|
UNITED STATES FORM 8-K Current Report Date of Report (Date of earliest event reported): December 17, 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 |
ITEM 7. Financial Statements and Exhibits
The following exhibits are included herein:
Ex. 99.1 Press Release of Winnebago Industries, Inc. issued on December 17, 2003
ITEM 12. Results of Operations and Financial Condition
Winnebago Industries, Inc. (Winnebago) is filing herewith a press release issued on December 17, 2003 as Exhibit 99.1 which is included herein. The press release was issued to report first quarter of fiscal 2004 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: December 17, 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 December 17, 2003. |
EXHIBIT 99.1
Contact: Sheila Davis, PR/IR Manager
641/585-6803
sdavis@winnebagoind.com
WINNEBAGO INDUSTRIES REPORTS RECORD
FIRST QUARTER REVENUES AND EARNINGS PER SHARE
FOREST CITY, IOWA, December 17, 2003 - Winnebago Industries, Inc., (NYSE:WGO),
the leading United States (U.S.) motor home manufacturer, today reported record
results for the Company's first quarter ended November 29, 2003.
Revenues for the first quarter of fiscal 2004 were a record $254.9 million,
a 9.3 percent increase compared to revenues of $233.3 million for the first
quarter of fiscal 2003.
Net income for the first quarter was $18.1 million, an 11.0 percent
increase compared to net income of $16.3 million for the first quarter last
year. On a diluted per share basis, the Company earned a record $1.01 a share
for the first quarter of fiscal 2004, a 18.8 percent increase compared to net
income per diluted share of 85 cents a share for the first quarter last year.
Included in net income in the first quarter of fiscal 2003 was $400,000, or two
cents a share, from the Company's discontinued operations.
As previously announced on October 20, 2003, Winnebago Industries
repurchased 1,450,000 shares of stock for $44.1235 per share from Hanson Capital
Partners, LLC, controlled by the Company's founder John K. Hanson and his wife,
Luise. This reduced the Company's cash balance and stockholders' equity by
$63,979,000.
"We are extremely pleased with the growth in the Company's first quarter
revenues and earnings," said Winnebago Industries' Chairman, CEO and President
Bruce D. Hertzke. "The increases in revenues and net income are the result of
the excellent acceptance of Winnebago Industries' new 2004 motor homes,
particularly the Company's new and redesigned diesel models, the Winnebago
Journey and Vectra and the Itasca Meridian and Horizon. Fiscal 2004 is off to a
strong start as evidenced by the Company's 42 percent increase in sales order
backlog of 2,768 motor homes as of November 29, 2003, compared to 1,950 motor
homes on November 30, 2002."
Low interest rates and high consumer confidence levels are positive
economic factors for the RV industry. Hertzke continued, "If interest rates
remain at relatively low historic levels and consumer confidence levels continue
to rise in coming months, we believe we will see continued improvements in motor
home sales throughout the year."
"At the National RV trade show in Louisville, Kentucky, in early December,
we were pleased with the positive response to the Company's new product
introductions, particularly our new Class A diesel models, as well as the new
triple-slide Winnebago Adventurer and Itasca Suncruiser Class A gas motor
homes," said Hertzke. "Our dealers appear to be extremely optimistic about the
retail sales environment for the remainder of calendar 2003 and for calendar
2004."
Also during the recent Louisville Show, Winnebago Industries accepted the
prestigious Quality Circle Award for the eighth consecutive year from the
Recreation Vehicle Dealer Association. Winnebago Industries is the only company
to receive the award for all eight years since its inception. Hertzke noted, "We
are very honored and gratified to receive this award. Our employees have worked
extremely hard to insure that Winnebago Industries' products and services meet
our dealers' high quality expectations."
About Winnebago Industries
- --------------------------
Winnebago Industries, Inc. is the leading United States 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,
http://www.winnebagoind.com/html/company/investorRelations.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 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)
Thirteen Weeks Thirteen Weeks
Ended Ended
Nov. 29, 2003 Nov. 30, 2002
-------------- --------------
Net revenues $ 254,933 $ 233,347
Cost of goods sold 215,468 198,275
----------------------------------
Gross profit 39,465 35,072
----------------------------------
Operating expenses
Selling 4,561 4,687
General and administrative 5,738 5,104
----------------------------------
Total operating expenses 10,299 9,791
----------------------------------
Operating income 29,166 25,281
Financial income 303 275
----------------------------------
Pre-tax income 29,469 25,556
Provision for taxes 11,402 9,678
----------------------------------
Income from continuing operations 18,067 15,878
Income from discontinued operations
(net of taxes) -- 400
----------------------------------
Net income $ 18,067 $ 16,278
==================================
Income per share - basic
From continuing operations $ 1.02 $ 0.85
From discontinued operations -- 0.02
----------------------------------
Net income $ 1.02 $ 0.87
==================================
Number of shares used in per share
calculations - basic 17,649 18,719
==================================
Income per share - diluted
From continuing operations $ 1.01 $ 0.83
From discontinued operations -- 0.02
----------------------------------
Net income $ 1.01 $ 0.85
Number of shares used in per share
calculations - diluted 17,923 19,107
==================================
Certain prior year information has been reclassified to conform to the current
year presentation.
Winnebago Industries, Inc.
Unaudited Consolidated Condensed Balance Sheets
(In thousands)
Nov. 29, 2003 Aug. 30, 2003
------------- -------------
ASSETS
Current assets
Cash and cash equivalents $ 56,889 $ 99,381
Receivables 20,318 30,885
Inventories 127,881 114,282
Other 13,372 12,741
------------------------------
Total current assets 218,460 257,289
Property and equipment, net 62,919 63,318
Deferred income taxes 22,545 22,491
Investment in life insurance 22,627 22,794
Other assets 12,272 11,570
------------------------------
Total assets $338,823 $377,462
==============================
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable $ 44,275 $ 52,239
Income taxes payable 8,872 --
Accrued expenses 41,748 40,159
------------------------------
Total current liabilities 94,895 92,398
Post retirement health care and
deferred compensation benefits 76,684 74,438
Stockholders' equity 167,244 210,626
------------------------------
Total liabilities and stockholders' equity $338,823 $377,462
==============================
Winnebago Industries, Inc.
Unaudited Condensed Consolidated Statement of Cash Flows
(Dollars in thousands)
Thirteen Thirteen
Weeks Weeks
Ended Ended
11/29/2003 11/30/2002
---------- ----------
Cash flows from operating activities
Net income $ 18,067 $ 16,278
Income from discontinued operations -- (400)
-------- --------
Income from continuing operations 18,067 15,878
Adjustments to reconcile net income to net cash
provided by operating activities
Depreciation and amortization 2,370 1,961
Tax benefit of stock options 1,297 550
Other (30) (63)
Change in assets and liabilities
Decrease in receivable and other assets 8,730 5,970
(Increase) decrease in inventories (13,599) 8,795
Increase in deferred income taxes (274) (1,312)
Decrease in accounts payable and accrued expenses (6,375) (8,860)
Increase in income taxes payable 10,297 10,595
Increase in postretirement benefits 1,733 1,568
-------- --------
Net cash provided by continuing operations 22,216 35,082
Net cash used in discontinued operations -- (2)
-------- --------
Net cash provided by operating activities 22,216 35,080
-------- --------
Cash flows used in investing activities
Purchases of property and equipment (2,047) (7,359)
Other 85 (997)
-------- --------
Net cash used in continuing operations (1,962) (8,356)
Net cash used in discontinued operations -- (4,771)
-------- --------
Net cash used in investing activities (1,962) (13,127)
-------- --------
Cash flows (used in) provided by financing activities
and capital transactions
Payments for purchase of common stock (63,979) --
Payment of cash dividends (1,823) (7)
Proceeds from issuance of common and treasury stock 3,056 1,913
-------- --------
Net cash (used in) provided by financing activities and
capital transactions (62,746) 1,906
-------- --------
Net (decrease) increase in cash and cash equivalents (42,492) 23,859
Cash and cash equivalents - beginning of period 99,381 42,225
-------- --------
Cash and cash equivalents - end of period $ 56,889 $ 66,084
======== ========
Winnebago Industries, Inc.
Motor Home Deliveries
(Volume in Units)
Unaudited
1st Quarter 1st Quarter
Ended Ended
11/29/2003 11/30/2002
----------- -----------
Unit deliveries
Class A gas 1,342 1,520
Class A diesel 529 407
Class C 1,091 998
---------------------------------
Total deliveries 2,962 2,925
Winnebago Industries, Inc.
Unaudited Backlog and Dealer Inventory
Nov. 29, 2003 Nov. 30, 2002
------------- -------------
Sales order backlog
Class A gas 1,023 996
Class A diesel 818 319
Class C 927 635
------------------------------------
Total backlog* 2,768 1,950
Dealer inventory 4,429 4,602
* The Company includes in its backlog all accepted purchase orders from dealers
shippable 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.
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