A least one stock market analyst, Casey Alexander of New York-based Gilford Securities Inc., believes Fleetwood Enterprises Inc. is in deep financial trouble and might not survive.

“I’m not saying they’re doomed, but conditions could continue to where they could become doomed,” Alexander said.

Early today (Dec. 10), Fleetwood reported it lost $12.3 million during its second fiscal quarter, which ended Oct. 28. For the six months ended Oct. 28, Fleetwood is in the red a total of $23.5 million.

The company also said today that it will report a loss for its third fiscal quarter, which will end in late January. That would be the seventh consecutive quarterly loss for Fleetwood, which is a major producer of manufactured homes, in addition to RVs.

In recent weeks, Fleetwood has had to engage in complex financial maneuverings to raise cash. That included a debt securities exchange last week that sent Fleetwood’s stock plunging almost 20%.

Shortly before noon today Eastern Standard Time, Fleetwood stock had fallen a little below $10 a share.

The 52-week high for Fleetwood stock is $17.25 and the 52-week low is $8.10 a share.

Fleetwood had to engage in the complex bond market maneuvers because “the (bank) teller window is shut,” Alexander said.

Turning around a company that has had around $3 billion in annual sales is difficult because “it’s hard to stop the slide when it goes against you,” Alexander said.

Fleetwood’s stock price has not fallen further because “there are people out there who believe that if they hang in there, they’ll get paid (in terms of a higher stock price),” Alexander said. “But they underestimate Fleetwood’s weakened position from a competitive standpoint.”