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): January 21, 2005
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
Not Applicable
(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))
Item 2.02. Results of Operations and Financial Condition.
Item 8.01. Other Events
On January 21, 2005, Fleetwood Enterprises, Inc. issued a press release
announcing an award of damages in the previously disclosed lawsuit between
Fleetwood Folding Trailers, Inc. and The Coleman Company, Inc. The press
release included updated expectations for the financial results of the
registrant's fiscal year ending April 24, 2005. A copy of the press release
is attached as Exhibit 99.1 to this current report on Form 8-K, and is
incorporated herein.
Item 9.01. Financial Statements and Exhibits.
(c) Exhibits:
The following exhibit is furnished with this current report on
Form 8-K:
Exhibit Number Description of Exhibit
99.1 Press release, dated January 21, 2005.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
Date: January 26, 2005
FLEETWOOD ENTERPRISES, INC.
By: /s/ Leonard J. McGill
--------------------------
Leonard J. McGill
Senior Vice President,
Corporate Finance;
Chief Governance Officer
EXHIBIT INDEX
Exhibit Number Description of Exhibit
99.1 Press release, dated January 21, 2005.
Exhibit 99.1
FLEETWOOD ANNOUNCES RULING IN COLEMAN LITIGATION
AND UPDATES EXPECTATIONS FOR FISCAL 2005
Riverside, Calif., January 21, 2005 - Fleetwood Enterprises, Inc. (NYSE: FLE)
announced that the judge in the previously reported case between Fleetwood
Folding Trailers, Inc. and The Coleman Company, Inc. has awarded treble
damages to Coleman. The total amount of the award now is approximately $14.6
million, plus Coleman's attorneys' fees and costs, which have not yet been
determined. This award will be reflected in the Company's results for its
third quarter ending January 23, 2005. As a result, the Company updated
expectations by stating that it expects to be profitable in the fourth
quarter, but the results for the third quarter, including the impact of
today's ruling, now makes it less likely that the Company will be profitable
for the full fiscal year.
"There is no basis for treble damages in a case of this nature, and there is
no precedent for such an award," said Edward B. Caudill, President and Chief
Executive Officer. "We fully intend to appeal this ruling." Caudill added,
"We will not be required to make any payments on this judgment until the
appeal process is fully completed. We will be required to post a bond in
order to pursue an appeal, but we reiterate our prior statement that we
believe we have a sufficient combination of cash, borrowing capacity and
access to other sources of external funding to continue to meet our
foreseeable cash flow requirements."
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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