SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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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): May 1, 2003
FLEETWOOD ENTERPRISES, INC.
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(Exact Name of Registrant as Specified in its Charter)
Delaware 1-07699 95-1948322
(State or Other (Commission File (IRS Employer
Jurisdiction of Number) Identification
Incorporation) Number)
3125 Myers Street, Riverside, California 92503-5527
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including
area code: (909) 351-3500
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N/A
(Former Name or Former Address, if Changed Since Last Report)
Item 9. Regulation FD Disclosure.
The information contained in this Item 9 is being
furnished pursuant to Item 12 of Form 8-K, "Results of
Operations and Financial Condition," in accordance with the
interim guidance provided by the Securities and Exchange
Commission in Release No. 33-8216 issued March 27, 2003.
On May 1, 2003, Fleetwood Enterprises, Inc. (the
"Company") issued a news release reporting the sales results of
the Company for its fourth fiscal quarter and fiscal year ended
April 23, 2003. A copy of the news release is attached to this
Current Report as Exhibit 99.1.
The information in this Current Report, including the
exhibit attached hereto, is being furnished and shall not be
deemed "filed" for purposes of Section 18 of the Securities
Exchange Act of 1934, as amended, or otherwise subject to the
liabilities of such section. The information in this Current
Report shall not be incorporated by reference into any
registration statement or other document pursuant to the
Securities Act of 1933, as amended.
Item 12. Results of Operations and Financial Condition.
The information under this caption is furnished by the
Company under Item 9 in place of Item 12 of Form 8-K in
accordance with the interim guidance provided by the Securities
and Exchange Commission in Release No. 33-8216 issued March 27,
2003.
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: May 1, 2003 By:__________________________
James F. Smith
Vice President-Controller
Exhibit 99.1
FLEETWOOD REPORTS PRELIMINARY SALES FOR
FOURTH QUARTER AND FISCAL YEAR 2003
RIVERSIDE, CA, May 1, 2003 - Fleetwood Enterprises, Inc.
(NYSE:FLE), the nation's leader in recreational vehicle sales and
a leading producer and retailer of manufactured housing, today
announced preliminary sales for the fourth quarter and fiscal
year ended April 27, 2003.
Company sales were off 6 percent in the fourth quarter to
approximately $569 million compared with $603 million last year.
Quarterly sales improved 8 percent for the RV Group, while
revenues for the Housing Group fell 29 percent overall, with the
manufacturing division down 30 percent and retail off 25
percent. For the fiscal year, consolidated sales improved to
$2.31 billion from $2.28 billion last year, with recreational
vehicles up 22 percent and manufactured housing declining 23
percent.
Recreational vehicle sales for the fourth quarter climbed to
$402 million, compared with $371 million a year ago. Motor home
revenues improved by 9 percent from the prior year to $247
million, while travel trailer sales rose 19 percent to $131
million and folding trailer sales fell 26 percent to $25
million.
Sales of recreational vehicles for fiscal year 2003 totaled
$1.48 billion, compared with $1.21 billion in the prior year.
Motor home sales grew 28 percent to $919 million, and sales of
travel trailers increased 17 percent to $441 million. Folding
trailer sales improved 2 percent to $120 million.
"Although the war and lower consumer confidence affected sales
in the quarter, the recreational vehicle market held up
reasonably well, especially for higher-end products such as our
diesel motor homes," Fleetwood's President and CEO Edward B.
Caudill said. "With hostilities winding down in Iraq and this
week's positive report on April consumer confidence, we are
optimistic that sales will further strengthen, especially as the
selling season begins in earnest. We are extremely pleased with
our recent market share gains in Class A motor homes, which
allowed us to keep our motor home plants running at normal
levels even while competitors were working short weeks. We
continue to take advantage of sales promotions to respond to
competitive pricing pressures, as well as to assist our dealers
in reducing prior-year inventory. This inventory reduction has
been vital to the successful introduction of our '04 travel
trailer products. As a result of increased sales and improved
production efficiencies, we expect the performance of our travel
trailer division to show significant improvement over the third
quarter. Our folding trailer division continues to gain market
share, but the overall sales decline in that segment shows that
those customers tend to be more sensitive to economic concerns."
Fourth quarter sales of manufactured housing were down 29 percent
to approximately $158 million compared with $222 million a year
ago. Housing revenues include wholesale factory sales of $113
million to independent retailers and retail sales of $45 million
from Company-operated sales centers. This compares with wholesale
sales of $163 million and retail sales of $59 million last year,
for declines of 30 and 25 percent, respectively. Gross
manufactured housing revenue dropped 27 percent to approximately
$135 million, including intercompany sales of $21 million.
Manufactured housing sales for fiscal 2003 were down 23 percent
from the prior year to $798 million, which includes wholesale
factory sales of $551 million to independent retailers and retail
sales of $247 million from Fleetwood's retail operations. Gross
manufactured housing revenue for the year was down 21 percent to
$666 million, including intercompany sales of $116 million to
Company-operated retail stores.
"Our Manufactured Housing Group continues to battle complex and
difficult industry conditions," Caudill said. "While some
observers believe that the industry is near the bottom of this
cycle, we do not expect to see a meaningful industry recovery
for at least a year. Nonetheless, we continue to believe in the
long-term viability of this business due to the need for
affordable housing, the favorable demographics and the quality
of Fleetwood's products. We will continue to control costs, but
we don't expect to reach breakeven in the Housing Group at these
revenue levels. Our manufacturing division, however, has proven
its ability to be profitable even at capacity utilizations of
just above 50%, and with recent plant closures we are
approaching that level."
The Company confirmed its intent to pay in cash the
distributions due in mid-May on the Company's 9.5% preferred
securities and, as it has previously indicated, to continue to
defer distributions on its 6% preferred securities.
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 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 risk factors include, without limitation, the cyclical
nature of both the manufactured housing and recreational vehicle
industries; ongoing weakness in the manufactured housing market;
the potential impact on demand for our products as a result of
weak consumer confidence; the effect of global tensions on
consumer confidence; continued acceptance of the Company's
products; expenses and uncertainties associated with the
introduction of new products; the future availability of
manufactured housing retail financing, as well as housing and RV
wholesale financing; changes in retail inventory levels in the
manufactured housing and recreational vehicle industries;
competitive pricing pressures; the ability to attract and retain
quality dealers, executive officers and other personnel; and the
ability to obtain the financing we need in order to execute our
business strategies. Actual results, events and performance may
differ materially. Readers are cautioned not to place undue
reliance on these forward-looking statements, which speak only as
of the date hereof. Fleetwood undertakes no obligation to release
publicly the result of any revisions to these forward-looking
statements that may be made to reflect events or circumstances
after the date hereof or to reflect the occurrence of
unanticipated events.
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