Fleetwood Enterprise (NYSE:FLE)
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Verdict Returned in Coleman vs. Fleetwood Folding Trailers Case
RIVERSIDE, Calif., Dec. 16 /PRNewswire-FirstCall/ -- Fleetwood Enterprises,
Inc. (NYSE:FLE), announced that the jury in the case between Fleetwood Folding
Trailers, Inc. and The Coleman Company, Inc., today awarded monetary damages
for Coleman in the amount of $5.2 million. The judge has the legal right to
add punitive damages. A hearing on that issue is not expected until early
January.
The original lawsuits included a claim by Fleetwood Enterprises, Inc. based on
a "negative covenant," contained in Fleetwood's 1989 purchase agreement with
Coleman. That claim was resolved in Fleetwood's favor last month, when the
judge granted Fleetwood's request for a permanent injunction against Coleman
prohibiting Coleman from licensing the Coleman name in the recreational vehicle
industry. Today's decision does not affect Fleetwood's victory in that portion
of the case.
"We are obviously disappointed with the jury's findings in this case, and we
will begin considering our post-trial remedies immediately, which may include a
motion for a new trial and an appeal," said Edward B. Caudill, President and
Chief Executive Officer. "Nonetheless, the principal issue in this case in
Fleetwood's estimation has always been that, if the Coleman name is going to be
licensed in the RV industry, it must be with Fleetwood, and so we continue to
be gratified with the judge's ruling in our favor on that issue."
About Fleetwood
Fleetwood Enterprises, Inc., is one of the nation's largest producers of
recreational vehicles, from motor homes to travel and folding trailers, and is
a leader in the building, retailing and financing of 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 and manufactured housing plants, retail
home centers, 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 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 cyclical nature of both the
manufactured housing and recreational vehicle industries; ongoing weakness in
the manufactured housing market; continued acceptance of the Company's
products; the potential impact on demand for Fleetwood's products as a result
of changes in consumer confidence levels; the effect of global tensions on
consumer confidence; expenses and uncertainties associated with the
introduction and manufacturing of new products; the future availability of
manufactured housing retail financing, as well as housing and RV wholesale
financing; exposure to interest rate and market changes affecting certain of
the Company's assets and liabilities; availability and pricing of raw
materials; changes in retail inventory levels in the manufactured housing and
recreational vehicle industries; competitive pricing pressures; the ability to
attract and retain quality dealers, executive officers and other personnel; and
the Company's ability to obtain financing needed in order to execute its
business strategies.
For further information please 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.
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/