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Manufactured housing weighed down Fleetwood Enterprises Inc.’s finance performance during the fourth quarter of its fiscal year 2002, which ended April 28, the company reported on Monday (July 15).
During calendar 2001, manufactured home building was Fleetwood’s most profitable activity, but it lost $14.2 million from operations of that business during the February-through-April period of this year, the company reported.
During the February-through-April portion of 2001, Fleetwood’s manufactured home building business posted an operating profit of $10.1 million.
For its full fiscal year 2002, Fleetwood’s manufactured home building business earned an operating profit of $27.3 million, compared with an operating profit of $30.9 million earned during its fiscal 2001.
The repossession of between 90,000 and 100,000 manufactured homes nationwide last year depressed both retail and wholesale prices, contributing to the fourth fiscal quarter losses, Fleetwood Vice President and Treasurer Lyle Larkin told The Press-Enterprise of Riverside, Calif.
Meanwhile, Fleetwood’s manufactured home retailing business continues to post big losses. It recorded an operating loss of $34.7 million during the company’s fourth fiscal quarter, compared with an operating loss of $29.8 million a year earlier.
During Fleetwood’s full fiscal year 2002, its manufactured home retailing lost $65.2 million from operations, compared with $77.1 million lost from operations a year earlier.
“The manufactured housing business has just been a disaster,” Michael Crawford, analyst with Los Angeles-based investment firm B. Riley & Co., told The Press-Enterprise. “They (Fleetwood) need to turn it around in the not-too-distant future.”