Exhibit 99.1 FLEETWOOD ENTERPRISES, INC. PRO FORMA FINANCIAL STATEMENTS The pro forma financial statements attached hereto are unaudited and set forth the financial position of Fleetwood at April 28, 1996 and the results of its operations for the year then ended. For pro forma purposes, the financial position of FCC and the results of operations of FCC for the year ended April 28, 1996 have been excluded from Fleetwood's pro forma financial statements. The FCC financial position and results of operations are represented by the amounts subtracted from the Consolidated Statement of Operations and Consolidated Balance Sheet columns in the Pro Forma Adjustments columns. The pro forma balance sheet assumes the FCC disposition occurred at the balance sheet date. The pro forma statement of operations assumes the FCC disposition occurred on May 1, 1995. The pro forma financial statements have not been compiled, reviewed or audited by independent auditors. The disposition resulted in a gain to Fleetwood on the sale of the FCC stock of approximately $55 million after selling expenses. The pro forma statement of operations does not purport to be indicative of the operating results which would have been achieved had the disposition of FCC occurred on May 1, 1995 and should not be construed as representative of future operating results. FLEETWOOD ENTERPRISES, INC. UNAUDITED PRO FORMA STATEMENT OF OPERATIONS APRIL 28, 1996 (IN THOUSANDS, EXCEPT PER SHARE DATA) CONSOLIDATED PRO FORMA STATEMENT OF PRO FORMA STATEMENT OF OPERATIONS ADJUSTMENTS OPERATIONS ------------- ----------- ------------- Operating Revenues: Manufacturing sales $2,809,277 $ -- $2,809,277 Finance revenues 52,211 (52,211) -- ---------- ---------- ---------- 2,861,488 (52,211) 2,809,277 Cost and Expenses: Cost of products sold 2,276,595 -- 2,276,595 Operating expenses 413,120 (11,970) 401,150 Finance interest expense 23,747 (23,747) -- ---------- ---------- ---------- 2,713,462 (35,717) 2,677,745 Operating income 148,026 (16,494) 131,532 Other Income (Expense): Loss on disposition of European subsidiary (28,000) -- (28,000) Investment income 14,032 14,102 28,134 Interest expense (1,429) (5,760) (7,189) Other (5,142) -- (5,142) ---------- ---------- ---------- (20,539) 8,342 (12,197) Income before provision for income taxes 127,487 (8,152) 119,335 Provision for income taxes (48,329) 3,449 (44,880) Minority interest in net loss of subsidiary 451 -- 451 ---------- ---------- ---------- Net income $ 79,609 $ (4,703) $74,906 ---------- ---------- ---------- ---------- ---------- ---------- Net income per Common and equivalent share $ 1.71 $ .10 $ 1.61 ---------- ---------- ---------- ---------- ---------- ---------- Dividends declared per share of Common Stock outstanding $.60 ---------- ---------- Common and equivalent shares outstanding 46,469 ---------- ---------- See accompanying notes. 2 FLEETWOOD ENTERPRISES, INC. UNAUDITED PRO FORMA BALANCE SHEET APRIL 28, 1996 (IN THOUSANDS) CONSOLIDATED PRO FORMA PRO FORMA BALANCE SHEET ADJUSTMENTS BALANCE SHEET ------------- ----------- ------------- ASSETS Cash $ 38,436 $ 133,956 $ 172,392 Investments 320,355 (48,217) 272,138 Receivables: Manufacturing 173,380 -- 173,380 Finance 334,302 (334,302) -- Inventories 137,899 -- 137,899 Property, plant and equipment 266,895 (308) 266,587 Other assets 158,381 (12,689) 145,692 ---------- --------- ---------- TOTAL ASSETS $1,429,648 $(261,560) $1,168,088 ---------- --------- ---------- ---------- --------- ---------- LIABILITIES AND STOCK- HOLDERS' EQUITY Accounts payable $ 104,850 $ -- $ 104,850 Employee compensation and benefits 111,016 (1,464) 109,552 Federal and state taxes on income (14,547) 17,541 2,994 Long-term debt 370,829 (290,829) 80,000 Other liabilities 208,363 (22,085) 186,278 ---------- --------- ---------- TOTAL LIABILITIES 780,511 (296,837) 483,674 STOCKHOLDERS' EQUITY 649,137 35,277 684,414 ---------- --------- ---------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $1,429,648 $(261,560) $1,168,088 ---------- --------- ---------- ---------- --------- ---------- See accompanying notes. 3 FLEETWOOD ENTERPRISES, INC. NOTES TO UNAUDITED PRO FORMA FINANCIAL STATEMENTS 1) The pro forma Statement of Operations has been prepared under the assumption that the sale of FCC closed on May 1, 1995, the beginning of fiscal year 1996; therefore, all of the FCC operating income for 1996 has been eliminated. It is assumed that $80 million of long-term debt assumed by Fleetwood on behalf of FCC on April 22, 1996 was outstanding for the entire year. Accordingly, interest expense has been recognized for all of fiscal 1996. It is further assumed that Fleetwood had the cash proceeds from the sale of FCC ($156.6 million) and an additional $80 million from the debt assumption available for investment throughout the year. 2) The pro forma Balance Sheet has been prepared under the assumption that the sale of FCC closed on April 28, 1996. Adjustments have been made to remove the accounts of FCC from the consolidated amounts. The net proceeds from the sale of FCC have been included in total assets and the gain on sale has been added to stockholders' equity. 3) The historical consolidated financial information that will appear in the Company's Form 10-K for fiscal 1996 presents FCC as a discontinued operation. The historical information presented here is shown on a full consolidation basis including FCC. 4