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Exhibit 99.1
[Fleetwood Logo]
Fleetwood Enterprises, Inc.
3125 Myers Street
Riverside, CA 92503-5527
Contact: Boyd R. Plowman, Senior Vice President-Finance (909) 351-3340
Lyle Larkin, Vice President-Treasurer (909) 351-3535
FLEETWOOD DEFERS DISTRIBUTION ON TRUST PREFERRED SECURITIES
AND DISCONTINUES DIVIDEND ON COMMON SHARES
RIVERSIDE, Calif., Oct. 30 /PRNewswire/ -- Fleetwood Enterprises, Inc.
(NYSE: FLE) announced today that it will defer the next quarterly distribution
on the 6% Convertible Trust Preferred Securities issued by its wholly owned
trust, Fleetwood Capital Trust I, due to be made on November 15, 2001. The
Company further indicated it believes, given current market and economic
conditions, that it will continue to defer distributions on the Trust securities
for at least the following two quarters. Fleetwood also disclosed that it will
discontinue the payment of dividends on its Common shares following payment on
November 14, 2001 of the previously declared dividend of four cents per share.
The Company indicated that these actions will allow it to conserve cash and
preserve liquidity for operations. The combination of the Trust distributions
and the Common stock dividend totals more than $5.6 million per quarter.
Under the indenture and trust document governing the Trust Preferred
Securities, Fleetwood is permitted to defer up to 20 consecutive quarterly
distributions. Normally, the Company pays interest to the Trust, which in turn
makes a distribution to Trust Preferred Securities holders. The Company
indicated that deferred amounts will be accrued at the coupon rate and will be
paid, with interest, to the Trust Preferred holders at the end of the deferral
period. Under the terms of the Trust, the Company is prohibited from declaring
and paying dividends on its Common stock during any period in which Trust
Preferred distributions are deferred.
President and CEO Nelson W. Potter commented on the Company's actions
saying, "In the face of a protracted decline in manufactured housing industry
sales and a similar slowdown in the recreational vehicle business, Fleetwood has
taken strong measures over the past two years to reduce operations and cut
costs, including the closure of 16 manufacturing plants and a reduction to its
nationwide work force by more than 7,000 associates. Potter concluded by saying,
"These measures, along with our existing bank line and our recent $20 million
private placement of equity, will help provide additional liquidity to serve the
best long-term interests of the Company and our shareholders."
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, continued weakness in
the manufactured housing and recreational vehicle markets, Fleetwood's ability
to secure additional financing on favorable terms and in a timely manner, the
availability of wholesale and retail financing in the future and changes in
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retail inventory levels in the manufactured housing and recreational vehicle
industries. 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.
For further information, please contact Boyd R. Plowman, Senior Vice
President-Chief Financial Officer, +1-909-351-3340, or Lyle Larkin, Vice
President-Treasurer, +1-909-351-3535, both of Fleetwood Enterprises, Inc.
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