Friday, August 29, 2008

Fleetwood Earnings Face A Landslide

Forbes - NY,USA
On Thursday, Fleetwood Enterprises (nyse: FLE - news - people ) reported a larger-than-expected first-quarter loss as sales of its motor homes plummeted. Investors drove the stock down 0.5%, or 1 cent, to $2.14, in afternoon trading.

Elden L. Smith, president and chief executive officer, said Fleetwood has continued to slash costs and improve its products to try and weather the storm. The company is also looking into refinancing bonds, possibly with alternative instruments, although that could dilute existing shares, making them less valuable.

"Unfortunately, the rapid and accelerating decline of sales in the motor home industry during the first quarter caused heavy operating losses that were exacerbated by an aggressive discounting environment and downtime at our plants," he said.
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