You can read the full press release here, but the following are some key aspects, particularly about their RV business:

• Consolidated revenues for the fourth quarter of fiscal 2007 declined 16 percent to $508.4 million from $602.6 million in the same period of the prior year
• Fleetwood's consolidated operating loss was $18.6 million versus operating income of $8.3 million in the fourth quarter of the prior year
• Recreational vehicle sales were down 11 percent to $382.0 million from $430.2 million in the fourth quarter of the prior year
• The travel trailer division incurred an operating loss of $17.5 million compared to operating income of $11.2 million in the prior year, with revenues dropping 52 percent to $81.8 million. Travel trailer revenues, excluding those generated by the sale of FEMA units, were down 16 percent
• For fiscal year 2007, consolidated revenues fell 17 percent to $2.01 billion from $2.43 billion in the prior year.

Elden L. Smith, president and chief executive officer said:  "The difficult market environment was particularly evident in our travel trailer division, where poor operating results prompted us to reduce manufacturing capacity by closing five smaller or underperforming travel trailer plants. We have also made significant improvements to our model year 2008 travel trailers and streamlined our product offering. We have been gratified by the reaction to the early shipments of our '08 travel trailer products. We believe that our company-wide efforts to eliminate inefficiencies, curtail costs, and increase revenues through enhanced products will provide a foundation for Fleetwood's consistent operational improvement. These factors combined with more efficient operations are expected to yield considerably better financial results in the next year."

First Quarter Outlook

"A successful turnaround of our travel trailer business will be key to the extent and timing of our financial improvement in fiscal 2008," Smith said. "In all other areas of our business, we believe we are positioned well for the current markets .."

"Although market conditions in all of our businesses remain flat or worse than last year at this time, we expect improved operating results for the first quarter of fiscal 2008 compared to the prior year," Smith concluded. "We have created a more cost-efficient structure and believe that we are gaining market share in some key segments. As a result, operating results (before interest and taxes) for the first quarter of fiscal 2008 should be close to the breakeven level."

Latest RVing news headlines   

What do you think?  Add your comments below ...