FLEETWOOD ENTERPRISES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(17) Leases
Certain of the Company’s facilities and equipment are leased under terms that range from monthly to five years.
The following is a schedule by year of future minimum rental payments required under operating and capital leases that have initial or remaining noncancelable lease terms in excess of one year as of April 30, 2006:
| Minimum Rental Payments | |||||||
|---|---|---|---|---|---|---|---|
| Fiscal Year | Operating | Capital | |||||
| (Amounts in thousands) | |||||||
| 2007 | $ | 3,134 | $ | 2,365 | |||
| 2008 | 3,218 | 2,379 | |||||
| 2009 | 2,395 | 2,267 | |||||
| 2010 | 1,464 | 348 | |||||
| Later years | 678 | — | |||||
| Total minimum lease payments | $ | 10,889 | $ | 7,359 | |||
Rental expense for the last three fiscal years was as follows:
| 2006 | 2005 | 2004 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| (Amounts in thousands) | |||||||||||
| Rental expense | $ | 4,328 | $ | 4,360 | $ | 3,710 | |||||
| Less: Sublease rental income | (364 | ) | (971 | ) | (632 | ) | |||||
| $ | 3,964 | $ | 3,389 | $ | 3,078 | ||||||