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.
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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.
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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.
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