Fleetwood Enterprises Inc. now anticipates it will report another loss during the second quarter of its fiscal 2002, which will end on Oct. 28.
No estimate of the size of the expected loss was provided.
Earlier, the leading RV and manufactured home producer told stock market analysts that it would “approach breakeven” during the August-through-October period.
However, the Sept. 11 terrorist attacks have had a negative impact on the RV market and “prospects for a near-term improvement in the economy have been pushed out well into calendar 2002,” according to the company.
“This has made it necessary for the company to take additional cost-cutting and rightsizing actions within its RV Group,” Fleetwood executives stated in a release issued last night (Oct. 18).
When asked today (Oct. 19) whether Fleetwood plans any more RV plant closures or worker layoffs, Vice President-Treasurer Lyle Larkin replied, “We will have to do more than what we’ve done but we can’t comment on how much or how soon.”
Meanwhile, Fleetwood feels it has “successfully rightsized” its manufactured home building and manufactured home dealership operations.
“On a more positive note, manufacturing operations in our Housing Group remain profitable, and we continue to progress toward profitability in our retail housing division,” said Nelson Potter, Fleetwood’s president and CEO.
Fleetwood lost $11.1 million during the first quarter of its fiscal year 2002, which ended in late July. It lost $284 million during its fiscal year 2001, which ended in late April.
Fleetwood earned $83.5 million during its fiscal year 2000 and its fiscal year 1999 net profit amounted to $107.1 million.
Since the summer of 2000, Fleetwood has closed four RV manufacturing plants in California, Indiana, Nebraska and Virginia.