Thursday, September 07, 2006

Fleetwood Reports Results for First Quarter Fiscal 2007

The RV Group recorded an operating loss of $13.3 million in the quarter, compared with an operating loss of $5.1 million last year. At the operating line, the motor home division incurred a loss of $3.5 million compared to earnings of $5.2 million in the prior year; the travel trailer division lost $10.0 million compared with a loss of $8.7 million; and the folding trailer division earned $0.2 million compared to a loss of $1.6 million. The results in motor homes were primarily attributable to a 24 percent drop in revenues, which were $225.2 million, compared with $297.8 million in the prior year. Although travel trailer sales were up 16 percent to $121.7 million from $104.8 million, previously reported difficulties with the changeover to the new model year products and part shortages led to incremental labor and freight costs. Folding trailer sales increased by 18 percent to $24.3 million from $20.6 million, which, in conjunction with significant cost reductions, led to improved margins. Full Story...


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