> SUBSCRIBE FOR FREE! 

Fleetwood Enterprises Inc. announced today (June 13) that it lost $44.5 million during its fourth fiscal quarter, which means the loss for its fiscal year ended April 29 totaled to $284 million.

The net loss of $44.5 million during the February-through-April period of this year compares with a profit of $14.2 million earned during the same portion of 2000.

Fleetwood’s net loss of $284 million during its fiscal year 2001 compares with a profit of $94.6 million earned during its fiscal year 2000.

“We believe that the market will continue to be weak for recreational vehicles until consumer confidence rebounds and fuel prices ease or stabilize,” said Nelson Potter, president and CEO. “Recent Federal Reserve (interest) rate reductions should help the RV market.”

Potter said the decision by Fleetwood to close certain manufactured housing and RV assembly plants was part of an effort “to rightsize our operations … so that our capacity is aligned with lower sale volume. Although the costs related to plant closures and other corrective actions severely impacted our fiscal year (2001) results, we do expect considerable financial improvement in fiscal 2002.”

Here are more highlights from Fleetwood’s financial report:

The RV Group posted an operating loss of $29.9 million during the February-through-April period of this year, compared with a profit of $23.7 million earned from operations a year earlier.

The RV Group’s fiscal year 2001 operating loss totaled $73.1 million, compared with an operating profit of $104.1 million earned during fiscal year 2000.

The Manufactured Housing Group had an operating profit of $10.1 million during Fleetwood’s fourth fiscal quarter, compared with an operating profit of $12.4 million earned a year earlier.

The Manufactured Housing Group’s fiscal year 2001 operating profit totaled $30.9 million, compared with an operating profit of $69.4 million earned in fiscal year 2000.

The manufactured housing retailing operation lost $29.8 million during the February-through-April period, compared with an operating loss of $4.5 million incurred a year earlier.

The manufactured housing retailing operation lost $77.1 million during Fleetwood’s fiscal year 2001, compared with an operating profit of $3.8 million earned during fiscal year 2000.