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FLEETWOOD REPORTS HIGHER EARNINGS FOR FOURTH QUARTER AND FISCAL YEAR 1993

 RIVERSIDE, Calif., May 27 /PRNewswire/ -- Fleetwood Enterprises Inc. (NYSE: FLE), the nation's leading producer of recreational vehicles and manufactured housing, today announced preliminary results for the fourth quarter and fiscal year ended April 25, 1993. The company reported higher earnings for the quarter and the fiscal year primarily as a result of stronger manufactured housing sales.
 Net income for the quarter was $15,691,000, or 34 cents per share, up 23 percent from $12,723,000, and 28 cents per share, in last year's comparable period. Preliminary earnings for the fiscal year increased 41 percent to $56,570,000, or $1.23 per share, compared to $40,224,000, or 88 cents per share, in fiscal year 1992. Prior-year earnings per share amounts have been restated for a 2-for-1 stock split which occurred in the fourth quarter of fiscal 1993.
 The company reported record fourth quarter revenues of $553.1 million, 21 percent ahead of the $458.3 million recorded in last year's final quarter. Revenues for all of fiscal 1993 were also at an all-time high, rising 22 percent to $1.94 billion, compared to last year's $1.59 billion.
 Commenting on the results, Fleetwood President Glenn Kummer said, "The earnings growth in the fourth quarter and for all of fiscal 1993 primarily stems from the substantial rise in housing sales. Fourth quarter earnings, although up from last year, did not meet our expectations. Recreational vehicle sales were not as strong as we expected and RV profit margins were lower because of competitive pressures. In this very competitive environment, we expect this margin pressure will continue for the foreseeable future," Kummer concluded.
 Manufactured housing revenues in the fourth period jumped 36 percent to $208.1 million, the highest for any quarter in the company's history. This $55 million revenue gain was largely because of higher unit sales which rose 23 percent to 11,573 homes. For the entire year, housing sales were up 35 percent to a record $774.8 million, a $200 million increase over last year. The housing group shipped a record 44,763 homes in fiscal 1993, an increase of 26 percent over the prior year.
 Kummer commented on the strong housing sales saying, "The outstanding performance by our housing group in 1993 reflects a vigorous recovery in the manufactured housing market as well as market share growth for Fleetwood. Industry volume was up 23 percent in calendar 1992 and was 31 percent higher in the first three months of 1993 vs. the similar period last year. As we begin the new fiscal year, the outlook is favorable for continued growth in housing sales. Current sales order backlogs are well ahead of last year's," Kummer concluded.
 Recreational vehicle revenues were $330.9 million in the final quarter, 12 percent ahead of last year's comparable period. Domestic motor home sales were up 6 percent to $184.9 million on a 2 percent rise in shipments to 4,109 units. Travel trailer sales were the highest for any quarterly period on record, rising 9 percent to $117.6 million on a 6 percent increase in shipments to 9,533 units. Sales for the folding trailer division were also a record for any quarter, rising a strong 51 percent to $19.8 million. Unit volume for folding trailers jumped 47 percent in the fourth quarter to 4,838. The company's recently acquired European operation contributed revenues of $8.6 million in the fourth quarter.
 For all of fiscal 1993 the RV group registered record revenues of $1.11 billion, 15 percent ahead of the prior year, largely because of growth in sales of towable recreational vehicles. Travel trailer sales hit an all-time high of $405.5 million, a 23 percent increase over fiscal 1992, primarily because of higher unit volume. Unit shipments for travel trailer factories were up 19 percent to 32,911. The folding trailer division also established a new sales record in fiscal 1993, generating $64.4 million in revenues on unit volume of 16,393. This represented a 32 percent increase in dollar volume for folding trailers on a 26 percent rise in unit sales. Domestic motor home sales of $625.1 million were 5 percent ahead of the prior year on a 1 percent increase in shipments to 13,941 units. Fleetwood's European operation added $18.9 million to RV revenues since its acquisition in September 1992.
 Kummer commented on the RV sales results by saying, "It is gratifying to be able to report a 15 percent sales increase in a year when the economy is struggling. We believe this is a statement about the strength of Fleetwood's RV products in the marketplace. Also, the vitality of the RV market during these uncertain economic periods is very encouraging."
 Fleetwood's supply and finance operations together contributed revenues of $14.2 million in the fourth quarter and $53.1 million for all of fiscal 1993. This compares with $10.5 million and $43.1 million, respectively, last year.
 Final audited results for the year will be released in about four weeks.
 FLEETWOOD ENTERPRISES INC.
 Consolidated Summaries of Earnings
 (Unaudited)
 13 Weeks Ended
 April 25, 1993 April 26, 1992
 Operating revenues $553,147,000 $458,333,000
 Income before provision
 for income taxes $25,447,000 $20,457,000
 Provision for income taxes (9,730,000) (7,734,000)
 Minority interest in net loss
 (income) of subsidiary (26,000) ---
 Net income $15,691,000 $12,723,000
 Net income per common and
 equivalent share $.34 $.28
 Common and equivalent shares
 outstanding 46,101,000 45,840,000
 52 Weeks Ended
 April 25, 1993 April 26, 1992
 Operating revenues $1,941,921,000 $1,589,348,000
 Income before provision
 for income taxes $91,277,000 $64,118,000
 Provision for income taxes (34,772,000) (23,894,000)
 Minority interest in net loss
 (income) of subsidiary 65,000 ---
 Net income $56,570,000 $40,224,000
 Net income per common and
 equivalent share $1.23 $.88
 Common and equivalent shares
 outstanding 45,961,000 45,648,000
 NOTE: Prior-year outstanding shares and per share amounts have been restated to reflect 2-for-1 stock split effected in the fourth quarter of fiscal 1993.
 -0- 5/27/93
 /CONTACT: Paul M. Bingham, financial VP, 909-351-3504, or Lyle N. Larkin, 909-351-3535, both of Fleetwood Enterprises/
 (FLE)


CO: Fleetwood Enterprises Inc. ST: California IN: CST SU: ERN

JB-JL -- LA009 -- 2789 05/27/93 09:03 EDT
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Publication:PR Newswire
Date:May 27, 1993
Words:1074
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