UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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): October 28, 2004
FLEETWOOD ENTERPRISES, INC.
(Exact Name of Registrant as Specified in its Charter)
Delaware 1-7699 95-1948322
(State or other (Commission File (IRS Employer
jurisdiction of Number) Identification
incorporation) Number)
3125 Myers Street, Riverside, California 92503-5527
(Address of Principal Executive Offices)
Registrant's telephone number, including area code: (951) 351-3500
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K is intended to
simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:
__ Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425)
__ Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
__ Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
__ Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
INFORMATION INCLUDED IN THIS REPORT
Item 2.02. Results of Operations and Financial Condition.
On October 28, 2004, Fleetwood Enterprises, Inc. (the "Company")
issued a news release reporting the preliminary sales results of the
Company for its second fiscal quarter ended October 24, 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.
Item 9.01. Financial Statements and Exhibits.
(c) Exhibits:
99.1 Press release of Fleetwood Enterprises, Inc. dated
October 28, 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: October 28, 2004 By: /s/ Boyd R. Plowman
--------------------------
Boyd R. Plowman
Executive Vice President,
Chief Financial Officer
Index to Exhibits
99.1 Press release of Fleetwood Enterprises, Inc. dated
October 28, 2004.
FLEETWOOD REPORTS PRELIMINARY
REVENUES FOR SECOND QUARTER 2005
Riverside, Calif., October 28, 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 second quarter of fiscal 2005, which ended on
October 24, 2004.
Company revenues improved 6 percent in the second quarter to approximately
$713 million compared with $675 million last year, due to sales increases in
the Housing Group's wholesale division and the RV Group's motor home
division. For the first six months, sales increased 9 percent to $1.44
billion compared with $1.32 billion in fiscal 2004.
Overall recreational vehicle sales for the second quarter were flat compared
to a year ago at $450 million. Motor home sales reached $302 million, a 10
percent increase over the prior year's second quarter. Sales of towables
declined 16 percent to $149 million from $176 million in the prior year.
Towable sales include revenues of the recently consolidated travel and
folding trailer operations, which were previously reported separately.
Manufactured housing sales in the second quarter increased 14 percent to
approximately $245 million compared with $214 million a year ago. Housing
revenues included $214 million of wholesale factory sales, and $65 million
of retail sales, before elimination of intercompany sales of $34 million.
Wholesale grew 18 percent and retail declined 7 percent compared with last
year's $181 million and $70 million, respectively, before elimination of
intercompany sales of $37 million.
"We are pleased to report our fourth straight quarter of growth in Housing
Group sales and continued growth in revenues for the motor home division,"
Fleetwood's President and CEO Edward B. Caudill said. "We achieved solid
top-line results in these segments despite the negative impact of the
hurricanes and related extreme weather conditions in the Southeast on both
of our industries, which was somewhat offset by emergency-related orders for
manufactured homes and travel trailers.
"The RV industry has recently seen some signs of retail slowing," Caudill
continued. "We think that this is a temporary condition that is partly
weather-related and partly the result of weakened consumer confidence. We
continue to believe the fundamentals of the RV industry are sound, and are
backed by powerful demographic trends. To manage the short-term fluctuation,
we offered selected incentives to reduce our finished goods inventory. Going
forward, we will modify our production as necessary to correspond to
wholesale and retail demand.
"Despite these challenges during our second quarter, we still expect to
record a net profit that will be an improvement over the prior year," Caudill
concluded. "However, we now believe the earnings improvement will be less
than previously anticipated."
Fleetwood will file its second quarter Form 10-Q after market close on
Friday, December 3, 2004, and will hold its conference call to discuss
earnings on Monday, December 6, 2004. The Company confirms its intent to
continue to defer distributions on its 6% convertible subordinated
debentures, which would otherwise be due in mid-November.
About Fleetwood
Fleetwood Enterprises, Inc., is one of the nation's largest producers of
recreational vehicles, from motor homes to travel and folding trailers, and
is a leader in the building, retailing and financing of manufactured homes.
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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