Exhibit 99.2
Fleetwood Enterprises, Inc.
SUPPLEMENTAL OPERATING DATA
Quarter Ended April 24, 2005
(Dollars in thousands, except price per unit)
|
|
|
| Recreational Vehicle Group |
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|
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| |||||||||||
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| Housing |
| Motor |
|
|
|
|
| Supply |
|
|
| Company |
| |||||||
|
| Group |
| Homes |
| Towables |
| Total |
| Group |
| Other |
| Total |
| |||||||
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|
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|
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|
| |||||||
Operating revenues |
| $ | 192,249 |
| $ | 245,809 |
| $ | 135,499 |
| $ | 381,308 |
| $ | 14,077 | (A) | $ | (27,445 | ) | $ | 560,189 |
|
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|
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|
|
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|
|
|
|
|
|
|
| |||||||
Units sold |
| 5,685 |
| 2,356 |
| 9,746 |
| 12,102 |
|
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|
|
|
|
| |||||||
Single-sections |
| 1,406 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Multi-sections |
| 4,279 |
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|
| |||||||
Pre-owned |
|
|
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|
|
|
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|
|
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|
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|
| |||||||
Class As |
|
|
| 1,713 |
|
|
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|
|
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|
|
|
| |||||||
Class Cs |
|
|
| 643 |
|
|
|
|
|
|
|
|
|
|
| |||||||
Conventional trailers |
|
|
|
|
| 5,414 |
|
|
|
|
|
|
|
|
| |||||||
Fifth-wheel trailers |
|
|
|
|
| 1,695 |
|
|
|
|
|
|
|
|
| |||||||
Folding trailers |
|
|
|
|
| 2,637 |
|
|
|
|
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|
|
| |||||||
|
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|
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| |||||||
Average selling price per unit |
| $ | 33,817 |
| $ | 104,333 |
| $ | 13,903 |
| NM |
|
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|
| ||||
|
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|
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|
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|
|
|
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| |||||||
Gross profit percent |
| 19.1 | % | 12.5 | % | 2.6 | % | 8.9 | % | 9.6 | % | NM |
| 13.4 | % | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Operating income (loss) |
| $ | (7,031 | ) | $ | (5,185 | ) | $ | (24,642 | ) | $ | (29,827 | ) | $ | 454 |
| $ | (12,700 | ) | $ | (49,104 | ) |
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
| |||||||
Operating margin |
| (3.7 | )% | (2.1 | )% | (18.2 | )% | (7.8 | )% | 3.2 | % | NM |
| (8.8 | )% | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Depreciation |
| $ | 1,605 |
| $ | 1,130 |
| $ | 834 |
| $ | 1,964 |
| $ | 361 |
| $ | 1,849 |
| $ | 5,779 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Capital expenditures (est.) |
| $ | 1,475 |
| $ | 3,544 |
| $ | 865 |
| $ | 4,409 |
| $ | 88 |
| $ | (256 | ) | $ | 5,716 | (B) |
(A) Excludes $38.6 million of intercompany sales.
(B) Excludes $0.9 million of capital expenditures attributable to discontinued operations.
NM Not meaningful.
Fleetwood Enterprises, Inc.
SUPPLEMENTAL OPERATIONAL DATA
Fiscal Year-To-Date April 24, 2005
(Dollars in thousands, except price per unit)
|
|
|
| Recreational Vehicle Group |
|
|
|
|
|
|
| ||||||||||||
|
| Housing |
| Motor |
|
|
|
|
| Supply |
|
|
| Company |
| ||||||||
|
| Group |
| Homes |
| Towables |
| Total |
| Group |
| Other |
| Total |
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Operating revenues |
| $ | 785,547 |
| $ | 1,097,091 |
| $ | 562,791 |
| $ | 1,659,882 |
| $ | 57,020 | (A) | $ | (127,737 | ) | $ | 2,374,712 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Units sold |
| 23,962 |
| 10,566 |
| 40,180 |
| 50,746 |
|
|
|
|
|
|
| ||||||||
Single-sections |
| 7,524 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Multi-sections |
| 16,438 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Pre-owned |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Class As |
|
|
| 8,187 |
|
|
|
|
|
|
|
|
|
|
| ||||||||
Class Cs |
|
|
| 2,379 |
|
|
|
|
|
|
|
|
|
|
| ||||||||
Conventional trailers |
|
|
|
|
| 22,126 |
|
|
|
|
|
|
|
|
| ||||||||
Fifth-wheel trailers |
|
|
|
|
| 6,801 |
|
|
|
|
|
|
|
|
| ||||||||
Folding trailers |
|
|
|
|
| 11,253 |
|
|
|
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Average selling price per unit |
| $ | 32,783 |
| $ | 103,832 |
| $ | 14,007 |
| NM |
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Gross profit percent |
| 22.2 | % | 14.6 | % | 8.8 | % | 12.4 | % | 11.0 | % | NM |
| 16.6 | % | ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Operating income (loss) |
| $ | 6,387 |
| $ | 27,702 |
| $ | (66,871 | ) | $ | (39,169 | ) | $ | 3,816 |
| $ | (14,572 | ) | $ | (43,538 | ) | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Operating margin |
| 0.8 | % | 2.5 | % | (11.9 | )% | (2.4 | )% | 6.7 | % | NM |
| (1.8 | )% | ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Depreciation |
| $ | 6,802 |
| $ | 4,142 |
| $ | 3,505 |
| $ | 7,647 |
| $ | 1,527 |
| $ | 6,182 |
| $ | 22,158 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Capital expenditures (est.) |
| $ | 4,707 |
| $ | 21,627 |
| $ | 2,352 |
| $ | 23,979 |
| $ | 1,233 |
| $ | 3,805 |
| $ | 33,724 | (B) | |
(A) Excludes $175.8 million of intercompany sales.
(B) Excludes $1.56 million of capital expenditures attributable to discontinued operations.
NM Not meaningful.
Fleetwood Enterprises, Inc.
SUPPLEMENTAL OPERATIONAL DATA
Quarter Ended April 24, 2005
(Dollars in thousands)
|
|
|
| Recreational Vehicle Group |
|
|
| ||||||||
|
| Housing |
| Motor |
|
|
|
|
| Supply |
| ||||
|
| Group |
| Homes |
| Towables |
| Total |
| Group |
| ||||
|
|
|
|
|
|
|
|
|
|
|
| ||||
Number of facilities (A) |
| 21 |
| 3 |
| 8 |
| 11 |
| 3 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
| ||||
Capacity utilization (B) |
| 55 | % | 61 | % | 53 | % | NM |
| NM |
| ||||
|
|
|
|
|
|
|
|
|
|
|
| ||||
Number of independent distribution points |
| 1,323 |
| 264 |
|
|
| NM |
| NM |
| ||||
Travel trailers (C) |
|
|
|
|
| 612 |
|
|
|
|
| ||||
Folding trailers (C) |
|
|
|
|
| 519 |
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
| ||||
Backlog units |
| 1,682 |
| 1,370 |
| 2,033 |
| 3,403 |
| NM |
| ||||
|
|
|
|
|
|
|
|
|
|
|
| ||||
Sales value (D) |
| $ | 56,880 |
| $ | 142,936 |
| $ | 31,116 |
| $ | 174,052 |
| NM |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Dealer inventories (units) |
|
|
| 4,398 |
| 26,689 |
| NM |
| NM |
| ||||
Independent |
| 7,040 |
|
|
|
|
|
|
|
|
| ||||
Retail |
| 2,196 |
|
|
|
|
|
|
|
|
| ||||
(A) Number of active facilities at the end of the year.
(B) Based on the production at the end of the period.
(C) There is some overlap between folding and travel trailer distribution points.
(D) The number of units in the backlog multiplied by the average selling price. Travel and folding trailers calculated separately to arrive at towable backlog dollars.
NM Not meaningful.
Fleetwood Enterprises, Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS (CONDENSED)
Year Ended April 24, 2005
(Amounts in thousands, except per share data)
|
| 52 Weeks Ended |
| ||||||||||||||||
|
| April 24, 2005 |
| April 25, 2004 |
| April 27, 2003 |
| ||||||||||||
Net Sales: |
|
|
|
|
|
|
| ||||||||||||
RV Group |
| $ | 1,659,882 |
| $ | 1,779,233 |
| $ | 1,482,595 |
| |||||||||
Housing Group |
| 785,547 |
| 657,388 |
| 667,087 |
| ||||||||||||
Supply Group |
| 57,020 |
| 41,120 |
| 37,178 |
| ||||||||||||
Intercompany sales |
| (127,737 | ) | (117,135 | ) | (115,903 | ) | ||||||||||||
|
| 2,374,712 |
| 2,360,606 |
| 2,070,957 |
| ||||||||||||
|
|
|
|
|
|
|
| ||||||||||||
Cost of products sold |
| 1,979,482 |
| 1,943,147 |
| 1,696,859 |
| ||||||||||||
Gross profit |
| 395,230 |
| 417,459 |
| 374,098 |
| ||||||||||||
|
|
|
|
|
|
|
| ||||||||||||
Operating expenses |
| 420,187 |
| 343,246 |
| 343,942 |
| ||||||||||||
Other, net |
| 18,581 |
| (4,656 | ) | 4,779 |
| ||||||||||||
|
| 438,768 |
| 338,590 |
| 348,721 |
| ||||||||||||
Operating income (loss) |
| (43,538 | ) | 78,869 |
| 25,377 |
| ||||||||||||
Other income (expense): |
|
|
|
|
|
|
| ||||||||||||
Investment income |
| 2,385 |
| 2,626 |
| 3,369 |
| ||||||||||||
Interest expense |
| (27,349 | ) | (43,258 | ) | (41,101 | ) | ||||||||||||
Other, net |
| (2,724 | ) | (2,430 | ) |
|
| ||||||||||||
|
| (27,688 | ) | (43,062 | ) | (37,732 | ) | ||||||||||||
Income (loss) from continuing operations before income taxes |
| (71,226 | ) | 35,807 |
| (12,355 | ) | ||||||||||||
Provision for income taxes |
| (1,351 | ) | (18,449 | ) | (4,502 | ) | ||||||||||||
Income (loss) from continuing operations |
| (72,577 | ) | 17,358 |
| (16,857 | ) | ||||||||||||
|
|
|
|
|
|
|
| ||||||||||||
Discontinued operations |
| (88,882 | ) | (39,619 | ) | (53,882 | ) | ||||||||||||
|
|
|
|
|
|
|
| ||||||||||||
Net loss |
| $ | (161,459 | ) | $ | (22,261 | ) | $ | (70,739 | ) | |||||||||
|
|
|
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|
|
|
|
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|
|
| ||||||
|
| Basic |
| Diluted |
| Basic |
| Diluted |
| Basic |
| Diluted |
| ||||||
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| ||||||
Net income (loss) per common share: |
|
|
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|
|
|
|
|
|
|
|
|
| ||||||
Income (loss) from continuing operations |
| $ | (1.31 | ) | $ | (1.31 | ) | $ | 0.45 |
| $ | 0.44 |
| $ | (0.47 | ) | $ | (0.47 | ) |
Loss from discontinued operations |
| (1.61 | ) | (1.61 | ) | (1.03 | ) | (1.01 | ) | (1.50 | ) | (1.50 | ) | ||||||
|
| $ | (2.92 | ) | $ | (2.92 | ) | $ | (0.58 | ) | $ | (0.57 | ) | $ | (1.97 | ) | $ | (1.97 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Weighted average common shares |
| 55,332 |
| 55,332 |
| 38,357 |
| 39,342 |
| 35,869 |
| 35,869 |
|
Fleetwood Enterprises, Inc.
CONSOLIDATED BALANCE SHEETS (CONDENSED)
As of April 24, 2005
(Amounts in thousands)
|
| April 24, 2005 |
| January 23, 2005 |
| April 25, 2004 |
| |||
ASSETS |
| (unaudited) |
| |||||||
Current assets: |
|
|
|
|
|
|
| |||
Cash |
| $ | 6,761 |
| $ | 1,317 |
| $ | 14,090 |
|
Marketable investments |
| 38,715 |
| 28,058 |
| 109,732 |
| |||
Receivables |
| 164,609 |
| 208,680 |
| 184,687 |
| |||
Inventories |
| 233,591 |
| 281,725 |
| 189,962 |
| |||
Deferred taxes |
| 56,904 |
| 56,905 |
| 56,904 |
| |||
Assets of discontinued operations |
| 145,784 |
| 171,837 |
| 145,553 |
| |||
Other current assets |
| 23,974 |
| 14,510 |
| 20,256 |
| |||
Total current assets |
| 670,338 |
| 763,032 |
| 721,184 |
| |||
|
|
|
|
|
|
|
| |||
Property, plant and equipment, net |
| 232,125 |
| 237,065 |
| 229,638 |
| |||
Deferred taxes, net |
| 17,859 |
| 17,858 |
| 17,859 |
| |||
Cash value of Company-owned life insurance, net |
| 36,946 |
| 39,689 |
| 48,809 |
| |||
Goodwill |
| 6,316 |
| 6,316 |
| 6,316 |
| |||
Other assets |
| 46,663 |
| 47,901 |
| 51,903 |
| |||
Total assets |
| $ | 1,010,247 |
| $ | 1,111,861 |
| $ | 1,075,709 |
|
|
|
|
|
|
|
|
| |||
LIABILITIES & SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
| |||
Current liabilities: |
|
|
|
|
|
|
| |||
Accounts payable |
| $ | 75,551 |
| $ | 81,332 |
| $ | 98,804 |
|
Employee compensation & benefits |
| 77,924 |
| 72,638 |
| 70,222 |
| |||
Product warranty reserve |
| 65,143 |
| 60,641 |
| 53,921 |
| |||
Other short-term borrowings |
| 56,661 |
| 60,902 |
| 5,738 |
| |||
Accrued interest |
| 52,446 |
| 47,732 |
| 38,868 |
| |||
Liabilities of discontinued operations |
| 78,357 |
| 64,530 |
| 26,581 |
| |||
Other current liabilities |
| 88,635 |
| 87,414 |
| 77,954 |
| |||
Total current liabilities |
| 494,717 |
| 475,189 |
| 372,088 |
| |||
|
|
|
|
|
|
|
| |||
Deferred compensation and retirement benefits |
| 38,771 |
| 41,477 |
| 49,473 |
| |||
Insurance reserves |
| 32,215 |
| 32,628 |
| 32,916 |
| |||
Long-term debt |
| 108,946 |
| 108,253 |
| 102,159 |
| |||
Convertible subordinated debentures |
| 210,142 |
| 210,142 |
| 272,791 |
| |||
Total liabilities |
| 884,791 |
| 867,689 |
| 829,427 |
| |||
|
|
|
|
|
|
|
| |||
Commitments and contingencies |
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
| |||
Shareholders’ equity: |
|
|
|
|
|
|
| |||
Common stock |
|
|
|
|
|
|
| |||
Additional paid-in-capital |
| 56,043 |
| 55,544 |
| 52,075 |
| |||
Accumulated deficit |
| 424,782 |
| 422,225 |
| 390,107 |
| |||
Accumulated other comprehensive loss |
| (356,796 | ) | (235,223 | ) | (195,337 | ) | |||
Total shareholders’ equity |
| 1,427 |
| 1,626 |
| (563 | ) | |||
Total liabilities and shareholders’ equity |
| 125,456 |
| 244,172 |
| 246,282 |
| |||
|
| $ | 1,010,247 |
| $ | 1,111,861 |
| $ | 1,075,709 |
|
Fleetwood Enterprises, Inc.
BUSINESS SEGMENT AND UNIT SHIPMENT INFORMATION
Year Ended April 24, 2005
(Unaudited)
(Amounts in thousands)
|
| 13 Weeks Ended |
| 52 Weeks Ended |
| ||||||||
|
| April 24, 2005 |
| April 25, 2004 |
| April 24, 2005 |
| April 25, 2004 |
| ||||
OPERATING REVENUES: |
|
|
|
|
|
|
|
|
| ||||
RV Group |
| $ | 381,308 |
| $ | 482,676 |
| $ | 1,659,882 |
| $ | 1,779,233 |
|
Housing Group |
| 192,249 |
| 163,562 |
| 785,547 |
| 657,388 |
| ||||
Supply Group |
| 14,077 |
| 13,670 |
| 57,020 |
| 41,120 |
| ||||
Intercompany sales |
| (27,445 | ) | (20,214 | ) | (127,737 | ) | (117,135 | ) | ||||
|
|
|
|
|
|
|
|
|
| ||||
|
| $ | 560,189 |
| $ | 639,694 |
| $ | 2,374,712 |
| $ | 2,360,606 |
|
|
|
|
|
|
|
|
|
|
| ||||
OPERATING INCOME (LOSS): |
|
|
|
|
|
|
|
|
| ||||
RV Group |
| $ | (29,827 | ) | $ | 16,545 |
| $ | (39,169 | ) | $ | 58,146 |
|
Housing Group |
| (7,031 | ) | 125 |
| 6,387 |
| 5,440 |
| ||||
Supply Group |
| 454 |
| 1,989 |
| 3,816 |
| 6,065 |
| ||||
Corporate and other |
| (12,700 | ) | 4,413 |
| (14,572 | ) | 9,218 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
|
| $ | (49,104 | ) | $ | 23,072 |
| $ | (43,538 | ) | $ | 78,869 |
|
|
|
|
|
|
|
|
|
|
| ||||
UNITS SOLD: |
|
|
|
|
|
|
|
|
| ||||
Manufactured housing - |
|
|
|
|
|
|
|
|
| ||||
Factory shipments |
| 5,685 |
| 5,350 |
| 23,962 |
| 20,859 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Recreational vehicles - |
|
|
|
|
|
|
|
|
| ||||
Motor homes |
| 2,356 |
| 3,020 |
| 10,566 |
| 11,203 |
| ||||
Towables |
| 9,746 |
| 12,823 |
| 40,180 |
| 48,894 |
| ||||
|
| 12,102 |
| 15,843 |
| 50,746 |
| 60,097 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Less intercompany |
| (742 | ) | (570 | ) | (3,486 | ) | (3,414 | ) | ||||
Total shipments from continuing operations |
| 17,045 |
| 20,623 |
| 71,222 |
| 77,542 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Retail housing sales |
| 946 |
| 918 |
| 4,157 |
| 4,727 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Total Company shipments |
| 17,991 |
| 21,541 |
| 75,379 |
| 82,269 |
|
# # #