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FLEETWOOD REPORTS HIGHER SECOND QUARTER EARNINGS

 FLEETWOOD REPORTS HIGHER SECOND QUARTER EARNINGS
 RIVERSIDE, Calif., Nov. 26 /PRNewswire/ -- Fleetwood Enterprises


Inc. (NYSE: FLE) today reported higher sales and earnings for the second quarter and first half which ended Oct. 27, 1991. Net income for the quarter was up 37 percent to $9,078,000 or 40 cents per share compared to $6,612,000 or 30 cents per share in last year's second quarter. Earnings for the first six months of fiscal 1992 rose 21 percent to $21,096,000 or 93 cents per share versus $17,396,000 or 78 cents per share in last year's first half.
 Revenues for the quarter increased 12 percent to $391.5 million, up from $349.4 million a year ago. For the first six months, revenues rose 7 percent to $789.9 million compared to $738.7 million for the corresponding period last year.
 Commenting on the second quarter and first half results, Fleetwood President Glenn Kummer said, "Our improved earnings are primarily the result of a recovery in recreational vehicle sales which began last spring. Strong sales gains were recorded by all of Fleetwood's RV segments in the second quarter, partially due to growth in market share."
 Commenting further, Kummer said, "Although we are pleased to report improved results, our second quarter earnings did not measure up to our earlier expectations for a number of reasons. Larger than expected losses from discontinued supply operations, increases in product liability insurance reserves and unfavorable state and foreign income tax adjustments all had a dampening effect on net income. Fortunately, these are factors which we do not expect to have continuing impact," Kummer said.
 Recreational vehicle revenues for the second quarter were up 23 percent to $232.9 million compared to $189.4 million a year ago. Motor home sales rose 23 percent to $147.1 million on unit volume of 3,392. Travel trailer revenues increased 24 percent to $73.6 million on 6,090 unit shipments. The company's folding trailer division recorded a 19 percent sales increase to $12.2 million on shipments of 3,241 units.
 RV sales for the first six months of fiscal 1992 were up 12 percent to $478.1 million versus $425.5 million for last year's first half. Within the RV group, motor home volume rose 8 percent to $301.8 million despite a slow start in the first quarter. The travel trailer and folding trailer divisions recorded strong first half sales gains of 21 and 19 percent, rising to $153.9 million and $22.4 million, respectively.
 Manufactured housing revenues declined 3 percent in the second quarter to $147.2 million compared to last year's record second quarter revenues of $151.2 million. Unit volume was off 4 percent to 9,218 homes. Six month housing revenues of $290.5 million were down 1 percent from last year's first half. Kummer commented on the slower housing sales stating that, "Fleetwood's housing sales were impacted by the closing during the past year of two plants located in California and Florida where there has been a general weakness in the manufactured housing market for some time. In addition, the sales decline reflects the fact that industry shipments for the first nine months of calendar year 1991 are off about 10 percent, although there are signs that we may be nearing a cyclical bottom."
 The company's finance and supply subsidiaries together contributed revenues of $11.4 million in the second quarter and $21.3 million for the first half. This compares with $8.8 million and $19.1 million, respectively, for the similar periods last year.
 Commenting on the business outlook, Kummer said, "Our performance for the balance of fiscal 1992 will depend in large part on the strength of the economic recovery. Although we are entering the winter season with much better RV order backlogs than we had a year ago and RV dealer inventories that are lower than normal, the key to a successful second half will be retail sales activity. On the housing side, we face a real challenge in the next six months because of the absence of export sales which contributed significantly to housing group revenues and profits in last year's second half, Kummer concluded.
 Fleetwood is the nation's leading producer of motor homes, travel trailers, folding trailers and manufactured housing. The company operates 18 recreational vehicle and 23 manufactured housing plants in 16 states and Canada.
 FLEETWOOD ENTERPRISES, INC.
 Consolidated Summaries of Earnings
 (Unaudited)
 13 weeks Ended 13 Weeks Ended
 Oct. 27, 1991 Oct. 28, 1990
 Operating revenues $391,463,000 $349,442,000
 Income before provision
 for income taxes $15,160,000 $9,963,000
 Provision for income
 taxes $6,082,000 $3,351,000
 Net income $9,078,000 $6,612,000
 Net income per common
 and equivalent share $.40 $.30
 Common and equivalent
 shares outstanding $22,873,000 $22,183,000
 26 Weeks Ended 26 Weeks Ended
 Oct. 27, 1991 Oct. 28, 1990
 Operating revenues $789,938,000 $738,682,000
 Income before provision
 for income taxes $33,746,000 $26,793,000
 Provision for income
 taxes $12,650,000 $9,397,000
 Net income $21,096,000 $17,396,000
 Net income per common
 and equivalent share $.93 $.78
 Common and equivalent
 shares outstanding $22,739,000 $22,367,000
 -0- 11/26/91
 /CONTACT: Paul M. Bingham, VP-finance, 714-351-3504, or Lyle N. Larkin, 714-351-3535, both of Fleetwood Enterprises Inc./
 (FLE) CO: Fleetwood Enterprises Inc. ST: California IN: AUT SU: ERN


EH-CH -- LA001 -- 7155 11/26/91 09:02 EST
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Date:Nov 26, 1991
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