RV and manufactured home builder Fleetwood Enterprises Inc. reports it lost $17.3 million during the three months ended Jan. 27, despite a profit earned by its Motorhome Division.
The Riverside, Calif.-based company’s loss during the November-through-January period, the third quarter of its fiscal year 2002, compares with a loss of $205 million incurred a year earlier.
The loss during the third quarter of Fleetwood’s fiscal year 2001 included a $163.2 million non-cash charge to account for goodwill impairment and other one-time-only expenses.
During the nine months ended last Jan. 27, Fleetwood lost a total of $40.8 million, compared with a $239.5 million loss incurred during the same period a year earlier.
Fleetwood will report another loss during its fourth fiscal quarter, which will end in late April, said David Engelman, interim president and CEO.
However, he said the company’s motorhome operations generated an operating profit of $5.6 million during the third fiscal quarter and the motorhome division is expected to be profitable again during the current quarter.
But Engelman added that Fleetwood’s travel trailer and fifth-wheel manufacturing operations were unprofitable during the November-through-January period and it is expected to report another loss for the February-through-April period, despite higher sales revenue.
In general, Engelman said Fleetwood’s RV sales are improving “and our new (model year) products are generating improved (dealer order) backlogs.”