FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
X OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended January 29, 1995
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
______ OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ___________ to ___________
Commission File Number 1-7699
FLEETWOOD ENTERPRISES, INC.
(Exact name of registrant as specified in its charter)
Delaware 95-1948322
_______________________ ______________________________________________
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification Number)
3125 Myers Street, Riverside, California 92503-5527
____________________________________________________________________________
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code (909) 351-3500
Indicate by check mark whether the registrant (1) has filed all reports
required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934
during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
Yes X No _____
Indicate the number of shares outstanding of each of the issuer's classes of
Common stock as of the close of the period covered by this report.
Class Outstanding at January 29, 1995
_________________________ _________________________________________
Common stock, $1 par value 46,037,542 shares
Preferred share purchase rights --
CONDENSED FINANCIAL STATEMENTS
The following unaudited interim condensed financial statements have been
prepared by the Company pursuant to the rules and regulations of the
Securities and Exchange Commission. Such financial statements have been
reviewed by Arthur Andersen LLP in accordance with standards established by
the American Institute of Certified Public Accountants. As indicated in their
report included herein, Arthur Andersen LLP does not express an opinion on
these statements.
Certain information and note disclosures normally included in annual
financial statements prepared in accordance with generally accepted accounting
principles have been condensed or omitted pursuant to those rules and
regulations, although the Company believes that the disclosures made are
adequate to make the information presented not misleading. In the Company's
opinion, the statements reflect all adjustments (which include only normal
recurring adjustments) necessary to present fairly the results of operations
for the periods ending January 29, 1995 and January 23, 1994 and the balances
as of January 29, 1995 and April 24, 1994. It is suggested that these
condensed financial statements be read in conjunction with the financial
statements and the notes thereto included in the Company's latest annual
report on Form 10-K.
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the board of directors and shareholders of Fleetwood Enterprises, Inc.:
We have reviewed the accompanying condensed consolidated balance sheet
of FLEETWOOD ENTERPRISES, INC. (a Delaware Corporation) and subsidiaries as of
January 29, 1995, and the related condensed consolidated statements of income
for the thirteen and forty week periods ended January 29, 1995, and for the
thirteen and thirty-nine week periods ended January 23, 1994, the condensed
consolidated statements of cash flows for the forty and thirty-nine week
periods ended January 29, 1995 and January 23, 1994, respectively, and the
condensed consolidated statement of changes in shareholders' equity for the
forty week period ended January 29, 1995. These condensed consolidated
financial statements are the responsibility of the Company's management.
We conducted our review in accordance with standards established by the
American Institute of Certified Public Accountants. A review of interim
financial information consists principally of applying analytical procedures
to the financial data and making inquiries of persons responsible for
financial and accounting matters. It is substantially less in scope than an
audit conducted in accordance with generally accepted auditing standards, the
objective of which is the expression of an opinion regarding the financial
statements taken as a whole. Accordingly, we do not express such an opinion.
Based on our review, we are not aware of any material modifications that
should be made to the condensed consolidated financial statements referred to
above for them to be in conformity with generally accepted accounting
principles.
We have previously audited, in accordance with generally accepted
auditing standards, the consolidated balance sheet of Fleetwood Enterprises,
Inc. and subsidiaries as of April 24, 1994, and the related consolidated
statements of income, cash flows and changes in shareholders' equity for the
year then ended (not presented herein) and, in our report dated June 23, 1994
we expressed an unqualified opinion on those consolidated financial
statements. In our opinion, the information set forth in the accompanying
condensed consolidated balance sheet as of April 24, 1994, is fairly stated,
in all material respects, in relation to the consolidated balance sheet from
which it has been derived.
ARTHUR ANDERSEN LLP
Orange County, California
February 28, 1995
<TABLE>
FLEETWOOD ENTERPRISES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Amounts in thousands except per share data)
(UNAUDITED)
Thirteen Thirteen Forty Thirty-nine
Weeks Weeks Weeks Weeks
Ended Ended Ended Ended
Jan. 29, Jan. 23, Jan. 29, Jan. 23,
1995 1994 1995 1994
<S> <C> <C> <C> <C>
OPERATING REVENUES:
Manufacturing sales $648,248 $538,811 $2,101,351 $1,625,855
Finance interest income 13,177 9,812 34,793 27,640
------- ------- ------- -------
661,425 548,623 2,136,144 1,653,495
COSTS AND EXPENSES:
Cost of products sold 534,175 445,074 1,714,510 1,331,569
Operating expenses 93,053 79,815 296,421 242,544
Finance interest expense 6,255 4,133 15,424 11,651
------- ------- ------- -------
633,483 529,022 2,026,355 1,585,764
Operating income 27,942 19,601 109,789 67,731
OTHER INCOME (EXPENSE):
Investment income 3,835 1,893 8,372 7,373
Interest expense (1,180) (698) (3,024) (1,893)
Other (339) (74) (531) 520
----- ----- ----- -----
2,316 1,121 4,817 6,000
Income before provision for
income taxes and cumulative
effect of accounting
change 30,258 20,722 114,606 73,731
Provision for
income taxes (12,116) (9,091) (46,528) (30,479)
Minority interest in net
loss of subsidiary 138 481 663 1,061
Income before cumulative effect
of accounting change 18,280 12,112 68,741 44,313
Cumulative effect of change
in accounting for
income taxes -- -- -- (1,500)
Net income $18,280 $12,112 $68,741 $42,813
Income per share before
cumulative effect of
accounting change $.39 $.26 $1.48 $.96
Cumulative effect of change
in accounting for
income taxes -- -- -- (.03)
Net income per Common
and equivalent share $.39 $.26 $1.48 $.93
Dividends declared
per share of Common
stock outstanding $.14 $.125 $.42 $.375
Common and equivalent
shares outstanding 46,379 46,245 46,507 46,151
See accompanying notes to financial statements.
FLEETWOOD ENTERPRISES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (CONDENSED)
(Amounts in thousands)
ASSETS
January 29, April 24,
1995 1994
(Unaudited)
<S> <C> <C>
Cash $ 27,218 $ 37,267
Investments 141,283 121,212
Receivables:
Manufacturing 179,847 158,054
Finance company 346,972 386,207
Inventories:
Raw materials 144,662 117,778
Work in process and finished products 72,373 65,876
Land held for future development 6,834 6,800
Property, plant and equipment 251,210 220,788
Deferred tax benefits 64,946 59,084
Other assets 54,562 51,057
---------- --------
$1,289,907 $1,224,123
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable $ 84,770 $ 80,568
Commercial paper borrowings
and long-term debt 350,485 360,601
Employee compensation and benefits 99,499 98,004
Federal and state taxes on income (7,003) (4,323)
Insurance reserves 42,664 45,343
Other liabilities 124,518 97,715
Total liabilities 694,933 677,908
Contingent liabilities
Minority interest (944) (251)
Shareholders' equity:
Preferred stock, $1 par value,authorized
10,000,000 shares, none outstanding -- --
Common stock, $1 par value,authorized
75,000,000 shares, outstanding 46,038,000
at January 29, 1995 and 45,996,000
at April 24, 1994 46,038 45,996
Capital surplus 41,254 40,949
Retained earnings 510,497 461,086
Foreign currency translation
adjustment (1,381) (1,565)
Investment securities valuation
adjustment (490) --
------- -------
595,918 546,466
$1,289,907 $1,224,123
See accompanying notes to financial statements.
FLEETWOOD ENTERPRISES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (CONDENSED)
(Amounts in thousands)
(UNAUDITED)
Forty Thirty-nine
Weeks Ended Weeks Ended
Jan. 29, 1995 Jan. 23, 1994
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $68,741 $42,813
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation expense 16,303 13,465
Amortization of intangibles and goodwill 1,466 1,364
Provision for credit losses 4,560 2,479
(Gain) loss on sales of property,
plant and equipment 531 (520)
Changes in assets and liabilities:
(Increase) decrease in manufacturing
receivables (21,793) 642
Increase in inventories (33,381) (29,680)
Increase in deferred tax benefits (5,862) (3,766)
Increase in other assets (4,971) (11,263)
Increase in accounts payable 4,202 16,784
Increase in employee compensation
and benefits 1,495 3,797
Decrease in Federal and
state taxes on income (2,680) (7,648)
Increase (decrease) in insurance
reserves (2,679) 3,759
Increase in other liabilities 26,803 13,180
Foreign currency translation adjustment 184 (709)
Net cash provided by operating activities 52,919 44,697
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of finance receivables (879,762) (732,847)
Principal collected on finance receivables 644,875 540,330
Proceeds from sale of retail sales contracts 269,562 193,021
Purchases of investment securities:
Held-to-maturity (4,617,311) (5,275,903)
Available-for-sale (361,542) (160,397)
Proceeds from maturity of investment securities:
Held-to-maturity 4,597,327 5,278,901
Available-for-sale 258,634 35,812
Proceeds from sale of available-for-
sale investment securities 102,331 123,870
Purchases of property, plant
and equipment, net (47,256) (51,198)
Additions to land held for future development (34) (33)
Minority interest in subsidiary (693) (1,178)
Net cash used in investing activities (33,869) (49,622)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of commercial paper 1,565,325 1,319,562
Principal payments on commercial paper (1,575,441) (1,281,147)
Payment of long-term debt -- (30,000)
Dividends to shareholders (19,330) (17,128)
Proceeds from exercise of stock options 347 294
Net cash used in
financing activities (29,099) (8,419)
Decrease in cash (10,049) (13,344)
Cash at beginning of period 37,267 34,834
Cash at end of period $27,218 $21,490
Supplementary disclosures:
Income taxes paid $57,460 $42,949
Interest paid 19,163 15,160
See accompanying notes to financial statements.
FLEETWOOD ENTERPRISES, INC.
CONSOLIDATED STATEMENT OF CHANGES
IN SHAREHOLDERS' EQUITY (CONDENSED)
(Amounts in thousands)
(UNAUDITED)
Invest-
ment
Foreign Secu-
Currency rities
Trans- Valu- Total
Common Stock lation ation Share-
Number of Capital Retained Adjust- Adjust- holders'
Shares Amount Surplus Earnings ment ment Equity
<S> <C> <C> <C> <C> <C> <C> <C>
Balance
April 24,
1994 45,996 $45,996 $40,949 $461,086 $(1,565) $ -- $546,466
Add (deduct)-
Net income -- -- -- 68,741 -- -- 68,741
Cash dividends
declared on
Common stock -- -- -- (19,330) -- -- (19,330)
Stock options
exercised 42 42 305 -- -- -- 347
Foreign currency
translation
adjustment -- -- -- -- 184 -- 184
Investment securities
valuation
adjustment -- -- -- -- -- (490) (490)
Balance Janaury 29,
1995 46,038 $46,038 $41,254 $510,497 $(1,381) $(490) $595,918
See accompanying notes to financial statements.
</TABLE>
FLEETWOOD ENTERPRISES, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
JANUARY 29, 1995
1) Reference to Annual Report
Reference is made to the Notes to Consolidated Financial Statements
included in the Company's Form 10-K annual report for the year ended
April 24, 1994.
2) Investment Securities
Effective with the beginning of fiscal year 1995, the Company adopted FAS
No. 115, "Accounting for Certain Investments in Debt and Equity
Securities." The statement requires that all applicable investments be
classified as trading securities, available-for-sale securities or held-
to-maturity securities. The Company did not have any investments
classified as trading securities during the periods presented. The
statement further requires that held-to-maturity securities be reported
at amortized cost and available-for-sale securities be reported at fair
value, with unrealized gains and losses excluded from earnings but
reported in a separate component of shareholders' equity (net of the
effect of income taxes) until they are sold. At the time of sale, any
gains or losses, calculated by the specific identification method, will
be recognized as a component of operating results.
The following is a summary of investment securities as of January 29,
1995:
<TABLE>
(Amounts in thousands)
Gross Gross Estimated
Amortized Unrealized Unrealized Fair
Cost Gains Losses Value
<S> <C> <C> <C> <C>
Available-for-Sale Securities:
U.S. Treasury securities and
obligations of U.S.
government agencies $24,075 $ -- $ 736 $23,339
Obligations of states and
political subdivisions 8,772 -- 103 8,669
Foreign government
obligations 3,008 -- 24 2,984
Other debt securities 44,148 463 375 44,236
$80,003 $ 463 $1,238 $79,228
Held-to-Maturity Securities:
Foreign government
obligations $ 1,403 $ -- $ -- $ 1,403
Other debt securities 60,367 -- -- 60,367
$61,770 $ -- $ -- $61,770
</TABLE>
The amortized cost and estimated fair value of the securities at
January 29, 1995, by contractual maturity, are shown below. Expected
maturities will differ from contractual maturities because the
issuers of the securities may have the right to prepay obligations
without prepayment penalties.
<TABLE>
(Amounts in thousands)
Fair
Cost Value
<S> <C> <C>
Available-for-Sale:
Due in one year or less $38,036 $37,896
Due after one year through five years 22,851 22,567
Due after five years through ten years 19,116 18,765
$80,003 $79,228
Held-to-Maturity:
All due in one year or less $61,770 $61,770
Investment income for the nine months ended January 29, 1995 consisted
of the following:
Amount
Interest income $8,172
Gross realized gains 435
Gross realized losses (191)
Investment management fees (44)
$8,372
</TABLE>
FLEETWOOD ENTERPRISES, INC. AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
(Amounts in thousands)
The following is an analysis of changes in key items included in the
consolidated statements of income for the 13-week and 40-week periods ended
January 29, 1995.
<TABLE>
Thirteen Weeks Ended Forty Weeks Ended
January 29, 1995 January 29, 1995
Increase % Increase %
(Decrease) Change (Decrease) Change
<S> <C> <C> <C> <C>
Manufacturing sales $109,437 20.3% $475,496 29.2%
Cost of products sold 89,101 20.0 382,941 28.8
Manufacturing gross profit 20,336 21.7 92,555 31.5
Finance interest income 3,365 34.3 7,153 25.9
Finance interest expense 2,122 51.3 3,773 32.4
Net finance revenues 1,243 21.9 3,380 21.1
Selling expenses 10,471 32.6 37,619 40.7
General and admin. expenses 2,767 5.8 16,258 10.8
Operating expenses 13,238 16.6 53,877 22.2
Operating income 8,341 42.6 42,058 62.1
Other income (expense) 1,195 106.6 (1,183) (19.7)
Income before taxes 9,536 46.0 40,875 55.4
Provision for income taxes 3,025 33.3 16,049 52.7
Net income $6,168 50.9% $25,928 60.6%
</TABLE>
Current Quarter Compared to Same Quarter Last Year
Net income for the three months ended January 29, 1995 rose 51 percent to
$18,280,000 or 39 cents per share, the highest earnings for any third
quarter on record. This compares with $12,112,000 or 26 cents per share
for the similar quarter last year. The improved earnings primarily stemmed
from increased operating income from the manufactured housing segment and
higher interest income. Also, a lower effective income tax rate
contributed to the earnings increase.
Revenues for the third quarter also reached new highs, reflecting sales
growth across all business segments. Third quarter revenues increased 21
percent to $661.4 million compared to $548.6 million a year ago.
The manufactured housing group posted another strong performance with
record third quarter sales of $330.6 million, up 31 percent over last
year's $251.7 million. A total of 16,119 homes were shipped in the third
period, 20 percent ahead of last year's unit volume. Housing group sales
represented 50 percent of total Company revenues compared to 46 percent
last year.
Fleetwood's recreational vehicle group also posted record third quarter
revenues with sales gains in all product categories. Motor home sales
were up 5 percent to $172.4 million on 3,277 units which was virtually
identical to last year's unit volume. Travel trailer revenues increased
12 percent to $105.9 million on a 1 percent rise in unit volume to 7,728.
The Company's folding trailer division recorded a 3 percent increase in
revenues to $14.8 million despite a 1 percent decline in shipments to
3,559 units. European RV revenues improved to $12.4 million in the
third quarter. Recreational vehicle sales accounted for 46 percent
of total Company revenues, down from 51 percent last year.
Manufacturing sales increased 20.3 percent, more than the 20.0 percent
increase in cost of products sold, resulting in an improvement in
manufacturing gross profit from 17.4 percent to 17.6 percent of sales.
All of the profit margin improvementcame from the manufactured housing
segment.
Net finance revenues rose 22 percent or $1.2 million primarily due to
higher wholesale loan volume and higher interest rates charged on
wholesale loans. Borrowing costs for the finance operation rose at a
faster rate than finance revenues due to the competitive rate environment
for consumer lending on recreational vehicles.
Operating expenses increased $13.2 million or 17 percent to $93.1 million,
but dropped as a percentage of revenues from 14.5 percent to 14.1 percent
on the higher sales volume. Selling expenses rose 33 percent or $10.5
million to $42.5 million primarily due to higher product warranty costs,
sales promotion expenses, sales commissions and product financing costs.
Selling expenses increased as a percentage of revenues to 6.4 percent from
5.8 percent for the corresponding quarter last year. General and
administrative expenses increased $2.8 million or 6 percent to $50.5
million, but decreased as a percentage of revenues from 8.7 percent to 7.6
percent. The dollar increase was primarily due to higher employee
compensation and benefits related to increased staffing for new plants,
along with normal salary increases.
Non-operating income more than doubled to $2.3 million as a result of a
doubling of interest income. Interest income in the current quarter
included $1.9 million received in connection with a Federal income tax
refund from prior years. Interest expense increased $482,000 primarily
due to higher borrowing costs for the Company's European RV operation.
The combined Federal and state income tax rate dropped to 40.0 percent
from 43.9 percent for the same period last year due to lower state
income tax accruals and a reduced loss from European operations which
carry no tax benefit.
Current Year-To-Date Compared to Same Period Last Year
Earnings for the first nine months of fiscal 1995 climbed to a record
$68,741,000 or $1.48 per share, up 61 percent from $42,813,000 and 93
cents per share in last year's comparable period. Last year's
nine-month earnings included a $1.5 million charge (3 cents per share)
for a change in accounting for income taxes.
Revenues for the nine months reached an all-time high as all business
segments experienced sales growth. Consolidated revenues jumped 29
percent to $2.14 billion, up from $1.65 billion in last year's similar nine-
month period.
Housing revenues for the first nine months of fiscal 1995 surged 39
percent to $1.03 billion compared to $739.9 million for last year's
comparable period. Shipments increased 29 percent over last year to
52,020 units. This was the result of industry growth along with a
higher market share for Fleetwood. For calendar year 1994, industry
unit volume grew nearly 20 percent, but Fleetwood outpaced the industry
with a 30 percent gain. This caused the Company's market share to
increase from 19.9 percent to 21.6 percent. Housing revenues for the
first nine months of fiscal 1995 represented 48 percent of total Company
revenues, up from 45 percent for the same period last year.
Recreational vehicle revenues for the nine months rose 20 percent to
$1.04 billion, up from $864.0 million in the prior year, primarily as a
result of higher sales of motor homes and travel trailers. Domestic
motor home sales of $583.6 million were 19 percent ahead of last year's
comparable period on a 13 percent gain in shipments to 11,949 units.
Travel trailer revenues rose 21 percent to $362.4 million, with unit
volume increasing 14 percent to 27,422. The Company's folding trailer
division posted a 3 percent sales gain to $56.7 million, despite a 4
percent decline in shipments to 13,539 units. European RV
sales also improved significantly, rising to $37.5 million in the
nine-month period. Recreational vehicle sales represented 49 percent
of total Company revenues compared to 52 percent last year.
As a result of higher margins for both housing and recreational vehicles,
manufacturing gross profit improved to 18.4 percent of manufacturing sales
from 18.1 percent for the similar period last year. Direct labor and
manufacturing overhead costs declined as a percentage of sales which more
than offset the impact of higher raw material costs.
Net finance revenues were up $3.4 million or 21 percent reflecting higher
wholesale loan volume as previously discussed. For the nine months, the
spread between lending and borrowing costs narrowed for the reason
mentioned previously.
Operating expenses rose $53.9 million or 22 percent to $296.4 million
but decreased as a percentage of revenues from 14.7 percent to 13.9
percent. Selling expenses jumped 41 percent or $37.6 million to $130.0
million reflecting higher costs for product warranties and customer
service, product financing, sales commissions and sales promotion.
Selling expenses increased as a percentage of revenues from 5.6 percent
to 6.1 percent. General and administrative expenses rose $16.3 million
or 11 percent to $166.4 million, but declined as a percentage of
revenues from 9.1 percent to 7.8 percent. The dollar increase was
primarily due to higher employee compensation and benefit costs related
to plant expansion along with increased management incentive
compensation stemming from higher profits.
Non-operating income for the nine months declined $1.2 million or 20
percent to $4.8 million. This mainly resulted from higher interest
expense for the European operation and losses on the disposition of
fixed assets. Losses totaling $531,000 were incurred this year on the
disposition of fixed assets compared to aggregate gains of $520,000
recorded in the previous year.
The combined Federal and state income tax rate fell to 40.6 percent from
41.3 percent last year for the reasons explained previously.
Liquidity and Capital Resources
The Company generally relies upon internally generated cash flows to fund
capital expenditures and to satisfy working capital needs for its
manufacturing operations. Positive cash flows from operations during the
first nine months of fiscal 1995 improved the Company's liquidity as cash
and investments rose $10.0 million to $168.5 million at January 29, 1995.
During the seasonally slow January quarter, working capital needs
generally increase while the Company is building inventory to meet the
peak demand for recreational vehicles in the spring. This situation
occurred in the third quarter of fiscal 1995 which required the Company to
use uncommitted bank credit lines. During the month of January, the
Company borrowed $1.5 million for a one-week period to meet working
capital needs. All borrowings were paid off prior to the end of the
quarter.
Cash outflows in the nine months ended January 1995 included capital
expenditures of $47.3 million, most of which was related to continuing
capacity expansion in the Company's housing group. The quarterly
shareholder dividend was increased from a per share rate of 12.5 cents to
14 cents in June 1994 which increased the aggregate dividend payments to
$19.3 million for the first nine months of fiscal 1995.
The Company's finance subsidiary secured cash for lending operations
primarily through the issuance of commercial paper and the sale to
investors of securities backed by retail sales contracts on Fleetwood
recreational vehicles. In June 1994 and again in January 1995, Fleetwood
Credit Corp.presold $150 million of asset-backed securities. The June
1994 sale became fully funded in August 1994 and the January 1995 sale
will become fully funded in March 1995. As of January 31, 1995, the
January sale was funded to the extent of approximately $120 million.
The proceeds of these sales were principally used to pay down commercial
paper debt.
The finance subsidiary uses the commercial paper market to fund both its
wholesale receivables, which are prime rate based, and its fixed-rate
retail installment sale contract receivables prior to their sale in the
asset-backed securities market. To protect the value of the retail
installment sale contract portfolio from unfavorable changes in interest
rates, the finance subsidiary typically enters into interest rate exchange
agreements or other interest rate hedging transactions during the period
between origination of the receivables and their sale in the asset-backed
securities market.
The finance company maintains a committed revolving credit facility with a
number of major banks to support the issuance of commercial paper. In
September 1994, Fleetwood Credit Corp. established a new $300 million
credit facility to replace the existing $250 million facility, which is to
be used for general corporate purposes, including commercial paper back-up.
PART II OTHER INFORMATION
There are no other items to be reported or exhibits to be filed.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant
has duly caused this report to be signed on its behalf by the undersigned
thereunto
duly authorized.
FLEETWOOD ENTERPRISES, INC.
_______________________________
Paul M. Bingham
Financial Vice President
and Chief Financial Officer
March 7, 1995
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> APR-30-1995
<PERIOD-END> JAN-29-1995
<CASH> 27,218
<SECURITIES> 141,283
<RECEIVABLES> 546,004
<ALLOWANCES> 19,185
<INVENTORY> 217,035
<CURRENT-ASSETS> 0
<PP&E> 390,445
<DEPRECIATION> 139,235
<TOTAL-ASSETS> 1,289,907
<CURRENT-LIABILITIES> 0
<BONDS> 0
<COMMON> 46,038
0
0
<OTHER-SE> 549,880
<TOTAL-LIABILITY-AND-EQUITY> 1,289,907
<SALES> 2,101,351
<TOTAL-REVENUES> 2,136,144
<CGS> 1,714,510
<TOTAL-COSTS> 2,026,355
<OTHER-EXPENSES> 531
<LOSS-PROVISION> 4,560
<INTEREST-EXPENSE> 3,024
<INCOME-PRETAX> 114,606
<INCOME-TAX> 46,528
<INCOME-CONTINUING> 68,741
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 68,741
<EPS-PRIMARY> 1.48
<EPS-DILUTED> 1.48
<FN> Amounts for current assets and current
liabilities are not shown since balance sheet
is presented in nonclassified format.
</TABLE>
