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Fleetwood Sales Decline on Slump in Prefab Housing

May 02, 2003|Jesus Sanchez | Times Staff Writer

Fleetwood Enterprises Inc. said Thursday that fiscal fourth-quarter sales fell as continued weakness in the manufactured housing business masked improvement in the company's recreational vehicle group.

For the three-month period ended April 27, the Riverside-based company reported sales of $569 million, down 6% from $603 million in the year-ago period, according to preliminary results.

Fleetwood, one of the nation's largest makers of RVs and manufactured housing, is scheduled to release its fourth-quarter profit results and final sales figures in July. However, the company has previously said it anticipates posting a loss for the quarter.

On the New York Stock Exchange Thursday, Fleetwood shares ended the day unchanged at $5.11.

The company said preliminary quarterly sales from its recreational vehicle group rose 8% to $402 million. However, manufactured housing sales were down 29% to about $158 million. Manufactured housing sales industrywide have suffered amid the weak economy and the lack of available financing.

For the year, Fleetwood reported overall sales of $2.31 billion, up slightly from $2.28 billion in the previous year. Annual recreational vehicles sales were up 22% to $1.48 billion, while manufactured housing sales fell 23% to $798 million.

The company confirmed its previously announced plans to continue to defer distributions on its some of its preferred securities. Last month, Fleetwood renegotiated and expanded its credit line with a group of lenders headed by Bank of America.

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