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FLEETWOOD REPORTS IMPROVED EARNINGS FOR FOURTH QUARTER AND FISCAL YEAR 1992

 FLEETWOOD REPORTS IMPROVED EARNINGS
 FOR FOURTH QUARTER AND FISCAL YEAR 1992
 RIVERSIDE, Calif., May 28 /PRNewswire/ -- Fleetwood Enterprises Inc. (NYSE: FLE) today announced preliminary results for the fourth quarter and fiscal year ended April 26, 1992. The nation's leading producer of recreational vehicles and manufactured housing reported that higher recreational vehicle sales led to improved earnings for both the fourth quarter and the fiscal year.
 Net income for the quarter was $12,723,000 or 56 cents per share, up 14 percent from $11,127,000 and 50 cents per share in last year's comparable period. Fourth quarter revenues of $458.3 million were 20 percent ahead of the $383.1 million recorded in last year's final quarter.
 Preliminary earnings for the fiscal year improved 32 percent to $40,224,000 or $1.76 per share, compared to $30,440,000 or $1.37 per share in fiscal year 1991. Largely as a result of higher recreational vehicle sales, fiscal 1992 revenues rose 13 percent to $1.59 billion vs. $1.40 billion in the prior year. Final audited results for the year will be released in about five weeks.
 Commenting on the results, Fleetwood President Glenn Kummer said, "The earnings improvement in fiscal 1992 largely stems from the turnaround in RV sales which began about a year ago following the resolution of the Middle East conflict. Rising demand for recreational vehicles allowed our RV factories to run at more efficient operating levels throughout the fiscal year. As expected, however, fourth quarter earnings from our housing group did not compare favorably with last year's April quarter which benefited substantially from highly profitable export sales. New plant startup losses and higher sales and marketing costs were also a drag on housing profits," Kummer concluded.
 Recreational vehicle revenues in the fourth quarter were up 27 percent from $231.9 million to $294.3 million, with all three RV divisions reporting sizable sales gains. Fleetwood's motor home division recorded a 23 percent sales increase to $173.8 million on a 21 percent rise in shipments to 4,028 units. The travel trailer division posted a 32 percent sales gain to $107.4 million with unit volume rising 26 percent to 8,998. Sales for the company's folding trailer division surged 52 percent to $13.1 million on a 45 percent increase in shipments to 3,290 units.
 For all of fiscal 1992, RV revenues reached $972.1 million, 22 percent ahead of last year's $796.7 million. Sales for the motor home division increased 18 percent to $592.8 million as unit volume rose 12 percent to 13,739. Travel trailer revenues of $330.4 million were up 27 percent in fiscal 1992 on a 22 percent improvement in shipments to 27,670 units. This included shipments of 1,444 slide-in truck camper units which are produced in travel trailer factories. Fleetwood's folding trailer division posted a 40 percent sales gain to $48.9 million for the year with shipments jumping 36 percent to 13,012 units.
 Manufactured housing revenues reached record levels for both the quarter and the fiscal year. Fourth quarter sales of $153.4 million were 8 percent ahead of the $142.1 million reported in last year's final quarter. Unit volume rose 15 percent to 9,442 homes in the fourth quarter, but average unit prices were below last year's because of higher priced export units shipped in the prior year. Kummer commented on the housing sales increase saying, "An improving domestic market combined with a higher Fleetwood market share more than offset the absence of $35 million in export business which benefited last year's fourth quarter."
 Housing revenues for all of fiscal 1992 rose 1 percent to $574.1 million, compared to $566.6 million in the prior year. Last year's revenues included about $47 million in export sales. Unit shipments for the housing group totaled 35,651 homes, up from 34,917 homes in the previous year, making Fleetwood America's largest homebuilder. Last year's total included approximately 1,900 homes produced for export to Saudi Arabia compared to 100 homes in fiscal 1992.
 Kummer commented further on the housing results stating that, "Calendar 1991 marked the eleventh consecutive year of market share growth for Fleetwood. Our share of the manufactured housing market grew to 18.8 percent in 1991, up from 18.4 percent in the previous year."
 Fleetwood's supply and finance operations together contributed revenues of $10.5 million in the fourth quarter and $43.1 million for all of fiscal 1992. This compares with $9.1 million and $37.6 million, respectively, last year.
 Regarding the business outlook, Kummer commented that, "We look forward to fiscal 1993 with guarded optimism. Assuming continuing improvement in the overall economy, we expect healthier markets for recreational vehicles and manufactured housing. Industry sales of manufactured housing so far in calendar 1992 are up strongly over last year and Fleetwood has been experiencing excellent sales order activity. However, we have not seen that same degree of strength in recent weeks with respect to recreational vehicle orders and retail sales. Also, our earnings in the early part of fiscal 1993 will be affected by continuing startup losses at three new manufactured housing plants," Kummer concluded.
 FLEETWOOD ENTERPRISES INC.
 Consolidated Summaries of Earnings
 (Unaudited)
 13 weeks ended 52 weeks ended
 April 26, April 28, April 26, April 28,
 1992 1991 1992 1991
 Operating
 revenues $458,333,000 $383,128,000 $1,589,348,000 $1,400,894,000
 Income
 before
 provision
 for income
 taxes $20,457,000 $17,530,000 $64,118,000 $46,593,000
 Provision
 for income
 taxes 7,734,000 6,403,000 23,894,000 16,153,000
 Net income $12,723,000 $11,127,000 $40,224,000 $30,440,000
 Net income
 per common
 and
 equivalent
 share $.56 $.50 $1.76 $1.37
 Common and
 equivalent
 shares
 outstanding 22,920,000 22,332,000 22,824,000 22,292,000
 -0- 5/28/92
 /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: CST AUT SU: ERN


JL -- LA005 -- 4589 05/28/92 09:15 EDT
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Publication:PR Newswire
Date:May 28, 1992
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