

Supply Group

 

871

 

878

 

2,119

 

2,599

 

Corporate and other

 

(2,583

)

(4,196

)

(879

)

(6,749

)

 

 

 

 

 

 

 

 

 

 

 

 

$

(15,226

)

$

10,135

 

$

(23,460

)

$

9,242

 

 

 

 

 

 

 

 

 

 

 

UNITS SOLD:

 

 

 

 

 

 

 

 

 

Recreational vehicles -

 

 

 

 

 

 

 

 

 

Motor homes

 

2,074

 

2,284

 

4,272

 

5,251

 

Travel trailers

 

5,935

 

7,739

 

13,119

 

14,351

 

Folding trailers

 

3,301

 

3,399

 

6,031

 

5,845

 

 

 

11,310

 

13,422

 

23,422

 

25,447

 

 

 

 

 

 

 

 

 

 

 

Manufactured housing -

 

 

 

 

 

 

 

 

 

Factory shipments

 

3,672

 

6,610

 

7,373

 

12,468

 

 

 

 

 

 

 

 

 

 

 

Less intercompany

 

 

(22

)

 

(673

)

 

 

 

 

 

 

 

 

 

 

Total shipments from continuing operations

 

14,982

 

20,010

 

30,795

 

37,242

 

 

 

 

 

 

 

 

 

 

 

Retail housing sales

 

 

304

 

 

1,393

 

 

 

 

 

 

 

 

 

 

 

Total Company shipments

 

14,982

 

20,314

 

30,795

 

38,635

 

#   #   #



EX-99.2 3 a06-24996_1ex99d2.htm EX-99.2

Exhibit 99.2

Fleetwood Enterprises, Inc.

SUPPLEMENTAL OPERATING DATA

Quarter Ended October 29, 2006

(Unaudited)

(Dollars in thousands, except price per unit)

 

 

Recreational Vehicle Group

 

 

 

 

 

 

 

 

 

 

 

Motor

 

Travel

 

Folding

 

 

 

Housing

 

Supply

 

 

 

Company

 

 

 

Homes

 

Trailers

 

Trailers

 

Total

 

Group

 

Group

 

Other

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

 

$

230,645

 

$

104,113

 

$

29,833

 

$

364,591

 

$

146,981

 

$

15,001

(A)

$

 

$

526,573

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Units sold

 

2,074

 

5,935

 

3,301

 

11,310

 

3,672

 

 

 

 

 

 

 

Single-sections

 

 

 

 

 

 

 

 

 

849

 

 

 

 

 

 

 

Multi-sections

 

 

 

 

 

 

 

 

 

2,823

 

 

 

 

 

 

 

Pre-owned

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class As

 

1,598

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class Cs

 

476

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Conventional trailers

 

 

 

4,593

 

 

 

 

 

 

 

 

 

 

 

 

 

Fifth-wheel trailers

 

 

 

1,342

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average selling
price per unit

 

$

111,208

 

$

17,542

 

$

9,038

 

NM

 

$

40,028

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit percent

 

13.4

%

2.9

%

18.4

%

10.8

%

21.1

%

17.8

%

NM

 

14.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss)

 

$

(1,141

)

$

(14,361

)

$

604

 

$

(14,898

)

$

1,384

 

$

871

 

$

(2,583

)

$

(15,226

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating margin

 

(0.5

)%

(13.8

)%

2.0

%

(4.1

)%

0.9

%

5.8

%

NM

 

(2.9

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation

 

$

1,171

 

$

611

 

$

256

 

$

2,038

 

$

1,833

 

$

351

 

$

1,574

 

$

5,796

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures (est.)

 

$

644

 

$

89

 

$

37

 

$

770

 

$

554

 

$

449

 

$

414

 

$

2,187

 


(A)          Excludes $30.6 million of intercompany sales.

NM         Not meaningful.




Fleetwood Enterprises, Inc.

SUPPLEMENTAL OPERATING DATA

Quarter Ended October 30, 2005

(Unaudited)

(Dollars in thousands, except price per unit)

 

 

Recreational Vehicle Group

 

 

 

 

 

 

 

 

 

 

 

Motor

 

Travel

 

Folding

 

 

 

Housing

 

Supply

 

 

 

Company

 

 

 

Homes

 

Trailers

 

Trailers

 

Total

 

Group

 

Group

 

Other

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

 

$

248,740

 

$

119,334

 

$

25,397

 

$

393,471

 

$

224,981

 

$

11,888

(A)

$

(839

)(B)

$

629,501

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Units sold

 

2,284

 

7,739

 

3,399

 

13,422

 

6,610

 

 

 

 

 

 

 

Single-sections

 

 

 

 

 

 

 

 

 

2,790

 

 

 

 

 

 

 

Multi-sections

 

 

 

 

 

 

 

 

 

3,820

 

 

 

 

 

 

 

Pre-owned

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class As

 

1,799

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class Cs

 

485

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Conventional trailers

 

 

 

6,961

 

 

 

 

 

 

 

 

 

 

 

 

 

Fifth-wheel trailers

 

 

 

778

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average selling
price per unit

 

$

108,905

 

$

15,420

 

$

7,472

 

NM

 

$

34,036

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit percent

 

13.3

%

12.8

%

17.3

%

13.4

%

24.6

%

19.0

%

NM

 

17.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss)

 

$

2,852

 

$

(3,805

)

$

250

 

$

(703

)

$

14,156

 

$

878

 

$

(4,196

)

$

10,135

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating margin

 

1.1

%

(3.2

)%

1.0

%

(0.2

)%

6.3

%

7.4

%

NM

 

1.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation

 

$

1,118

 

$

509

 

$

352

 

$

1,979

 

$

1,772

 

$

325

 

$

1,657

 

$

5,733

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures (est.)

 

$

1,281

 

$

41

 

$

183

 

$

1,505

 

$

1,247

 

$

147

 

$

779

 

$

3,678

 


(A)     Excludes $45.0 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 OPERATING DATA

Fiscal Year-To-Date October 29, 2006

(Unaudited)

(Dollars in thousands, except price per unit)

 

 

Recreational Vehicle Group

 

 

 

 

 

 

 

 

 

 

 

Motor

 

Travel

 

Folding

 

 

 

Housing

 

Supply

 

 

 

Company

 

 

 

Homes

 

Trailers

 

Trailers

 

Total

 

Group

 

Group

 

Other

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

 

$

455,873

 

$

225,799

 

$

54,145

 

$

735,817

 

$

292,645

 

$

27,882

(A)

$

 

$

1,056,344

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Units sold

 

4,272

 

13,119

 

6,031

 

23,422

 

7,373

 

 

 

 

 

 

 

Single-sections

 

 

 

 

 

 

 

 

 

1,643

 

 

 

 

 

 

 

Multi-sections

 

 

 

 

 

 

 

 

 

5,730

 

 

 

 

 

 

 

Pre-owned

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class As

 

3,232

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class Cs

 

1,040

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Conventional trailers

 

 

 

10,630

 

 

 

 

 

 

 

 

 

 

 

 

 

Fifth-wheel trailers

 

 

 

2,489

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average selling
price per unit

 

$

106,712

 

$

17,212

 

$

8,978

 

NM

 

$

39,691

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit percent

 

18.1

%

4.9

%

18.1

%

10.6

%

21.2

%

12.3

%

NM

 

13.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss)

 

$

(4,619

)

$

(24,338

)

$

806

 

$

(28,151

)

$

3,451

 

$

2,119

 

$

(879

)

$

(23,460

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating margin

 

(1.0

)%

(10.8

)%

1.5

%

(3.8

)%

1.2

%

7.6

%

NM

 

(2.2

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation

 

$

2,581

 

$

1,101

 

$

537

 

$

4,219

 

$

3,510

 

$

669

 

$

3,224

 

$

11,622

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures (est.)

 

$

1,361

 

$

233

 

$

229

 

$

1,823

 

$

1,075

 

$

811

 

$

744

 

$

4,453

 


(A)          Excludes $64.5 million of intercompany sales.

NM         Not meaningful.

 




Fleetwood Enterprises, Inc.

SUPPLEMENTAL OPERATING DATA

Fiscal Year-To-Date October 30, 2005

(Unaudited)

(Dollars in thousands, except price per unit)

 

 

Recreational Vehicle Group

 

 

 

 

 

 

 

 

 

 

 

Motor

 

Travel

 

Folding

 

 

 

Housing

 

Supply

 

 

 

Company

 

 

 

Homes

 

Trailers

 

Trailers

 

Total

 

Group

 

Group

 

Other

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

 

$

546,530

 

$

224,169

 

$

45,974

 

$

816,673

 

$

429,312

 

$

25,618

(A)

$

(25,627

)(B)

$

1,245,976

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Units sold

 

5,251

 

14,351

 

5,845

 

25,447

 

12,468

 

 

 

 

 

 

 

Single-sections

 

 

 

 

 

 

 

 

 

4,219

 

 

 

 

 

 

 

Multi-sections

 

 

 

 

 

 

 

 

 

8,249

 

 

 

 

 

 

 

Pre-owned

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class As

 

3,887

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class Cs

 

1,364

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Conventional trailers

 

 

 

12,186

 

 

 

 

 

 

 

 

 

 

 

 

 

Fifth-wheel trailers

 

 

 

2,165

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average selling
price per unit

 

$

104,081

 

$

15,620

 

$

7,866

 

NM

 

$

34,433

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit percent

 

13.0

%

9.6

%

15.7

%

12.2

%

23.9

%

11.0

%

NM

 

17.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss)

 

$

8,037

 

$

(12,516

)

$

(1,305

)

$

(5,784

)

$

19,176

 

$

2,599

 

$

(6,749

)

$

9,242

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating margin

 

1.5

%

(5.6

)%

(2.8

)%

(0.7

)%

4.5

%

10.1

%

NM

 

0.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation

 

$

2,220

 

$

993

 

$

685

 

$

3,898

 

$

3,482

 

$

649

 

$

3,298

 

$

11,327

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures (est.)

 

$

3,493

 

$

626

 

$

421

 

$

4,540

 

$

1,886

 

$

247

 

$

1,361

 

$

8,034

 


(A)          Excludes $85.1 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 October 29, 2006

(Unaudited)

(Dollars in thousands)

 

 

Recreational Vehicle Group

 

 

 

 

 

 

 

Motor

 

Travel

 

Folding

 

 

 

Housing

 

Supply

 

 

 

Homes

 

Trailers

 

Trailers

 

Total

 

Group

 

Group

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Number of facilities (A)

 

3

 

9

 

1

 

13

 

22

 

3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capacity utilization (B)

 

52

%

82

%

83

%

NM

 

43

%

NM

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Number of independent distribution points

 

258

 

594

 

494

 

NM

 

1,278

 

NM

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Backlog units

 

744

 

4,502

 

1,761

 

7,007

 

589

 

NM

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales value (C)

 

$

82,739

 

$

78,974

 

$

15,916

 

$

177,629

 

$

23,576

 

NM

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dealer inventories (units)

 

4,004

 

16,920

 

6,265

 

NM

 

6,532

 

NM

 


(A)   Number of active facilities at the end of the quarter.

(B)    Based on production levels at the end of the period.

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

NM  Not meaningful.




Fleetwood Enterprises, Inc.

SUPPLEMENTAL OPERATIONAL DATA

Quarter Ended October 30, 2005

(Unaudited)

(Dollars in thousands)

 

 

Recreational Vehicle Group

 

 

 

 

 

 

 

Motor

 

Travel

 

Folding

 

 

 

Housing

 

Supply

 

 

 

Homes

 

Trailers

 

Trailers

 

Total

 

Group

 

Group

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Number of facilities (A)

 

3

 

8

 

1

 

12

 

21

 

3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capacity utilization (B)

 

67

%

82

%

51

%

NM

 

66

%

NM

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Number of independent distribution points

 

269

 

609

 

494

 

NM

 

1,272

 

NM

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Backlog units (C)

 

641

 

6,140

 

1,297

 

8,078

 

2,253

 

NM

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales value (D)

 

$

69,808

 

$

94,679

 

$

9,691

 

$

174,178

 

$

76,683

 

NM

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dealer inventories (units)

 

4,043

 

13,290

 

6,316

 

NM

 

7,852

 

NM

 


(A)       Number of active facilities at the end of the quarter.

(B)       Based on production level at the end of the period.

(C)       Travel trailers backlog excludes 5,010 FEMA units and the Housing Groups backlog excludes 2,378 FEMA units.

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

NM Not meaningful.



-----END PRIVACY-ENHANCED MESSAGE-----