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FLEETWOOD REPORTS FISCAL 2005 FOURTH QUARTER
AND FULL YEAR FINANCIAL RESULTS
Corporate Restructuring Substantially Completed
Riverside, Calif., July 7, 2005 Fleetwood Enterprises, Inc. (NYSE:FLE), one of the nations largest producers of recreational vehicles and manufactured housing, announced today its financial results for the fiscal 2005 fourth quarter and full year ended April 24, 2005. The Company also announced a significant corporate reorganization, and an addition to its credit line.
Consolidated Results for the Period
For the fourth quarter of fiscal 2005, consolidated revenues from continuing operations declined 12 percent to $560.2 million from $639.7 million in the prior years fourth quarter. The Companys loss from continuing operations was $55.8 million, or $1.00 per diluted share, compared to a loss from continuing operations of $5.4 million, or $0.13 cents per diluted share, in the fourth quarter of the prior year. Last years results included non-cash charges of $15.0 million related to the valuation allowance against the Companys deferred tax asset.
In March 2005, the Company announced that its board of directors authorized management to exit the manufactured housing retail and finance operations and that it would account for these businesses as discontinued operations effective in the 2005 fiscal fourth quarter. The loss from discontinued operations was $64.6 million in the fourth quarter of fiscal 2005, compared with a loss of $12.4 million in the prior year. The loss in fiscal 2005 included a non-cash charge of $51.1 million to record the impairment of assets held for sale at their estimated fair market value less costs to sell.
The net loss for the quarter totaled $120.5 million, or $2.16 per diluted share, compared to a net loss of $17.8 million in the fourth quarter of the prior year.
For fiscal year 2005, consolidated revenues from continuing operations were essentially flat at $2.37 billion, up slightly from $2.36 billion in the prior year. The loss from continuing operations was $72.6 million, or $1.31 per diluted share, compared to income from continuing operations of $17.4 million, or 44 cents per diluted share, in fiscal 2004. The loss from discontinued operations was $88.9 million in fiscal 2005 compared with a loss of $39.6 million in the prior year. The net loss for fiscal 2005 totaled $161.5 million, or $2.92 per diluted share, compared with a net loss of $22.3 million in the prior year.
Quarterly Results by Business Line
Recreational vehicle sales for the quarter declined 21 percent to $381.3 million from $482.7 million in the prior years fourth quarter. Motor home revenues decreased 18 percent to $245.8 million and towable sales fell 25 percent to $135.5 million. The negative comparisons were caused by a combination of a softer RV market in the current first calendar quarter compared to a record-setting pace in the prior year, market share declines in towables, and increased promotional activity, the cost of which is netted against sales.
The following information was filed by Fleetwood Enterprises Inc on Thursday, July 7, 2005 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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