Cover Company Profile Financial Summary Letter to Shareholders Recreational Vehicles Review   Past   Present     Clear Product Success     Motor Home     Travel Trailer     Folding Trailer     Placement, Price, And Promotion   Future Manufactured Housing Review   Past   Present     Growing Market Share     Effective Operating Strategies     Focus On Financing     Outside Our Traditional Market   Future Fleetwood Products Ten-Year Summary of Selected Financial Data Five-Year History of Selected Segment Data Management's Discussion and Analysis Independent Report Consolidated Statements of Operations Consolidated Balance Sheets Consolidated Statements of Cash Flows Consolidated Statements of Changes... Notes to Consolidated Financial Statements Directors Officers Shareholder Information

(AMOUNTS IN THOUSANDS, EXCEPT SHARE DATA) APRIL 25, 2004   APRIL 25, 2003  ASSETS               Cash    $ 14,090         $ 31,515      Marketable investments   109,732     38,261   Receivables   184,687     143,452   Inventories   262,810     240,521   Deferred taxes   56,904     58,488   Other current assets   20,256     20,230      Total current assets   648,479     532,467   Finance loans receivable, net   43,291     13,293   Property, plant and equipment, net   259,052     260,318   Deferred taxes   17,859     31,275   Cash value of Company-owned life insurance   48,809     55,004   Goodwill   6,316     6,366   Other assets   51,903     55,371   Total assets $ 1,075,709   $ 954,094   LIABILITIES AND SHAREHOLDERS’ EQUITY         Accounts payable $ 98,804   $ 78,890   Employee compensation and benefits   70,222     70,006   Product warranty reserve   53,921     62,137   Retail flooring liability   21,868     15,357   Other short-term borrowings   10,451     16,054   Accrued interest   38,868     26,314   Other current liabilities   77,954     79,566      Total current liabilities   372,088     348,324   Deferred compensation and retirement benefits   49,473     58,196   Insurance reserves   32,916     30,344   Long-term debt   102,159     2,357   Convertible subordinated debentures   272,791     403,905   Total liabilities   829,427     843,126   Commitments and contingencies         Shareholders’ equity:            Preferred stock, $1 par value, authorized 10,000,000 shares, none outstanding   —     —      Common stock,$1 par value, authorized 150,000,000 shares, outstanding               52,075,000 at April 25, 2004, and 35,935,000 at April 27, 2003   52,075     35,935   Additional paid-in capital   390,107     250,175   Accumulated deficit   (195,337 )   (173,076 ) Accumulated other comprehensive loss   (563 )   (2,066 )     246,282     110,968     $ 1,075,709   $ 954,094   See accompanying notes to consolidated financial statements.