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

Common Stock Additional Retained Earnings Accumulated Other Total (AMOUNTS IN THOUSANDS)  Number  of Shares  Amount   Paid-In  Capital  (Accumulated  Deficit)  Comprehensive  Loss  Shareholders'  Equity BALANCE APRIL 29, 2001   32,740   $ 32,740   $ 194,338       $ 62,212           $ (3,142 )         $ 286,148       Comprehensive loss:    Net loss   —     —     —     (161,928 )   —     (161,928 )    Other comprehensive loss:       Foreign currency translation, net of taxes of $636   —     —     —     —     (983 )   (983 )       Investment securities, net of taxes of $38   —     —     —     —     (68 )   (68 ) Comprehensive loss     (162,979 ) Cash dividends declared on common stock   —     —     —     (2,621 )   —     (2,621 ) Stock options and warrants issued   —     —     1,469     —     —     1,469   Stock options exercised (including related tax benefits)   30     30     264     —     —     294   Contribution from exchange of convertible trust preferred    securities, net of taxes of $16,750   —     —     29,403     —     —     29,403   Common stock issued for interest on trust preferred securities   295     295     2,470     —     —     2,765   Common stock issued — private placement   2,210     2,210     17,654     —     —     19,864   Common stock issued for acquisitions   15     15     385     —     —     400   BALANCE APRIL 28, 2002   35,290     35,290     245,983     (102,337 )   (4,193 )   174,743   Comprehensive loss:    Net loss   —     —     —     (70,739 )   —     (70,739 )    Other comprehensive income (loss):       Foreign currency translation, net of taxes of $1,384   —     —     —     —     2,164     2,164         Investment securities, net of taxes of $21   —     —     —     —     (37 )   (37 ) Comprehensive loss     (68,612 ) Restricted stock issued   148     148     33     —     —     181   Stock options exercised (including related tax benefits)   20     20     172     —     —     192   Common stock issued for interest on trust preferred securities   477     477     3,987     —     —     4,464   BALANCE APRIL 27, 2003   35,935     35,935     250,175     (173,076 )   (2,066 )   110,968      Net loss   —     —     —     (22,261 )   —     (22,261 )    Other comprehensive income:       Foreign currency translation, net of taxes of $648   —     —     —     —     1,460     1,460         Investment securities, net of taxes of $25   —     —     —     —     43     43   Comprehensive loss     (20,758 ) Vesting of deferred compensation related to restricted stock issuance   —     —     142     —     —     142   Stock options exercised   810     810     4,507     —     —     5,317   Common stock issued — private placement   2,674     2,674     22,256     —     —     24,930   Conversion of trust preferred securities to common stock   12,656     12,656     113,027     —     —     125,683   BALANCE APRIL 25, 2004   52,075   $ 52,075   $ 390,107   $ (195,337 ) $ (563 ) $ 246,282   See accompanying notes to consolidated financial statements.