The hiring of a trucking industry executive to be Fleetwood’s new president and CEO did not prevent the New York Stock Exchange-listed company’s shares from sinking to a new 52-week low today (July 26).
Fleetwood stock has set new 52-week lows on several occasions within the past week. Today, the stock traded as low as $3.80 a share, breaking the previous 52-week low of $3.95 established Thursday (July 25).
Fleetwood stock closed today at $3.90, down 30 cents for the trading session.
An unusually high number of Fleetwood shares, almost 1.2 million, changed hands today.
Before today’s trading began, Fleetwood announced the hiring of PACCAR executive Edward Caudill to be the RV and manufactured home builder’s new president and CEO.
Caudill will begin work at Fleetwood during mid-August.
However, Caudill faces major challenges because Fleetwood revealed last week that it had a $161.9 million net loss during its fiscal year 2002, which followed a $284 million net loss during its fiscal 2001.
Not all of Fleetwood’s losses the last two fiscal years were in cash, and company executives said it had positive cash flow its last two fiscal years. However, Fleetwood CFO Boyd Plowman revealed last week that the company would have been “in technical default” had it not been able to convince its lenders to revise covenants on its loan agreements.