FOREST CITY, IOWA, December 15, 2011 – Winnebago Industries, Inc. (NYSE:WGO), one of the leading United States (U.S.) recreation vehicle manufacturers, today reported financial results for the Company’s first quarter of fiscal year 2012.
Revenues for the first quarter of Fiscal 2012 ended November 26, 2011 were $131.8 million, an increase of 6.6 percent, versus $123.7 million for the first quarter of Fiscal 2011. Included within consolidated revenues was $10.1 million associated with towable products. The Company reported an operating profit of $627,000 for the quarter, versus $4.9 million for the first quarter of Fiscal 2011. Net income for the first quarter was $1.0 million versus $3.8 million for the first quarter of Fiscal 2011. On a diluted per share basis, the Company had net income of $0.04 for the first quarter of Fiscal 2012 versus $0.13 for the first quarter of Fiscal 2011.
The first quarter was negatively impacted by lower motor home deliveries, as well as lower plant utilization due to shortened work weeks, and positively impacted by an increased average selling price due to a shift of mix within the higher-priced Class A products.
“While we are disappointed that wholesale shipments within the RV industry are fairly flat with shipments in calendar 2010, we have seen overall market share improvement, driven by our growth in the Class A diesel market segment,” said Winnebago Industries’ CEO and President Randy Potts. According to Statistical Surveys, Inc., the retail reporting service for the RV industry, Winnebago Industries’ combined market share for U.S. Class A and C motor homes was 18.8% calendar year to date through October, compared to 18.4% for the same period in 2010.
“We were pleased with traffic and dealer interest in our products at the National RV Trade Show in Louisville, KY, which was held November 29 through December 1, 2011,” continued Potts. “The Winnebago Industries display featured our Winnebago, Itasca and Era motor homes, as well as our Winnebago and SunnyBrook brand towables. We had a number of new 2012 floorplans on display, including the spacious new Class A diesel Winnebago Journey and Itasca Meridian 42E tag-axle models that made their debut at the show. Our Towables display was also very busy with many dealers viewing the new and/or redesigned Winnebago and SunnyBrook products for the first time.”
Winnebago Industries, Inc. will conduct a conference call in conjunction with this release at 9 a.m. Central Time today, Thursday, December 15, 2011. Members of the news media, investors and the general public are invited to access a live broadcast of the conference call via the Investor Relations page of the Company’s website at http://www.winnebagoind.com/investor.html. The event will be archived and available for replay for the next 90 days.
About Winnebago Industries
Winnebago Industries, Inc., The Most Recognized Name In Motor Homes®, is a leading U.S. manufacturer of recreation vehicles used primarily in leisure travel and outdoor recreation activities. The Company builds quality motor homes, travel trailers and fifth wheel products under the Winnebago, Itasca, Era and SunnyBrook brand names. Winnebago Industries has received the Quality Circle Award from the Recreation Vehicle Dealers Association every year since the award’s inception in 1996. The Company’s common stock is listed on the New York and Chicago Stock Exchanges and traded under the symbol WGO. Options for the Company’s common stock are traded on the Chicago Board Options Exchange. For access to Winnebago Industries’ investor relations material or to add your name to an automatic email list for Company news releases, visit, http://www.winnebagoind.com/investor.html.
This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that forward-looking statements are inherently uncertain. A number of factors could cause actual results to differ materially from these statements, including, but not limited to increases in interest rates, availability of credit, low consumer confidence, significant increase in repurchase obligations, inadequate liquidity or capital resources, availability and price of fuel, a further or continued slowdown in the economy, availability of chassis and other key component parts, sales order cancellations, slower than anticipated sales of new or existing products, new product introductions by competitors, the effect of global tensions, integration of operations relating to mergers and acquisitions activities and other factors. Additional information concerning certain risks and uncertainties that could cause actual results to differ materially from that projected or suggested is contained in the Company’s filings with the Securities and Exchange Commission (SEC) over the last 12 months, copies of which are available from the SEC or from the Company upon request. The Company disclaims any obligation or undertaking to disseminate any updates or revisions to any forward looking statements contained in this release or to reflect any changes in the Company’s expectations after the date of this release or any change in events, conditions or circumstances on which any statement is based, except as required by law.