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): |
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|
|
|
| ||
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 |
| ||
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|
|
| ||
Discontinued operations |
| (12,144 | ) | (6,900 | ) | ||
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| ||
Net income (loss) |
| $ | (29,557 | ) | $ | 5,552 |
|
|
| Basic |
| Diluted |
| Basic |
| Diluted |
| ||||
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Earnings (loss) per common share: |
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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 |
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| ||||
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 |
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|
| |||
Current assets: |
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|
|
| |||
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 |
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| |||
LIABILITIES & SHAREHOLDERS’ EQUITY |
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| |||
Current liabilities: |
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| |||
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 |
| |||
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Commitments and contingencies |
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Shareholders’ equity: |
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| |||
Common stock |
|
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|
|
|
| |||
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 |
|
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|
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|
|
| ||
OPERATING INCOME (LOSS): |
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|
|
|
| ||
RV Group |
| $ | (5,081 | ) | $ | 15,568 |
|
Housing Group |
| 5,020 |
| 6,063 |
| ||
Supply Group |
| 1,721 |
| 1,027 |
| ||
Corporate and other |
| (2,553 | ) | (143 | ) | ||
|
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|
|
| ||
|
| $ | (893 | ) | $ | 22,515 |
|
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UNITS SOLD: |
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Manufactured housing - |
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|
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| ||
Factory shipments |
| 5,858 |
| 6,064 |
| ||
|
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|
|
| ||
Recreational vehicles - |
|
|
|
|
| ||
Motor homes |
| 2,967 |
| 3,245 |
| ||
Travel trailers |
| 6,612 |
| 8,542 |
| ||
Folding trailers |
| 2,446 |
| 2,720 |
| ||
|
| 12,025 |
| 14,507 |
| ||
|
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|
|
| ||
Less intercompany |
| (651 | ) | (956 | ) | ||
Total shipments from continuing operations |
| 17,232 |
| 19,615 |
| ||
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Retail housing sales |
| 1,089 |
| 1,186 |
| ||
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| ||
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 |
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|
| Housing |
| Motor |
| Travel |
| Folding |
| Total |
| Supply |
| Other |
| Company |
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Operating revenues |
| $ | 204,331 |
| $ | 297,790 |
| $ | 104,835 |
| $ | 20,577 |
| $ | 423,202 |
| $ | 13,730 | (A) | $ | (24,788 | )(B) | $ | 616,475 |
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Units sold |
| 5,858 |
| 2,967 |
| 6,612 |
| 2,446 |
| 12,025 |
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Single-sections |
| 1,429 |
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Multi-sections |
| 4,429 |
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Pre-owned |
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Class As |
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| 2,088 |
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Class Cs |
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| 879 |
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Conventional trailers |
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| 5,225 |
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Fifth-wheel trailers |
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| 1,387 |
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Average selling price per unit |
| $ | 34,881 |
| $ | 100,367 |
| $ | 15,855 |
| $ | 8,413 |
| NM |
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Gross profit percent |
| 23.1 | % | 12.8 | % | 6.0 | % | 13.7 | % | 11.2 | % | 17.9 | % | NM |
| 16.2 | % | ||||||||
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Operating income (loss) |
| $ | 5,020 |
| $ | 5,185 |
| $ | (8,711 | ) | $ | (1,555 | ) | $ | (5,081 | ) | $ | 1,721 |
| $ | (2,553 | ) | $ | (893 | ) |
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Operating margin |
| 2.5 | % | 1.7 | % | (8.3 | )% | (7.6 | )% | (1.2 | )% | 12.5 | % | NM |
| (0.1 | )% | ||||||||
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Depreciation |
| $ | 1,710 |
| $ | 1,102 |
| $ | 484 |
| $ | 333 |
| $ | 1,919 |
| $ | 324 |
| $ | 1,641 |
| $ | 5,594 |
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Capital expenditures (est.) |
| $ | 639 |
| $ | 2,212 |
| $ | 585 |
| $ | 238 |
| $ | 3,035 |
| $ | 100 |
| $ | 582 |
| $ | 4,356 |
|
(A) | Excludes $40.0 million of intercompany sales. |
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(B) | Represents the elimination of intercompany sales by the Housing Group to the retail housing business. |
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NM | Not meaningful. |
Fleetwood Enterprises, Inc.
SUPPLEMENTAL OPERATIONAL DATA
Quarter Ended July 31, 2005
(Unaudited)
(Dollars in thousands)
|
|
|
| Recreational Vehicle Group |
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|
| Housing |
| Motor |
| Travel |
| Folding |
| Total |
| Supply |
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Number of facilities (A) |
| 21 |
| 3 |
| 8 |
| 1 |
| 12 |
| 3 |
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Capacity utilization (B) |
| 60 | % | 73 | % | 60 | % | 39 | % | NM |
| NM |
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Number of independent distribution points |
| 1,308 |
| 268 |
| 609 |
| 497 |
| NM |
| NM |
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Backlog units |
| 1,457 |
| 944 |
| 2,150 |
| 407 |
| 3,501 |
| NM |
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Sales value (C) |
| $ | 50,822 |
| $ | 94,747 |
| $ | 34,089 |
| $ | 3,424 |
| $ | 132,260 |
| NM |
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Dealer inventories (units) |
|
|
| 4,153 |
| 15,567 |
| 5,705 |
| NM |
| NM |
| |||||
Independent |
| 6,728 |
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Retail |
| 1,603 |
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(A) | Number of active facilities at the end of the year. |
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(B) | Based on the production at the end of the period. |
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(C) | The number of units in the backlog multiplied by the average selling price. |
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NM | Not meaningful. |