|
UNITED STATES FORM 8-K Current Report Date of Report (Date of earliest event reported): October 16, 2003 Winnebago
Industries, Inc. |
| IOWA (State of Incorporation) |
001-06403 (Commission File Number) |
42-0802678 (IRS Employer Identification No.) |
|
P.O. BOX 152 Registrant's telephone number, including area code: 641-585-3535 (Former name or former address, if changed since last report) |
ITEM 7. Financial Statements and Exhibits
The following exhibits are included herein:
Ex. 99.1 Press Release of Winnebago Industries, Inc. issued on October 16, 2003
ITEM 12. Results of Operations and Financial Condition
Winnebago Industries, Inc. (Winnebago) is filing herwith a press release issued on October 16, 2003, as Exhibit 99.1 which is included herein. The press release was issued to report fourth quarter and 2003 fiscal year earnings.
SIGNATURES
Pursuant to the requirements of Section 12 of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: October 16, 2003
| By: /s/ Bruce D. Hertzke | |||
| Name: Bruce D. Hertzke | |||
| Title: Chief Executive Officer |
EXHIBIT INDEX
| Exhibit Number | Description | ||
|---|---|---|---|
| 99.1 | Press release of Winnebago Industries, Inc. dated October 16, 2003. |
EXHIBIT 99.1
Contact: Sheila Davis - PR/IR Mgr. - 641-585-6803 - sdavis@winnebagoind.com
WINNEBAGO INDUSTRIES REPORTS
RECORD REVENUES FOR FISCAL 2003
FOREST CITY, IOWA, October 16, 2003 - Winnebago Industries, Inc. (NYSE:WGO), the
nation's leading motor home manufacturer, today reported financial results for
the Company's fourth quarter and fiscal year ended August 30, 2003.
Revenues for the fourth quarter of fiscal 2003 were $225.7 million,
compared to revenues of $220.1 million for the fourth quarter last year.
Net income for the fourth quarter ended August 30, 2003 was $12.0 million
versus $16.4 million for the fourth quarter of fiscal 2002. On a diluted per
share basis, the Company earned 65 cents a share for the fourth quarter of
fiscal 2003 versus 86 cents a share for the fourth quarter last year. Included
in net income in the fourth quarter of fiscal 2002 was $455,000, or three cents
a share, from the Company's discontinued operations.
Revenues for fiscal 2003 (52 weeks) were a record $845.2 million versus
$825.3 million for the previous fiscal year (53 weeks).
Net income for fiscal 2003 was $49.9 million, versus $54.7 million for
fiscal 2002. On a diluted per share basis, the Company earned $2.65 a share,
versus $2.68 a share for fiscal 2002. Included in net income was $1.2 million
from discontinued operations, or six cents a share, in fiscal 2003, versus $1.8
million, or nine cents a share, in fiscal 2002.
"We saw a positive turnaround in business during the fourth quarter as
dealers began stocking their shelves with new 2004 motor home models," said
Winnebago Industries Chairman, CEO and President Bruce Hertzke. "Our new 2004
models have been well received by both our dealers and retail customers and our
dealers have experienced increased traffic and retail sales at fall RV shows.
The ramp-up of production in our new Charles City facility, which started
production in March 2003, is continuing as scheduled, and we are now producing
over 50 Class C motor homes per week in that facility. It is our intention to
continue to gradually increase production within that facility throughout the
coming months, allowing for additional Class A motor home production in Forest
City as the market demands."
"Results for the fourth quarter of fiscal 2003 were impacted by increased
manufacturing costs as a result of lower production volumes, costs associated
with the new Charles City facility, higher discounts, and the absence of EuroVan
Camper business from Volkswagen of America," continued Hertzke.
"We were very pleased with the results for the fiscal year which started at
a record pace in the first half of the year," said Hertzke. "We experienced
lower sales volume in the third quarter as a result of dealers choosing to trim
inventory levels due to low consumer confidence levels, uncertainty about the
war in Iraq and the coming model year changeover," said Hertzke. "It now appears
that both wholesale and retail sales have normalized."
Winnebago Industries motor home sales order backlog at the end of fiscal
2003 was 2,632 units, substantially up from the backlog of 1,419 reported at the
end of the third quarter, however, down from the abnormally high backlog at the
end of fiscal 2002 of 3,248.
"As a result of the increases in backlog and sales activity during the
fourth quarter, we have increased our production level and scheduled overtime in
our factories," said Hertzke.
Winnebago Industries is the top-selling motor home manufacturer with 19.2
percent market share for the first eight months of calendar 2003.
In March, the Board of Directors announced the Company's eighth stock
repurchase program, authorizing the purchase of Winnebago Industries' common
stock for an aggregate price of up to $20 million. The Company had repurchased
345,899 shares as of August 30, 2003 under that authorization for an aggregate
price of approximately $9.7 million. During fiscal 2003, Winnebago Industries
repurchased in total 676,199 shares of common stock for an aggregate price of
$20.2 million. As of August 30, 2003, outstanding shares were approximately
18,225,000.
Also, previously announced, Winnebago Industries doubled its annual
dividend as it began paying a quarterly rather than semi-annual dividend of ten
cents a share for a total of 40 cents a share annually during fiscal 2004. The
first quarterly payment was made on October 6, 2003 to shareholders of record as
of September 5, 2003.
Winnebago Industries will host a live webcast today at 10 a.m. ET to review
the Company's fourth quarter and fiscal 2003 results. The webcast will be
available on the Company's website at www.winnebagoind.com and will be archived
and available for 90 days.
ABOUT WINNEBAGO INDUSTRIES
Winnebago Industries, Inc. is the leading manufacturer of motor homes,
self-contained recreation vehicles used primarily in leisure travel and outdoor
recreation activities. The Company builds quality motor homes under the
Winnebago, Itasca, Rialta and Ultimate brand names with state-of-the-art
computer-aided design and manufacturing systems on automotive-styled assembly
lines. The Company's common stock is listed on the New York, Chicago and Pacific
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, to add your name to an
automatic email list for Company news releases or for information on a
dollar-based stock investment service for the Company's stock, visit,
www.winnebagoind.com/investor_relations.htm.
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 reactions to actual or threatened terrorist
attacks, the availability and price of fuel, a significant increase in interest
rates, a slowdown in the economy, availability of chassis, sales order
cancellations, slower than anticipated sales of new or existing products, new
products introduced by competitors 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.
Winnebago Industries, Inc.
Unaudited Consolidated Statements of Income
(in thousands except per share amounts)
52 Weeks 53 Weeks
Quarter Ended Ended Ended
8/30/2003 8/31/2002 8/30/2003 8/31/2002
-------- -------- -------- --------
Net revenues $225,694 $220,148 $845,210 $825,269
Cost of goods sold 196,902 185,797 731,832 708,865
--------------------------------------------
Gross profit 28,792 34,351 113,378 116,404
--------------------------------------------
Operating expenses
Selling 6,346 6,039 19,753 19,606
General and administrative 4,044 3,931 16,331 18,727
--------------------------------------------
Total operating expenses 10,390 9,970 36,084 38,333
--------------------------------------------
Operating income 18,402 24,381 77,294 78,071
Financial income 398 612 1,399 3,253
--------------------------------------------
Pre-tax income 18,800 24,993 78,693 81,324
Provision for taxes 6,832 9,029 29,961 28,431
--------------------------------------------
Income from continuing operations 11,968 15,964 48,732 52,893
Income from discontinued operations
(Net of taxes) -- 455 1,152 1,778
--------------------------------------------
Net income $ 11,968 $ 16,419 $ 49,884 $ 54,671
============================================
Income per share (basic)
From continuing operations $ 0.66 $ 0.85 $ 2.64 $ 2.65
From discontinued operations -- .03 .06 .09
--------------------------------------------
Net income $ 0.66 $ 0.88 $ 2.70 $ 2.74
============================================
Number of shares used in per share
calculations-basic 18,184 18,752 18,487 19,949
============================================
Income per share (diluted)
From continuing operations $ 0.65 $ 0.83 $ 2.59 $ 2.59
From discontinued operations -- .03 .06 .09
--------------------------------------------
Net income $ 0.65 $ 0.86 $ 2.65 $ 2.68
============================================
Number of shares used in per share
calculations-diluted 18,490 19,166 18,818 20,384
============================================
Winnebago Industries, Inc.
Unaudited Condensed Consolidated Balance Sheets
(In thousands)
Aug. 30, 2003 Aug. 31, 2002
------------- -------------
ASSETS
Current assets
Cash $ 99,381 $ 42,225
Receivables 30,885 28,375
Inventories 114,282 113,654
Other 12,741 11,221
Net assets of discontinued operations -- 38,121
-----------------------
Total current assets 257,289 233,596
Property and equipment, net 63,318 48,927
Deferred income taxes 22,491 22,438
Investment in life insurance 22,794 23,474
Other assets 11,570 8,642
-----------------------
Total assets $377,462 $337,077
=======================
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable $ 52,239 $ 44,230
Income taxes payable -- 2,610
Accrued expenses 40,159 41,761
-----------------------
Total current liabilities 92,398 88,601
Post retirement health care and
deferred compensation benefits 74,438 68,661
Stockholders' equity 210,626 179,815
-----------------------
Total liabilities and stockholders' equity $377,462 $337,077
=======================
WINNEBAGO INDUSTRIES INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(DOLLARS IN THOUSANDS)
52 WEEKS 53 WEEKS
8/30/2003 8/31/2002
--------- ---------
Cash flows from operating activities
Net income as shown on the statement of income $ 49,884 $ 54,671
Income from discontinued operations (1,152) (1,778)
--------- ---------
Income from continuing operations 48,732 52,893
Adjustments to reconcile net income to net cash provided by
operating activities
Depreciation and amortization 8,786 7,879
Tax benefit of stock options 1,356 3,349
Other 176 (248)
Change in assets and liabilities
Increase in receivable and other assets (1,825) (8,085)
Increase in inventories (628) (33,839)
Increase in deferred income taxes (1,071) (1,127)
Increase in accounts payable and accrued expenses 6,407 10,921
Decrease in income taxes payable (4,035) (2,328)
Increase in postretirement benefits 4,884 5,278
--------- ---------
Net cash provided by continuing operations 62,782 34,693
Net cash provided by discontinued operations 234 319
--------- ---------
Net cash provided by operating activities 63,016 35,012
--------- ---------
Cash flows provided by (used in) investing activities
Purchases of property and equipment (23,487) (10,997)
Other (1,232) (2,644)
--------- ---------
Net cash used in continuing operations (24,719) (13,641)
Net cash provided by discontinued operations 39,288 4,243
--------- ---------
Net cash provided by (used in) investing activities 14,569 (9,398)
--------- ---------
Cash flows used in financing activities and capital transactions
Payments for purchase of common stock (20,221) (86,072)
Payment of cash dividends (3,701) (3,954)
Proceeds from issuance of common and treasury stock 3,493 4,357
--------- ---------
Net cash used in financing activities and capital transactions (20,429) (85,669)
--------- ---------
Net increase (decrease) in cash and cash equivalents 57,156 (60,055)
Cash and cash equivalents-beginning of period 42,225 102,280
--------- ---------
Cash and cash equivalents-end of period $ 99,381 $ 42,225
========= =========
Shipment/Backlog/Dealer Inventory Detail
(Volume in Units)
Unaudited
52 Weeks 53 Weeks
Quarter Ended Quarter Ended Ended Ended
8/30/2003 8/31/2002 8/30/2003 8/31/2002
--------- --------- --------- ---------
Unit shipments
Class A 1,790 1,783 6,705 6,725
(Class A diesel) (382) (369) (1,552) (1,667)
Class C 1,151 1,151 4,021 4,329
Total shipments 2,941 2,934 10,726 11,054
Sales order backlog
Class A 1,784 2,163
(Class A diesel) (612) (445)
Class C 848 1,085
Total backlog 2,632 3,248
Dealer inventory 3,945 4,000
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