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Fleetwood Earnings Hit by Poor-performing German Operation.(Originated from The Press-Enterprise, Riverside, Calif.)
Knight Ridder/Tribune Business News, April, 1996 by Crider, Jeff
Apr. 19--Fleetwood Enterprises Inc., the nation's largest recreational vehicle manufacturer, announced Thursday that it will recognize a $27 million to $35 million charge against its fourth quarter and fiscal year earnings because of poor performance by its German unit.
On a pro-forma basis, the after-tax effect on net earnings is expected to be between $16 million and $21 million, said Paul Bingham, Fleetwood's financial vice president.
Fleetwood acquired Niesmann & Bischoff, an RV manufacturer based outside of Koblenz, Germany, in September 1992.
The company makes high-end motorhomes that retail in the $150,000 to $300,000 range. But continued weakness in the German economy has hurt sales, despite Fleetwood's introduction of more moderately priced...
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