FORM 10-Q/A
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 July 26, 1998
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 (I.R.S. Employer Identification Number)
incorporation or organization)
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 July 26, 1998
_________________________ _______________________________________
Common stock, $1 par value 32,034,309 shares
Preferred share purchase rights --
Item 1. Financial Statements
The notes to the Financial Statements in the original filing are hereby
amended to read in full as follows, with the only change being the addition
of Note 5 thereof:
FLEETWOOD ENTERPRISES, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
JULY 26, 1998
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 26, 1998.
2) Industry Segment Information
Information with respect to industry segments for the periods ending
July 26, 1998 and July 27, 1997 is shown below (amounts in thousands):
<TABLE>
13 Weeks Ended 13 Weeks Ended
July 26, 1998 July 27, 1997
-------------- --------------
<S> <C> <C>
OPERATING REVENUES:
Manufactured housing -
Manufacturing $400,412 $366,649
Less intercompany (1,484) --
------ --------
398,928 366,649
Retail 1,878 --
------- -------
400,806 366,649
Recreational vehicles 428,766 350,693
Supply operations 10,583 11,112
------- -------
$840,155 $728,454
======== ========
OPERATING INCOME:
Manufactured housing $25,496 $ 15,830
Housing - retail (1,094) --
Recreational vehicles 26,637 16,113
Supply operations 3,583 3,392
Corporate and other* (4,371) (13,739)**
------- --------
$50,251 $ 49,074
======= =========
</TABLE>
* Including adjustments and eliminations.
** Includes non-recurring insurance gain of $16.2 million.
3) Earnings Per Share
Basic earnings per share is computed by dividing income available to
Common stockholders by the weighted average number of Common shares
outstanding. Diluted earnings per share includes the effect of
potential shares outstanding from dilutive stock options and dilutive
preferred securities. After-tax distributions on preferred securities
are added to net income to arrive at earnings used in the diluted
earnings per share calculation. The table below shows the calculation
components of earnings per share for both basic and diluted earnings
per share (amounts in thousands):
13 Weeks Ended 13 Weeks Ended
July 26, 1998 July 27, 1997
<TABLE>
Weighted Weighted
Average Average
Income Shares Income Shares
<S> <C> <C> <C> <C>
Basic earnings per share $30,225 31,621 $30,942 35,843
Effect of dilutive securities:
Stock options -- 720 -- 825
Preferred securities 2,781 5,901 -- --
------- ------ ------- ------
Diluted earnings per share $33,006 38,242 $30,942 36,668
======= ====== ======= ======
</TABLE>
4) Accumulated Other comprehensive Income Balances
The Company has adopted SFAS 130 "Reporting Comprehensive Income"
which establishes standards for reporting and displaying comprehensive
income and its components in a full set of general purpose financial
statements. The following reflects the activity in the accumulated
other comprehensive income balance for the period (amounts in
thousands).
Accumulated
Foreign Unrealized Other
Currency Gains on Comprehensive
Items Securities Income
-------- ---------- ---------------
<TABLE>
<S> <C> <C> <C>
Beginning balance $(1,759) $298 $(1,461)
Current period change (756) (110) (866)
------- ----- -------
Ending balance $(2,515) $188 $(2,327)
======= ==== =======
</TABLE>
5) Convertible Trust Preferred Securities
Reference is made to Note 8 in the notes to audited consolidated
financial statements included in the Company's annual report on
Form 10-K for the fiscal year ended April 26, 1998. During fiscal
1998, Fleetwood Capital Trust (the Trust), a Delaware business trust
wholly owned by the Company, completed a $287.5 million private
placement of 5,750,000 shares of 6% Convertible Trust Preferred
Securities. The proceeds from the issuance were invested by the
Trust in 6% convertible subordinated debentures (the Debentures)
issued by the Company in the aggregate principal amount of $296.4
million, maturing on February 15, 2028. The Debentures are the sole
assets of the Trust and eliminate in consolidation.
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
Senior Vice President - Finance
and Chief Financial Officer
January 31, 2000
