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FLEETWOOD REPORTS RESULTS FOR SECOND QUARTER
AND FIRST SIX MONTHS OF FISCAL 2008
Company Generates Better-Than-Expected Operating Results; Short-Term Outlook Is Cautious
Riverside, Calif., December 6, 2007 Fleetwood Enterprises, Inc. (NYSE:FLE) announced today its results for the second quarter and first half of fiscal 2008 ended October 28, 2007.
Consolidated revenues for the quarter were $490.1 million, down 7 percent from $526.6 million in last years second quarter. RV Group sales were off 9 percent, while Housing Group sales improved 2 percent. The Company generated operating income of $4.4 million in the current quarter, compared to an operating loss of $15.2 million in the prior year. The net loss for the quarter was reduced significantly to $1.2 million, or $0.02 per share, from a net loss of $20.4 million, or $0.32 per share, in the second quarter of fiscal 2007.
Operating income for the current quarter was negatively impacted by $3.1 million, or $0.05 per share, consisting of impairment write downs on idle facilities and restructuring costs, partially offset by gains from the sale of idle properties. The operating loss in the second quarter of fiscal 2007 included a net charge of $0.9 million, or $0.01 per share, consisting of restructuring costs offset by gains from selling idle properties.
Our much-improved operating results despite lower revenues are encouraging, said Elden L. Smith, Fleetwoods president and chief executive officer. Except for the revenue decline, virtually every other metric improved year over year, with motor home results being particularly strong. Our cost-cutting and capacity-consolidation initiatives are taking hold, allowing us to make further progress. Each of our operating divisions was profitable for the quarter except for the travel trailer unit, and its loss was cut by 42 percent compared with the prior year, despite a revenue decline of 54 percent.
For the first six months of fiscal 2008, consolidated revenues declined 5 percent to $1.00 billion from $1.06 billion for the first half of fiscal 2007. RV Group sales were down 6 percent, while Housing Group sales improved slightly. Operating income for the first six months of fiscal 2008 was $10.4 million, compared to an operating loss of $23.5 million in last years corresponding period. The net loss for the first half of fiscal 2008 was reduced to $3.6 million, or $0.06 per share, compared with a net loss of $20.8 million, or $0.33 per share, last year.
RV Group Results
The RV Group posted operating income of $1.0 million on revenues of $333.4 million for the quarter, compared with an operating loss of $14.9 million on revenues of $364.6 million for the same quarter of the prior year. In the first six months of fiscal 2008, the Group reported operating income of $2.9 million on revenues of $692.6 million, versus an operating loss of $28.2 million on revenues of $735.8 million in the comparable period last year. Group operating results for the quarter were improved due to higher motor home sales, significantly lower labor costs in the motor home and travel trailer divisions, and lower warranty and service costs.
The motor home division generated operating income of $9.1 million in the second quarter, compared to an operating loss of $1.1 million in fiscal 2007, and the travel trailer division cut its operating loss to
The following information was filed by Fleetwood Enterprises Inc on Thursday, December 6, 2007 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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