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                                                                    Exhibit 99.1

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 ENTERPRISES ANNOUNCES AMENDED CREDIT AGREEMENT
       --EARNINGS RELEASE AND CONFERENCE CALL SCHEDULED FOR DECEMBER 10--

         RIVERSIDE, CALIF., DECEMBER 5, 2001 -- Fleetwood Enterprises, Inc.
(NYSE:FLE), the nation's largest manufacturer of recreational vehicles and a
leading producer and retailer of manufactured housing, announced today that it
has successfully reached an agreement with its loan syndicate to amend its
credit facility dated July 27, 2001.

         Among the modifications to the credit agreement, the EBITDA (earnings
before interest, taxes, depreciation and amortization) covenant has been
replaced with a Free Cash Flow covenant, which takes into consideration a range
of additional factors, including capital expenditures, service on junior
subordinated debt and certain new capital proceeds. In addition, the entire
credit facility has been permanently reduced to its current commitment level of
$220 million.

         The amendments are effective as of October 28, 2001, and therefore
the results of the Company's second quarter, ended October 28, fall under the
revised covenants. Final results for the second quarter will be announced on
December 10, 2001, followed by a conference call on the same day at 10:00 a.m.
PST. Interested parties may listen to the live Webcast of the call by
accessing www.streetevents.com or www.companyboardroom.com. The call will also
be accessible from the Company's Website, www.fleetwood.com. An archive of the
call will be available for 10 days.

         "We are pleased with the results of our negotiations with Bank of
America and our loan syndicate," said Nelson W. Potter, president and chief
executive officer. "The covenants included in the amended agreement allow us to
focus on improving operating results. We believe that the revised requirements
provide us with greater flexibility to adjust other factors in our business plan
in case of a shortfall in operating results."


THIS PRESS RELEASE CONTAINS CERTAIN FORWARD-LOOKING STATEMENTS AND INFORMATION
BASED ON THE BELIEFS OF THE COMPANY'S MANAGEMENT AS WELL AS ASSUMPTIONS MADE BY,
AND INFORMATION CURRENTLY AVAILABLE TO, THE COMPANY'S MANAGEMENT. SUCH
STATEMENTS REFLECT THE CURRENT VIEWS OF THE COMPANY WITH RESPECT TO FUTURE
EVENTS AND ARE SUBJECT TO CERTAIN RISKS, UNCERTAINTIES, AND ASSUMPTIONS,
INCLUDING RISK FACTORS IDENTIFIED IN THIS PRESS RELEASE, THE COMPANY'S 10-K AND
OTHER SEC FILINGS. THESE RISK FACTORS INCLUDE, WITHOUT LIMITATION, CONTINUED
WEAKNESS IN THE MANUFACTURED HOUSING AND RECREATIONAL VEHICLE MARKETS, THE
COMPANY'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 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. THE COMPANY
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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