FOREST CITY – Winnebago Industries, Inc. (NYSE:WGO), a leading United States (U.S.) recreation vehicle manufacturer, today reported financial results for the Company’s fourth quarter and fiscal year 2013.
Revenues for the fourth quarter ended August 31, 2013 were $214.2 million, an increase of 31.8%, versus $162.5 million for the fourth quarter of Fiscal 2012. The Company reported an operating income of $15.3 million for the quarter, versus $6.5 million for the fourth quarter of Fiscal 2012. Net income for the fourth quarter of Fiscal 2013 was $10.6 million, or $0.38 per diluted share, versus $40.9 million, or $1.41 per diluted share for the fourth quarter of Fiscal 2012. A tax benefit was recorded in the fourth quarter of Fiscal 2012 due to a $36.9 million reduction in the valuation allowance on deferred tax assets that was established in Fiscal 2009. Excluding the non-cash tax benefit of the reduction in valuation allowance, net income for the fourth quarter of Fiscal 2012 was $4.0 million or $0.14 per diluted share.
The fourth quarter of Fiscal 2013 as compared to the fourth quarter of Fiscal 2012 was positively impacted by increased motor home deliveries, improved gross margin due to better variable and fixed cost absorption and incremental leverage in operating expenses which resulted in a 3.2 percentage point improvement in operating margin.
Revenues for the 53-week Fiscal 2013 were $803.2 million, an increase of 38.1%, versus revenues of $581.7 million for the 52-week Fiscal 2012. The Company reported operating income of $44.4 million for Fiscal 2013, a 366.1% increase from $9.5 million for Fiscal 2012. Net income for Fiscal 2013 was $32.0 million, or $1.13 per diluted share, versus $45.0 million, or $1.54 per diluted share for Fiscal 2012. A tax benefit was recorded in Fiscal 2012 due to a $37.7 million reduction in the valuation allowance on deferred tax assets. Excluding the impact of the non-cash tax benefit of the reduction in valuation allowance, net income for Fiscal 2013 was $7.3 million or $0.25 per diluted share. When adjusting for the non-cash tax benefit recorded in Fiscal 2012, earnings per share grew by 352% in fiscal 2013.
“Increased consumer and dealer demand for our products drove our exceptional growth in Fiscal 2013,” said Winnebago Industries’ Chairman, CEO and President Randy Potts.
“We have introduced a number of new and exciting products in product segments and price points new to Winnebago Industries, which will provide us with additional growth opportunities in the future,” said Potts. “Many of these products are starting production this fall, such as the new Class B Travato and the new Class C Trend and Viva!, all of which are built on the new Ram ProMaster chassis. We pride ourselves on being an innovator and first to market, and these are prime examples of that process. We have had six consecutive quarters of increased sales order backlog. We believe this reflects the positive dealer response to our new 2014 model year products.”
