Fleetwood narrows loss and rises 18%
This is really good news for KVH too, as Fleetwood was the largest of our three OEM signings in June.
<<Fleetwood Enterprises, Inc. (NYSE: FLE - News), The nation's largest manufacturer of recreational vehicles and a leading producer and retailer of manufactured housing, today announced results for the first quarter of fiscal 2003, ended July 28, 2002. The Company reported a first quarter net loss of $1.5 million or 4 cents per diluted share, compared with a loss of $91.8 million or $2.80 per diluted share for the same period last year. Last year's loss includes the previously reported $80.6 million write-off of the remaining goodwill at Fleetwood's retail housing division. >>
<<We are particularly pleased with the improved performance of our motor home and travel trailer divisions. >>
<<At the operating income level, the RV Group earned $17.7 million, compared with a loss of $17.8 million last year. Most of the improvement was due to better market conditions and favorable customer reaction to Fleetwood's new and renovated Class A motor homes.
Recreational vehicle sales in the first quarter rose 39 percent to $371.0 million from $266.3 million in the prior year. Revenues saw double-digit percentage gains in all three categories, with motor homes improving by 63 percent from $134 million to $218 million. In the towable category, travel trailer and folding trailer sales rose from $107 million and $26 million, respectively, to $122 million and $31 million this year.
"All three of the RV divisions were strongly profitable this quarter," Caudill said. "Our motor home division produced a 73% upsurge in diesel sales, PRIMARILY DUE TO THE INTRODUCTION OF NEW PRODUCTS DURING THE YEAR. In addition to increased sales, the travel trailer division reduced its operating expenses by 16 percent and improved its gross margin significantly, which was key to achieving profitability.">>
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