Release Details

WINNEBAGO INDUSTRIES REPORTS RESULTS FOR
FOURTH QUARTER AND FISCAL 2011
-- Revenues and Earnings Growth in Fiscal 2011 --


FOREST CITY, IOWA, October 13, 2011 - 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 2011.

Revenues for the fourth quarter ended August 27, 2011 were $130.5 million, an increase of 6.0%, versus $123.1 million for the fourth quarter of Fiscal 2010. Included within consolidated revenues was $7.8 million associated with towable products. The Company reported an operating profit of $1.8 million for the quarter, versus $5.0 million for the fourth quarter of Fiscal 2010. Net income for the fourth quarter was $3.5 million versus $4.9 million for the fourth quarter of Fiscal 2010. On a diluted per share basis, the Company had net income of $0.12 for the fourth quarter of Fiscal 2011 versus $0.17 for the fourth quarter of Fiscal 2010.

The fourth quarter of Fiscal 2011 as compared to the fourth quarter of Fiscal 2010 was negatively impacted by last-in, first-out (LIFO) inventory expense as opposed to LIFO income in the prior year period and commodity inflation. These negative items were partially offset by a tax benefit recorded in the fourth quarter of Fiscal 2011, primarily due to the taxable earnings achieved in Fiscal 2011 which increased the likelihood of realizing a portion of gross deferred tax assets in the future.

Revenues for Fiscal 2011 were $496.4 million, an increase of 10.4%, versus revenues of $449.5 million for Fiscal 2010. Included within consolidated revenues was $16.7 million associated with towable products. The Company reported operating income of $11.3 million for Fiscal 2011, versus $0.5 million for Fiscal 2010. Net income for Fiscal 2011 was $11.8 million, or $0.41 per diluted share, versus $10.2 million, or $0.35 per diluted share for Fiscal 2010. Contributing to net income in Fiscal 2010 was $9.5 million of tax benefits recorded primarily related to $5.8 million of tax benefit associated with the carryback of Fiscal 2009 net operating losses permitted by tax law changes and tax benefits associated with various tax planning initiatives and tax settlements.

“Results for the fourth quarter followed the same pattern as the third, showing the impact from an economy that had slowed in the second half of our fiscal year,” said Winnebago Industries' CEO and President Randy Potts. "While we experienced improved market conditions in the first half of Fiscal 2011, we were disappointed to see the negative effects caused by falling consumer confidence throughout the remainder of the year. The trend of rising average selling prices for our vehicles, however, was positive for us and we were pleased to complete the year with growth in revenues, operating income and net income year over year."

Revenues in Fiscal 2011 included towable products as a result of the acquisition of SunnyBrook Manufacturing. However, the new subsidiary was not yet profitable during the first eight months of ownership. "Fiscal 2011 was a year of investment in the Towables subsidiary," said Potts. "As anticipated, we incurred operational losses in Towables during the year in part related to the integration of systems, expansion of the distribution network, the updating of existing SunnyBrook product and the development of a new Winnebago branded towable product line. We are very excited about the future growth potential this new market holds for us."

"During the fourth quarter, we launched 2012 model year products and our dealers have expressed excitement about the new products, particularly the new Winnebago Tour and Itasca Ellipse 42QD floorplan, which was the hit of the recent September 2011 Pennsylvania RV and Camping Show in Hershey, PA," said Potts. "We participated for the first time in a dealer open house event in Elkhart, Indiana during September. This was also the first time we displayed our motorized and towable products together in one display and we were were pleased with the response from our dealers to our new 2012 model year products. It was a great opportunity for them to touch and feel these new products, many of which they were seeing for the first time, particularly the newly introduced Winnebago brand towables."

Conference Call
Winnebago Industries, Inc. will conduct a conference call in conjunction with this release at 9 a.m. Central Time today, Thursday, October 13, 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, which are 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.
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Winnebago Industries, Inc.

Unaudited Consolidated Statements of Cash Flows

(In thousands)

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Unaudited Deliveries
 

Percentages may not add due to rounding differences.
 

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Unaudited Backlog
 

⁽¹⁾       Percentages may not add due to rounding differences.

⁽²⁾       Our backlog includes all accepted orders from dealers to be shipped within the next six months. Orders in backlog can be canceled or postponed at the option of the purchaser at any time without penalty and, therefore, backlog may not necessarily be an accurate measure of future sales.