(NYSE: FLE), a leading producer of recreational vehicles and manufactured
housing , today announced preliminary revenues for the third quarter ended
January 29, 2006, and the first nine months of fiscal 2006.83 billion from $1.
"The FEMA orders have served as a bridge over what is normally a seasonal
lull and provided time for many of our recent restructuring moves to gain
further traction," Smith said. We feel that our discipline in not building excess
RV finished unit inventory will be helpful to our operating results, and we
are confident that when sales begin to pick up we can increase production
correspondingly.37 per diluted share, in 2004 compared to $19.41 per
diluted share, in the fourth quarter of 2003.
"Our operating management made extraordinary efforts to obtain price
increases or surcharges from our customers, without markup, that would be
adequate to offset our higher steel costs.
The operating profit margin of Drew's RV segment declined to 9."

Conference Call
Drew will provide an online, real-time webcast and rebroadcast of its
fourth quarter and year-end earnings conference call Tuesday February 15,
2005 , at 11:00 a.
There are a number of factors, many of which are beyond the Company's
control , which could cause actual results and events to differ materially from
those described in the forward -looking statements.4

Recreational Vehicles are vehicles designed for recreational use in camping .

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"We are using this time effectively. "While there are a number of positive indications, including
elevated consumer confidence and some moderation in fuel prices, the majority
of the very early spring shows have been slower than they were last year, both
in traffic and in sales."
For the first nine months of fiscal year 2006, manufactured housing sales
increased 8 percent to approximately $638 million from $593 million a year
ago, while sales of recreational vehicles were down 8 percent to $1. 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. Actual results, events and
performance may differ materially .

Drew Industries Reports Third Consecutive Record Year for Sales and Profits

Abrams, Drew's President and CEO. "We are encouraged by reports that industry production is expected to
increase in 2005 to 140,000 to 150,000 homes from 131,000 homes in 2004. Forward-looking statements, including,
without limitation those relating to our future business prospects, revenues
and income, wherever they occur in this press release, are necessarily
estimates reflecting the best judgment of our senior management , at the time
such statements were made, and involve a number of risks and uncertainties
that could cause actual results to differ materially from those suggested by
forward-looking statements. In addition, national and regional economic conditions and consumer
confidence may affect the retail sale of recreational vehicles and
manufactured homes.

toterhome campervans

"The industry is experiencing growth in the Southeast and
Southwest markets, but industry shipments to the rest of the country continue
to be lower.5 and $2. Segment margins remained fairly stable at 9. From 50 factories located throughout the United States and one
factory in Canada, Drew serves most major national manufacturers of RVs and
manufactured homes in an efficient and cost-effective manner.drewindustries.33 $ .88 $ .

customizes rving

Meanwhile, the strength being shown by our improved
'06 product lines in all categories of RVs has allowed us to perform well in a
very competitive marketplace without discounting current year models.fleetwood. 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, gasoline prices and other factors 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; 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.
Drew, a supplier of components for recreational vehicles ("RV") and
manufactured housing ("MH"), reported that net sales increased to a record
$531 million in 2004 compared to $353 million in 2003."

Recreational Vehicle Products Segment
Drew supplies windows, doors, chassis, slide-out mechanisms and power
units, and electric stabilizer jacks, primarily for travel trailers and fifth-
wheel RVs.

Manufactured Housing Products Segment
Drew supplies vinyl and aluminum window and screens, chassis, chassis
parts , and bath and shower units to the MH industry.


DREW INDUSTRIES INCORPORATED
OPERATING RESULTS
(unaudited)


Year Ended Quarter Ended
December 31, December 31,
(In thousands, except 2004 2003 2004 2003
per share amounts)

Net sales $530,870 $353,116 $132,330 $86,772
Cost of sales 414,491 266,435 106,292 66,394
Gross profit 116,379 86,681 26,038 20,378
Selling, general and
administrative expenses 72,811 52,404 19,668 13,125
Other income 428
Operating profit 43,996 34 ,277 6,370 7,253
Interest expense, net 3,139 3,034 872 694
Income from continuing
operations before
income taxes 40,857 31,243 5,498 6,559
Provision for income taxes 15,749 11 ,868 2,047 2,239
Income from
continuing operations 25,108 19 ,375 3,451 4,320
Discontinued operations
(net of taxes) 48 (90)
Net income $25,108 $19,423 $3,451 $4,230

Net income per common share:
Income from continuing operations:
Basic $2.

customizes lemons

"Changes are being made to conform Zieman's RV and MH production methods
to Lippert's, which should further improve their margins," said Abrams.3 last year, and fell to 6. Statements in this
press release that are not historical facts are "forward -looking statements"
for the purpose of the safe harbor provided by Section 21E of the Exchange Act
and Section 27A of the Securities Act.

beaudry braking

com.
As previously reported by the Company, Kinro is continuing to work with the
owner of the VEC process to perfect its use in Kinro's commercial
applications .37 $1.8
Total indebtedness to stockholders' equity 0.

teardrop braking

Smith said. In addition , factory-built homes can be delivered more quickly than
conventional homes, and are typically more affordable. For
instance, our product development groups have focused on preparing our '07
lineup of travel trailer products while the plants have seen improved
efficiencies from the manufacture of significant numbers of identical trailers
to FEMA's specifications.

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 . The anticipated
savings from consolidating production will more than offset the after-tax
charge of approximately $450,000 relating to plant closings, of which $275,000
or $.03 per diluted share , in the fourth
quarter. "We
gained market share in all our RV product lines, and we continued to add
complementary lines through new product development as well as acquisitions
that bode well for 2005. The declines in
margin were largely due to continued increases in the cost of steel that were
not fully captured through price increases to customers until early 2005. Excluding price
increases relating to steel and other raw materials and the $17 million of MH
sales by newly-acquired Zieman , Drew's MH segment achieved sales growth of
approximately 10 percent.33 $ .

adjusted sani

Revenues for the most recent third quarter increased 14 percent to
approximately $580 million from $509 million in the same quarter last year.
Recreational vehicle sales for the third quarter grew 5 percent to
approximately $361 million compared with $343 million a year ago, due to a
75 percent increase in sales of travel trailers, partially offset by a
23 percent reduction in motor home sales and a 5 percent decrease in folding
trailer sales. The production at these
factories will now be absorbed by nearby Lippert factories. Sales
for the eight months since the acquisition were approximately $40 million, on
par with Zieman's sales for all of 2003.7 percent last year, partly due to Drew's ability to leverage
fixed costs on higher sales.6
percent in the fourth quarter of 2004, compared to 9. Additional
information about Drew and its products can be found at
http://www.37 $1.

spartan yourselfers

As people begin to rebuild their lives on the Gulf Coast, we
believe we will experience an increase in orders because manufactured homes
are a well-accepted permanent housing alternative to site-built homes in that
area.4
million, or $1. "In
addition, Zieman is in the process of expanding their very profitable marine
and leisure chassis production from the West Coast of the United States to the
rest of the country.
Industry shipments of RVs continued to grow during 2004, with RV shipments
up 15 percent as a whole and shipments of travel trailers and fifth-wheel RVs,
Drew 's primary RV market, up nearly 19%.companyboardroom.

rvers marketability

"
Shipments of FEMA homes positively impacted the third quarter's sales of
manufactured housing by approximately $57 million, producing a revenue
increase of 14 percent to approximately $209 million from $184 million a year
ago.
The line is for $60 million and can be increased by $30 million with bank
approval. Even excluding price increases relating to steel and other raw
materials and the $23 million of RV sales by newly-acquired Zieman in 2004,
the RV segment achieved 2004 sales growth of approximately 35 percent, far
exceeding the industry as a whole.9 percent in the same quarter in 2003. These factors include
pricing pressures due to competition, raw material costs (particularly steel,
vinyl, aluminum, glass and ABS resin ), availability of retail and wholesale
financing for manufactured homes, availability and costs of labor, inventory
levels of retailers and manufacturers, levels of repossessed manufactured
homes , the financial condition of our customers, interest rates, oil prices,
the outcome of litigation and adverse weather conditions impacting retail
sales.41
Discontinued operations,
net of taxes:
Basic
Diluted
Net income:
Basic $2.

rving earning

25 per diluted share after tax. Drew's RV segment far outperformed
the industry by achieving a 58 percent increase in sales to a record $348
million in 2004, including a 55 percent sales increase in the fourth quarter
of 2004. The 131,000 homes
produced by the MH industry in 2004 was on par with 2003, however production
in the current year included 3,000 to 5,000 homes ordered by FEMA (Federal
Emergency Management Agency) for temporary shelter for people displaced by the
hurricanes that hit the southeastern United States.5 million for every
10,000 homes that are produced over 2004 levels.88 $ .

earning rving

We believe the decline in motor home sales reflects not only
a softer market, especially for Class A units, but also prudence on our part
and the part of our dealers to avoid the kind of overproduction and resulting
excess inventory that occurred in last year's third quarter.18 billion
from $1. This Fortune 1000 company, headquartered in
Riverside , Calif. WHITE PLAINS, N. This is the third
year in a row that Drew achieved record net sales and net income.
"We are extremely pleased with our 2004 results, particularly in view of
the many difficulties that we encountered, including the effect of
unprecedented steel price increases and the adverse jury verdict," said Leigh
J. Looking ahead, we do believe the sales price increases
implemented in the 2005 first quarter are adequate to offset the vast majority
of steel and other raw material cost increases we've endured. However, the higher steel costs mean
that we must utilize that much more capital to carry our steel inventory.03 per diluted share was recorded in the 2004 fourth quarter. Zieman's earnings were accretive to
consolidated earnings of Drew.drewindustries.com .

adjusted motorhome

For the first nine months of the current fiscal year, revenues rose 1 percent
to $1.Y.1 million , or $2.
Operating results for the fourth quarter of 2004 were also impacted by
startup costs that resulted in an after-tax charge of approximately $200,000,
or $.
Drew said its acquisition by Lippert Components of Zieman Manufacturing
Company, which was completed on May 4, 2004, performed to expectations. Individual investors can also listen to the
call at http://www.42
Diluted $2.44 $1.

lemons sani

81 billion in the prior year. Fleetwood operates facilities
strategically located throughout the nation, including recreational vehicle,
manufactured housing and supply subsidiary plants. For more information,
visit the Company's website at http://www."
The Company estimates that as a result of steel and other raw material
price increases, net income in the second half of 2004 was reduced by between
$1. It is anticipated that these costs may be slightly less in 2005.
The charge relating to the aforementioned adverse jury verdict reduced the
operating profit margin of Drew's MH segment.9 percent in
2004 from 10. Eastern time , on the Company's website,
http://www.92 $ .

spartan yourselfers

"We are cautiously optimistic about the spring selling season," Smith
continued.28 billion in fiscal 2005.

About Fleetwood
Fleetwood Enterprises, Inc. Net income increased
to $25.
For the fourth quarter ended December 31, 2004, net income was $3. "Our management team proved their
experience and took immediate and effective steps to mitigate the impact of
material costs doubling and tripling, particularly in steel, our largest raw
material. However, we did not receive the
price increases as quickly as we had expected, which hurt our profits in the
fourth quarter."
During 2004, Drew's Lippert Components subsidiary implemented plans to
close six profitable, but underperforming factories.streetevents . A replay will also be
available on Drew's website.92 $ .33 $ .

mdt rving

Our backlog for
travel trailers continues to be strong compared to this time last year, even
without including the additional FEMA orders that will be built during the
fourth quarter.

Contact: Lyle Larkin, Vice President-Treasurer (951) 351-3535
Kathy A.2 percent in the fourth quarter of
2004 compared to 9.

About Drew
Drew, through its wholly owned subsidiaries, Kinro and Lippert Components,
supplies a broad array of components for RVs and manufactured homes.44 $1.

yourselfer yourselfers

88 per diluted share, in the prior year.09 per diluted share, due to an adverse jury verdict related to a
workplace injury.
Abrams added, "The good news seems to be that steel prices have now
stabilized, albeit at very high levels.1 million before
taxes, which reduced net income by approximately $650,000 or $0. A replay
of the conference call will be available by telephone by dialing
(888) 286-8010 and referencing access code 42202528.

These include pop-ups, truck campers, Class A motorhomes, Class B motorhomes (conversion vans), Class C motorhomes (mini motorhomes), travel trailers, 5th wheel travel trailers, bus conversions and caravans.

rvers customizes

Fleetwood Reports Preliminary Revenues for Third Quarter First Nine Months of Fiscal 2006

"While we continue to be optimistic about the long-term future of
manufactured housing, the lending environment has only gradually improved,"
Smith said.33 per diluted share, compared to $4. The Company intends to move for a new trial or appeal the
verdict based on the advice of counsel that the verdict is unsupported by the
evidence.5 million, or $. In addition, Kinro has recently introduced a new composite
material that also competes with fiberglass products.
"We are pleased with our continued ability to ride out the downturn in the
MH market and, in fact, maintain our margins and take market share," Abrams
said. Drew's
products include vinyl and aluminum windows and screens, doors, chassis,
chassis parts, RV slide-out mechanisms and power units, bath and shower units,
electric stabilizer jacks and trailers for equipment hauling , boats, personal
watercrafts and snowmobiles, as well as chassis and windows for modular homes
and offices.1 1.

rvers braking

RIVERSIDE, Calif. Munson, Director-Investor Relations (951) 351-3650

As previously
reported, 2004 fourth quarter results include an after-tax charge of $945,000 ,
or $. Production of these products should commence in Indiana
during the second quarter of 2005 and will continue to be included in our RV
segment.com ). You should consider forward-
looking statements, therefore, in light of various important factors,
including those set forth in this press release.42
Diluted $2.6 0.

fleetwood braking

, Fleetwood Enterprises,
Inc. Despite the continued positive progress in the quarter, the
softer-than-expected motor home sales now suggest that third quarter operating
results will likely fall somewhat short of those from the second quarter .06 per diluted
share, for 2004, including $350,000, or $. During 2004, Drew introduced several new products for the RV
motorhome market, sales of which had little impact on 2004, but are expected
to grow during 2005.
Despite the flat industry shipments, Drew's MH segment sales increased 37
percent to $183 million in 2004 from $134 million in 2003. The Company does not undertake to update forward-
looking statements to reflect circumstances or events that occur after the
date the forward-looking statements are made.

campervans rver

15 to $.
New products introduced in 2004 or set for launch during 2005 include
slide-out mechanisms and leveling devices for motorhomes, axles for towable
RVs , bath products and entry steps for RVs, and RV exterior parts that will be
fabricated by Drew's Kinro subsidiary on their new large part thermoformer.2 percent
in 2004 from 11. Excluding this charge , the
operating profit margin of this segment increased slightly to 10. Based on Drew's product content per home, sales in our
MH segment would be expected to increase approximately $13.

campervans earning

5
million, or $.02 per diluted share, relating to new factories and newly introduced
product lines."
Drew is also pleased to announce that it has just completed the
restructuring of its line of credit with JPMorgan Chase, KeyBank and HBSC.
"Our continued market penetration, new product launches and consistent
operating and cost disciplines drove an exceptional year for Drew,
particularly in view of some of the challenges we faced," said Abrams.41

Weighted average common shares outstanding:
Basic 10,282 10,075 10,314 10,169
Diluted 10,599 10,297 10,600 10,421

Depreciation and
amortization $9,300 $7,863 $2,458 $1,985
Capital expenditures $27,058 $5,073 $7,277 $1,167

DREW INDUSTRIES INCORPORATED
SEGMENT RESULTS
(unaudited)


Year Ended Three Months Ended
December 31, December 31,
(In thousands) 2004 2003 2004 2003

Net sales
RV Segment $347,584 $219,505 $84,728 $54,495
MH Segment 183,286 133,611 47,602 32,277
Total $530,870 $353,116 $132,330 $86,772

Operating Profit
RV Segment $31,832 $24,779 $5,234 $5,387
MH Segment 18,547 14,358 3,049 3,139
Total segments
operating profit 50,379 39,137 8,283 8,526
Amortization of intangibles (1,032) (782) (279) (211)
Corporate and other (5,779 ) (4,078) (1,634) (1,062)
Other income 428
Operating profit $43,996 $34,277 $6,370 $7,253

DREW INDUSTRIES INCORPORATED
BALANCE SHEET INFORMATION
(unaudited)

December 31,
(In thousands, except ratios) 2004 2003

Current assets
Cash and cash equivalents $2,424 $8,781
Accounts receivable , trade, less allowance 26,099 14,844
Inventories 72,332 37,311
Prepaid expenses and other current assets 10,552 7,478
Total current assets 111,407 68,414
Fixed assets, net 99,781 72,211
Goodwill 16,755 12,333
Other intangible assets 6,070 4,953
Other assets 4,040 2,193
Total assets $238,053 $160,104

Current liabilities
Notes payable , including current
maturities of long-term indebtedness $12,121 $9,931
Accounts payable, accrued expenses and
other current liabilities 42,082 28,783
Total current liabilities 54,203 38,714
Long-term indebtedness 59,303 24,825
Other long-term obligations 2,503 2,912
Total liabilities 116 ,009 66,451
Total stockholders' equity 122,044 93,653
Total liabilities and
stockholders' equity $238,053 $160 ,104

Current ratio 2.

kievari beaudry

, is dedicated to providing quality , innovative products that
offer exceptional value to its customers. In addition, Drew's borrowing capacity was increased by entering
into a "shelf" loan facility for $60 million with Prudential Investment
Management Inc. Drew said the market
for all of these new products exceeds $250 million, and although Drew's
present market share is small, it will aggressively seek to expand in these
product areas.7 percent in the fourth
quarter last year.m.com .
Institutional investors can access the call via the password-protected
event management site, StreetEvents (http://www.

adjusted toterhome

"We are pleased by the strong increase in travel trailer sales, which
included approximately $74 million of trailers sold to FEMA," Fleetwood's
President and CEO Elden L. Accordingly, our dealers were able to place their orders
later than usual, allowing us to meet FEMA's timetable and at the same time
keep dealer inventories at low levels for this time of year. is a leading producer of recreational vehicles
and manufactured homes., Drew Industries
Incorporated (NYSE: DW) today announced a 29 percent increase in net income on
a 50 percent increase in net sales for the year ended December 31, 2004.2 million, or $. Net sales for the quarter just
ended reached $132 million, compared to $87 million in last year's fourth
quarter, driven by growth in both its RV and MH segments. Direct costs, without considering management time, related to
compliance with the Sarbanes-Oxley Act were approximately $1. This
expected increase is driven by lower repossessions, modest industry inventory
levels, and an increase in the availability of credit, which is a key to the
health of the market .com .33 $ .

spartan motorhomes

Of the current quarter's revenues, motor homes contributed
$179 million, travel trailers $167 million and folding trailers $15 million. "In addition, the relatively high
levels of production at which we have been operating our travel trailer plants
during this quarter will allow us to quickly fill dealer orders for the spring
selling season.
Results will, however, show dramatic improvement over the fiscal 2005 third
quarter and, we currently believe, will reflect profitable continuing
operations. RV
segment profits in 2004 were also impacted by the closure of underperforming
facilities.

Forward Looking Statements
This press release contains certain "forward -looking statements" within
the meaning of the Private Securities Litigation Reform Act of 1995 with
respect to financial condition, results of operations, business strategies,
operating efficiencies or synergies, competitive position, growth
opportunities for existing products, plans and objectives of management,
markets for the Company's common stock and other matters.

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- - kjjkjk

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