Please wait while we load the requested 10-K report or click the link below:
Conference Call to Be Conducted Today at 1:30 p.m. EDT
Riverside, Calif., July 13, 2006 Fleetwood Enterprises, Inc. (NYSE:FLE) announced today financial results for the fiscal 2006 fourth quarter and full year ended April 30, 2006.
Consolidated revenues from continuing operations for the fourth quarter of fiscal 2006 improved 8 percent to $602.6 million from $560.2 million in the prior years fourth quarter. The Company generated income from continuing operations of $2.8 million, or $0.04 per diluted share, versus incurring a loss from continuing operations of $55.8 million, or $1.00 per diluted share, in the fourth quarter of the prior year. Net income for the quarter, which included results from discontinued operations, was $1.7 million, or $0.03 per diluted share, compared to a net loss of $120.5 million, or $2.16 per diluted share, in the fourth quarter of the prior year.
For fiscal year 2006, consolidated revenues from continuing operations increased 2 percent to $2.43 billion from $2.37 billion in the prior year. Fleetwoods loss from continuing operations narrowed sharply to $6.1 million, or $0.10 per diluted share, from $72.6 million, or $1.31 per diluted share, in fiscal 2005. The net loss for fiscal 2006 also was reduced significantly to $28.4 million, or $0.48 per diluted share, from a net loss of $161.5 million, or $2.92 per diluted share, in the prior year.
Fleetwoods improved results reflect many factors, not the least of which is our successful restructuring effort, said Elden L. Smith, president and chief executive officer. The effects of empowering our associates to make decisions closer to the customer are becoming more apparent in improved designs, sales, product quality, service, and morale. Although the markets for motor homes and manufactured housing are currently sluggish, we are confident that we have the correct structure to react quickly to market changes and to continue to enhance our operations.
Quarterly Results by Business Segment
Recreational vehicle sales for the quarter improved 13 percent to $430.2 million from $381.3 million in the prior years fourth quarter. The RV Group produced an operating profit of $2.2 million in the fourth quarter compared to incurring an operating loss of $29.8 million in the fourth quarter of the prior year. Despite a softer market, motor home sales were up compared with the prior year partially because of reduced promotional activity, the cost of which is netted against sales. Travel trailer revenues were boosted by $34 million in sales of emergency living units (ELUs) provided for disaster relief and also benefited from reduced promotional activity, as well as improved product acceptance at the dealer level. Folding trailer sales increased 18 percent during the quarter.
Revenues for the Housing Group dropped 18 percent to $157.5 million from $192.2 million in the prior fourth quarter. The decline was due primarily to the sale of the Companys retail operations, which were downsized considerably soon after their disposition. The remaining stores continue to be part of an important customer relationship, albeit with more moderate sales volume than before
The following information was filed by Fleetwood Enterprises Inc on Thursday, July 13, 2006 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.
View differences made from one year to another to evaluate Fleetwood Enterprises Inc's financial trajectory
Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were
removed , and by Fleetwood Enterprises Inc.