Printer Friendly

FLEETWOOD REPORTS RECORD FIRST QUARTER SALES

 RIVERSIDE, Calif., July 28 /PRNewswire/ -- Fleetwood Enterprises Inc., the nation's leading producer of recreational vehicles and manufactured housing, today announced record sales for the first quarter which ended July 25, 1993. Preliminary revenues for the quarter rose 14 percent to $536 million, up from $470.5 million last year, primarily as a result of stronger manufactured housing sales.
 Manufactured housing revenues in the first period jumped 26 percent to approximately $228 million, the highest quarterly sales ever achieved by the housing group. This compares with $180.1 million recorded in last year's July quarter.
 Fleetwood President Glenn Kummer commented on the housing increase saying, "The company's robust housing sales reflect our participation in the strong manufactured housing market that is up 26 percent in the first five months of calendar year 1993. Fleetwood's revenue growth is partially the result of additional plant capacity which has been added over the last 18 months to accommodate the expanding manufactured housing market. Also, we estimate that 15 to 20 percent of the revenue increase stems from temporary lumber surcharges implemented because of escalating lumber prices incurred since last year," Kummer said.
 Recreational vehicle revenues were the highest for any first period on record, rising 5 percent to about $293 million, compared to last year's $279.3 million. The increase in RV revenues was attributable to the strength in sales of towable units and the addition of Fleetwood's European operation acquired during last year's second quarter.
 Within the RV group, the travel trailer and folding trailer divisions reported sales gains, while the motor home division experienced a slight decline. Travel trailer revenues were up about 1 percent to $105 million, and folding trailer sales surged 42 percent to more than $19 million. Domestic motor home revenues of $161 million were off less than 1 percent in the first quarter. The company's European RV operation generated revenues of almost $8 million for the first period.
 Commenting on the RV sales results, Kummer said, "Factory shipments of recreational vehicles have not kept pace with retail sales during the past few months. Although this is common during the closing months of the model year, it was more pronounced this year, indicating the cautious business attitudes of RV retailers. We attribute this in large part to the fragile economic environment and the uncertainty in the minds of dealers and consumers about the impact of tax and economic policies being proposed by the new administration. We are optimistic that market conditions will improve once these issues are resolved and the economy strengthens. In the meantime, the RV business continues to be extremely competitive, and prices and profit margins are under pressure," Kummer concluded.
 Fleetwood's supply and finance operations together contributed revenues of nearly $15 million in the first quarter, compared to $11.2 million last year.
 Final sales and earnings for the quarter will be released in about four weeks.
 -0- 7/28/93
 /CONTACT: Paul M. Bingham, financial VP, 909-351-3504, or Lyle N. Larkin, 909-351-3535, both of Fleetwood Enterprises/


CO: Fleetwood Enterprises Inc. ST: California IN: AUT SU: ERP

LS-BP -- LA020 -- 6600 07/28/93 08:32 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jul 28, 1993
Words:520
Previous Article:DAMES & MOORE REPORTS FIRST QUARTER RESULTS
Next Article:UKRAINIAN MINISTRY OF DEFENSE AND ALLIANT TECHSYSTEMS FORM COMPANY TO DEMILITARIZE CONVENTIONAL MUNITIONS
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters