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FLEETWOOD REPORTS FISCAL 2008 THIRD QUARTER, YEAR-TO-DATE RESULTS
Net Loss Narrows Sharply Despite Lower Revenues
Riverside, Calif., March 6, 2008 Fleetwood Enterprises, Inc. (NYSE:FLE) announced today the results for its fiscal 2008 third quarter and first nine months ended January 27, 2008.
Consolidated revenues for the quarter were down 20 percent to $355.5 million from $443.2 million in last years third quarter. Despite the reduction in revenues, the Companys operating loss narrowed to $11.2 million from an operating loss of $24.9 million in the third quarter of the prior year. The net loss was reduced to $16.4 million, or $0.25 per share, compared with a net loss of $29.9 million, or $0.47 per share, in last years third quarter.
Operating results for the third quarter included $5.4 million, or $0.08 per share, related to gains from the sale of idle facilities partially offset by severance costs. Last years third quarter financial results included $4.1 million of asset impairment and severance charges, or $0.06 per share.
Considering the pressure on revenues in the most recently completed quarter, the improvement to our bottom-line results is noteworthy, said Elden L. Smith, Fleetwoods president and chief executive officer. Gross profit margin was up, operating and warranty expenses were down, and labor efficiencies improved. These results are a reflection of the dedicated efforts of our experienced operating team and its ability to manage our businesses during a seasonally slow period that was made more challenging by difficult market conditions. All of our businesses have been impacted by recent consumer uncertainty. Our success in managing costs can be seen clearly in the 13 percent reduction in year-to-date operating expenses compared with the previous year and the 28 percent reduction from the same three quarters of fiscal 2005.
For the first nine months of fiscal 2008, consolidated revenues were down 10 percent to $1.36 billion from $1.50 billion in the same period last year. The operating loss for the first three quarters was $0.8 million compared with $48.4 million in the same period of fiscal 2007. The net loss in the first nine months of fiscal 2008 was $19.9 million, or $0.31 per share, compared with a net loss of $50.7 million, or $0.79 per share, for the same period last year.
RV Group Results
The RV Group incurred a lower operating loss of $4.2 million for the third quarter compared with a $15.8 million operating loss in the comparable period of the prior year. The improved results stemmed from an increase in gross profit and a decline in operating expenses. Revenues were off 22 percent in the quarter to $254.2 million from $324.0 million in the same period of the prior year.
The motor home division sustained an operating loss of $1.2 million in the quarter compared to operating income of $5.3 million in the same quarter last year, primarily due to a 16 percent drop in revenues. The travel trailer division recorded a $1.9 million operating loss, a substantial improvement from the prior years operating loss of $17.5 million, on revenues that were down 44 percent. The results included $5.9 million in gains related to the sale of idled properties, partially offset by severance costs of $0.6 million. The operating loss for the folding trailer division was reduced to $1.2 million from an operating loss of $3.5 million in last years third quarter, on revenues that were up 11 percent to $15.9 million.
The RV Group reported an operating loss of $1.3 million for the first nine months of fiscal 2008 on revenues of $946.8 million, compared with an operating loss of $44.0 million on revenues of $1.06 billion in the comparable period last year. Improved travel trailer results were the largest contributor to this turnaround but all of the businesses made progress from the prior year.
The following information was filed by Fleetwood Enterprises Inc on Thursday, March 6, 2008 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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