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Fleetwood Enterprises Inc.’s motorhome operations were profitable, but all of its other divisions reported losses, so Fleetwood reported a total net loss of $18.4 million for its third fiscal quarter, which ended on Jan 26.
The $18.4 million loss for the November-through-January period compares with a net loss of $17.3 million the Riverside, Calif.-based company incurred during the same period a year earlier.
Although Fleetwood was profitable during the August-through-November period, the company was $15.3 million in the red for the nine-month period ended Jan. 26. However, that represents a significant improvement over the $121.4 million net loss Fleetwood incurred during the nine months ended Jan. 27, 2002.
“Although our motorhome operations performed well and were profitable, our other business divisions were unable to overcome financing, manufacturing and seasonal challenges,” said Ed Caudill, president and CEO. “The recreational vehicle industry has held up relatively well despite the recent erosion in consumer confidence. But in our third (fiscal) quarter, we did see some dealer reluctance to take on new inventory, particularly new product lines, in the face of growing global tensions.”
Fleetwood’s third-fiscal-quarter sales revenue declined 6% to $493.2 million because its manufactured housing sales fell 26%, more than offsetting the 12% increase in the company’s total RV sales revenue. Its total RV sales amounted to $310.5 million during the three months ended Jan. 26.
Motorhome sales revenue at Fleetwood increased 16% during the November-through-January period to $213 million. Meanwhile, the company sold 9% fewer travel trailers and fifth-wheels to its dealers during the three months ended Jan. 26, although its travel trailer/fifth-wheel sales revenue increased 4% to $71 million because the average price of its travel trailers and fifth-wheels was higher than it was a year earlier.
Fleetwood’s folding camper sales, in terms of units, also declined 8% during its third fiscal quarter, but because of higher wholesale prices sales revenue remained about the same as a year ago at $26 million.