Fleetwood Enterprises Announces Additional Details on Contract to Supply Modular Housing at Fort Sill
March 26 2008 - 7:30AM
PR Newswire (US)
- U.S. Army Barracks in Oklahoma to Be Built by Trendsetter Homes
Division - RIVERSIDE, Calif., March 26 /PRNewswire-FirstCall/ --
Fleetwood Enterprises, Inc. (NYSE:FLE) announced today that its
modular division, Trendsetter Homes, has been chosen to build the
living units for new U.S. Army housing at Fort Sill, Okla. Terms of
the multi-million dollar contract were not disclosed. The
construction of 224 modular sections, which comprise the majority
of the structure of 16 new buildings, will be completed at
Fleetwood's facilities in Waco, Texas and Douglas, Ga. The finished
project will house approximately 2,000 soldiers. "As we stated in
our third quarter results release, it is our intent to aggressively
pursue additional military housing projects," said Charles E. Lott,
President of Fleetwood's Housing Group. "The Army's military
housing needs present an excellent opportunity for us to expand our
modular business, while demonstrating our capability to meet
demanding construction schedules to upgrade our soldiers' living
quarters at Fort Sill. All three plants that are currently being
used to build military housing have a proven record of success in
providing comfortable, high-quality, modern housing at a rapid
pace. "We are working with a different team of contractors than
those that are providing the living quarters at Fort Bliss," Lott
continued. "For this project, Fleetwood has teamed with BKJ
Solutions, the prime contractor, and Morgan USA. Fort Sill is a
mobilization hub for soldier deployment. Its senior leadership has
pledged to implement many new programs to directly enhance the
quality of life of the soldiers and families stationed there,
including new residential quarters and renovation of the community
recreation areas. We are pleased to be a part of this effort."
About Trendsetter Homes Trendsetter Homes is the modular housing
division of Fleetwood Homes, which operates 19 facilities
nationwide and is headquartered in Riverside, Calif. Trendsetter
produces modular residential and commercial buildings in a
factory-controlled environment for residential builders and the
military. The Trendsetter Homes website can be accessed at
http://www.trend-setterhomes.com/. About Fleetwood Fleetwood
Enterprises, Inc., through its subsidiaries, is a leading producer
of recreational vehicles and manufactured homes. This Fortune 1000
company, headquartered in Riverside, Calif., is dedicated to
providing quality, innovative products that offer exceptional value
to its customers. Fleetwood operates facilities strategically
located throughout the nation, including recreational vehicle,
factory-built housing and supply subsidiary plants. For more
information, visit the Company's website at
http://www.fleetwood.com/. This press release contains certain
forward-looking statements and information based on the beliefs of
Fleetwood's management as well as assumptions made by, and
information currently available to, Fleetwood's management. Such
statements, including those regarding Fleetwood's intent to pursue
additional military business, reflect the current views of
Fleetwood with respect to future events and are subject to certain
risks, uncertainties, and assumptions, including risk factors
identified in Fleetwood's 10-K and other SEC filings. These risks
and uncertainties include, without limitation, the lack of
assurance that we will regain sustainable profitability in the
foreseeable future; the effect of ongoing weakness in both the
manufactured housing and recreational vehicle markets; the effect
of a decline in home equity values, volatile fuel prices and
interest rates, global tensions, employment trends, stock market
performance, availability of financing generally, and other factors
that can have a negative impact on consumer confidence, which in
turn may reduce demand for our products, particularly recreational
vehicles; the availability and cost of wholesale and retail
financing for both manufactured housing and recreational vehicles;
our ability to comply with financial tests and covenants on
existing debt obligations; our ability to obtain, on reasonable
terms if at all, the financing we will need in the future to
execute our business strategies and to meet the repayment terms of
our outstanding convertible debt instruments, including the $100
million 5% convertible senior subordinated debentures, which the
Company may have to repurchase in December 2008; potential dilution
associated with future equity financings we may undertake to raise
additional capital; the cyclical and seasonal nature of both the
manufactured housing and recreational vehicle industries; expenses
and uncertainties associated with the entry into new business
segments or the manufacturing, development, and introduction of new
products; the potential for excessive retail inventory levels in
the manufactured housing and recreational vehicle industries; the
volatility of our stock price; repurchase agreements with floorplan
lenders, which could result in increased costs; potential increases
in the frequency of product liability, wrongful death, class
action, and other legal actions; and the highly competitive nature
of our industries. Contact: Lyle Larkin, Vice President - Treasurer
(951) 351-3535 Kathy A. Munson, Director - Investor Relations (951)
351-3650 DATASOURCE: Fleetwood Enterprises, Inc. CONTACT: Lyle
Larkin, Vice President - Treasurer, +1-951-351-3535, or Kathy A.
Munson, Director - Investor Relations, +1-951-351-3650, both of
Fleetwood Enterprises, Inc. Web site: http://www.fleetwood.com/
http://www.trend-setterhomes.com/
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