Fleetwood Enterprises Wins Contract to Supply Modular Housing at Fort Sam Houston
September 17 2008 - 7:30AM
PR Newswire (US)
- U.S. Army Barracks in Texas to Be Built by Trendsetter Homes
Division - RIVERSIDE, Calif., Sept. 17 /PRNewswire-FirstCall/ --
Fleetwood Enterprises, Inc. (NYSE:FLE) announced today that its
modular division, Trendsetter Homes, has been selected to build the
living units for new U.S. Army housing at Fort Sam Houston in San
Antonio, Texas, the world's largest military medical training
facility. Terms of the multi-million dollar contract were not
disclosed. Construction of the 682 modular sections will be
completed at Fleetwood's facility in Belton, Texas. The living
units will make up the majority of the new METC (Medical Education
Training Campus) dormitories, which will house up to 2,400 military
medical personnel for short-term training and education. "With the
recent successful completion of the living units for Fort Sill and
the second phase of Fort Bliss, we are ready to start on this new
project immediately," said Charles E. Lott, president of
Fleetwood's Housing Group. "The Army has budgeted $16.5 billion
through fiscal 2011 for its Barracks Realignment and Closure 2005
program, which, unlike previous Army programs, largely involves new
construction. We are pleased to participate in upgrading the
military's housing, which provides a means for us to expand our
modular business, while the tough housing market persists. Our
plans include continuing to pursue similar opportunities."
Fleetwood has teamed with several companies that have expertise in
various areas of development and construction in connection with
this contract. Hensel Phelps is the prime contractor and owner of
the government contract; the architectural and engineering
leadership is being provided by Jacobs Engineering Group, Inc.; and
The Warrior Group, which is tasked with delivering completed living
units, contracted with Fleetwood to construct the modular units.
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 the recovery of our
industries, 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 the
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, the
availability of financing in general, and other factors that can
have a negative impact on consumer confidence, which 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; the effect on our
sales of aggressive discounting by competitors; 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; our ability to meet the repayment terms of our
outstanding convertible debt instruments, including the 5%
convertible senior subordinated debentures; potential dilution
associated with equity or equity-linked financings we may undertake
to raise additional capital and the risk that the equity pricing
may not be favorable; the cyclical and seasonal nature of both the
manufactured housing and recreational vehicle industries; the
increasing costs of component parts and commodities that we may be
unable to recoup in our product prices; 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,
including actions resulting from products we receive from our
suppliers; and the highly competitive nature of our industries.
Contact: Lyle Larkin, Vice President & Treasurer, 951-351-3535
JoAnne Foist, Director of Marketing Services, 951-351-3367
DATASOURCE: Fleetwood Enterprises, Inc. CONTACT: Lyle Larkin,
+1-951-351-3535, or JoAnne Foist, +1-951-351-3367, both of
Fleetwood Enterprises, Inc. Web site: http://www.fleetwood.com/
http://www.trend-setterhomes.com/
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