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 29, 2004
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 12. Results of Operations and Financial Condition.
On July 29, 2004, Fleetwood Enterprises, Inc. (the
"Company") issued a news release reporting the preliminary
sales results of the Company for its first fiscal quarter ended
July 25, 2004. 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.
Exhibit List.
Exhibit Number Title
99.1 Press release of Fleetwood Enterprises, Inc.
dated July 29, 2004.
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 30, 2004 By: /s/ Leonard J. McGill
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Leonard J. McGill
Senior Vice President-
Corporate Finance
Exhibit 99.1
FLEETWOOD REPORTS PRELIMINARY REVENUES
FOR FIRST QUARTER OF FISCAL 2005
Riverside, Calif., July 29, 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, announced today its
preliminary sales for the first quarter of fiscal 2005, which ended on July
25, 2004.
Company revenues improved 12 percent in the first quarter to approximately
$725 million compared with $646 million last year. Quarterly sales increased
in both the Housing Group and the RV Group, with motor home sales showing the
greatest year-over-year improvement.
Recreational vehicle sales for the first quarter rose 10 percent to $481
million compared with $437 million a year ago. Sales in the motor home
division reached $313 million, a 22 percent increase over the prior year's
first quarter. Travel trailer sales declined 6 percent to $147 million, and
folding trailer revenues were down 5 percent to $21 million.
"We continue to provide the market with high-value, innovative and attractive
motor homes," Fleetwood's President and CEO Edward B. Caudill said. "This
significant increase over last year's first quarter, which at the time was
the best quarter we had experienced since calendar year 2000, is very
satisfying. We are continuing our focus on our travel trailer division, and
we will be introducing exciting new products over the next three months. The
folding trailer segment within the RV industry remains sluggish."
Manufactured housing sales in the first quarter increased 14 percent to
approximately $228 million compared with $200 million a year ago. Housing
revenues included $195 million of wholesale factory sales and $67 million of
retail sales, before elimination of intercompany sales of $34 million. This
compares with $170 million and $57 million, respectively, last year, before
intercompany sales of $27 million.
"Our third straight quarter of improvements in Housing Group sales is worthy
of note," Caudill said. "Last week's flash report of HUD-code shipments from
the Manufactured Housing Institute projected June to be up 2 percent over
last year. That projected monthly increase would be just the second in 2004,
indicating that it is likely that Fleetwood again gained market share during
this quarterly period."
The Company confirmed its intent to continue to defer distributions on its 6%
preferred securities, which would otherwise be due in mid-August.
About Fleetwood
Fleetwood Enterprises, Inc., 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. This Fortune 1000 company, headquartered in Riverside, Calif., is
dedicated to providing quality, innovative products that offer exceptional
value to its 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.
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 risks and uncertainties include, without limitation, the
cyclical nature of both the manufactured housing and recreational vehicle
industries; ongoing weakness in the manufactured housing market; continued
acceptance of the Company's products; the potential impact on demand for
Fleetwood's products as a result of changes in consumer confidence levels;
the effect of global tensions on consumer confidence; expenses and
uncertainties associated with the introduction and manufacturing of new
products; the future availability of manufactured housing retail financing,
as well as housing and RV wholesale financing; exposure to interest rate and
market changes affecting certain of the Company's assets and liabilities;
availability and pricing of raw materials; 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 Company's ability to obtain
financing needed in order to execute its business strategies.
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