Exhibit 99.2
FLEETWOOD PROVIDES SUPPLEMENTAL QUARTERLY
INFORMATION FOR THE THREE YEARS ENDED APRIL 25, 2004
Riverside, Calif., July 12, 2004 — Fleetwood Enterprises, Inc. (NYSE:FLE), one of the nation’s leading manufacturers of recreational vehicles and a leading producer and retailer of manufactured housing, today voluntarily provided supplemental quarterly financial results for the three years ended April 25, 2004. This information is intended to provide additional information with respect to the condensed quarterly results available in the Company’s Form 10-K filed on July 8, 2004, and to provide greater clarity to the effect of certain accounting changes.
As a result of adopting various retroactive accounting changes, most notably the adoption of FIN 46R, “Consolidation of Variable Interest Entities,” certain financial statement amounts previously reported have been reclassified to conform to the year-end 2004 presentation. The reclassified quarterly amounts are attached to this release. These reclassifications had no effect on the Company’s net income (loss) or earnings (loss) per share.
About Fleetwood
Fleetwood Enterprises, Inc., a Fortune 1000 company headquartered in Riverside, Calif., is a leading manufacturer of a full range of recreational vehicles from motor homes to travel and folding trailers, and is a vertically integrated manufacturer, retailer and financier of manufactured housing. The Company is dedicated to providing quality, innovative products that offer high value to our customers. Fleetwood operates facilities strategically located throughout the nation, including recreational vehicle and manufactured housing plants, retail home centers, and supply subsidiary plants. For more information, visit the Company’s website at www.fleetwood.com.
(more)
FLEETWOOD ENTERPRISES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands)
(Unaudited)
|
| 13 Weeks Ended |
| Year Ended |
| |||||||||||
|
| July 27, 2003 |
| Oct. 26, 2003 |
| Jan. 25, 2004 |
| Apr. 25, 2004 |
| Apr. 25, 2004 |
| |||||
Net sales: |
|
|
|
|
|
|
|
|
|
|
| |||||
RV Group |
| $ | 436,533 |
| $ | 450,018 |
| $ | 410,006 |
| $ | 482,676 |
| $ | 1,779,233 |
|
Housing Group |
| 200,308 |
| 214,329 |
| 176,540 |
| 191,581 |
| 782,758 |
| |||||
Supply Group |
| 8,406 |
| 9,288 |
| 9,756 |
| 13,670 |
| 41,120 |
| |||||
Financial Services |
| 884 |
| 1,108 |
| 1,448 |
| 1,437 |
| 4,877 |
| |||||
|
| 646,131 |
| 674,743 |
| 597,750 |
| 689,364 |
| 2,607,988 |
| |||||
Cost of products sold |
| 529,055 |
| 549,308 |
| 491,223 |
| 568,191 |
| 2,137,777 |
| |||||
Gross profit |
| 117,076 |
| 125,435 |
| 106,527 |
| 121,173 |
| 470,211 |
| |||||
Operating expenses |
| 103,041 |
| 108,681 |
| 107,099 |
| 108,163 |
| 426,984 |
| |||||
Financial services expenses |
| 1,414 |
| 1,479 |
| 1,659 |
| 1,952 |
| 6,504 |
| |||||
Other, net |
| (724 | ) | 29 |
| (3,645 | ) | (267 | ) | (4,607 | ) | |||||
|
| 103,731 |
| 110,189 |
| 105,113 |
| 109,848 |
| 428,881 |
| |||||
Operating income (loss) |
| 13,345 |
| 15,246 |
| 1,414 |
| 11,325 |
| 41,330 |
| |||||
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
| |||||
Investment income |
| 788 |
| 602 |
| 617 |
| 656 |
| 2,663 |
| |||||
Interest expense |
| (11,035 | ) | (11,069 | ) | (11,818 | ) | (11,453 | ) | (45,375 | ) | |||||
Other, net |
| — |
| — |
| — |
| (2,430 | ) | (2,430 | ) | |||||
|
| (10,247 | ) | (10,467 | ) | (11,201 | ) | (13,227 | ) | (45,142 | ) | |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Income (loss) before income taxes |
| 3,098 |
| 4,779 |
| (9,787 | ) | (1,902 | ) | (3,812 | ) | |||||
Provision for income taxes |
| (1,182 | ) | (1,021 | ) | (384 | ) | (15,862 | ) | (18,449 | ) | |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Net income (loss) |
| $ | 1,916 |
| $ | 3,758 |
| $ | (10,171 | ) | $ | (17,764 | ) | $ | (22,261 | ) |
|
| 13 Weeks Ended |
| Year Ended |
| |||||||||||
|
| July 28, 2002 |
| Oct. 27, 2002 |
| Jan. 26, 2003 |
| Apr. 27, 2003 |
| Apr. 27, 2003 |
| |||||
Net sales: |
|
|
|
|
|
|
|
|
|
|
| |||||
RV Group |
| $ | 370,950 |
| $ | 395,812 |
| $ | 310,478 |
| $ | 405,355 |
| $ | 1,482,595 |
|
Housing Group |
| 230,584 |
| 234,054 |
| 173,349 |
| 158,273 |
| 796,260 |
| |||||
Supply Group |
| 9,450 |
| 10,876 |
| 8,583 |
| 8,269 |
| 37,178 |
| |||||
Financial Services |
| 291 |
| 404 |
| 805 |
| 760 |
| 2,260 |
| |||||
| �� | 611,275 |
| 641,146 |
| 493,215 |
| 572,657 |
| 2,318,293 |
| |||||
Cost of products sold |
| 489,256 |
| 512,891 |
| 411,309 |
| 479,180 |
| 1,892,636 |
| |||||
Gross profit |
| 122,019 |
| 128,255 |
| 81,906 |
| 93,477 |
| 425,657 |
| |||||
Operating expenses |
| 112,647 |
| 111,969 |
| 103,622 |
| 121,276 |
| 449,514 |
| |||||
Financial services expenses |
| 191 |
| 1,179 |
| 1,407 |
| 1,572 |
| 4,349 |
| |||||
Other, net |
| 343 |
| (2,374 | ) | (3,469 | ) | 3,725 |
| (1,775 | ) | |||||
|
| 113,181 |
| 110,774 |
| 101,560 |
| 126,573 |
| 452,088 |
| |||||
Operating income (loss) |
| 8,838 |
| 17,481 |
| (19,654 | ) | (33,096 | ) | (26,431 | ) | |||||
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
| |||||
Investment income |
| 1,023 |
| 1,055 |
| 798 |
| 704 |
| 3,580 |
| |||||
Interest expense |
| (10,882 | ) | (10,979 | ) | (10,962 | ) | (10,563 | ) | (43,386 | ) | |||||
Other, net |
| — |
| — |
| — |
| — |
| — |
| |||||
|
| (9,859 | ) | (9,924 | ) | (10,164 | ) | (9,859 | ) | (39,806 | ) | |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Income (loss) before income taxes |
| (1,021 | ) | 7,557 |
| (29,818 | ) | (42,955 | ) | (66,237 | ) | |||||
Benefit (provision) for income taxes |
| (499 | ) | (2,956 | ) | 11,413 |
| (12,460 | ) | (4,502 | ) | |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Net income (loss) |
| $ | (1,520 | ) | $ | 4,601 |
| $ | (18,405 | ) | $ | (55,415 | ) | $ | (70,739 | ) |
|
| 13 Weeks Ended |
| Year Ended |
| |||||||||||
|
| July 29, 2001 |
| Oct. 28, 2001 |
| Jan. 27, 2002 |
| Apr. 28, 2002 |
| Apr. 28, 2002 |
| |||||
Net sales: |
|
|
|
|
|
|
|
|
|
|
| |||||
RV Group |
| $ | 266,308 |
| $ | 296,855 |
| $ | 278,348 |
| $ | 371,393 |
| $ | 1,212,904 |
|
Housing Group |
| 289,615 |
| 285,561 |
| 235,916 |
| 222,017 |
| 1,033,109 |
| |||||
Supply Group |
| 7,807 |
| 8,340 |
| 8,117 |
| 9,768 |
| 34,032 |
| |||||
Financial Services |
| 402 |
| — |
| — |
| — |
| 402 |
| |||||
|
| 564,132 |
| 590,756 |
| 522,381 |
| 603,178 |
| 2,280,447 |
| |||||
Cost of products sold |
| 453,840 |
| 468,814 |
| 416,447 |
| 503,257 |
| 1,842,358 |
| |||||
Gross profit |
| 110,292 |
| 121,942 |
| 105,934 |
| 99,921 |
| 438,089 |
| |||||
Operating expenses |
| 119,538 |
| 133,269 |
| 120,144 |
| 135,409 |
| 508,360 |
| |||||
Financial services expenses |
| 367 |
| — |
| — |
| — |
| 367 |
| |||||
Other, net |
| (955 | ) | 1,236 |
| 4,795 |
| 14,689 |
| 19,765 |
| |||||
|
| 118,950 |
| 134,505 |
| 124,939 |
| 150,098 |
| 528,492 |
| |||||
Operating loss |
| (8,658 | ) | (12,563 | ) | (19,005 | ) | (50,177 | ) | (90,403 | ) | |||||
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
| |||||
Investment income |
| 1,140 |
| 795 |
| 968 |
| 1,128 |
| 4,031 |
| |||||
Interest expense |
| (10,095 | ) | (7,682 | ) | (9,338 | ) | (11,597 | ) | (38,712 | ) | |||||
Other, net |
| (932 | ) | 6 |
| 6 |
| 90 |
| (830 | ) | |||||
|
| (9,887 | ) | (6,881 | ) | (8,364 | ) | (10,379 | ) | (35,511 | ) | |||||
Loss before income taxes and cumulative effect of accounting change |
| (18,545 | ) | (19,444 | ) | (27,369 | ) | (60,556 | ) | (125,914 | ) | |||||
Benefit for income taxes |
| 7,418 |
| 7,095 |
| 10,074 |
| 20,034 |
| 44,621 |
| |||||
Loss before cumulative effect of accounting change |
| (11,127 | ) | (12,349 | ) | (17,295 | ) | (40,522 | ) | (81,293 | ) | |||||
Cumulative effect of accounting change, net of income taxes |
| (80,635 | ) | — |
| — |
| — |
| (80,635 | ) | |||||
Net loss |
| $ | (91,762 | ) | $ | (12,349 | ) | $ | (17,295 | ) | $ | (40,522 | ) | $ | (161,928 | ) |
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