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FLEETWOOD REPORTS IMPROVED THIRD QUARTER EARNINGS

 FLEETWOOD REPORTS IMPROVED THIRD QUARTER EARNINGS
 RIVERSIDE, Calif., Feb. 27 /PRNewswire/ -- Fleetwood Enterprises


Inc. (NYSE: FLE) today reported substantially higher earnings for the third quarter and nine months ended Jan. 26, 1992. The company attributed the earnings increase to a recovery in recreational vehicle sales which have shown steady improvement over the past nine months.
 Net income for the January quarter was $6,405,000 or 28 cents per share, more than three times the $1,917,000 or 9 cents per share earned in last year's depressed third quarter. Earnings for the first nine months of fiscal 1992 rose 42 percent to $27,501,000 or $1.21 per share, compared to $19,313,000 and 87 cents a share last year.
 Revenues for the quarter rose 22 percent to $341.1 million from $279.1 million a year ago, largely as a result of a 43 percent rise in recreational vehicle sales. For the nine months, total company revenues were up 11 percent to $1.13 billion vs. $1.02 billion for last year's comparable period.
 Commenting on the favorable results, Fleetwood President Glenn Kummer said, "Our improved earnings picture stems from the turnaround in RV sales and the efficiencies that result from higher volume levels. Market conditions in the RV industry are much better than last year, and we have been gaining market share across all product lines," Kummer said.
 Third quarter recreational vehicle revenues were $199.6 million, up from $139.3 million a year ago, with all three RV divisions reporting sales gains. Motor home revenues were up a strong 45 percent to $117.2 million as unit volume rose 36 percent to 2,545. The travel trailer division posted a 35 percent sales gain to $69.1 million on a 31 percent rise in shipments to 5,607 units. Fleetwood's folding trailer division recorded revenues of $13.3 million, a record for the third quarter and 79 percent ahead of last year. Folding trailer unit volume rose 71 percent to 3,713.
 RV revenues for the nine months were up 20 percent to $677.7 million. On a product line basis, motor home sales rose 16 percent to $419.0 million, travel trailers increased 25 percent to $223.0 million and folding trailers climbed 36 percent to $35.7 million.
 Manufactured housing revenues were $130.2 million for the quarter, virtually identical to last year's third quarter volume which included $10 million of export business. Unit shipments of manufactured housing rose 1 percent to 7,881 in the January quarter. Nine-month housing revenues of $420.7 million were off 1 percent from last year's comparable period.
 Commenting on Fleetwood's housing results, Kummer said, "Our success in maintaining relatively healthy sales levels in the face of declining industry volume demonstrates the quality and value of Fleetwood homes. In calendar year 1991, manufactured housing industry shipments were off about 9 percent and reached a 28-year low. At the same time, Fleetwood recorded its 11th consecutive year of market share growth, with market share rising to 18.8 percent in calendar 1991 from 18.4 percent in 1990. We are continuing to expand our presence in the marketplace with the opening of manufactured housing plants in Arizona, Texas and Pennsylvania. These facilities are all expected to be in operation by the end of the fourth quarter," Kummer said.
 Fleetwood's supply and finance operations together contributed revenues of $11.3 million for the third quarter and $32.6 million for the nine-month period. This compares with $9.4 million and $28.5 million, respectively, last year.
 Commenting further, Kummer said, "The outlook for the fourth quarter and beyond seems favorable. Key elements are in place for a continuing recovery in the RV market, including favorable demand factors, low interest rates and moderate dealer inventories. Attendance and retail activity at recent RV shows have been very encouraging. With respect to housing, the longer term outlook remains positive, but fourth quarter results will be hampered by the absence of very profitable export business which accounted for $35 million in revenues in last year's final quarter. Also, fourth quarter housing results will be affected by startup losses at the three new housing plants," 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 24 manufactured housing plants in 17 states and Canada.
 FLEETWOOD ENTERPRISES INC.
 Consolidated Summaries of Earnings
 (unaudited)
 13 Weeks Ended 13 Weeks Ended 39 Weeks Ended 39 Weeks Ended
 Jan. 26, 1992 Jan. 27. 1991 Jan. 26, 1992 Jan. 27, 1991
 Operating
 revenues $341,077,000 $279,084,000 $1,131,015,000 $1,017,766,000
 Income
 before
 provision
 for income
 taxes $9,915,000 $2,270,000 $43,661,000 $29,063,000
 Provision
 for income
 taxes 3,510,000 353,000 16,160,000 9,750,000
 Net income $6,405,000 $1,917,000 $27,501,000 $19,313,000
 Net income
 per common
 and equivalent
 share $.28 $.09 $1.21 $.87
 Common and
 equivalent
 shares
 outstanding 22,886,000 22,104,000 22,788,000 22,279,000
 -0- 2/27/92
 /CONTACT: Paul M. Bingham, financial VP, 714-351-3504, or Lyle N. Larkin, 714-351-3535, both of Fleetwood Enterprises/
 (FLE) CO: Fleetwood Enterprises Inc. ST: California IN: AUT SU: ERN


AL-JL -- LA008 -- 3097 02/27/92 09:05 EST
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Date:Feb 27, 1992
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