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): July 31, 2003
FLEETWOOD ENTERPRISES, INC.
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(Exact Name of Registrant as Specified in its Charter)
Delaware 1-07699 95-1948322
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(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 7. Exhibits.
(c) Exhibits. The following exhibit is being furnished
herewith:
Exhibit Number Title
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99.1 Press release of Fleetwood Enterprises,
Inc. dated July 31, 2003.
Item 12. Results of Operations and Financial Condition.
On July 31, 2003, Fleetwood Enterprises, Inc. (the
"Company") issued a news release reporting the preliminary
sales results of the Company for its first fiscal quarter ended
July 27, 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.
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: July 31, 2003 By: /s/ Boyd R. Plowman
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Boyd R. Plowman
Executive Vice President-
Chief Financial Officer
Exhibit 99.1
FLEETWOOD REPORTS PRELIMINARY
REVENUES FOR THE FIRST QUARTER 2004
Riverside, Calif., July 31, 2003 - Fleetwood Enterprises, Inc.
(NYSE:FLE), the nation's largest manufacturer of recreational
vehicles and a leading producer and retailer of manufactured
housing, today announced preliminary sales for the first quarter
of fiscal 2004, ended July 27, 2003.
Company revenues improved 6 percent in the first quarter to
approximately $647 million compared with $611 million last year.
Quarterly sales rose sharply in the motor home and travel
trailer divisions, more than compensating for revenue declines
in the Housing Group and the folding trailer division.
Recreational vehicle sales for the first quarter rose 18 percent
to $438 million compared with $371 million a year ago. Sales in
the motor home division reached $258 million, an 18 percent
increase compared with the prior year, while travel trailer
sales improved by 30 percent to $158 million. Folding trailer
sales declined 27 percent to $22 million.
"The improvement in travel trailer and motor home sales is
strong evidence of the success of our new models and the process
that we have developed to assure that our product offerings
connect with consumer preferences," Fleetwood's President and
CEO Edward B. Caudill said. "Both divisions enjoyed excellent
sales quarters, as shipments and retails in each reached
quarterly levels not seen since calendar year 2000. The motor
home division should contribute a healthy operating profit to
the quarter and we expect travel trailers to return to
profitability, although competitive conditions are currently
preventing us from reaching historical margins in either
category. The industry decline in folding trailers has affected
our sales in that division, and will preclude it from reporting
an operating profit. We have strong backlogs in all three
divisions as we enter the second quarter."
Manufactured housing sales in the first quarter were down 14
percent to approximately $199 million compared with $231 million
a year ago. Housing revenues include wholesale factory sales of
$142 million to independent retailers and retail sales of $57
million from Company-owned sales centers. This compares with
$158 million and $73 million, respectively, last year. Gross
manufacturing revenues declined 12 percent to approximately $169
million, including intercompany sales of $28 million to Company-
operated retail stores. HomeOne Credit, Fleetwood's financing
subsidiary, reached $0.9 million in revenues.
"Shipments in the manufactured housing industry have now hit a
40-year low," Caudill said. "Fortunately, some of our innovative
products and our excellent distribution network are helping us
to partially offset the impact of current trends. We have
increased the number of production associates in some of our
plants and, overall, our current backlogs and capacity
utilization are sufficient to support profitable operations in
the manufacturing division. We are cautiously optimistic that
this downturn has reached its low-water mark. While our retail
division continued to operate at a loss, ongoing cost-cutting
measures are lowering its break-even point.
"We currently expect that the operating profits in motor homes
and travel trailers will more than compensate for projected
operating losses in the Housing Group and folding trailer
division, as well as corporate expenses," Caudill continued. "As
a result, we anticipate being able to report a slight profit
when we release results for the first quarter in about five
weeks."
The Company confirmed its intent to pay in cash the
distributions due in mid-August on the Company's 9.5% preferred
securities and, as 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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