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FLEETWOOD ANNOUNCES HIGHER FIRST QUARTER EARNINGS

 FLEETWOOD ANNOUNCES HIGHER FIRST QUARTER EARNINGS
 RIVERSIDE, Calif., Aug. 26 /PRNewswire/ -- Fleetwood Enterprises,


Inc. (NYSE: FLE), the nation's leading producer of recreational vehicles and manufactured housing, today reported higher earnings for the first quarter which ended July 26, 1992. Primarily as a result of higher sales, net income rose 20 percent to $14,473,000 or 63 cents per share compared to $12,018,000 or 53 cents per share in last year's first period. Sales increases for both recreational vehicles and manufactured housing led to record company revenues of $470.5 million, up 18 percent from last year's $398.5 million.
 Commenting on the earnings improvement, Fleetwood President Glenn Kummer said, "In addition to the incremental profits from higher sales volume, the first quarter benefited from the elimination of operating losses and plant closing costs from certain supply operations which negatively impacted last year."
 Recreational vehicle revenues of $279.3 million were 14 percent higher in the first quarter primarily due to much stronger travel trailer sales. The company's travel trailer division generated sales of $103.6 million, 29 percent ahead of last year, on a 23 percent rise in shipments to 8,614 units. Motor home revenues of $161.8 million were up just 5 percent in the first period as unit volume rose 1 percent to 3,817. The folding trailer division registered a strong 35 percent sales gain to $13.9 million on a 30 percent rise in shipments to 3,606 units.
 Manufactured housing revenues in the first quarter of fiscal 1993 were the highest for any quarterly period in the company's history. Housing sales climbed 26 percent to $180.1 million on a 17 percent rise in shipments to 10,639 units. Kummer commented on the increase stating, "The company's housing gains reflect not only improved industry volume, but also higher market share for Fleetwood products. Overall industry volume was up 16 percent in the first six months of calendar 1992."
 Fleetwood's finance and supply subsidiaries together contributed revenues of $11.2 million in the quarter compared to $10.0 million in last year's first period.
 Kummer commented on the current business outlook saying, "We are cautiously optimistic about our prospects for the balance of fiscal 1993. On the positive side, we entered the second quarter with a record housing backlog, and many of our factories are operating near capacity. Also, three new housing plants which incurred startup losses during the past three quarters have turned the corner and should be profitable in the periods ahead. The outlook for recreational vehicles, however, is a little less certain. Sales order activity in recent months has fallen behind last year's pace in parallel with the decline in consumer attitudes. Consumer spending on discretionary RV purchases in the months ahead will depend in large part on the strength of the economic recovery and the level of consumer confidence."
 FLEETWOOD ENTERPRISES, INC.
 Consolidated Summaries of Earnings
 (Unaudited)
 13 Weeks Ended
 July 26, 1992 July 28, 1991
 Operating revenues $470,539,000 $398,475,000
 Income before provision
 for income taxes $23,311,000 $18,586,000
 Provision for income taxes 8,838,000 6,568,000
 Net Income $14,473,000 $12,018,000
 Net income per common and
 equivalent share $.63 $.53
 Common and equivalent shares
 outstanding 22,903,000 22,605,000
 -0- 8/25/92 R
 /CONTACT: Paul M. Bingham, 714-351-3504, or Lyle N. Larkin, 714-351-3535, both of Fleetwood Enterprises/
 (FLE) CO: Fleetwood Enterprises Inc. ST: California IN: AUT CST SU: ERN


JB -- LA002 -- 3401 08/26/92 11:03 EDT
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Publication:PR Newswire
Date:Aug 26, 1992
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