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Fleetwood Enterprises Inc. reports its net losses expanded during the three months ended April 27 to $55.4 million, but the RV and manufactured home builder believes it will be profitable for the first quarter of its fiscal year 2004, which will end Sunday (July 27).
Fleetwood’s net loss for the February-through-April period compares with the $40.5 million net loss it incurred in the same period last year.
For fiscal year 2003, which ended on April 27, Fleetwood reported a net loss totaling $70.7 million, compared with a net loss of $132.5 million incurred in its fiscal 2002.
Fleetwood’s financial performance continues to be dragged down by the depression affecting the manufactured housing industry. But the company’s RV operations, except for its folding-camper business, continued on an upward trend, said Ed Caudill, president and CEO.
The New York Stock Exchange-listed company’s fourth fiscal quarter RV sales revenue increased 9% to $405.4 million and its RV business posted an operating profit of $5.4 million for the February-through-April period, compared with an operating loss of $442,000 incurred a year earlier.
For fiscal year 2003, Fleetwood’s RV business reported an operating profit of $32.5 million, compared with an operating loss of $37.5 million incurred in its fiscal 2002. Sales revenue from its RV operations also increased 22% for fiscal 2003 to $1.48 billion.
During the February-through-April period, Fleetwood’s motorhome sales revenue increased 9% to $247 million and its travel-trailer and fifth-wheel revenue climbed 20% to $132 million.
However, Fleetwood’s folding-camper sales revenue fell 21% for the three months ended April 27 to $27 million.
For all of fiscal year 2003, Fleetwood’s motorhome sales revenue increased 28% to $919 million, its travel-trailer/fifth-wheel sales increased 17% to $442 million and its folding-camper sales increased 3% to $122 million.