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Winnebago Industries, Inc. Form 10-K dated August 28, 2004

WINNEBAGO INDUSTRIES, INC.
P.O. BOX 152
FOREST CITY, IA 50436

FORM 10-K
FISCAL YEAR ENDED AUGUST 28, 2004

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-K

(Mark One)

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED AUGUST 28, 2004; OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM _____ TO _____

Commission file number: 1-6403

WINNEBAGO INDUSTRIES, INC.
(Exact name of registrant as specified in its charter)

IOWA	42-0802678
(State or other jurisdiction of	(I.R.S. Employer
incorporation or organization)	Identification No.)
P.O. Box 152, Forest City, Iowa	50436
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (641) 585-3535

SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:

TITLE OF EACH CLASS	NAME OF EACH EXCHANGE ON WHICH REGISTERED

Common Stock ($.50 par value) and Preferred Share Purchase Rights	The New York Stock Exchange, Inc. Chicago Stock Exchange, Inc. The Pacific Stock Exchange, Inc.

SECURITIES REGISTERED PURSUANT TO SECTION 12(g) OF THE ACT:
None

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ü No o

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of the registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Annual Report on Form 10-K or any amendment to this Annual Report on Form 10-K ____.

Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Act). Yes ü No o

Aggregate market value of the common stock held by non-affiliates of the registrant: $1,045,941,925 (31,222,147 shares at the average price on the New York Stock Exchange of $33.50 on February 27, 2004 adjusted for the 2-for-1 stock split on March 5, 2004).

Common stock outstanding on November 2, 2004, 33,611,648 shares.

DOCUMENTS INCORPORATED BY REFERENCE

The Winnebago Industries, Inc. Annual Report to Shareholders for the fiscal year ended August 28, 2004, portions of which are incorporated by reference into Part II hereof.

The Winnebago Industries, Inc. Proxy Statement for the Annual Meeting of Shareholders scheduled to be held January 11, 2005, portions of which are incorporated by reference into Part II and Part III hereof.

WINNEBAGO INDUSTRIES, INC.

FORM 10-K

Report for the Fiscal Year Ended August 28, 2004

PART I

ITEM 1. Business

General

Winnebago Industries, Inc., headquartered in Forest City, Iowa, is the leading United States manufacturer of motor homes, self-contained recreation vehicles used primarily in leisure travel and outdoor recreation activities. Motor home sales by the Company represented at least 92 percent of its revenues in each of the past five fiscal years. The Company’s motor homes are sold through dealers under the Winnebago, Itasca and Rialta brand names.

Other products manufactured by the Company consist principally of extruded aluminum, commercial vehicles, and a variety of component products for other manufacturers.

The Company was incorporated under the laws of the state of Iowa on February 12, 1958, and adopted its present name on February 28, 1961. The Company’s executive offices are located at 605 West Crystal Lake Road in Forest City, Iowa. Unless the context indicates otherwise, the term “Company” refers to Winnebago Industries, Inc. and its subsidiaries.

Forward Looking Information

Certain of the matters discussed in this Annual Report on Form 10-K are “forward looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which involve risks and uncertainties, including, but not limited to reactions to actual or threatened terrorist attacks, availability and price of fuel, a significant increase in interest rates, a 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, and other factors which may be disclosed throughout this Annual Report on Form 10-K. Any forecasts and projections in this report are “forward looking statements,” and are based on management’s current expectations of the Company’s near-term results, based on current information available pertaining to the Company, including the aforementioned risk factors; actual results could differ materially. The Company undertakes no obligation to publicly update or revise any forward looking statements whether as a result of new information, future events or otherwise, except as required by law or the rules of the New York Stock Exchange.

Principal Products

The following table sets forth the respective contribution to the Company’s net revenues by product class for each of the last five fiscal years (dollars in thousands):

	Fiscal Year Ended (1) (2)
	August 28, 2004			August 30, 2003			August 31, 2002			August 25, 2001			August 26, 2000
Class A and C Motor Homes	$	1,070,264		$	801,027		$	773,125		$	624,110		$	690,022
		96.1	%		94.8	%		93.7	%		92.9	%		92.8	%
Other Recreation
Vehicle Revenues (3)		15,199			17,285			20,486			17,808			18,813
		1.3	%		2.0	%		2.5	%		2.7	%		2.5	%
Other Manufactured Products
Revenues (4)		28,691			26,898			31,658			29,768			34,894
		2.6	%		3.2	%		3.8	%		4.4	%		4.7	%

Total Net Revenues	$	1,114,154		$	845,210		$	825,269		$	671,686		$	743,729
		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%

(1)

Certain prior periods’ information has been reclassified to conform to the current year-end presentation.

(2)

The fiscal year ended August 31, 2002 contained 53 weeks, all other fiscal years contained 52 weeks.

(3)

Primarily recreation vehicle related parts and recreation vehicle service revenue.

(4)

Primarily sales of extruded aluminum, commercial vehicles and component products for other manufacturers.

Unit sales of the Company’s principal recreation vehicles for the last five fiscal years were as follows:

	Fiscal Year Ended (1)
	August 28, 2004		August 30, 2003		August 31, 2002		August 25, 2001		August 26, 2000
Unit Sales
Class A		8,108		6,705		6,725		5,666		6,819
Class C		4,408		4,021		4,329		3,410		3,697

Total Class A & C Motor Homes		12,516		10,726		11,054		9,076		10,516
Class B Conversions (EuroVan Camper) (2)		—		308		763		703		854

(1)

The fiscal year ended August 31, 2002 contained 53 weeks, all other fiscal years contained 52 weeks.

(2)

Discontinued March 1, 2003.

The primary use of recreation vehicles for leisure travel and outdoor recreation has historically led to a peak retail selling season concentrated in the spring and summer months. The Company’s sales of recreation vehicles are generally influenced by this pattern in retail sales, but can also be affected by the level of dealer inventory.

The Company’s products are generally manufactured against orders from dealers and from time to time to build inventory to satisfy the peak selling season. As of August 28, 2004, the Company’s backlog of orders for Class A and Class C motor homes was 2,541 units (approximately $220 million) compared to 2,632 units (approximately $200 million) at August 30, 2003. 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 dealer at any time without penalty and, therefore, backlog may not necessarily be an accurate measure of future sales.

Recreation Vehicles

Motor Homes – A motor home is a self-propelled mobile dwelling used primarily as a temporary dwelling during vacation and camping trips.

The Recreation Vehicle Industry Association (RVIA) classifies motor homes into three types (Class A, Class B and Class C). The Company currently manufactures Class A and Class C motor homes.

Class A models are conventional motor homes constructed directly on medium-duty and heavy-duty truck chassis which include the engine and drivetrain components. The living area and driver’s compartment are designed and produced by the recreation vehicle manufacturer.

Class C models are mini motor homes built on van-type chassis onto which the recreation vehicle manufacturer constructs a living area with access to the driver’s compartment. Certain models of the Company’s Class C units include van-type driver’s compartments built by the Company.

The Company currently manufactures and sells Class A and Class C motor homes under the Winnebago and Itasca brand names and Class C motor homes under the Rialta brand name. These motor homes generally provide living accommodations for four to seven persons and include kitchen, dining, sleeping and bath areas, and in some models, a lounge. Optional equipment accessories include, among other items, air conditioning, electric power plant, stereo system and a wide selection of interior equipment.

The Company offers, with the purchase of any new Winnebago or Itasca motor home, a comprehensive 12-month/15,000-mile warranty and a 3-year/36,000-mile warranty on sidewalls, floors and slide-out room assemblies. The Rialta has a 2-year/24,000-mile warranty. Estimated warranty costs are accrued at the time of sale of the warranted products. Estimates of future warranty costs are based upon past warranty claims and unit sales history and adjusted as required to reflect actual costs incurred as information becomes available. An increase in dealership labor rates, the cost of parts or the frequency of claims could have an adverse impact on the Company’s operating results for the period or periods in which such claims or additional cost arise. In addition to the costs associated with the contractual warranty coverage provided on our motor homes, we also occasionally incur costs as a result of additional service actions not covered by our warranties, including product recalls and customer satisfaction actions. The Company estimates the cost of these service actions using past claim rate experiences and the estimated cost of the repairs. Estimated costs are accrued at the time the service action is implemented and included in cost of sales in the Company’s consolidated statement of income and as other accrued expense in the Company’s consolidated balance sheet.

The Company’s Class A and Class C motor homes are sold by dealers in the retail market at manufacturer’s suggested retail prices ranging from approximately $59,000 to more than $245,000, depending on size and model, plus optional equipment and delivery charges.

The Company currently manufactures Class A and Class C motor homes ranging in length from 27 to 40 feet and 22 to 31 feet, respectively.

Non-Recreation Vehicle Activities

OEM, Commercial Vehicles, and Other Products

OEM – Original equipment manufacturer sales are sales of component parts such as aluminum extrusions, metal stampings, rotational moldings, vacuum formed plastics, fiberglass components, panel lamination, electro-deposition painting of steel and sewn or upholstered items to outside manufacturers.

Commercial Vehicles – Commercial vehicles sales are shells primarily custom designed for the buyer’s special needs and requirements.

Production

The Company’s Forest City facilities have been designed to provide vertically integrated production line manufacturing. The Company also operates a fiberglass manufacturing and component assembly facility in Hampton, Iowa, a sewing operation in Lorimor, Iowa, assembly plants and a cabinet products manufacturing facility in Charles City, Iowa. An addition to the cabinet door manufacturing facility in Charles City was completed and the Company began utilizing this area during January 2004. The Company manufactures a number of components utilized in its motor homes, with the exception of the chassis, engines, auxiliary power units and appliances.

Most of the raw materials and components utilized by the Company are obtainable from numerous sources. The Company believes that substitutes for raw materials and components, with the exception of chassis, would be obtainable with no material impact on the Company’s operations. Certain components, however, are produced by only a small group of quality suppliers who presently have the capacity to supply sufficient quantities to meet the Company’s needs. This is especially true in the case of motor home chassis, where Ford Motor Company, Workhorse Custom Chassis LLC, Freightliner Custom Chassis Corporation and Volkswagen of America, Inc. are the Company’s dominant suppliers. Decisions by suppliers to decrease production, utilize production internally, or shortages, production delays or work stoppages by the employees of such suppliers could have a material adverse effect on the Company’s ability to produce motor homes and ultimately, on the results from operations. The Company purchases Class A and C chassis from Ford Motor Company, Class A chassis from Freightliner Custom Chassis Corporation and Workhorse Custom Chassis LLC and Class C chassis from Volkswagen of America, Inc. Only three vendors accounted for as much as five percent of the Company’s raw material purchases in fiscal 2004, Freightliner Custom Chassis Corporation, Workhorse Custom Chassis LLC and Ford Motor Company (approximately 42 percent, in the aggregate).

Motor home bodies are made from various materials and structural components which are typically laminated into rigid, lightweight panels. Body designs are developed with computer design and analysis, and subjected to a variety of tests and evaluations to meet Company standards and requirements.

The Company manufactures picture windows, lavatories, and most of the doors, cabinets, shower pans, waste holding tanks, wheel wells and sun visors used in its recreation vehicles. In addition, the Company produces most of the bucket seats, upholstery items, lounge and dinette seats, seat covers, decorator pillows, curtains and drapes used in its recreation vehicles.

The Company produces substantially all of the raw, liquid-painted and powder-coated aluminum extrusions used for interior and exterior trim in its recreation vehicles. The Company also sells aluminum extrusions to over 90 customers.

Distribution and Financing

The Company markets its recreation vehicles on a wholesale basis to a diversified dealer organization located throughout the United States and, to a limited extent, in Canada. Foreign sales, including Canada, were less than two percent of net revenues in fiscal 2004. As of August 28, 2004 and August 30, 2003, the motor home dealer organization in the United States and Canada included approximately 310 dealer locations. During fiscal 2004, six dealer organizations accounted for approximately 25 percent of motor home unit sales and only one dealer organization accounted for more than ten percent of motor home unit sales, that dealer being La Mesa RV Center, Inc. which accounted for 10.7 percent of such sales.

All international sales (except Canada) are now handled by one distributor in Japan and one distributor in England.

The Company has sales agreements with dealers which generally have a term of five years. Many of the dealers are also engaged in other areas of business, including the sale of automobiles, and many dealers carry one or more competitive lines. The Company continues to place high emphasis on the capability of its dealers to provide complete service for its recreation vehicles. Dealers are obligated to provide full service for owners of the Company’s recreation vehicles, or in lieu thereof, to secure such service at their own expense from other authorized firms.

At August 28, 2004, the Company had a staff of 31 people engaged in field sales and service to the motor home dealer organization.

The Company advertises and promotes its products through national RV magazines and cable TV networks and on a local basis through trade shows, television, radio and newspapers, primarily in connection with area dealers.

Recreation vehicle sales to dealers are made on cash terms. Most dealers are financed on a “floor plan” basis under which a bank or finance company lends the dealer all, or substantially all, of the purchase price, collateralized by a security interest in the merchandise purchased (See Note 6, “Contingent Liabilities and Commitments” in the Company’s Annual Report to Shareholders for the year ended August 28, 2004). These repurchase agreements provide that, in the event of default by the dealer on the agreement to pay the lending institution, the Company will repurchase the financed merchandise. The agreements provide that the Company’s liability will not exceed 100 percent of the dealer invoice price and provide for periodic liability reductions based on the time since the date of the original invoice. These repurchase obligations generally expire upon the earlier to occur of (i) the dealer’s sale of the financed unit or (ii) one year from the date of the original invoice. The Company’s contingent liability on these repurchase agreements was approximately $355,396,000 and $245,701,000 at August 28, 2004 and August 30, 2003, respectively. Included in these contingent liabilities are approximately $-0- and $898,000, respectively, of certain dealer receivables subject to recourse. The Company also entered into a repurchase agreement on February 1, 2002 with a banking institution which calls for a liability reduction of 2 percent of the original invoice every month for 24 months, at which time the repurchase obligation terminates. The Company’s contingent liability under this agreement was approximately $1,772,000 and $2,366,000 at August 28, 2004 and August 30, 2003, respectively. (See Note 6, “Contingent Liabilities and Commitments” in the Company’s Annual Report to Shareholders for the year ended August 28, 2004). The Company’s contingent liability under repurchase agreements varies significantly from time to time, depending upon general economic conditions, seasonal shipments, competition, dealer organization, gasoline availability and price and cost of bank financing.

Competition

The recreation vehicle market is highly competitive, both as to price and quality of the product. The Company believes its principal marketing advantages are the quality of its products, its dealer organization, its warranty and service capability and its marketing strategies. The Company also believes that its prices are competitive with the competition’s units of comparable size and quality.

The Company is the leading U.S. manufacturer of motor homes. For the 12 months ended August 31, 2004, RVIA reported U.S. manufacturers factory shipments of 46,600 Class A motor homes and 23,100 Class C motor homes. Unit sales of such products by the Company for the last five fiscal years are shown on page 2 of this report. The Company has numerous competitors and potential competitors in this industry. The five largest manufacturers represented approximately 68 percent of the combined Class A and Class C motor home retail sales for the 12 months ended August 31, 2004, including the Company’s sales, which represented approximately 19.2 percent of the market. The Company is not a significant factor in the markets for its other recreation vehicle products and services or its non-recreation vehicle products.

Regulation, Trademarks and Patents

The Company is subject to a variety of federal, state and local regulations, including the National Traffic and Motor Vehicle Safety Act, under which the National Highway Traffic Safety Administration may require manufacturers to recall recreational vehicles that contain safety-related defects, and numerous state consumer protection laws and regulations relating to the operation of motor vehicles, including so-called “Lemon Laws.” The Company is subject to regulations promulgated by the Occupational Safety and Health Administration (OSHA). The Company’s facilities are periodically inspected by federal and state agencies, such as OSHA, concerned with workplace health and safety. The Company believes that its products and facilities comply in all material respects with the applicable vehicle safety, consumer protection, RVIA and OSHA regulations and standards. Amendments to any of these regulations or the implementation of new regulations, however, could significantly increase the cost of manufacturing, purchasing, operating or selling the Company’s products and could have a material adverse effect on the Company’s results of operations. The failure of the Company to comply with present or future regulations could result in fines being imposed on the Company, potential civil and criminal liability, suspension of sales or production, or cessation of operations. In addition, a major product recall could have a material adverse effect on the Company’s results of operations.

The Company’s operations are subject to a variety of federal and state environmental regulations relating to the use, generation, storage, treatment, emission and disposal of hazardous materials and wastes and noise pollution. Although the Company believes that it is currently in material compliance with applicable environmental regulations, the failure of the Company to comply with present or future regulations could result in fines being imposed on the Company, potential civil and criminal liability, suspension of production or operations, alterations to the manufacturing process, or costly cleanup or capital expenditures.

The Company has several registered trademarks for its motor home models which include Winnebago^®, Itasca^®, Rialta^®, Minnie^®, Minnie Winnie^®, Sightseer^®, Adventurer^®, Journey^®, Vectra^®, Spirit^®, Sundancer^®, Sunova^®, Sunrise^®, Suncruiser^®, Meridian^® and Horizon^®.

Research and Development

Research and development expenditures are expensed as incurred. During fiscal 2004, 2003, and 2002, the Company spent approximately $3,655,000, $3,464,000 and $3,190,000, respectively, on research and development activities.

Human Resources

As of September 1, 2004, 2003 and 2002, the Company employed approximately 4,220, 3,750 and 3,685 persons, respectively. Of these, approximately 3,530, 3,050 and 3,025 persons, respectively, were engaged in manufacturing and shipping functions. None of the Company’s employees are covered under a collective bargaining agreement.

ITEM 2. Properties

The Company’s principal manufacturing, maintenance and service operations are conducted in multi-building complexes owned by the Company, containing an aggregate of approximately 1,510,000 square feet in Forest City, Iowa. The Company also owns approximately 475,000 square feet of warehouse facilities located in Forest City. The Company leases approximately 220,000 square feet of its unoccupied manufacturing facilities in Forest City to others. The Company also owns a manufacturing facility (126,000 square feet) in Hampton, Iowa and manufacturing facilities (350,000 square feet) in Charles City, Iowa. The Company leases a storage facility (16,700 square feet) in Hampton, Iowa and a manufacturing facility (19,600 square feet) in Lorimor, Iowa. Leases on the above leased facilities expire at various dates, the earliest of which is December 31, 2004. The Company’s facilities in Forest City are located on approximately 780 acres of land, all owned by the Company. An unaffiliated third-party supplier of painting services (the “Supplier”) for the Company’s motor homes has leased paint facilities in Forest City, Iowa and Charles City, Iowa. The Company has guaranteed a portion of the lease payment obligations of the Supplier. (See Note 6, “Contingent Liabilities and Commitments” in the Company’s Annual Report to Shareholders for the year ended August 28, 2004.)

Most of the Company’s buildings are of steel or steel and concrete construction and are protected from fire with high-pressure sprinkler systems, dust collector systems, automatic fire doors and alarm systems. The Company believes that its facilities and equipment are well maintained, in excellent condition and suitable for the purposes for which they are intended. Should the Company require increased production capacity in the future, the Company believes that additional or alternative space adequate to serve the Company’s foreseeable needs would be available.

ITEM 3. Legal Proceedings

The Company has settled all claims raised in a lawsuit titled Sanft, et al vs. Winnebago Industries, Inc., et al involving 21 participants in the Winnebago Industries, Inc. Deferred Compensation Plan and the Winnebago Industries, Inc. Deferred Incentive Formula Bonus Plan (the “Plans”). The Plaintiffs were seeking to negate certain amendments made to the Plans in 1994 which reduced the benefits which some participants would receive under the Plans. The settlement will result in a partial reinstatement of the alleged lost benefits and had a present value cost to the Company of approximately $5,300,000. Additionally, the Company voluntarily provided the same benefits to an additional 22 non-plaintiff participants in the Plans and this will create an additional present value cost to the Company of approximately $2,040,000. The total pre-tax charge, which was recorded in the third quarter of the Company’s 2004 fiscal year, was $7,340,000, which on an after tax basis equated to approximately $4,590,000, or approximately 13 cents per diluted

share. The Company paid out approximately $1,767,000 during the fourth fiscal quarter with the balance to be paid out in monthly increments over an indeterminable time period.

Reference is also made to Item 3 (Legal Proceedings) in the Company’s Annual Report on Form 10-K for the year ended August 30, 2003 for a description of certain litigation entitled Jody Bartleson, et al vs. Winnebago Industries, Inc., et al which is incorporated herein by reference. It was therein noted that Magistrate Judge Paul A. Zoss had entered an Order Approving an Amendment to the Complaint whereby Plaintiffs’ counsel sought to add a claim under the Iowa Wage Payment Collection Act. The sole purpose of such amendment was to attempt to change the nature of the case from an “opt in” class action where individual plaintiffs must take an affirmative act to join the lawsuit to an “opt out” class where all persons who have been exempt salaried employees over the three-year period preceding the filing of the lawsuit are included as plaintiffs unless they individually seek to “opt out” of the lawsuit. Chief Judge Mark W. Bennett subsequently reversed Judge Zoss’ ruling with the net result being that this lawsuit has remained an “opt in” class action with 21 participants. The Company believes that is has meritorious defenses to the Plaintiffs’ substantive claims. Trial of this case is currently scheduled to commence on January 31, 2005. As of August 28, 2004 the Company had accrued estimated legal fees for the defense of this case. However, no other amounts have been accrued for the case because it is not possible at this time to properly assess the risk of an adverse verdict or the magnitude of possible exposure.

ITEM 4. Submission of Matters to a Vote of Security Holders

Not applicable.

Executive Officers of the Registrant

Name	Office (Year First Elected an Officer)	Age
Bruce D. Hertzke +	Chairman of the Board, Chief Executive Officer and President (1989)	53
Edwin F. Barker	Senior Vice President, Chief Financial Officer (1980)	57
Raymond M. Beebe	Vice President, General Counsel & Secretary (1974)	62
Robert L. Gossett	Vice President, Administration (1998)	53
Brian J. Hrubes	Controller (1996)	53
Roger W. Martin	Vice President, Sales and Marketing (2003)	44
William J. O’Leary	Vice President, Product Development (2001)	55
Robert J. Olson	Vice President, Manufacturing (1996)	53
Joseph L. Soczek, Jr	Treasurer (1996)	61

+ Director

Officers are elected annually by the Board of Directors. All of the foregoing officers have been employed by the Company as officers or in other responsible positions for at least the last five years.

PART II

ITEM 5. Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Reference is made to information concerning the market for the Company’s common stock, cash dividends and related stockholder matters on page 40 of the Company’s Annual Report to Shareholders for the year ended August 28, 2004, which information is incorporated by reference herein. On October 13, 2004, the Board of Directors declared a cash dividend of $.07 per common share payable January 5, 2005 to shareholders of record on December 3, 2004. The Company paid dividends of $.20 per common share during fiscal 2004 and $.10 per common share during fiscal 2003. (Adjusted for the 2-for-1 stock split on March 5, 2004.)

Equity Compensation Plan Information

The following table provides information as of August 28, 2004 with respect to shares of the Company’s common stock that may be issued under the Company’s existing equity compensation plans:

Plan Category (1)	(a) Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants and Rights	(b) Weighted Average Exercise Price of Outstanding Options, Warrants and Rights	(c) Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (Excluding Securities Reflected in Column (a)

Equity compensation plans approved by shareholders	1,235,040 (2)	$17.925	1,956,000 (3)

Equity compensation plans not approved by shareholders (4)	37,343 (5)	$12.381	N/A (6)

Total	1,272,383	$17.763	1,956,000

(1)

Adjustments have been recorded to reflect the 2-for-1 stock split on March 5, 2004.

(2)

This number represents stock options under the 1997 Stock Option Plan, which was approved by the shareholders of the Company on December 17, 1997. This number also includes 10,000 options granted under the 1992 Stock Option Plan for outside directors, which was terminated in fiscal 1998.

(3)

This number represents stock options available for grant under the 2004 Incentive Compensation Plan (the “Plan”) as of August 28, 2004 which was approved by shareholders on January 13, 2004. The Plan replaced the 1997 Stock Option Plan effective January 1, 2004. No new grants may be made from the 1997 Stock Option Plan. Any stock options previously granted under the 1997 Stock Option Plan will continue to vest and/or be exercisable in accordance with their original terms and conditions.

(4)

The sole Equity Compensation Plan of the Company not previously submitted to the Company’s shareholders for approval is the Director’s Deferred Compensation Plan. For description of the key provisions of this Plan, see the information in the Company’s Proxy Statement for the Annual Meeting of Shareholders scheduled to be held January 11, 2005 under the caption “Board of Directors, Committees of the Board and Corporate Goverance — Director Compensation,” which information is incorporated by reference herein.

(5)

Represents shares of common stock underlying stock units, payable on a one-for-one basis, credited to stock unit accounts as of August 28, 2004 under the Director’s Deferred Compensation Plan.

(6)

The table does not reflect a specific number of stock units which may by distributed pursuant to the Director’s Deferred Compensation Plan. The Director’s Deferred Compensation Plan does not limit the number of stock units issuable thereunder. The number of stock units to be distributed pursuant to the Director’s Deferred Compensation Plan will be based on the amount of the director’s compensation deferred and the per share price of the Company’s common stock at the time of deferral.

This table provides information with respect to purchases by the Company of shares of its common stock during each fiscal month of the fourth quarter of fiscal 2004:

Period	Total Number of Shares Purchased	Average Price Paid Per Share	Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Maximum Number (or Approximate Dollar Value) of Shares That May Yet Be Purchased Under the Plans or Programs

5/30/04 – 7/3/04	—	—	—	$30,000,000

7/4/04 – 7/31/04	—	—	—	$30,000,000

8/1/04 – 8/28/04	116,800	$29.11	116,800	$26,600,000

Total	116,800	$29.11	116,800	—-

On June 16, 2004, the Company’s Board of Directors authorized the repurchase of outstanding shares of the Company’s common stock, depending on market conditions, for an aggregate of up to $30 million. There is no time restriction on this authorization. At August 28, 2004, $26,600,000 remained under this authorization.

ITEM 6. Selected Financial Data

Reference is made to the information included under the caption “Selected Financial Data” on pages 38 and 39 of the Company’s Annual Report to Shareholders for the year ended August 28, 2004, which information is incorporated by reference herein.

ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Reference is made to the information under the caption “Management’s Discussion and Analysis of Financial Condition and Results of Operations” on pages 14 through 21 of the Company’s Annual Report to Shareholders for the year ended August 28, 2004, which information is incorporated by reference herein.

ITEM 7A. Quantitative and Qualitative Disclosures About Market Risk

As of August 28, 2004, the Company had an investment portfolio of short-term investments, which are classified as cash and cash equivalents of $75.6 million, of which $68.4 million are fixed income investments that are subject to interest rate risk and a decline in value if market interest rates increase. However, the Company has the ability to hold its fixed income investments until maturity (which approximates 45 days) and, therefore, the Company would not expect to recognize an adverse impact in income or cash flows in such an event.

ITEM 8. Financial Statements and Supplementary Data

The consolidated financial statements of the Company which appear on pages 22 through 36 and the report of Independent Registered Public Accounting Firm which appears on page 36, and the supplementary data under “Interim Financial Information (Unaudited)” on page 37 of the Company’s Annual Report to Shareholders for the year ended August 28, 2004, are incorporated by reference herein.

ITEM 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

None.

ITEM 9A. Controls and Procedures

As of the end of the period covered by this report, an evaluation was carried out under the supervision and with the participation of the Company’s management, including its Chief Executive Officer and Chief Financial Officer, of the effectiveness of our disclosure controls and procedures as required by Rule 13a-15 under the Securities Exchange Act of 1934 (the “Exchange Act”). Based on their evaluation, the Company’s Chief Executive Officer and Chief Financial Officer have concluded that the Company’s disclosure controls and procedures are, to the best of their knowledge, effective to ensure that information required to be disclosed by the Company in reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in Securities and Exchange Commission rules and forms. Subsequent to the date of their evaluation, there were no significant changes in the Company’s internal controls or in other factors that could significantly affect internal controls over financial reporting, including any corrective actions with regard to significant deficiencies and material weaknesses.

ITEM 9B. Other Information

The Company amended Article II, Section 2, of its By-Laws effective November 9, 2004 to make this provision consistent with the Company’s Policy Regarding Nominations of Directors relating to nominations by greater than 5% shareholders. A copy of the amended By-Laws is included as Exhibit 3b hereto.

PART III

ITEM 10. Directors and Executive Officers of the Registrant

Reference is made to the table entitled Executive Officers of the Registrant in Part One of this report and to the information included under the captions “Election of Directors” and “Board of Directors, Committees of the Board and Corporate Goverance” in the Company’s Proxy Statement for the Annual Meeting of Shareholders scheduled to be held January 11, 2005, which information is incorporated by reference herein.

Section 16(a) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) requires the Company’s officers, directors and persons who beneficially own more than 10 percent of the Company’s common stock (collectively “Reporting Persons”) to file reports of ownership and changes in ownership with the Securities and Exchange Commission (the “SEC”) and the New York Stock Exchange. Reporting Persons are required by the SEC regulations to furnish the Company with copies of all Section 16(a) forms they file. Based solely on its review of the copies of such forms received or written representations from certain Reporting Persons that no Forms 5 were required for those persons, the Company believes that, during fiscal year 2004, all the Reporting Persons complied with all applicable filing requirements, with the exception of Robert Olson who filed one late report reporting two transactions.

The Company has adopted a written code of ethics, the “Code of Ethics for CEO and Senior Financial Officials” (the “Code”) which is applicable to the Company’s Chief Executive Officer, Chief Financial Officer, Controller and Treasurer (collectively the “Senior Officers”). In accordance with the rules and regulations of the SEC, a copy of the Code has been filed as an exhibit to this Form 10-K, and is posted on the Company’s Web Site.

The Company intends to disclose any changes in or waivers from the Code applicable to any Senior Officer on its Web Site at http://www.winnebagoind.com or by filing a Form 8-K.

ITEM 11. Executive Compensation

Reference is made to the information included under the caption “Executive Compensation” in the Company’s Proxy Statement for the Annual Meeting of Shareholders scheduled to be held January 11, 2005, which information is incorporated by reference herein.

ITEM 12. Security Ownership of Certain Beneficial Owners and Management

Reference is made to the share ownership information included under the caption “Voting Securities and Principal Holders Thereof” in the Company’s Proxy Statement for the Annual Meeting of Shareholders scheduled to be held January 11, 2005, which information is incorporated by reference herein.

ITEM 13. Certain Relationships and Related Transactions

Reference is made to the information included under the caption “Certain Transactions with Management” in the Company’s Proxy Statement for the Annual Meeting of Shareholders scheduled to be held January 11, 2005, which information is incorporated by reference herein.

ITEM 14. Principal Accounting Fees and Services

Reference is made to the information included under the caption “Principal Accounting Fees and Services” in the Company’s Proxy Statement and for the Annual Meeting of Shareholders scheduled to be held January 11, 2005, which information is incorporated by reference herein.

PART IV

ITEM 15. Exhibits, Financial Statement Schedules

(a) 1.

The consolidated financial statements of the Company are incorporated by reference in ITEM 8 and an index to financial statements appears on page 13 of this report.

Consolidated Financial Statement Schedules
Winnebago Industries, Inc. and Subsidiaries

		Page
Report of Independent Auditors on Supplemental Financial Schedule		14
II Valuation and Qualifying Accounts		15

All schedules, other than Schedule II, are omitted because of the absence of the conditions under which they are required or because the information required is shown in the consolidated financial statements or the notes thereto.

Exhibits

See Exhibit Index on pages 16 through 18.

UNDERTAKING

For the purposes of complying with the amendments to the rules governing Form S-8 (effective July 13, 1990) under the Securities Act of 1933, the undersigned registrant hereby undertakes as follows, which undertaking shall be incorporated by reference into registrant’s Registration Statements on Form S-8 Nos. 2-40316 (which became effective on or about June 10, 1971), 2-82109 (which became effective on or about March 15, 1983), 33-21757 (which became effective on or about May 31, 1988), 33-59930 (which became effective on or about March 24, 1993), 333-31595 (which became effective on or about July 18, 1997) and 333-113246 (which became effective on or about March 3, 2004).

Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act of 1933 and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


WINNEBAGO INDUSTRIES, INC.
By		/s/ Bruce D. Hertzke

	Bruce D. Hertzke Chairman of the Board, Chief Executive Officer, President and Director (Principal Executive Officer)

Date: November 10, 2004

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below on, November 10, 2004, by the following persons on behalf of the Registrant and in the capacities indicated.

Signature	Capacity
/s/ Bruce D. Hertzke

Bruce D. Hertzke	Chairman of the Board, Chief Executive Officer, President and Director (Principal Executive Officer)
/s/ Ed Barker

Edwin F. Barker	Senior Vice President, Chief Financial Officer (Principal Financial Officer)
/s/ Brian J. Hrubes

Brian J. Hrubes	Controller (Principal Accounting Officer)
/s/ Irvin E. Aal

Irvin E. Aal	Director
/s/ Gerald E. Boman

Gerald E. Boman	Director
/s/ Jerry N. Currie

Jerry N. Currie	Director
/s/ Joseph W. England

Joseph W. England	Director
/s/ John V. Hanson

John V. Hanson	Director
/s/ Gerald C. Kitch

Gerald C. Kitch	Director
/s/ Frederick M. Zimmerman

Frederick M. Zimmerman	Director

Index to Consolidated Financial Statements

Winnebago Industries, Inc. and Subsidiaries		*Page
Report of Independent Registered Public Accounting Firm		36
Consolidated Balance Sheets		22 & 23
Consolidated Statements of Income		24
Consolidated Statements of Cash Flows		25
Consolidated Statements of Changes in Stockholders’ Equity		26
Notes to Consolidated Financial Statements		27 – 36
* Refers to respective pages in the Company’s 2004 Annual Report to Shareholders, a copy of which is attached hereto, which pages are incorporated herein by reference.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Board of Directors and Shareholders
Winnebago Industries, Inc.
Forest City, Iowa

We have audited the consolidated financial statements of Winnebago Industries, Inc. and subsidiaries (the Company) as of August 28, 2004 and August 30, 2003 and for each of the three years in the period ended August 28, 2004 and have issued our report thereon dated November 10, 2004. Such consolidated financial statements and report are included in your fiscal 2004 Annual Report to Shareholders and are incorporated herein by reference. Our audits also included the consolidated financial statement schedule of the Company, as listed in Item 15(a)2. This consolidated financial statement schedule is the responsibility of the Company’s management. Our responsibility is to express an opinion based on our audits. In our opinion, such consolidated financial statement schedule, when considered in relation to the basic consolidated financial statements taken as a whole, presents fairly, in all material respects, the information set forth therein.

Deloitte & Touche LLP
Minneapolis, Minnesota
November 10, 2004

WINNEBAGO INDUSTRIES, INC. AND SUBSIDIARIES

SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS

	(Dollars in thousands)
Column A	Column B		Column C					Column D		Column E		Column F
			Additions (Reductions)
Period and Description	Balance at Beginning of Period		Charged to Cost and Expenses			Bad Debts Recoveries		Deductions Charge-Offs		Other		Balance at End of Period
Year Ended August 28, 2004:
Provision for warranty reserve	$	9,755	$	16,200		$	—	$	12,599	$	—	$	13,356
Reserve for recall campaign		131		1,601			—		804		—		928
Allowance for doubtful
accounts receivable		134		72			—		45		—		161
Allowance for doubtful
notes receivable		25		—			—		—		—		25
Year Ended August 30, 2003:
Provision for warranty reserve		8,151		13,085			—		11,481		—		9,755
Allowance for doubtful
accounts receivable		120		54			—		40		—		134
Reserve for recall campaign		61		100			—		30		—		131
Allowance for doubtful
dealer receivables		96		(96	)		—		—		—		—
Allowance for doubtful
notes receivable		25		—			—		—		—		25
Year Ended August 31, 2002:
Provision for warranty reserve		8,072		10,746			—		10,667		—		8,151
Allowance for doubtful
accounts receivable		244		(43	)		1		82		—		120
Allowance for doubtful
dealer receivables		117		(24	)		3		—		—		96
Reserve for recall campaign		115		73			—		127		—		61
Allowance for doubtful
notes receivable		—		25			—		—		—		25

Exhibit Index

3a.

Articles of Incorporation previously filed with the Registrant’s Quarterly Report on Form 10-Q for the quarter ended May 27, 2000 (Commission File Number 1-6403), and incorporated by reference herein.

3b.

Amended By-Laws of the Registrant.

4a.

Continuing Guaranty, Commercial Security Agreement, Deposit Account Control Agreement and Collateral Receipts all dated October 1, 2003 previously filed with the Registrant’s Annual Report on Form 10-K for the fiscal year ended August 30, 2003 (Commission File Number 1-6403), and incorporated by reference herein.

4b.

Limited Guaranty dated February 27, 2004 whereas Winnebago Industries, Inc. will act as the Guarantor to a certain lease agreement previously filed with the Registrant’s Quarterly Report on Form 10-Q for the quarter ended February 28, 2004 (Commission File Number 1-6403), and incorporated by reference herein.

10a.

Winnebago Industries, Inc. Stock Option Plan for Outside Directors previously filed with the Registrant’s Annual Report on Form 10-K for the fiscal year ended August 29, 1992 (Commission File Number 1-6403), and incorporated by reference herein.*

10b.

Amendment to Winnebago Industries, Inc. Deferred Compensation Plan previously filed with the Registrant’s Annual Report on Form 10-K for the fiscal year ended August 26, 1995 (Commission File Number 1-6403), and incorporated by reference herein.*

10c.

Amendment to Winnebago Industries, Inc. Profit Sharing and Deferred Savings and Investment Plan previously filed with the Registrant’s Annual Report on Form 10-K for the fiscal year ended August 26, 1995 (Commission File Number 1-6403), and incorporated by reference herein.*

10d.

Winnebago Industries, Inc. 1987 Non-Qualified Stock Option Plan previously filed with the Registrant’s Annual Report on Form 10-K for the fiscal year ended August 29, 1987 (Commission File Number 1-6403), and incorporated by reference herein.*

10e.

Winnebago Industries, Inc. Directors’ Deferred Compensation Plan previously filed with the Registrant’s Annual Report on Form 10-K for the fiscal year ended August 30, 1997 (Commission File Number 1-6403), and incorporated by reference herein and the Amendment dated October 15, 2003 previously filed with the Registrant’s Quarterly Report on Form 10-Q for the quarter ended November 29, 2003 (Commission File Number 1-6403), and incorporated by reference herein.*

10f.

Winnebago Industries, Inc. 1997 Stock Option Plan previously filed with the Registrant’s Annual Report on Form 10-K for the fiscal year ended August 30, 1997 (Commission File Number 1-6403), and incorporated by reference herein.*

10g.

Winnebago Industries, Inc. 2004 Incentive Compensation Plan previously filed as Appendix B with the Registrant’s Proxy Statement for the Annual Meeting of Shareholders held on January 13, 2004 (Commission File Number 1-6403), and incorporated by reference herein.*

10h.

Amendment to Winnebago Industries, Inc. Executive Share Option Plan previously filed with the Registrant’s Quarterly Report on Form 10-Q for the quarter ended May 29, 1999 (Commission File Number 1-6403), and incorporated by reference herein and the Amendment dated January 1, 2001 previously filed with the Registrant’s Quarterly Report on Form 10-Q for the quarter ended February 24, 2001 (Commission File Number 1-6403), and incorporated by reference herein.*

10i.

Winnebago Industries, Inc. Rights Plan Agreement previously filed with the Registrant’s Current Report on Form 8-K dated May 3, 2000 (Commission File Number 1-6403), and incorporated by reference herein and the Amendment dated January 13, 2003 previously filed with the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 1, 2003 (Commission File Number 1-6403), and incorporated by reference herein.

10j.

Executive Change of Control Agreement dated January 17, 2001 between Winnebago Industries, Inc. and Bruce D. Hertzke previously filed with the Registrant’s Quarterly Report on Form 10-Q for the quarter ended February 24, 2001 (Commission File Number 1-6403), and incorporated by reference herein.*

Exhibit Index
Page Two

10k.

Executive Change of Control Agreement dated January 17, 2001 between Winnebago Industries, Inc. and Edwin F. Barker previously filed with the Registrant’s Quarterly Report on Form 10-Q for the quarter ended February 24, 2001 (Commission File Number 1-6403), and incorporated by reference herein.*

10l.

Executive Change of Control Agreement dated January 17, 2001 between Winnebago Industries, Inc. and Raymond M. Beebe previously filed with the Registrant’s Quarterly Report on Form 10-Q for the quarter ended February 24, 2001 (Commission File Number 1-6403), and incorporated by reference herein.*

10m.

Executive Change of Control Agreement dated January 17, 2001 between Winnebago Industries, Inc. and Robert L. Gossett previously filed with the Registrant’s Quarterly Report on Form 10-Q for the quarter ended February 24, 2001 (Commission File Number 1-6403), and incorporated by reference herein.*

10n.

Executive Change of Control Agreement dated January 17, 2001 between Winnebago Industries, Inc. and Robert J. Olson previously filed with the Registrant’s Quarterly Report on Form 10-Q for the quarter ended February 24, 2001 (Commission File Number 1-6403), and incorporated by reference herein.*

10o.

Executive Change of Control Agreement dated July 12, 2001 between Winnebago Industries, Inc. and William J. O’Leary previously filed with the Registrant’s Annual Report on Form 10-K for the fiscal year ended August 25, 2001 (Commission Report Number 1-6403), and incorporated by reference herein.*

10p.

Winnebago Industries, Inc. Officers’ Incentive Compensation Plan for fiscal 2005.*

10q.

Agreement dated March 13, 2002 between Winnebago Industries, Inc. and Bruce D. Hertzke filed with the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 2, 2002 (Commission File Number 1-6403), and incorporated by reference herein.*

10r.

Amended Winnebago Industries, Inc. Officers’ Long-Term Incentive Plan, fiscal three-year period 2003, 2004 and 2005 previously filed with the Registrant’s Quarterly Report on Form 10-Q for the quarter ended February 28, 2004 (Commission Report Number 1-6403), and incorporated by reference herein.*

10s.

Executive Change of Control Agreement dated March 13, 2003 between Winnebago Industries, Inc. and Roger W. Martin previously filed with the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 1, 2003 (Commission File Number 1-6403), and incorporated by reference herein.*

10t.

Two Subordination Agreements both dated April 24, 2003 between Winnebago Acceptance Corporation and GE Commercial Distribution Finance Corporation previously filed with the Registrant’s Quarterly Report on Form 10-Q for the quarter ended May 31, 2003 (Commission File Number 1-6403), and incorporated by reference herein.

10u.

Winnebago Industries, Inc. Officers’ Long-Term Incentive Plan, fiscal three-year period 2004, 2005 and 2006 previously filed with the Registrant’s Annual Report on Form 10-K for the fiscal year ended August 30, 2003 (Commission File Number 1-6403), and incorporated by reference herein.*

10v.

Winnebago Industries, Inc. Officers’ Long Term Incentive Plan, fiscal three-year period 2005, 2006 and 2007.*

13.

Winnebago Industries, Inc. Annual Report to Shareholders for the year ended August 28, 2004.

14.1

Winnebago Industries, Inc. Code of Ethics for CEO and Senior Financial Officers previously filed with the Registrant’s Annual Report on Form 10-K for the fiscal year ended August 30, 2003 (Commission File Number 1-6403), and incorporated by reference herein.

21.

List of Subsidiaries.

23.

Consent of Independent Auditors.

31.1

Certification by the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 dated November 10, 2004.

31.2

Certification by the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 dated November 10, 2004.

Exhibit Index
Page Three

32.1

Certification by the Chief Executive Officer pursuant to Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 dated November 10, 2004.

32.2

Certification by the Chief Financial Officer pursuant to Section 1300, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 dated November 10, 2004.

*Management contract or compensation plan or arrangement.

EXHIBIT 3b. BY-LAWS OF WINNEBAGO INDUSTRIES, INC. AS AMENDED ARTICLE I. OFFICES ------------------ The principal office of the Corporation in the State of Iowa, shall be located in the City of Forest City, County of Winnebago, State of Iowa. The Corporation may have such other offices, either within or without of the State of Iowa, as the Board of Directors may designate or as the business of the Corporation may require from time to time. ARTICLE II. SHAREHOLDERS ------------------------ Section 1. Annual Meeting The Annual Meeting of the Shareholders shall be held on a date in the month of January of each year, commencing with the January, 1999 meeting, to be annually set by the Board of Directors with written notice thereof to be given not less than ten (10) days prior thereto by the Secretary, to be held in Forest City, Iowa, at such place as may be designated by the Board of Directors, for the purpose of electing directors and for the transaction of such other business as may come before the meeting. Section 2. Notice of Shareholder Business and Nominations (1) Nominations of persons for election to the Board of Directors of the Corporation and the proposal of business to be considered by the shareholders may be made at an annual meeting of shareholders (a) pursuant to the Corporation's notice of meeting, (b) by or at the direction of the Board of Directors or (c) by any shareholder of the Corporation who was a shareholder of record at the time of giving of notice provided for in this Section 2, who is entitled to vote at the meeting and who complies with the notice procedures set forth in this Section 2. (2) (a) For nominations or other business to be properly brought before an annual meeting by a shareholder pursuant to clause (c) of Section 2(1) of these By-Laws, the shareholder must have given timely notice thereof in writing to the Secretary of the Corporation and such other business must otherwise be a proper matter for shareholder action. To be timely, a shareholder's notice shall be delivered to the Secretary at the principal executive offices of the Corporation not later than the close of business on the 90th day nor earlier than the close of business on the 120th day prior to the first anniversary of the preceding year's annual meeting except in the case of candidates recommended by shareholders of more than 5% of the Corporation's Common Stock who may also submit nominations in accordance with the procedures in clause (b) of Section 2 of these By-Laws; provided however, that in the event that the date of the annual meeting is more than 30 days before or more than 60 days after such anniversary date, notice by the shareholder to be timely must be so delivered not earlier than the close of business on the 120th day prior to such annual meeting and not later than the close of business on the later of the 90th day prior to such annual meeting or the 10th day following the day on which public announcement of the date of such meeting is first made by the Corporation. In no event shall the public announcement of an adjournment of an annual meeting commence a new time period for the giving of a shareholder's notice as described above. Such shareholder's notice shall set forth (A) as to each person whom the shareholder proposes to nominate for election or re-election as a director, all information relating to such person that is required to be disclosed in solicitations of proxies for election of directors in an election contest, or is otherwise required, in each case pursuant to Regulation 14A under the Securities Exchange Act of 1934, as amended (the "Exchange Act") and Rule 14a-11

thereunder (including such person's written consent to being named in the proxy statement as a nominee and to serving as a director if elected); (B) as to any other business that the shareholder proposes to bring before the meeting, a brief description of the business desired to be brought before the meeting, the reasons for conducting such business at the meeting and any material interest in such business of such shareholder and the beneficial owner, if any, on whose behalf the proposal is made; and (C) as to the shareholder giving the notice and the beneficial owner, if any, on whose behalf the nomination or proposal is made (i) the name and address of such shareholder, as they appear on the Corporation's books, and of such beneficial owner and (ii) the class and number of shares of the Corporation which are owned beneficially and of record by such shareholder and such beneficial owner; and (D) a signed statement by the nominee agreeing that, if elected, such nominee will (i) represent all Corporation shareholders in accordance with applicable law and these By-Laws and (ii) comply with the Corporation's Code of Ethics. (b) Shareholders or a group of shareholders who have owned more than 5% of the Corporation's Common Stock for at least one year as of the date the recommendation was made may recommend nominees for director to the Nominating and Governance Committee, provided that written notice from the shareholder(s) must be received by the Secretary of the Corporation at the principal executive offices of the Corporation not later than 120 days prior to the anniversary of the date the Corporation's proxy statement was released to shareholders in connection with the previous year's annual meeting, except as otherwise provided in these By-Laws; provided, however, that in the event that the date of the annual meeting has been changed by more than 30 days from the date of the preceding year's annual meeting, notice by the shareholder must be received by the Secretary of the Corporation not later than the 10th day following the day on which public announcement of the date of such meeting is first made by the Corporation. In no event shall the public announcement of an adjournment of an annual meeting commence a new time period for the giving of a shareholder's notice as described above. Such shareholder's notice shall set forth (A) as to each person whom the shareholder proposes to nominate for election or re-election as a director, all information relating to such person that is required to be disclosed in solicitations of proxies for election of directors in an election contest, or is otherwise required, in each case pursuant to Regulation 14A under the Exchange Act and Rule 14a-11 thereunder (including (i) such person's written consent to being named in the proxy statement as a nominee and to serving as a director if elected and (ii) the written consent of the shareholder(s) recommending the nominee to being identified in the Corporation's proxy statement); (B) as to the shareholder(s) giving the notice and the beneficial owner(s), if any, on whose behalf the nomination or proposal is made (i) the name and address of such shareholder(s), as they appear on the Corporation's books, and of such beneficial owner(s) and (ii) the number of shares of the Corporation's Common Stock which are owned beneficially and of record by such shareholder(s) and such beneficial owner(s) and information with respect to the holding period for such shares; and (C) a signed statement by the nominee agreeing that, if elected, such nominee will (i) represent all Corporation shareholders in accordance with applicable law and these By-Laws and (ii) comply with the Corporation's Code of Ethics. (3) For purposes of these By-Laws, "public announcement" shall mean disclosure in a press release reported by the Dow Jones News Service, Associated Press or comparable national news service or in a document publicly filed by the Corporation with the Securities and Exchange Commission pursuant to Section 13, 14 or 15(d) of the Exchange Act. ARTICLE III. BOARD OF DIRECTORS ------------------------------- Section 1. General Powers The business and affairs of this Corporation shall be managed by its Board of Directors. Section 2. Number, Tenure and Qualifications The number of directors constituting the Board of Directors of the Corporation shall be not more than fifteen (15) and not less than three (3), the precise number to be determined by resolution of the Board of Directors from time to time. Effective with the election of the directors at the annual meeting of shareholders to be held in 2000, the directors shall be classified, with respect to the time for which they severally hold office, into three classes, as nearly equal in number as possible, with the Board of Directors consisting of eight (8) members existing at the time of the annual meeting of shareholders to be held in 2000 to be classified as follows: Two directors to hold office initially for

a term expiring at the annual meeting of shareholders to be held in 2001, three directors to hold office initially for a term expiring at the annual meeting of shareholders to be held in 2002, and three directors to hold office initially for a term expiring at the annual meeting of shareholders to be held in 2003, with the respective members of each class to hold office until their respective successors are elected and qualified. At each annual meeting of shareholders commencing with the annual meeting in 2001, the successors to the class of directors whose term then expires shall be elected to serve a three-year term and until their successors are duly elected and qualified. No decrease in the number of directors shall have the effect of shortening the terms of any incumbent director. Any increase or decrease in the number of directors shall be apportioned among the classes so as to make all classes as nearly equal in number as possible. Section 3. Regular Meetings The regular meeting of the Board of Directors shall be held without other notice than these By-Laws, immediately after, and at the same place as, the Annual Meeting of the Shareholders. The Board of Directors may provide, by resolution, the time and place, either within or without the State of Iowa, for the holding of additional regular meetings without other notice than such resolution. Section 4. Special Meetings Special meetings of the Board of Directors may be called by or at the request of the President or any one director. The persons or person authorized to call special meetings of the Board of Directors may fix the time for holding any special meetings of the Board of Directors so called, but the place shall be the same as the regular meeting place unless another place is unanimously agreed upon at the time and ratified by appropriate resolution. Section 5. Notice of Meetings Notice of any special meeting of the Board of Directors shall be given at least five (5) days previously thereto by written notice delivered personally or mailed to each director at his business address, or by telegram. If mailed, such notice shall be deemed to be delivered when deposited in the United States mail so addressed, with sufficient postage thereon prepaid. If notice be given by telegram, such notice shall be deemed to be delivered when the telegram is delivered to the telegraph company; any director may waive notice of any meeting. The attendance of a director at a meeting shall constitute a waiver of notice of such meeting, except where a director attends a meeting for the expressed purpose of objecting to the transaction of any business because the meeting is not lawfully called or convened. Neither the business to be transacted at, nor the purpose of any regular or special meeting of the Board of Directors need be specified in the notice or waiver of notice of such meeting. Section 6. Committees The Board of Directors may, by resolution adopted by a majority of the whole board, designate from among its members an Executive Committee and one or more other committees. Any such committee, to the extent provided in the resolution, shall have and may exercise all the authority of the Board of Directors; provided, however, that no such committee shall have such authority in reference to any matter for which such authority is specifically reserved to the full Board of Directors by the terms of the Iowa Business Corporation Act, as amended. Each such committee shall keep regular minutes of its meetings and report the same to the Board of Directors when required. ARTICLE IV. OFFICERS -------------------- Section 1. Number The officers of the Corporation shall be a President, Vice President, a Secretary and a Treasurer. Such other officers, assistant officers and acting officers as may be deemed necessary, may be elected or appointed by the Board of Directors. Any two or more offices may be held by the same person if so nominated and elected.

Section 2. Election and Term of Office The officers of the Corporation to be elected by the Board of Directors shall be elected annually by the Board of Directors at the first meeting of the Board of Directors held after each annual meeting of the shareholders. If the election of officers shall not be held at such meeting, such election shall be held as soon thereafter as conveniently may be. The officers of the Corporation shall hold office until their successors are chosen and qualify or until their death or resignation. Any officer elected by the Board of Directors may be removed at any time by the affirmative vote of a majority of the Board of Directors in office. Any vacancy occurring in any office in the Corporation shall be filled by the Board of Directors. ARTICLE V. NON-CERTIFICATED STOCK --------------------------------- In accordance with Section 490.626 of Code of Iowa the Board of Directors of the Corporation is hereby authorized at its discretion to issue some or all of the shares of stock of any or all of its classes or series without certificates. With any reasonable time after the issue or transfer of shares without certificates, the Corporation shall send the shareholder a written statement of the information required on certificates by Section 490.625, Subsections 2 and 3, and, if applicable Section 490.627, Code of Iowa. The rights and obligations of shareholders of the Corporation are identical whether or not their shares are represented by certificates. ARTICLE VI. FISCAL YEAR ----------------------- The fiscal year of this Corporation shall begin on the next day following the last Saturday in August of any year and end on the last Saturday in August of the succeeding year. ARTICLE VII. AMENDMENTS ----------------------- These By-Laws may be altered, amended or repealed and new By-Laws may be adopted by the Board of Directors at any regular or special meeting of the Board of Directors.

EXHIBIT 10p. [LOGO] OFFICERS INCENTIVE COMPENSATION PLAN GROUP A - OFFICERS FISCAL PERIOD 2005

WINNEBAGO INDUSTRIES, INC. OFFICERS INCENTIVE COMPENSATION PLAN FISCAL PERIOD 2005 1. PURPOSE. The purpose of the Winnebago Industries, Inc. Officers Incentive Compensation Plan (the "Plan") is to promote the growth and profitability of Winnebago Industries, Inc. (the "Company") by providing its officers with an incentive to achieve corporate profit objectives and to attract and retain officers who will contribute to the achievement of growth and profitability of the company. 2. ADMINISTRATION. a. HUMAN RESOURCES COMMITTEE. The Plan shall be administered by a Committee (the "Committee") appointed by the Board of Directors. b. POWERS AND DUTIES. The Committee shall have sole discretion and authority to make any and all determinations necessary or advisable for administration of the Plan and may amend or revoke any rule or regulation so established for the proper administration of the Plan. All interpretations, decisions, or determinations made by the Committee pursuant to the Plan shall be final and conclusive. c. ANNUAL APPROVAL. The Committee must approve the Plan prior to the beginning of each new fiscal year. 3. PARTICIPATION ELIGIBILITY. a. Participants must be an officer of the Company with responsibilities that can have a real impact on the Corporation's end results. b. The Committee will approve all initial participation prior to the beginning of each new program except as provided for in Section c. below. c. The President of Winnebago Industries, Inc. will make the determination on participation for new participants and for payment of earned holdback allocations due to retirement, disability or death. Unless otherwise specified, participants must be employed as of the end of the fiscal period for any quarterly incentive payment and employed as of the end of the fiscal year to be eligible for any holdback. 4. NATURE OF THE PLAN. The incentive award is based upon financial performance of the Corporation. The Plan is an annual program that provides for quarterly cumulative measurements of financial performance and an opportunity for quarterly incentive payment based on performance results. The financial performance measurements for this Plan will be based upon one or more pre-established financial criteria. These financial performance measurements will provide an appropriate balance between quality and quantity of earnings. The Board annually establishes the financial measurements including a Target, a minimum threshold below which an incentive will not be paid and a maximum incentive level. 5. METHOD OF PAYMENT. The amount of the participants' incentive compensation for the quarter shall be in direct proportion to the financial performance expressed as a percentage (Financial Factor) against predetermined compensation targets for each participant. Upon completion of the first quarter of the fiscal year, quarterly results thereafter shall be combined to form cumulative fiscal year-to-date results. The results for the respective period will be used in identifying the Financial Factor to be used for that period when calculating the participants incentive compensation. 50% of the quarterly calculated incentive will be paid within 45 days after the close of the fiscal quarter. The remaining 50% of the quarterly calculated incentive will be held back and carried forward into the next cumulative quarter. At the end of the fourth fiscal quarter (fiscal year end), a final year-end accounting will be made prior to the payment of any remaining incentive holdback for the year.

The incentive for the officers except for the Chief Executive Officer, provides for a 60% bonus (Target) comprised of (2/3) cash and (1/3) stock (or in cash at the participants election pursuant to Section 7) at 100% achievement of the financial objectives. The incentive for the Chief Executive Officer provides for a 105% bonus (Target) comprised of (2/3) cash and (1/3) stock (or in cash at the participants election pursuant to Section 7) at 100% achievement of the financial objectives. A participant must be employed by Winnebago Industries, Inc. at the end of the fiscal year to be eligible for any previous quarterly holdback allocations except as waived by the President of Winnebago Industries, Inc. for normal retirement and disability. 6. STRATEGIC PERFORMANCE. The Human Resources Committee reserves the right to modify the core incentive eligibility by plus/minus 20% (of the calculated Financial Factor) based upon strategic organizational priorities. Strategic performance will be measured at the end of the fiscal year only. Strategic measurements may focus on one or more of the following strategic factors but are not limited to those stated. Revenue Growth Customer Satisfaction Market Share Inventory Management Product Quality Technical Innovation Product Introductions Ethical Business Practices 7. ANNUAL SUPPLEMENTARY MATCH. Fifty percent (50%) of a participant's cash incentive compensation earned for the year, pursuant to Paragraph 5 of the Plan will be matched annually by the Company in the form of restricted company stock (or in cash if elected by the participant). The annual supplementary Company match shall be paid as soon as practical after the final year-end compensation accounting and payment of any remaining incentive compensation holdback for the year. Participants shall elect in writing within 45 days following the end of the fiscal year whether to receive the total of any annual supplementary company match in the form of restricted company stock or in the form of cash. A participant shall be eligible for the supplementary match only if such participant is actively employed at the end of the fiscal year. 8. CHANGE IN CONTROL. In the event the Company undergoes a change in control during the Plan year including, without limitation, an acquisition or merger involving the Corporation ("Change in Control"), the Committee shall, prior to the effective date of the Change in Control (the "Effective Date"), make a good faith estimate with respect to the achievement of the financial performance through the end of the Plan year immediately preceding the Effective Date. In making such estimate, the Committee may compare the achievement of the finance performance against forecast through the Plan period and may consider such factors as it deems appropriate. The Committee shall exclude from any such estimate any and all costs and expenses arising out of or in connection with the Change in Control. Based on such estimate, the Committee shall make a full Plan year award within 15 days after the Effective Date to all participants. Any holdback for previous period(s) will be released and paid to the participant together with the annual supplementary cash match payment earned. "CHANGE IN CONTROL" for the purposes of the Officers Incentive Compensation Plan shall mean the time when (i) any Person becomes an Acquiring Person, or (ii) individuals who shall qualify as Continuing Directors of the Company shall have ceased for any reason to constitute at least a majority of the Board of Directors of the Company, provided however, that in the case of either clause (i) or (ii) a Change of Control shall not be deemed to have occurred if the event shall have been approved prior to the occurrence thereof by a majority of the Continuing Directors who shall then be members of such Board of Directors, and in the case of clause (i) a Change of Control shall not be deemed to have occurred upon the acquisition of stock of the Company by a pension, profit-sharing, stock bonus, employee stock ownership plan or other retirement plan intended to be qualified under Section 401(a) of the Internal Revenue Code of 1986, as amended, established by the Company or any subsidiary of the Company. (In addition, stock held by such a plan shall not be treated as outstanding in determining ownership percentages for purposes of this definition.)

For the purpose of the definition "Change of Control:" (a) "Continuing Director" means (i) any member of the Board of Directors of the Company, while such person is a member of the Board, who is not an Affiliate or Associate of any Acquiring Person or of any such Acquiring Person's Affiliate or Associate and was a member of the Board prior to the time when such Acquiring Person shall have become an Acquiring Person, and (ii) any successor of a Continuing Director, while such successor is a member of the Board, who is not an Acquiring Person or any Affiliate or Associate of any Acquiring Person or a representative or nominee of an Acquiring Person or of any affiliate or associate of such Acquiring Person and is recommended or elected to succeed the Continuing Director by a majority of the Continuing Directors. (b) "Acquiring Person" means any Person or any individual or group of Affiliates or Associates of such Person who acquires beneficial ownership, directly or indirectly, of 20% or more of the outstanding stock of the Company if such acquisition occurs in whole or in part, except that the term "Acquiring Person" shall not include a Hanson Family Member or an Affiliate or Associate of a Hanson Family Member. (c) "Affiliate" means a Person that directly or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, the person specified. (d) "Associate" means (1) any corporate, partnership, limited liability company, entity or organization (other than the Company or a majority-owned subsidiary of the Company) of which such a Person is an officer, director, member, or partner or is, directly or indirectly the beneficial owner of ten percent (10%) or more of the class of equity securities, (2) any trust or fund in which such person has a substantial beneficial interest or as to which such person serves as trustee or in a similar fiduciary capacity, (3) any relative or spouse of such person, or any relative of such spouse, or (4) any investment company for which such person or any Affiliate of such person serves as investment advisor. (e) "Hanson Family Member" means John K. Hanson and Luise V. Hanson (and the executors or administrators of their estates), their lineal descendants (and the executors or administrators of their estates), the spouses of their lineal descendants (and the executors or administrators of their estates) and the John K. and Luise V. Hanson Foundation. (f) "Company" means Winnebago Industries, Inc., an Iowa corporation. (g) "Person" means an individual, corporation, limited liability company, partnership, association, joint stock company, trust, unincorporated organization or government or political subdivision thereof. 9. GOVERNING LAW. Except to the extent preempted by federal law, the consideration and operation of the Plan shall be governed by the laws of the State of Iowa. 10. EMPLOYMENT RIGHTS. Nothing in this Plan shall confer upon any employee the right to continue in the employ of the Company, or affect the right of the Company to terminate an employee's employment at any time, with or without cause. Approved by: /s/ Bruce D. Hertzke June 18, 2004 - --------------------------------------------- ------------------ Bruce D. Hertzke Dated Chairman of the Board, CEO and President /s/ Frederick M. Zimmerman June 30, 2004 - --------------------------------------------- ------------------ Frederick M. Zimmerman Dated Human Resources Committee Chairman

EXHIBIT 10v. [LOGO] OFFICERS LONG-TERM INCENTIVE PLAN FISCAL THREE-YEAR PERIOD 2005, 2006 AND 2007

WINNEBAGO INDUSTRIES, INC. OFFICERS LONG-TERM INCENTIVE PLAN FISCAL THREE-YEAR PERIOD 2005, 2006 AND 2007 1. PURPOSE. The purpose of the Winnebago Industries, Inc. Officers Long-Term Incentive Plan (the "Plan") is to promote the long-term growth and profitability of Winnebago Industries, Inc. (the "Company") by providing its officers with an incentive to achieve long-term corporate profit objectives and to attract and retain officers who will contribute to the achievement of growth and profitability of the Company. 2. ADMINISTRATION. a. HUMAN RESOURCES COMMITTEE. The Plan shall be administered by a Committee (the "Committee") appointed by the Board of Directors. b. POWERS AND DUTIES. The Committee shall have sole discretion and authority to make any and all determinations necessary or advisable for administration of the Plan and may amend or revoke any rule or regulation so established for the proper administration of the Plan. All interpretations, decisions, or determinations made by the Committee pursuant to the Plan shall be final and conclusive. c. ANNUAL APPROVAL. The Committee must approve the Plan prior to the beginning of each new fiscal three (3) year plan period. Each year a new plan will be established for a new three-year period. 3. PARTICIPATION ELIGIBILITY. a. Participants must be an officer of the Company with responsibilities that can have a real impact on the Corporation's end results. b. The Committee will approve all initial participation prior to the beginning of each new program except as provided for in Section c. below. c. The President of Winnebago Industries, Inc. will make the determination on participation for new participants, for partial awards due to retirement, disability or death. Unless otherwise specified, participants must be employed as of the end of the three (3) year fiscal period to be eligible for any incentive award. 4. NATURE OF THE PLAN. The long-term incentive award is based upon financial performance of the Corporation. The Plan is a three (3) year (fiscal) program that provides for an opportunity for an incentive award based on the achievement of long-term financial performance results as measured at the end of the three (3) year fiscal period. The financial performance measurements for this Plan will be based upon one or more pre-established financial criteria. These financial performance measurements will provide an appropriate balance between quality and quantity of earnings. The Board establishes the financial measurements including a Target, a minimum threshold below which an incentive will not be paid and a maximum incentive level. 5. METHOD OF PAYMENT. The long-term incentive award will be a performance stock grant made in restricted shares of the common stock of Winnebago Industries, Inc. or in cash if elected by the participant. The amount of the participants' long-term incentive award for the three (3) year fiscal period shall be in direct proportion to the financial performance expressed as a percentage (Financial Factor) against predetermined award targets for each participant. The results for the fiscal three (3) year period will be used in identifying the Financial Factor to be used for that plan period when calculating the participants long-term incentive awards. The long-term incentive for the officers provides for an opportunity of 25% of the annualized base salary (Target) to be awarded in restricted stock or cash at 100% achievement of the financial long-term objectives. The annualized base salary figure used shall be the salary in place for each participant as of January 2005. The resultant stock unit share opportunity or cash award opportunity (at 100% of Plan) will be adjusted up or down as determined by actual financial performance expressed as a percentage (Financial Factor) at the end of the three (3) year fiscal period.

Participants shall elect in writing within 45 days following the end of the three (3) year fiscal period whether to receive the total of any such long-term incentive award in the form of restricted company stock or in the form of cash. A participant must be employed by Winnebago Industries, Inc. at the end of the fiscal three (3) year period to be eligible for any long-term incentive award except as waived by the President of Winnebago Industries, Inc. for normal retirement and disability. 6. CHANGE IN CONTROL. In the event the Company undergoes a change in control during the fiscal three (3) year plan period including, without limitation, an acquisition or merger involving the Corporation ("Change in Control"), the Committee shall, prior to the effective date of the Change in Control (the "Effective Date"), make a good faith estimate with respect to the achievement of the financial performance through the end of the Plan three (3) year period. In making such estimate, the Committee may compare the achievement of the financial performance against the forecast through the Plan three (3) year period and may consider such other factors as it deems appropriate. The Committee shall exclude from any such estimate any and all costs and expenses arising out of or in connection with the Change in Control. Based on such estimate, the Committee shall make a full three (3) year Plan award within 15 days after the Effective date to all participants. "CHANGE IN CONTROL" for the purposes of the Officers Long-Term Incentive Plan shall mean the time when (i) any Person becomes an Acquiring Person, or (ii) individuals who shall qualify as Continuing Directors of the Company shall have ceased for any reason to constitute at least a majority of the Board of Directors of the Company, provided however, that in the case of either clause (i) or (ii) a Change of Control shall not be deemed to have occurred if the event shall have been approved prior to the occurrence thereof by a majority of the Continuing Directors who shall then be members of such Board of Directors, and in the case of clause (i) a Change of Control shall not be deemed to have occurred upon the acquisition of stock of the Company by a pension, profit-sharing, stock bonus, employee stock ownership plan or other retirement plan intended to be qualified under Section 401(a) of the Internal Revenue Code of 1986, as amended, established by the Company or any subsidiary of the Company. (In addition, stock held by such a plan shall not be treated as outstanding in determining ownership percentages for purposes of this definition.) For the purpose of the definition "Change of Control:" (a) "Continuing Director" means (i) any member of the Board of Directors of the Company, while such person is a member of the Board, who is not an Affiliate or Associate of any Acquiring Person or of any such Acquiring Person's Affiliate or Associate and was a member of the Board prior to the time when such Acquiring Person shall have become an Acquiring Person, and (ii) any successor of a Continuing Director, while such successor is a member of the Board, who is not an Acquiring Person or any Affiliate or Associate of any Acquiring Person or a representative or nominee of an Acquiring Person or of any affiliate or associate of such Acquiring Person and is recommended or elected to succeed the Continuing Director by a majority of the Continuing Directors. (b) "Acquiring Person" means any Person or any individual or group of Affiliates or Associates of such Person who acquires beneficial ownership, directly or indirectly, of 20% or more of the outstanding stock of the Company if such acquisition occurs in whole or in part, except that the term "Acquiring Person" shall not include a Hanson Family Member or an Affiliate or Associate of a Hanson Family Member. (c) "Affiliate" means a Person that directly or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, the person specified. (d) "Associate" means (1) any corporate, partnership, limited liability company, entity or organization (other than the Company or a majority-owned subsidiary of the Company) of which such a Person is an officer, director, member, or partner or is, directly or indirectly the beneficial owner of ten percent (10%) or more of the class of equity securities, (2) any trust or fund in which such person has a substantial beneficial interest or as to which such person serves as trustee or in a similar fiduciary capacity, (3) any relative or spouse of such person, or any relative of such spouse, or (4) any investment company for which such person or any Affiliate of such person serves as investment advisor.

(e) "Hanson Family Member" means John K. Hanson and Luise V. Hanson (and the executors or administrators of their estates), their lineal descendants (and the executors or administrators of their estates), the spouses of their lineal descendants (and the executors or administrators of their estates) and the John K. and Luise V. Hanson Foundation. (f) "Company" means Winnebago Industries, Inc., an Iowa corporation. (g) "Person" means an individual, corporation, limited liability company, partnership, association, joint stock company, trust, unincorporated organization or government or political subdivision thereof. 11. GOVERNING LAW. Except to the extent preempted by federal law, the consideration and operation of the Plan shall be governed by the laws of the State of Iowa. 12. EMPLOYMENT RIGHTS. Nothing in this Plan shall confer upon any employee the right to continue in the employ of the Company, or affect the right of the Company to terminate an employee's employment at any time, with or without cause. Approved by: /s/ Bruce D. Hertzke June 18, 2004 - -------------------------------------------- ------------------ Bruce D. Hertzke Dated Chairman of the Board, CEO and President /s/ Frederick M. Zimmerman June 30, 2004 - -------------------------------------------- ------------------ Frederick M. Zimmerman Dated Human Resources Committee Chairman

EXHIBIT 13 2004 Annual Report [PHOTOS] [WINNEBAGO LOGO]

- -------------------------------------------------------------------------------- TABLE OF CONTENTS Mission Statement .........................................................1 Report to Shareholders ....................................................2 Operations Review .........................................................6 Motor Home Product Classification ........................................13 Management's Discussion and Analysis of Financial Condition and Results of Operations ..............................................14 Consolidated Balance Sheets ..............................................22 Consolidated Statements of Income ........................................24 Consolidated Statements of Cash Flows ....................................25 Consolidated Statements of Changes in Stockholders' Equity ................................................26 Notes to Consolidated Financial Statements ...............................27 Report of Independent Registered Public Accounting Firm ........................................................36 Interim Financial Information ............................................37 11-Year Selected Financial Data ..........................................38 Shareholder Information ..................................................40 Common Stock Data ........................................................40 Cash Dividends Paid Per Share ............................................40 Directors and Officers ....................................Inside Back Cover - -------------------------------------------------------------------------------- CORPORATE PROFILE Winnebago Industries, Inc., headquartered in Forest City, Iowa, is the leading United States (U.S.) manufacturer of motor homes, self-contained recreation vehicles (RV) used primarily in leisure travel and outdoor recreation activities. The Company builds quality motor homes with state-of-the-art computer-aided design and manufacturing systems on automotive-styled assembly lines. The Company's products are subjected to what the Company believes is the most rigorous testing in the RV industry. These vehicles are sold through dealers under the Winnebago(R), Itasca(R) and Rialta(R) brand names. The Company markets its recreation vehicles on a wholesale basis to a diversified dealer organization located throughout the U.S., and to a limited extent, in Canada. As of August 28, 2004, the motor home dealer organization in the U.S. and Canada included approximately 310 dealer locations. Motor home sales by Winnebago Industries represented at least 92 percent of its revenues in each of the past five fiscal years. Other products manufactured by the Company consist principally of a variety of component parts for other manufacturers. Winnebago Industries was incorporated under the laws of the state of Iowa on February 12, 1958, and adopted its present name on February 28, 1961. RECENT FINANCIAL PERFORMANCE (In thousands, except per share data) (Adjusted for 2-for-1 stock split - March 5, 2004) 2004 TO 2003 FISCAL 2004 FISCAL 2003 % CHANGE - --------------------------------------------------------------------------------------------------------------------------- Net Revenues $ 1,114,154 $ 845,210 32% Gross Profit $ 162,169 $ 113,378 43% Operating Income $ 110,798 $ 77,294 43% Net Income $ 70,641 $ 49,884 42% Diluted Income Per Share $ 2.03 $ 1.33 53% Diluted Weighted Average Outstanding Shares 34,789 37,636 (8)%

WINNEBAGO INDUSTRIES, INC. MISSION STATEMENT Winnebago Industries, Inc. is the leading United States manufacturer of motor homes and related products and services. Our mission is to continually improve our products and services to meet or exceed the expectations of our customers. We emphasize employee teamwork and involvement in identifying and implementing programs to save time and lower production costs while maintaining the highest quality of products. These strategies allow us to prosper as a business with a high degree of integrity and to provide a reasonable return for our shareholders, the ultimate owners of our business. VALUES How we accomplish our mission is as important as the mission itself. Fundamental to the success of the Company are these basic values we describe as the four Ps: PEOPLE -- Our employees are the source of our strength. They provide our corporate intelligence and determine our reputation and vitality. Involvement and teamwork are our core corporate values. PRODUCTS -- Our products are the end result of our teamwork's combined efforts, and they should be the best in meeting or exceeding our customers' expectations. As our products are viewed, so are we viewed. PLANT -- We believe our facilities to be the most technologically advanced in the RV industry. We continue to review facility improvements that will increase the utilization of our plant capacity and enable us to build the best quality product for the investment. PROFITABILITY -- Profitability is the ultimate measure of how efficiently we provide our customers with the best products for their needs. Profitability is required to survive and grow. As our respect and position within the marketplace grows, so will our profit. GUIDING PRINCIPLES QUALITY COMES FIRST -- To achieve customer satisfaction, the quality of our products and services must be our number one priority. CUSTOMERS ARE CENTRAL TO OUR EXISTENCE -- Our work must be done with our customers in mind, providing products and services that meet or exceed the expectations of our customers. We must not only satisfy our customers, we must also surprise and delight them. CONTINUOUS IMPROVEMENT IS ESSENTIAL TO OUR SUCCESS -- We must strive for excellence in everything we do: in our products, in their safety and value, as well as in our services, our human relations, our competitiveness and our profitability. EMPLOYEE INVOLVEMENT IS OUR WAY OF LIFE -- We are a team. We must treat each other with trust and respect. DEALERS AND SUPPLIERS ARE OUR PARTNERS -- The Company must maintain mutually beneficial relationships with dealers, suppliers and our other business associates. INTEGRITY IS NEVER COMPROMISED -- The Company must pursue conduct in a manner that is socially responsible and that commands respect for its integrity and for its positive contributions to society. [GRAPH] NET REVENUES (Dollars in Millions) $436.5 $527.3 $668.7 $743.7 $671.7 $825.3 $845.2 $1,114.2 ------------------------------------------------------------------------ 1997 1998 1999 2000 2001 2002 2003 2004 [GRAPH] NET INCOME PER DILUTED SHARE (Dollars) $0.45 $0.50 $0.98 $1.10 $1.02 $1.34 $1.33 $2.03 ------------------------------------------------------------------------ 1997 1998 1999 2000 2001 2002 2003 2004 1

[PHOTO] TO OUR FELLOW SHAREHOLDERS: By all measures, fiscal 2004 was a year in which we surpassed all of Winnebago Industries' previous financial records. Revenues for fiscal 2004 were a record $1.1 billion, a 32 percent increase compared to $845.2 million for the previous fiscal year. This was the first time in the Company's history that revenues surpassed the significant billion dollar mark. Net income for fiscal 2004 was a record $70.6 million, a 42 percent increase compared to $49.9 million for fiscal 2003. On a diluted per share basis, the Company earned a record $2.03 a share, a 53 percent increase compared to $1.33 a share for fiscal 2003. Included in fiscal 2003 net income was $1.2 million from discontinued operations, or three cents a share. LONG-TERM GROWTH TRENDS Even while surpassing these records, we believe the best is yet to come. The long-term outlook for motor home sales continues to be favorable. The current demographic trends should drive growth going forward, due pri- [GRAPH] PEOPLE OVER THE AGE OF 55 (Population in Millions) 55.9 65.8 74.8 85.2 94.9 105.7 ---------------------------------------------------- 1997 2005 2010 2015 2020 2030 marily to the graying of America. While we have discussed this trend many times, it certainly bears repeating. Over 80 percent of our retail customers are over age 50. And according to 2004 information from the U.S. Census Bureau, over 350,000 people turn age 50 in the United States each month. That's an additional four million potential customers each year. This trend should drive growth of the RV industry for the next three decades. [GRAPH] CONSUMER DEMOGRAPHIC PROFILE UNIVERSITY OF MICHIGAN (Broadening of the Motor Home Market with more younger and older buyers) 0.3% 1.5% 2.2% 4.1% 4.1% 1.9% ---------------------------------------------------- 15-34 35-44 45-54 55-64 65-74 75 + According to the 2001 University of Michigan "RV Consumer Demographic Profile," a study of the RV consumer, the age at which the motor home consumer is purchasing motor homes is also broadening. For instance, the study shows that motor home buyers are entering the market earlier than in the past, younger than 35 years old. At the same time, there is also growth in the market of people over the age of 65. MARKET SHARE GROWTH In addition to these growth trends for the RV industry, Winnebago Industries has grown its share of the motor home market, particularly in the Class A diesel segment of 2

the industry. The successful launch of the 2004 Winnebago Vectra(R), Itasca Horizon(R) and Meridian(TM), and the redesigned Winnebago Journey(R) in the fall of 2003, provided significant momentum for our growth in the Class A diesel market throughout the year. According to Statistical Surveys, Inc., an independent retail reporting service, Winnebago Industries' Class A diesel retail market share grew to 14.3 percent calendar year to date through August 2004 compared to 8.9 percent for the same period in calendar 2003. According to Statistical Surveys, Inc., Winnebago Industries' retail market share of the total Class A and C motor home market combined leads the industry at 19.2 percent for calendar year to date through August 2004, [GRAPH] RETURN ON EQUITY (Competitive comparison information obtained from last 12 months public filings.) 34.3% 22.9% 14.3% 4.9% -6.5% -8.6% ---------------------------------------------------- WGO THO MNC COA NVH FLE [GRAPH] RETURN ON ASSETS (Competitive comparison information obtained from last 12 months public filings.) 18.3% 15.5% 7.8% 3.5% -1.7% -3.9% ---------------------------------------------------- WGO THO MNC COA FLE NVH [GRAPH] RETURN ON INVESTED CAPITAL (Competitive comparison information obtained from last 12 months public filings.) 35.4% 31.5% 8.7% 3.4% -2.7% -8.4% ---------------------------------------------------- WGO THO MNC COA FLE NVH compared to 19.1 percent for the same period in calendar 2003. Also, in a survey of our dealers this spring, 41 percent indicated that they were in the planning phases or have recently completed major expansion projects. We consider that great news for continued growth for Winnebago Industries. PROFITABILITY But while market share is certainly important, we have made a point of stating for each of the last four years that our primary goal is to be the most profitable public company in the RV industry. We measure our profitability by using five guidelines: Return on Assets (ROA), Return on [GRAPH] OPERATING INCOME (Competitive comparison information obtained from last 12 months public filings.) (Expressed as a percent of Net Revenues) 9.9% 7.4% 5.0% 2.1% 1.7% -1.9% ---------------------------------------------------- WGO THO MNC COA FLE NVH [GRAPH] NET INCOME (Competitive comparison information obtained from last 12 months public filings.) (Expressed as a percent of Net Revenues) 6.3% 4.8% 3.1% 1.6% -0.7% -1.3% ---------------------------------------------------- WGO THO MNC COA FLE NVH [BAR CHART LEGEND IS COLOR-CODED] ---------------------------------------------------- WINNEBAGO INDUSTRIES, INC. ---------------------------------------------------- THOR INDUSTRIES, INC. ---------------------------------------------------- MONACO COACH CORPORATION ---------------------------------------------------- COACHMEN INDUSTRIES, INC. ---------------------------------------------------- FLEETWOOD ENTERPRISES, INC. ---------------------------------------------------- NATIONAL RV HOLDINGS, INC. ---------------------------------------------------- 3

Equity (ROE), Return on Invested Capital (ROIC), Operating Margin as a percent of sales and Net Profit Margin as a percent of sales; because of their importance as a means to measure our performance compared to our major competitors. Winnebago Industries and the other five public motor home manufacturers used in this analysis accounted for over 70 percent of all Class A and C motor home sales during the 12 months ended August 2004. The graphs on page 3 demonstrate that we continue to lead the RV industry in profitability in all of these measurements. RETURN PROFITS TO SHAREHOLDERS We believe it is important to use our profits first for future product development and the expansion of our business. Beyond that, we believe cash dividends and repurchasing our common stock are both extremely effective ways to return profits to our shareholders. On October 20, 2003, Winnebago Industries repurchased 2,900,000 shares of stock for $22.06 per share (adjusted for the 2-for-1 stock split on March 5, 2004) from Hanson Capital Partners, LLC, which is owned and controlled by the family of Company founder John K. Hanson and his wife, Luise. In June 2004, the Board of Directors also announced the Company's ninth stock repurchase program, authorizing the purchase of Winnebago Industries' common stock for an aggregate price of up to $30 million. The Company had repurchased 116,800 shares as of August 28, 2004 under that authorization for an aggregate price of approximately $3.4 million. These nine stock repurchase programs, beginning in December 1997 through August 28, 2004, have resulted in the repurchase of 20.9 million shares (adjusted for the 2-for-1 stock split) of common stock for an aggregate price of $251.7 million during that time. During fiscal 2004, Winnebago Industries repurchased approximately 3.4 million shares of common stock (adjusted for the 2-for-1 stock split) for an aggregate price of approximately $77.7 million. As of August 28, 2004, there were approximately 33.6 million shares outstanding. In addition to the repurchase of the Company's stock, Winnebago Industries doubled the annual cash dividend in fiscal 2004 by paying five cents a share (adjusted for the 2-for-1 stock split) to our shareholders on a quarterly basis, rather than semi-annually. In fiscal 2004, we paid a total of 20 cents a share annually, compared to the previous annual dividend of 10 cents a share (adjusted for the 2-for-1 stock split). In August 2004, the Board of Directors increased the dividend by an additional 40 percent by increasing the quarterly dividend to seven cents a share, which annualized would amount to a total of 28 cents a share during fiscal 2005. ECONOMIC GROWTH In 2004, RV sales continued to benefit from the low interest rate environment. Interest rates, while rising, remain at relatively low historic levels. Retail customers financing their motor home purchase recently have been financing at rates ranging from 5.25 to 6.5 percent, near 40-year lows. Given that fact, we believe that the slow measured interest rate increases as indicated by the Federal Reserve Bank will not have an impact on RV sales for quite some time. We also believe that the recent increase in interest rates is an indication of a growing economy. Approximately two thirds of our customers currently finance their motor home purchase. Motor homes also qualify as a second home for tax purposes if the owner meets the specified criteria. Another positive economic factor was the rise in con- [PHOTO] WINNEBAGO INDUSTRIES' PERSONNEL AT THE GROUND BREAKING CEREMONY FOR THE COMPANY'S NEW SHIPOUT FACILITY. 4

sumer confidence levels, which according to "The Conference Board" were higher at 92.8 percent in October 2004, compared to 81.7 percent in October 2003. FACILITY GROWTH In order to continue to grow with the expanding motor home market, we completed a state-of-the-art manufacturing facility in Charles City, Iowa in 2003 to build Class C motor homes. Just one year later, this facility operated at over 80 percent of capacity. This Class C production facility enabled us to produce additional Class A models in our Forest City facility, which essentially increased our production capacity for both Class A and Class C motor homes. This manufacturing facility expansion also contributed to our successful results in fiscal 2004, which enabled us to provide motor homes to our dealers in a timely manner. A recently completed $4.5 million expansion at our Charles City Hardwoods operation doubled the size of that facility and significantly increased our hardwood cabinetry capacity. This will allow us to keep up with the increased demand for solid wood cabinetry in high-end products. We also broke ground for a new $2.3 million Shipout facility in October 2004. The 49,000 square foot, state-of-the-art facility will include 25 workstations for pre-delivery inspections, as well as a water test booth, an undercoating bay and an alignment and road test station. Efficiencies will be accomplished through the consolidation of these operations within the new facility. The new Shipout facility also provides material flow efficiencies as it is located near the corridor used for shipping motor homes to our full-body paint supplier and our drive-away company for final delivery to our dealers. PROMISING FUTURE I'd like to thank our entire Winnebago Industries team for their hard work in making 2004 a record-breaking year. We have a tremendous team of hard-working individuals who have helped Winnebago Industries achieve these outstanding results. As a team, we will continue to focus on profitability and the development of innovative, high quality products. The future indeed looks promising. We have tremendous growth opportunities through the graying of America, the broadening of the ages of our motor home buyers and the growth in uses for our motor homes for active outdoor and leisure lifestyles. All of these factors promise to create abundant opportunities for our employees, dealers, suppliers, and for you, our shareholders. [PHOTO] /s/ Bruce D. Hertzke Bruce D. Hertzke Chairman of the Board, Chief Executive Officer and President November 10, 2004 5

OPERATIONS REVIEW RV industry revenues were $9.6 billion in calendar 2003 from the sale of new RVs. Sixty percent (or $5.8 billion) of these revenues were from motorized RVs (motor homes) versus other RV products such as towables. Winnebago Industries has chosen to focus on the motor home segment because of the fact that motor homes account for the majority of all RV revenues in the United States and because we believe through product development, there are further growth opportunities available in this segment. Winnebago Industries leads the industry in the retail sale of Class A and C motor homes combined with 19.2 percent market share calendar year to date through August 2004. The Company has a broad motor home lineup of Winnebago, Itasca, and Rialta brand motor homes for 2005. Total motor home offerings from Winnebago Industries increased to 91 innovative models, approximately 35 percent of which are new for 2005. [GRAPH] RV INDUSTRY CLASS A & C RETAIL MARKET SHARE (Unit volume as reported by Statistical Surveys, Inc. 2004/Aug.) 19.2% 17.9% 11.6% 11.2% 8.6% 4.4% ---------------------------------------------------- WGO FLE THO MNC COA NVH CLASS C OFFERINGS Since 1998, Winnebago Industries has held the largest market share of any Class C motor home manufacturer. Winnebago Industries continues to have the best selling Class C models in the industry with market share of 20.3 percent calendar year to date through August 2004. The lower-profile Winnebago Aspect(TM) and Itasca Cambria(TM) are brand new entries for 2005. They are easy to maneuver with a sleek 95-inch width and make towing a breeze with a 5,000-lb. towing capacity. The Aspect and Cambria feature an aerodynamic front-end design that complements the clean lines of the Ford(R) cab and stylized rear cap. Both are offered in two innovative floorplans, the 23D and 26A. The 26A features a unique U-shaped dinette that readily converts to a large, comfortable bed. [PHOTO] 2005 WINNEBAGO ASPECT And speaking of aerodynamic, the Rialta is a unique Class C motor home built on the fuel-efficient, front-wheel-drive Volkswagen(R) chassis. The Rialta is available in three floorplans and provides fuel economy and maneuverability unparalleled within the RV industry. The affordable Winnebago Minnie(R) and Itasca Spirit(R), Winnebago Industries' most popular Class C motor homes, both offer a new 26A floorplan with a front slideout and unique rear trunk, as well as a new dual-slide 27L floorplan. The Minnie and Spirit lines have expanded to 10 [PHOTO] 2005 WINNEBAGO MINNIE 26A floorplans each for 2005, ranging from 22- to 32-feet in length. Winnebago Industries' top-of-the-line Class C motor homes, the Winnebago Minnie Winnie(R) and Itasca Sundancer(R) each feature three models in 27-, 30- and 31-foot lengths. The Minnie Winnie and Sundancer feature numerous upgrades for 2005 including stylish exterior designs incorporating more paint and standard wheel liners. 6

[PHOTO] 2005 ITASCA SUNOVA(R) CLASS A GAS Winnebago Industries also leads the industry in the retail sale of Class A gas-powered motor homes with 22.6 percent market share year to date through August 2004. The affordable Winnebago Sightseer(R) and Itasca Sunova(R) lines each feature a new 29R dual-slide and a 34A triple-slide floorplan for 2005, now offering six floorplans ranging in length from 27- to 35-feet. The Sightseer and Sunova feature new front-end styling with composite headlights for 2005 and also have additional high-end features available, such as roof air conditioning with a heat pump for cold weather, a front 24-inch TV, home theater sound system with recessed speakers, 300-watt inverter and day/night pleated shades. The all-new Voyage(TM) joins the Winnebago lineup for 2005. Offered in six floorplans, the Voyage includes two triple slides, the 35A and 38J. The 38J includes two opposing flat-floor StoreMore(R) sliderooms. The Itasca Sunrise(R) also has new 35A and 38J triple slide floorplans. Both the Voyage and Sunrise offer six floorplans, ranging from 31- to 38-feet in length. [PHOTO] ENTERTAINMENT CENTER The Winnebago Adventurer(R) is the top selling Class A motor home in America. The Winnebago Adventurer and Itasca Suncruiser(R), each offer full-body paint for 2005, moving this high-line diesel feature into the gas-powered motor home lineup. The Adventurer and Suncruiser each feature seven floorplans ranging from 33- to 38-feet in length. Two floorplans are new for 2005, the 35A and 38J triple-slide floorplans, while the 37B dual-slide floorplan has been redesigned. [PHOTO] 2005 WINNEBAGO ADVENTURER 7

CLASS A DIESEL The diesel market is the fastest growing segment of the RV industry and accounted for 44.4 percent of all Class A motor homes sold calendar year to date through August. During the 2004 model year, Winnebago Industries aggressively pursued the diesel market through the introduction of the Winnebago Vectra and Itasca Horizon, as well as the redesigned Winnebago Journey and Itasca Meridian. The new products were tremendously successful, moving the Company from fourth place in retail sales with 9.4 percent market share during calendar 2003 to third place with 14.3 percent market share through August 2004. In addition, the Winnebago Journey was the best-selling diesel Class A motor home in the industry calendar year to date through August 2004. Great values in the marketplace, the Winnebago Journey and the Itasca Meridian are value-priced diesel-pusher products that each offer five floorplans ranging from 32- to 39-feet in length. The Journey and Meridian both feature a new 39F triple-slide floorplan with two opposing flat-floor StoreMore slides in the front living room. [PHOTO] 2005 ITASCA HORIZON The Winnebago Vectra and Itasca Horizon were extremely well accepted when introduced in 2004. These models are built on the Evolution(TM) Chassis, a Winnebago Industries exclusive, developed in conjunction with Freightliner(R) Custom Chassis Corp. This chassis creates a strong, durable platform for the Vectra and Horizon with more usable storage than in a conventional raised rail chassis, cross-coach storage on most models, as well as excellent driving performance and comfort. The Vectra and Horizon are offered in five double, triple and quad-slide floorplans ranging from 36- to 40-feet in length. New floorplans for 2005 include the new 36RD and 40FD quad-slide floorplans with two opposing StoreMore sliderooms that feature a flat-floor design in the front living area. The Vectra and Horizon 40AD and 40KD models feature new side-hinged valance doors for easier access to gear stored under non-StoreMore sliderooms. Other new features for 2005 include: optional automatic leveling jacks, rear bedroom deluxe sound system (standard on the Horizon and optional on the Vectra), totally enclosed slideout room awnings and new drawers with dovetail joint construction available on the Horizon in exchange for the washer/dryer option. The 2005 Vectra and Itasca Horizon feature a unique exterior entertainment center on certain models that offer a flat-screen TV that swivels for optimum viewing. NEW WINNEBAGO INDUSTRIES MOTOR HOME FEATURES Winnebago Industries not only offers a host of new models for 2005, there's also a long list of new product features: o TrueLevel(TM) Holding Tank Monitoring System - incorporates minus detector cell technology to ensure accurate fresh and wastewater tank level readings. Minus detector cells are located on the outside of the tank and produce a microelectrical field that detects liquid levels. Since liquid does not come in contact with the sensors, there is no chance of corrosion that may occur with conventional sensor systems. The TrueLevel system is standard on all 2005 Winnebago and Itasca motor homes. o Upgrades to the RV Radio(R) - A steering wheel remote allows you to easily adjust the radio while driving. A separate handheld remote provides added convenience when parked. [PHOTO] o New flush-mount dual-pane windows are available on most models. o Child seat tether anchor offered for 2005. o Additional seat belt locations in many models for 2005 offer improved seating flexibility when traveling. o SleepNumber(R) Bed by Select Comfort(R) is now offered with wall-mounted controllers. A king size with pillowtop mattress is optional on the Winnebago Vectra and Itasca Horizon 40KD model. o Full-Body Paint Has Expanded - Now optional on the Winnebago Adventurer and Itasca Suncruiser and is available on all Winnebago and Itasca Class A diesel motor homes. Lower valance paint is also now offered on the Winnebago Minnie and Itasca Spirit. [PHOTO] 2005 WINNEBAGO ADVENTURER 8

o Stainless steel appliances and nickel hardware packages are now available on the Winnebago Adventurer, Journey and Vectra and standard on the Itasca Suncruiser, Meridian and Horizon. A stainless steel package is also available on the Itasca Sunrise. [PHOTO] o Expanded wood choices available: Honey Cherry and Sierra Maple added to select product series. o New legless table design used for all dinettes and optional dining/computer modules on the Winnebago Vectra and Itasca Horizon. o Unique pullout island design has been enhanced with an adjustable shelf, pullout silverware tray and new latch. [PHOTO] 2005 WINNEBAGO ADVENTURER 35A o Winnebago Industries' exclusive Trimline(TM) center console is standard on all Winnebago and Itasca Class C products in 2005. It features dual cup holders, a storage tray with coin holders and a large tip-out storage compartment. Best of all, its sleek design permits easier access to the living area from the cab and you won't find it on any other manufacturers' coach. o Dual fuel fills on all Winnebago and Itasca diesel motor homes. [PHOTO] o Entertainment - Some units have as many as three TVs inside. (For example, the Adventurer/Suncruiser 37B has three flat-screen TVs available for optimum viewing throughout the coach.) Remote extenders allow consumers to control the combination DVD/VCR unit located in the front living area from the bedroom for added viewing convenience on most Class A models. QUALITY AND TECHNOLOGY GO HAND IN HAND Beyond product development, Winnebago Industries' quality and service are extremely important. Consumers today are expecting an ever higher level of quality in their products and services. Fortunately, Winnebago Industries had that figured out long ago. Not only is Winnebago Industries the top-selling motor home manufacturer in the industry, we believe we are also the leader in quality. Winnebago Industries considers the annual Dealer Satisfaction Index (DSI) survey by the Recreation Vehicle Dealers Association (RVDA) to be a great measurement tool for not only product quality, but also the quality of our sales, management, service, warranty and support processes. The DSI survey results are very important to us because they provide an annual benchmark that shows how our dealer partners perceive the Company and our products. The Company received the Quality Circle Award from RVDA as a result of our high scores in this DSI survey. We have received this award for all eight years of the award's existence, the only manufacturer to have achieved this distinction. Winnebago Industries was also pleased to be named the "Most Admired" RV manufacturer in America according to a poll conducted by RVBUSINESS.com. According to RVBUSINESS.com, nearly 300 industry professionals, including dealers, suppliers and other manufacturers, par- [PHOTO] CHARLES CITY MOTOR HOME MANUFACTURING FACILITY 9

[PHOTOS] (picture one) EXPANSION OF THE CHARLES CITY HARDWOOD FACILITY PROVIDES FOR A BRIGHT, CLEAN EFFICIENT WORK AREA. THE MACHINE IN THE FOREGROUND AUTOMATICALLY DETERMINES THE MOST PARTS POSSIBLE FROM A PARTICULAR PIECE OF WOOD, CUTS THOSE PARTS AND SORTS THE CUT PIECES. (picture two) HARDWOOD RAISED PANEL INSERTS ARE CREATED. (picture three) WITH THIS MACHINE AN OPERATOR CAN SET UP ONE JOB WHILE THE AUTOMATED ROUTER IS WORKING ON ANOTHER PROJECT. ticipated in the mid-August online survey. Winnebago Industries was ranked the "most admired" by nearly a third of the survey respondents with the next highest ranked company receiving 15 percent of the vote. Winnebago Industries won the highest marks according to RVBUSINESS.COM not only for the quality of its units, but also for the caliber of its aftermarket service and dealer support. Winnebago Industries is able to deliver high quality motor homes because of our dedicated work force, as well as our technologically advanced manufacturing systems. Winnebago Industries has a long history of employing capital for technological equipment in order to make our manufacturing operations more efficient and productive, while increasing the quality of the Company's products. On March 13, 2003, the first motor home (Winnebago Minnie 24V) rolled off the assembly in our new Charles City Manufacturing Facility. Recently the plant was running at over 80 percent of production capacity. With the exception of the Rialta and some Winnebago Aspect and Itasca Cambria products, this plant now produces all of the Company's Class C motor homes. This new facility effectively increased Winnebago Industries' production capacity by approximately 30 percent, enabling the Company to better respond to changes in demand by its dealers. During fiscal 2004, Winnebago Industries completed a $4.3 million Hardwoods Facility expansion in Charles City, Iowa, doubling the size of the facility to 100,000 square feet. The facility was expanded to meet increased demand for hardwood components in the Company's motor homes. A cabinet frame finish system was added to the facility, allowing for more efficient staining and finishing of larger cabinet frame components. In addition to [PHOTO] FINN POWER(R) AUTOMOATED METAL SHEAR hardwood cabinetry and components, a panel lamination area also has been added to the Charles City Hardwoods Facility, which supplies cabinetry components for both Class C and Class A manufacturing in Charles City, as well as panels for some units manufactured in Forest City. Also during Fiscal 2004, the Company installed a new Finn Power automated metal shear that performs both metal shearing and punching operations simultaneously. It automatically loads material, punches, shears, sorts scrap and conveys completed parts to the operator. 10

Other new equipment includes a new robotic welder, which allows the operator to position parts to be welded into one fixture while the robot is welding parts in the second fixture. The net result is higher quality welded aluminum components that are produced more efficiently. In October 2004, Winnebago Industries also broke ground for a new $2.3 million Shipout facility. As mentioned in the Letter to Shareholders earlier in this report, this 49,000-square-foot facility will replace the current Shipout facility and will feature state-of-the-art equipment. It is also geographically located within the plant facilities to maximize work flow efficiency. In addition to Winnebago Industries' recent expansions, the Company's paint contractor has also greatly expanded to accommodate Winnebago Industries' increased needs for graphic paint treatments and full-body paint. Since starting operations in Forest City in 2002, the Company's paint contractor has continued to expand their Forest City operations, having more than doubled their original facilities. They also built a new paint facility in Charles City to accommodate Winnebago Industries' motor homes that require paint treatments there. Their new 50,000-square foot facility in Charles City has been in operation since early August, while a new "finish" facility is scheduled to be completed in Forest City before the end of calendar 2004. In addition to productivity growth through technology, Winnebago Industries has also experienced an increase in productivity from the implementation of Lean Manufacturing, a systematic approach of identifying and eliminating waste (non-value added activities) through continuous organization and processes improvement. An example of the value of implementing Lean Manufacturing philosophies, is a value-stream mapping project conducted by our Purchasing Department for the procurement of exterior graphics that cut lead-time nearly in half. SALES AND MARKETING Winnebago Industries sells its motor homes on a wholesale basis to a diversified dealer organization located primarily throughout the United States and Canada. We believe that we can continue to grow our business by providing what the Company believes to be the most extensive sales support and service support throughout the RV industry to its dealers and retail customers. This support is provided through a variety of methods, including hands-on training and support materials. Winnebago Industries promotes its products through a vast array of sales and marketing programs, including advertising and public relations promotions. Advertising opportunities include a variety of informative ads placed in RV publications, as well as co-op advertising support for the Company's dealers, brochures, decor books, television footage, Website support and direct marketing campaigns [PHOTOS] (picture one) ABOVE: STEVE BRACKEY, SENIOR PRODUCT TRAINER, MAKES A POINT TO SALES PROFESSIONALS DURING SALES TRAINING SESSION. (picture two) AT THE RIGHT: PRODUCT TRAINING MANAGER DICK MILTENBERGER DISCUSSES THE SMART STORAGE DESIGN USED ON THIS WINNEBAGO INDUSTRIES CLASS C MOTOR HOME. that are extremely effective at reaching existing RV enthusiasts. Other marketing opportunities include test drives for automotive, outdoor and travel writers, as well as for television programs and movies. A 2005 Winnebago Journey is now a featured "star" in a new syndicated daily television program, titled Pat Croce - Moving In. Winnebago Industries also continues to utilize promotional opportunities for the Company's products with TV shows such as The Wheel of Fortune, Jeopardy, The Price is Right, the Late Show with David Letterman and HGTV's RV 2004. In addition, Winnebago Industries participates in RVIA [PHOTO] 11

sponsored tours to promote the RV lifestyle such as the "RV History Tour" with David Woodworth, a well-known RV historian who used an Itasca Horizon in calendar 2004 and Brad and Amy Herzog and their two young sons who recently promoted family RVing while traveling in a Winnebago Adventurer. These promotional opportunities provide great exposure for Winnebago Industries' products to a variety of large consumer audiences. The Winnebago-Itasca Travelers' (WIT) Club also continues to be a great marketing tool for the Company. Caravans, rallies and tours are held frequently throughout the year to provide WIT Club members with a way to use their motor homes, remain active and keep in touch with their club-member friends. Active involvement in the WIT Club has also resulted in increased owner loyalty. [PHOTOS] (picture one) BRAD AND AMY HERZOG FAMILY> (picture two) DAVID WOODWORTH (picture three) 2004 WIT GRAND NATIONAL RALLY. 12

MOTOR HOME PRODUCT CLASSIFICATION [ARTWORK] CLASS A MOTOR HOMES These are conventional motor homes constructed directly on medium and heavy-duty truck chassis which include the engine and drivetrain components. The living area and the driver's compartment are designed and produced by the motor home manufacturer. Class A motor homes from Winnebago Industries include: Winnebago Sightseer, Voyage, Adventurer, Journey and Vectra; Itasca Sunova, Sunrise, Suncruiser, Meridian and Horizon. The Company manufactures Class A motor homes with gas, diesel and diesel pusher offerings. A diesel pusher is a motor home with a diesel engine in the rear of the unit. [ARTWORK] CLASS C MOTOR HOMES These are mini motor homes built on a van-type chassis onto which the motor home manufacturers construct a living area with access to the driver's compartment. Class C motor homes from Winnebago Industries include: Winnebago Aspect, Minnie and Minnie Winnie; Itasca Cambria, Spirit and Sundancer; and Rialta. [WINNEBAGO LOGO] WINNEBAGO INDUSTRIES MOTOR HOME FAMILY TREE Winnebago Industries manufactures two brands of Class A and three brands of Class C motor homes. Listed below are the brand names and model designations of the Company's 2005 product line. [WINNEBAGO LOGO] [ITASCA LOGO] [RIALTO LOGO] - Aspect - Cambria - Rialta - Minnie - Spirit - Minnie Winnie - Sundancer - Sightseer - Sunova - Voyage - Sunrise - Adventurer - Suncruiser - Journey* - Meridian* - Vectra* - Horizon* *Diesel 13

[PHOTO] MINNIE - ------ SPIRIT ------ MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS FORWARD LOOKING INFORMATION Certain of the matters discussed in this Annual Report are "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended, which involve risks and uncertainties, including, but not limited to, reactions to actual or threatened terrorist attacks, availability and price of fuel, a significant increase in interest rates, a 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, and other factors which may be disclosed throughout this Annual Report. Any forecasts and projections in this report are "forward looking statements," and are based on management's current expectations of the Company's near-term results, based on current information available pertaining to the Company, including the aforementioned risk factors; actual results could differ materially. The Company undertakes no obligation to publicly update or revise any forward looking statements whether as a result of new information, future events or otherwise, except as required by law or the rules of the New York Stock Exchange. CRITICAL ACCOUNTING POLICIES In preparing the consolidated financial statements, we follow accounting principles generally accepted in the United States of America, which in many cases requires us to make assumptions, estimates and judgments that affect the amounts reported. Many of these policies are straightforward. There are, however, some policies that are critical because they are important in determining the financial condition and results of operations. These policies are described below and involve additional management judgment due to the sensitivity of the methods, assumptions and estimates necessary in determining the related income statement, asset and/or liability amounts. REVENUE. Generally, revenues for motor homes are recorded when all of the following conditions are met: an order for a product has been received from a dealer; written or verbal approval for payment has been received from the dealer's floorplan financing institution; and the product is delivered to the dealer who placed the order. Sales are generally made to dealers who finance their purchases under floorplan financing arrangements with banks or finance companies. Revenues for the Company's original equipment manufacturing (OEM) components and recreation vehicle related parts are recorded as the products are shipped from the Company's location. The title of ownership transfers on these products as they leave the Company's location due to the freight terms of F.O.B. - Forest City, Iowa. WARRANTY. The Company offers with the purchase of any new Winnebago or Itasca motor home, a comprehensive 12-month/15,000-mile warranty and a 3-year/36,000-mile warranty on sidewalls, floors, and slideout room assemblies. The Rialta has a 2-year/24,000-mile warranty. Estimated costs related to product warranty are accrued at the time of sale and included in cost of sales. Estimates of future warranty costs are based upon past warranty claims and unit sales history and adjusted as required to reflect actual costs incurred, as information becomes available. An increase in dealership labor rates, the cost of parts or the frequency of claims could have an adverse impact on our operating results for the period or periods in which such claims or additional costs materialize. In addition to the costs associated with the contractual warranty coverage provided on our motor homes, we also incur costs as a result of additional service actions not covered by our warranties, including product recalls and customer satisfaction actions. Additional service actions include costs related to product recalls and other service actions outside the contractual warranty coverage. The Company estimates the cost of these service actions using past claim rate experiences and the estimated cost of the repairs. Estimated costs will be accrued at the time the service action is implemented and included in cost of sales in the Company's statements of income and as other accrued expenses in the Company's balance sheet. (See Note 4 to the Company's 2004 Consolidated Financial Statements.) 14

[PHOTO] ASPECT - ------ CAMBRIA ------- REPURCHASE COMMITMENTS. Companies in the recreation vehicle industry enter into repurchase agreements with lending institutions which have provided wholesale floorplan financing to dealers. These agreements provide that, in the event of default by the dealer on the agreement to pay the lending institution, the Company will repurchase the financed merchandise. The agreements also provide that the Company's liability will not exceed 100 percent of the dealer invoice and provide for periodic liability reductions based on the time since the date of the original invoice. These repurchase obligations generally expire upon the earlier to occur of (i) the dealer's sale of the financed unit or (ii) one year from the date of the original invoice. The Company's ultimate contingent obligation under these repurchase agreements are reduced by the proceeds received upon the resale of any repurchased unit. The gross repurchase obligation will vary depending on the season and the level of dealer inventories. Past losses under these agreements have not been significant and lender repurchase obligations have been funded out of working capital. (See Note 6 to the Company's 2004 Consolidated Financial Statements.) OTHER. The Company has reserves for other loss exposures, such as litigation, taxes, product liability, worker's compensation, employee medical claims, inventory and accounts receivable. The Company also has loss exposure on loan guarantees. Establishing loss reserves for these matters requires the use of estimates and judgment in regards to risk exposure and ultimate liability. The Company estimates losses under the programs using consistent and appropriate methods; however, changes in assumptions could materially affect the Company's recorded liabilities for loss. OVERVIEW Motorized RV revenues represented 60 percent of the RV industry in calendar 2003. For this reason and because we believe there are further growth opportunities in this segment, Winnebago Industries has continued to focus on the motorized segment of the RV industry. The continuation of an improved RV market and positive acceptance of our new motor home products have been reflected in increased market share and higher production rates resulting in record earnings in fiscal 2004. Winnebago Industries manufactures and sells a variety of motor homes throughout the United States and Canada, as well as retail parts and accessories. Recreation vehicle classifications are based upon standards established by the Recreation Vehicle Industry Association or RVIA. The only types of recreation vehicles that we produce are Class A and Class C motor homes. Winnebago Industries leads the RV industry in the combined retail sale of Class A and Class C motor homes with a retail market share of 19.2 percent for calendar year-to-date through August 2004. While market share is important, the Company has made a point of stating that its primary goal is to be the most profitable public company in the RV industry. The Company measures profitability by using five guidelines: Return on Average Total Assets (ROA), Return on Average Net Equity (ROE), Return on Average Invested Capital (ROIC), operating margin as a percent of sales and net profit margin as a percent of sales. Because of their importance, the Company continues to use these guidelines as a measure to compare to our major competitors (see page 3 of the Letter to the Shareholders). The graphs demonstrate that the Company leads the RV industry in profitability in all of these measurements. 15

[PHOTO] MINNIE WINNIE - ------------- SUNDANCER --------- RESULTS OF OPERATIONS FISCAL 2004 COMPARED TO FISCAL 2003 The following is an analysis of changes in key items included in the consolidated statements of income for the 52-week period ended August 28, 2004 compared to the 52-week period ended August 30, 2003. COMPARISON OF FIFTY-TWO WEEKS ENDED FIFTY-TWO WEEKS ENDED AUGUST 28, 2004 TO AUGUST 28, AUGUST 30, (DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA) AUGUST 30, 2003 2004 2003 ------------------------------------------------------------------------- (ADJUSTED FOR THE 2-FOR-1 STOCK SPLIT ON INCREASE % MARCH 5, 2004) (DECREASE) CHANGE % OF NET REVENUES ------------------------------------------------------------------------- Net revenues $ 268,944 31.8% 100.0% 100.0% Cost of goods sold 220,153 30.1 85.4 86.6 ------------------------------------------------------------------------- Gross profit 48,791 43.0 14.6 13.4 Selling 1,011 5.1 1.9 2.4 General and administrative 14,276 87.4 2.7 1.9 ------------------------------------------------------------------------- Operating income 33,504 43.3 10.0 9.1 Financial income 37 2.6 0.1 0.2 Provision for taxes 11,632 38.8 3.8 3.5 ------------------------------------------------------------------------- Net income before discontinued operations 21,909 45.0 6.3 5.8 Discontinued operations (1,152) (100.0) - - - 0.1 ------------------------------------------------------------------------- Net income $ 20,757 41.6 6.3 5.9 ========================================================================= Diluted earnings per share $ .70 52.6% ==================================== Fully diluted average shares outstanding (2,847) (7.6%) ==================================== Net revenues for the 52 weeks ended August 28, 2004 increased 31.8 percent to $1.1 billion compared to $845.2 million for the fiscal year ended August 30, 2003. Unit deliveries consisted of the following: FIFTY-TWO WEEKS ENDED FIFTY-TWO WEEKS ENDED % AUGUST 28, 2004 AUGUST 30, 2003 INCREASE CHANGE -------------------------------------------------------------------------------------- Class A motor homes (gas) 5,277 5,152 125 2.4% Class A motor homes (diesel) 2,831 1,553 1,278 82.3% Class C motor homes 4,408 4,021 387 9.6% -------------------------------------------------------------------------------------- Total deliveries 12,516 10,726 1,790 16.7% -------------------------------------------------------------------------------------- Revenues increased 31.8 percent during the fiscal year ended August 28, 2004, while unit deliveries increased 16.7 percent. The 82.3 percent increase in diesel deliveries, traditionally a higher priced unit, as well as the overall increase in total motor home volume, were the primary reasons for the differences in the percentage increase in revenues and unit deliveries. Gross profit as a percentage of net revenues was higher during the 52 weeks ended August 28, 2004 (14.6 percent) when compared to the comparable period ended August 30, 2003 (13.4 percent). Favorably impacting gross profit in the period ended August 28, 2004, was a 20.4 percent increase in production volume which resulted in improved manufacturing efficiencies and lower fixed costs per unit of production. Selling expenses increased 5.1 percent when comparing fiscal 2004 ($20.8 million) to fiscal 2003 ($19.8 million). The increase in dollars can be attributed primarily to higher incentive payments to the Company's field sales force. As a percentage of net revenues, selling expenses decreased to 1.9 percent during fiscal 2004 from 2.4 percent during fiscal 2003, caused primarily by advertising costs. General and administrative expenses increased 87.4 percent during the 52 weeks ended August 28, 2004, to $30.6 16

[PHOTO] SIGHTSEER - --------- SUNOVA ------ million, constituting 2.7 percent of net revenues, compared to $16.3 million, constituting 1.9 percent of net revenues, for the 52 weeks ended August 30, 2003. The increases in percentage and dollars were due primarily to a $7.3 million deferred compensation settlement (See Note 6 to the Company's 2004 Consolidated Financial Statements), an increase of approximately $4.4 million in management incentive programs and an increase of approximately $1.8 million in product liability costs. The overall effective income tax rate decreased to 37.1 percent for fiscal 2004 from 38.1 percent for fiscal 2003. The decrease was primarily due to a decrease in non- deductible losses in the Winnebago Health Care Management Company. Net income and earnings per diluted share increased by 41.6 percent and 52.6 percent, respectively, when comparing the 52 weeks ended August 28, 2004 to the 52 weeks ended August 30, 2003. The difference in percentages was primarily due to a lower number of outstanding shares of the Company's common stock during the 52 weeks ended August 28, 2004, as a result of common stock repurchased by the Company. (See Consolidated Statements of Changes in Stockholder's Equity on page 26 of the Company's 2004 Consolidated Financial Statements.) FISCAL 2003 COMPARED TO FISCAL 2002 The following is an analysis of changes in key items included in the consolidated statements of income for the 52-week period ended August 30, 2003 compared to the 53-week period ended August 31, 2002. COMPARISON OF FIFTY-TWO WEEKS ENDED FIFTY-TWO FIFTY-THREE AUGUST 30, 2003 TO WEEKS ENDED WEEKS ENDED FIFTY-THREE WEEKS ENDED AUGUST 30, AUGUST 31, (DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA) AUGUST 31, 2002 2003 2002 -------------------------------------------------------------------------- (ADJUSTED FOR THE 2-FOR-1 STOCK SPLIT ON INCREASE % MARCH 5, 2004) (DECREASE) CHANGE % OF NET REVENUES -------------------------------------------------------------------------- Net revenues $ 19,941 2.4% 100.0% 100.0% Cost of goods sold 22,967 3.2 86.6 85.9 -------------------------------------------------------------------------- Gross profit (3,026) (2.6) 13.4 14.1 Selling 147 0.7 2.4 2.4 General and administrative (2,396) (12.8) 1.9 2.2 -------------------------------------------------------------------------- Operating income (777) (1.0) 9.1 9.5 Financial income (1,854) (57.0) 0.2 0.4 Provision for taxes 1,530 5.4 3.5 3.5 -------------------------------------------------------------------------- Net income before discontinued operations (4,161) (7.9) 5.8 6.4 Discontinued operations (626) (35.2) 0.1 0.2 -------------------------------------------------------------------------- Net income $ (4,787) (8.8) 5.9 6.6 ========================================================================== Diluted earnings per share $ (.01) (0.7%) ============================== Fully diluted average shares outstanding (3,132) (7.7%) ============================== Net revenues for the 52 weeks ended August 30, 2003 increased 2.4 percent to $845.2 million compared to $825.3 million for the 53 weeks ended August 31, 2002. Unit deliveries consisted of the following: FIFTY-TWO WEEKS ENDED FIFTY-THREE WEEKS ENDED INCREASE % AUGUST 30, 2003 AUGUST 31, 2002 (DECREASE) CHANGE -------------------------------------------------------------------------------------- Class A motor homes (gas) 5,152 5,058 94 1.9% Class A motor homes (diesel) 1,553 1,667 (114) (6.8%) Class C motor homes 4,021 4,329 (308) (7.1%) -------------------------------------------------------------------------------------- Total deliveries 10,726 11,054 (328) (3.0%) -------------------------------------------------------------------------------------- 17

[PHOTOS] VOYAGE - ------ SUNRISE ------- Revenues increased 2.4 percent during the fiscal year ended August 30, 2003, but unit deliveries decreased by 3.0 percent. Revenues increased in fiscal 2003, despite a decrease in unit deliveries from fiscal 2002 as a result of a higher average selling price per unit in fiscal 2003. Gross profit as a percentage of net revenues was lower during the 52 weeks ended August 30, 2003 (13.4%) when compared to the 53 weeks ended August 31, 2002 (14.1%). The primary reasons for the lower gross profit during fiscal 2003 were lower production unit volume in relation to fixed manufacturing costs and start-up costs of the new production facility in Charles City, Iowa. Selling expenses increased 0.7 percent when comparing the 52 weeks ended August 30, 2003 ($19.8 million) to the 53 weeks ended August 31, 2002 ($19.6 million). The increase can be attributed primarily to higher advertising costs. General and administrative expenses decreased 12.8 percent during the 52 weeks ended August 30, 2003 to $16.3 million from $18.7 million for the 53 weeks ended August 31, 2002. The dollar decrease when comparing the two periods was primarily due to decreases of approximately $3.3 million in management bonus programs offset partially by an increase in legal reserves of approximately $800,000. Financial income decreased 57.0 percent during the 52 weeks ended August 30, 2003 to $1.4 million from $3.3 million for the 53 weeks ended August 31, 2002. The decrease in financial income during fiscal 2003 was due to the average available cash for investing being lower than the average available cash during fiscal 2002. Also, the average rate the Company earned on investments during fiscal 2003 was significantly lower than the average rate earned during fiscal 2002 due to a lower interest rate environment. The overall effective income tax rate increased to 38.1 percent for fiscal 2003 from 35.0 percent for fiscal 2002. The increase in the effective tax rate was caused primarily by losses in the Winnebago Health Care Management Company, which were not deductible for tax purposes due to a change in the Company's tax planning, increased state taxes and a reduction of tax-exempt financial income during fiscal 2003. During fiscal 2003, the Company sold its dealer financing receivables in Winnebago Acceptance Corporation (WAC) to GE Commercial Distribution Finance Corporation. With the sale of its WAC receivables, the Company discontinued dealer financing operations of the WAC subsidiary. Therefore, WAC's operations were accounted for as discontinued operations in the accompanying consolidated financial statements. Income from discontinued operations (net of taxes) for the 52 weeks ended August 30, 2003 was $1.2 million or $.03 per diluted share, compared to income of $1.8 million or $.04 per diluted share, for the 53 weeks ended August 31, 2002. Net income and earnings per diluted share decreased by 8.8 percent and 0.7 percent, respectively, when comparing the 52 weeks ended August 30, 2003 to the 53 weeks ended August 31, 2002. The difference in percentages when comparing net income to net earnings per diluted share was primarily due to a lower number of outstanding shares of the Company's common stock during the 52-week period ended August 30, 2003 due to the Company's repurchase of shares during fiscal 2003 and 2002. ANALYSIS OF FINANCIAL CONDITION, LIQUIDITY AND RESOURCES The Company meets its working capital, capital equipment and other cash requirements with funds generated from operations. At August 28, 2004, working capital was $164,791,000, a decrease of $100,000 from August 30, 2003's amount of $164,891,000. 18

[PHOTOS] ADVENTURER - ---------- SUNCRUISER ---------- Net cash provided by operating activities for the 52 weeks ended August 28, 2004 was $66.7 million compared to $63.0 million for the 52 weeks ended August 30, 2003. The major items affecting cash from operations were as follows: August 28, August 30, (In thousands) 2004 2003 - -------------------------------------------------------------------------------- Cash provided by: Net income $70,641 $48,732 Decrease in raw material and work in process inventory 6,322 - - - Increase in post- retirement benefits 12,061 4,884 Decrease in finished goods inventory - - - 11,897 Cash used by: Increase in finished goods inventory (22,773) - -- Increase in receivables and other assets (16,764) (1,825) Increase in raw material and work in process inventory - - - (12,525) Discontinued operations - - - 234 Other 17,197 11,619 ------------------------------- Total $66,684 $63,016 =============================== Changes in cash flows from operating activities for the year ended August 28, 2004 were due primarily to: Decreases in raw material and work in process as the Company brought back in line its chassis inventory. Increases in postretirement benefits due to the deferred compensation settlement (see Note 6 to the Company's 2004 Consolidated Financial Statements) and increases in the 2004 accrued postretirement benefit. Increased finished goods inventory primarily due to more diesel units in the Company's closing period inventory count. Increases in receivables and other assets due to a larger number than usual of unit deliveries being processed at the end of the last month of fiscal 2004. Changes in cash flows from operating activities for the year ended August 30, 2003 were due primarily to: Decreases in finished goods inventory due to more deliveries than production during the fourth quarter of fiscal 2003. Increases in raw material and work in process inventory due to the start-up of the Company's Charles City, Iowa production facility. The primary uses of cash for investing activities were for capital equipment requirements of $10.6 million for the 52-week period ended August 28, 2004, $12.9 million less than the usage of $23.5 million during the 52-week period ended August 30, 2003. Fiscal 2003 included the completion of the production assembly facility in Charles City, Iowa. Primary uses of cash in financing activities for the period ended August 28, 2004 were $77.7 million for the repurchases of the Company's common stock and payments of $6.9 million in dividends. Primary uses of cash in financing activities for the period ended August 30, 2003 were $20.2 million for the Company's common stock repurchases and the $3.7 million payment of dividends. (See Consolidated Statements of Cash Flows). On August 28, 2004 the Company's cash and cash equivalents balance was $75.5 million. Estimated demands at August 28, 2004 on the Company's liquid assets for fiscal 2005 include $11.4 million for capital expenditures, primarily for production equipment, and $9.4 million for payments of cash dividends. On June 16, 2004, the Board of Directors authorized the repurchase of outstanding shares of the Company's common stock, depending on market conditions, for an aggregate of up to $30 million. As of August 28, 2004, 116,800 shares had been repurchased for an aggregate consideration of approximately $3.4 million under this authorization. Management currently expects its cash on hand and funds from operations to be sufficient to cover both short-term and long-term operation requirements. 19

[PHOTOS] JOURNEY - ------- MERIDIAN -------- CONTRACTUAL OBLIGATIONS AND COMMITMENTS The Company's principal contractual obligations and commitments as of August 28, 2004 were as follows: (IN THOUSANDS) PAYMENTS DUE BY PERIOD --------------------------------------------------------------------------------------- FISCAL FISCAL MORE THAN CONTRACTUAL OBLIGATIONS TOTAL FISCAL 2005 2006-2007 2008-2009 5 YEARS - ----------------------- --------------------------------------------------------------------------------------- Operating leases (2) $ 1,224 $ 441 $ 675 $ 86 $ 22 Postretirement obligations (1) 13,742 698 1,800 2,333 8,911 --------------------------------------------------------------------------------------- Total contractual cash obligations $ 14,966 $ 1,139 $ 2,475 $ 2,419 $ 8,933 ======================================================================================= (IN THOUSANDS) AMOUNT OF COMMITMENT EXPIRATION BY PERIOD --------------------------------------------------------------------------------------- FISCAL FISCAL MORE THAN CONTRACTUAL COMMITMENTS TOTAL FISCAL 2005 2006-2007 2008-2009 5 YEARS - ----------------------- --------------------------------------------------------------------------------------- Guarantees (2) $ 695 $ 369 $ 203 $ 123 $ - - - Repurchase obligations (2) 289 289 - - - - - - - - - --------------------------------------------------------------------------------------- Total commitments $ 984 $ 658 $ 203 $ 123 $ - - - --------------------------------------------------------------------------------------- (1) See Note 5 to the Company's 2004 Consolidated Financial Statements. (2) Amounts represent management's best estimate of the fair value of guarantees and loss on repurchase obligations. Total for repurchase obligations were $357,168,000 and financial guarantee obligations were $1,939,000 at August 28, 2004. See Note 6 to the Company's 2004 Consolidated Financial Statements. NEW ACCOUNTING PRONOUNCEMENTS In January 2003, the Financial Accounting Standards Board (FASB) issued FASB Interpretation No. 46 ("FIN 46") "Consolidation of Variable Interest Entities," which addresses the reporting and consolidation of variable interest entities as they relate to a business enterprise. This interpretation incorporates and supersedes the guidance set forth in Accounting Research Bulletin (ARB) No. 51, "Consolidated Financial Statements." It requires the consolidation of variable interest entities into the financial statements of a business enterprise if that enterprise holds a controlling interest in other means than the traditional voting majority. The FASB has amended FIN 46, now known as FIN 46 Revised December 2003 (FIN 46R). The adoption of FIN 46R had no impact on the Company's financial condition or operating results. In January 2004, the FASB issued FASB Staff Position (FSP) FAS 106-1, Accounting and Disclosure Requirements Related to the Medicare Prescription Drug, Improvement and Modernization Act of 2003 (Act). The Act introduced a prescription drug benefit and federal subsidy to sponsors of retiree health care benefit plans. The Act permits a sponsor of a postretirement health care plan that provides a prescription drug benefit to make a one-time election to defer recognition of the effects of the Act in accounting for its retiree healthcare benefit plans until authoritative guidance on accounting for subsidies provided by the Act is issued. Statements of Accounting Standards (SFAS) No. 106, "Employers Accounting for Postretirement Benefits Other Than Pension," requires enacted changes in relevant laws to be considered in current period measurements of postretirement benefit costs and accumulated postretirement benefit obligation. The Company provides prescription drug benefits to certain eligible retirees and elected the one-time deferral of accounting for the effects of the Act in the second quarter of 2004. In May 2004, the FASB issued FSP FAS 106-2 to provide guidance on accounting for the effects of the Act and supersedes FSP FAS 106-1. This FSP is effective for the first interim or annual period beginning after June 15, 2004. In addition, this FSP requires employers to provide certain future disclosures in their financial statements regarding the effect of the Act and the related subsidy on postretirement health obligations and net periodic postretirement benefit cost. The Company's accrued costs and liabilities for these benefits do not reflect any amount associated with the subsidy because the Company has concluded the plan is not likely eligible to receive the subsidy due to a plan amendment made in September 2004. 20

[PHOTOS] VECTRA - ------ HORIZON ------- IMPACT OF INFLATION Historically, the impact of inflation on the Company's operations has not been significantly detrimental, as the Company has usually been able to adjust its prices to reflect the inflationary impact on the cost of manufacturing its product. In recent months, the costs of a number of raw materials and component parts utilized in manufacturing the Company's motor homes have increased. While the Company has been able to pass on these increases, in the event the Company is unable to continue to do so, these increases or future increases in manufacturing costs could have a material adverse effect on the Company's results of operations. COMPANY OUTLOOK Long-term growth demographics are favorable for the Company as its target market of consumers age 50 and older is expected to increase for the next 30 years. In addition to growth in the target market due to the aging of the baby boom generation, a study conducted in 2001 by the University of Michigan for the RV industry shows that the age of people interested in purchasing RVs is also expanding to include younger buyers under 35 years of age as well as older buyers over age 75 who are staying healthy and active much later in life. This study also shows an increased interest in owning RVs by a larger percentage of all U.S. households. Order backlog for the Company's motor homes was as follows: AUGUST 28, AUGUST 30, INCREASE % UNITS 2004 2003 (DECREASE) CHANGE - ----- ------------------------------------------------------------------------- Class A motor homes (gas) 1,187 1,172 15 1.3% Class A motor homes (diesel) 614 612 2 0.3% Class C motor homes 740 848 (108) (12.7%) ------------------------------------------------------------------------- Total backlog 2,541 2,632 (91) (3.5%) ========================================================================= Total approximate revenue dollars (in thousands) $220,000 $200,000 $20,000 10.0% ========================================================================= 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. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK As of August 28, 2004, the Company had an investment portfolio of short-term investments, which are classified as cash and cash equivalents of $75.6 million, of which $68.4 million are fixed income investments that are subject to interest rate risk and a decline in value if market interest rates increase. However, the Company has the ability to hold its fixed income investments until maturity (which approximates 45 days) and, therefore, the Company would not expect to recognize an adverse impact in income or cash flows in such an event. CONTROLS AND PROCEDURES The Company has established disclosure controls and procedures, which are designed to ensure that information required to be disclosed in reports filed or submitted under the Securities Exchange Act of 1934 are recorded, processed, summarized, and reported within the time periods specified in the Securities and Exchange Commission's rules and forms. The Company's Chief Executive Officer and its Chief Financial Officer evaluated the effectiveness of the Company's disclosure controls, and procedures as of the end of the period covered by this Annual Report. Based on their evaluation, they concluded that its disclosure controls and procedures were effective in achieving the objectives for which they were designed. Furthermore, there have been no changes in the Company's internal controls over financial reporting during the fiscal year covered by this Annual Report that have materially affected, or are reasonably likely to material affect, its internal control over financial reporting. 21

CONSOLIDATED BALANCE SHEETS (DOLLARS IN THOUSANDS) AUGUST 28, 2004 AUGUST 30, 2003 - ---------------------------------------------------------------------------------------------- Assets Current assets Cash and cash equivalents $ 75,545 $ 99,381 Receivables, less allowance for doubtful accounts ($161 and $134, respectively) 46,112 30,885 Inventories 130,733 114,282 Prepaid expenses and other assets 4,814 4,816 Deferred income taxes 12,865 7,925 ------------------------------------------- Total current assets 270,069 257,289 ------------------------------------------- Property and equipment, at cost Land 1,000 999 Buildings 57,029 55,158 Machinery and equipment 99,511 94,208 Transportation equipment 9,349 9,218 ------------------------------------------- 166,889 159,583 Less accumulated depreciation 102,894 96,265 ------------------------------------------- Total property and equipment, net 63,995 63,318 ------------------------------------------- Investment in life insurance 22,863 22,794 ------------------------------------------- Deferred income taxes 25,166 22,491 ------------------------------------------- Other assets 12,463 11,570 ------------------------------------------- Total assets $394,556 $377,462 =========================================== See notes to consolidated financial statements. 22

(DOLLARS IN THOUSANDS) AUGUST 28, 2004 AUGUST 30, 2003 - ---------------------------------------------------------------------------------------------- Liabilities and Stockholders' Equity Current liabilities Accounts payable, trade $ 46,659 $ 52,239 Income taxes payable 4,334 - - - Accrued expenses Accrued compensation 21,217 15,749 Product warranties 13,356 9,755 Self-insurance 6,483 5,087 Promotional 5,885 4,599 Other 7,344 4,969 ------------------------------------------- Total current liabilities 105,278 92,398 ------------------------------------------- Postretirement health care and deferred compensation benefits 87,403 74,438 ------------------------------------------- Contingent liabilities and commitments Stockholders' equity Capital stock common, par value $.50; authorized 60,000,000 shares, issued 51,776,000 shares and 25,888,000 shares, respectively 25,888 12,944 Additional paid-in capital 14,570 25,969 Reinvested earnings 392,430 331,039 ------------------------------------------- 432,888 369,952 Less treasury stock, at cost 231,013 159,326 ------------------------------------------- Total stockholders' equity 201,875 210,626 ------------------------------------------- Total liabilities and stockholders' equity $394,556 $377,462 =========================================== 23

CONSOLIDATED STATEMENTS OF INCOME YEAR ENDED (IN THOUSANDS, EXCEPT PER SHARE DATA) AUGUST 28, 2004 AUGUST 30, 2003 AUGUST 31, 2002 (1) - ------------------------------------------------------------------------------------------------------------------------------------ Net revenues $ 1,114,154 $ 845,210 $ 825,269 Cost of goods sold 951,985 731,832 708,865 ---------------------------------------------------------------------------- Gross profit 162,169 113,378 116,404 ---------------------------------------------------------------------------- Operating expenses Selling 20,764 19,753 19,606 General and administrative 30,607 16,331 18,727 ---------------------------------------------------------------------------- Total operating expenses 51,371 36,084 38,333 ---------------------------------------------------------------------------- Operating income 110,798 77,294 78,071 Financial income 1,436 1,399 3,253 ---------------------------------------------------------------------------- Pre-tax income 112,234 78,693 81,324 Provision for taxes 41,593 29,961 28,431 ---------------------------------------------------------------------------- Income from continuing operations 70,641 48,732 52,893 Income from discontinued operations (net of taxes of $619 and $954, respectively) - - - 1,152 1,778 ---------------------------------------------------------------------------- Net income $ 70,641 $ 49,884 $ 54,671 ---------------------------------------------------------------------------- Income per common share (basic)(2) From continuing operations $ 2.06 $ 1.32 $ 1.33 From discontinued operations - - - .03 .04 ---------------------------------------------------------------------------- Income per share (basic) $ 2.06 $ 1.35 $ 1.37 ---------------------------------------------------------------------------- Income per common share (diluted) From continuing operations $ 2.03 $ 1.30 $ 1.30 From discontinued operations - - - .03 .04 ---------------------------------------------------------------------------- Income per share (diluted) $ 2.03 $ 1.33 $ 1.34 ---------------------------------------------------------------------------- Weighted average shares of common stock outstanding(2) Basic 34,214 36,974 39,898 ---------------------------------------------------------------------------- Diluted 34,789 37,636 40,768 ---------------------------------------------------------------------------- See notes to consolidated financial statements. (1) Year ended August 31, 2002 contained 53 weeks; all other fiscal years contained 52 weeks. (2) Income per share calculations and weighted average shares outstanding have been restated to record the effect of the 2-for-1 stock split on March 5, 2004. 24

CONSOLIDATED STATEMENTS OF CASH FLOWS YEAR ENDED (DOLLARS IN THOUSANDS) AUGUST 28, 2004 AUGUST 30, 2003 AUGUST 31, 2002(1) - ------------------------------------------------------------------------------------------------------------------------------------ Cash flows from operating activities Net income $ 70,641 $ 49,884 $ 54,671 Income from discontinued operations - - - (1,152) (1,778) ---------------------------------------------------------------------------- Income from continuing operations, net of cumulative effect 70,641 48,732 52,893 Adjustments to reconcile net income to net cash provided by operating activities Depreciation and amortization 9,628 8,786 7,879 Tax benefit of stock options 2,573 1,356 3,349 Loss (gain) on disposal of property, leases and other assets 584 122 (202) Provision (credit) for doubtful receivables 73 54 (46) Change in assets and liabilities Increase in receivables and other assets (16,764) (1,825) (8,085) Increase in inventories (16,451) (628) (33,839) Increase in deferred income taxes (7,615) (1,071) (1,127) Increase in accounts payable and accrued expenses 6,195 6,407 10,921 Increase (decrease) in income taxes payable 5,759 (4,035) (2,328) Increase in postretirement benefits 12,061 4,884 5,278 ---------------------------------------------------------------------------- Net cash provided by continuing operations 66,684 62,782 34,693 Net cash provided by discontinued operations - - - 234 319 ---------------------------------------------------------------------------- Net cash provided by operating activities 66,684 63,016 35,012 ---------------------------------------------------------------------------- Cash flows from investing activities Purchases of property and equipment (10,588) (23,487) (10,997) Proceeds from sale of property and equipment 201 190 929 Investments in other assets (579) (2,353) (3,573) Proceeds from life insurance death benefits 60 931 - - - ---------------------------------------------------------------------------- Net cash used in continuing operations (10,906) (24,719) (13,641) Net cash provided by discontinued operations - - - 39,288 4,243 ---------------------------------------------------------------------------- Net cash (used in) provided by investing activities (10,906) 14,569 (9,398) ---------------------------------------------------------------------------- Cash flows from financing activities and capital transactions Payments for purchase of common stock (77,668) (20,221) (86,072) Payments of cash dividends (6,899) (3,701) (3,954) Proceeds from issuance of common and treasury stock 4,953 3,493 4,357 ---------------------------------------------------------------------------- Net cash used in financing activities and capital transactions (79,614) (20,429) (85,669) ---------------------------------------------------------------------------- Net (decrease) increase in cash and cash equivalents (23,836) 57,156 (60,055) Cash and cash equivalents at beginning of year 99,381 42,225 102,280 ---------------------------------------------------------------------------- Cash and cash equivalents at end of year $ 75,545 $ 99,381 $ 42,225 ---------------------------------------------------------------------------- See notes to consolidated financial statements. (1) Year ended August 31, 2002 contained 53 weeks; all other years contained 52 weeks. 25

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY ADDITIONAL TOTAL (AMOUNTS IN THOUSANDS COMMON SHARES PAID-IN REINVESTED TREASURY STOCK STOCKHOLDERS' EXCEPT PER SHARE DATA) NUMBER AMOUNT CAPITAL EARNINGS NUMBER AMOUNT EQUITY - ------------------------------------------------------------------------------------------------------------------------------------ Balance, August 25, 2001 25,886 $12,943 $22,261 $234,139 5,123 $61,879 $207,464 Proceeds from the sale of common stock to employees 2 1 49 - - - - - - - - - 50 Net cost of treasury stock issued for stock options exercised - - - - - - (453) - - - (280) (3,650) 3,197 Issuance of stock to officers and directors - - - - - - 534 - - - (45) (576) 1,110 Tax benefit due to sale of common stock to employees - - - - - - 3,349 - - - - - - - - - 3,349 Payments for purchase of common stock - - - - - - - - - - - - 2,412 86,072 (86,072) Cash dividends on common stock - $.10 per share(1) - - - - - - - - - (3,954) - - - - - - (3,954) Net income - - - - - - - - - 54,671 - - - - - - 54,671 -------------------------------------------------------------------------------------------- Balance, August 31, 2002 25,888 12,944 25,740 284,856 7,210 143,725 179,815 Net cost of treasury stock issued for stock options exercised - - - - - - (1,396) - - - (210) (4,277) 2,881 Issuance of stock to officers and directors - - - - - - 269 - - - (17) (343) 612 Tax benefit due to sale of common stock to employees - - - - - - 1,356 - - - - - - - - - 1,356 Payments for purchase of common stock - - - - - - - - - - - - 676 20,221 (20,221) Cash dividends on common stock - $.10 per share(1) - - - - - - - - - (3,701) - - - - - - (3,701) Net income - - - - - - - - - 49,884 - - - - - - 49,884 -------------------------------------------------------------------------------------------- Balance, August 30, 2003 25,888 12,944 25,969 331,039 7,659 159,326 210,626 Net cost of treasury stock issued for stock options exercised - - - - - - (1,074) - - - (520) (5,939) 4,865 Issuance of stock to directors - - - - - - 46 - - - (4) (42) 88 Tax benefit due to sale of common stock to employees - - - - - - 2,573 - - - - - - - - - 2,573 Payments for purchase of common stock - - - - - - - - - - - - 3,401 77,668 (77,668) Cash dividends paid and accrued on common stock - $.27 per share(1) - - - - - - - - - (9,250) - - - - - - (9,250) Stock split - 2-for-1 - March 5, 2004 25,888 12,944 (12,944) - - - 7,659 - - - - - - Net income - - - - - - - - - 70,641 - - - - - - 70,641 -------------------------------------------------------------------------------------------- Balance, August 28, 2004 51,776 $25,888 $14,570 $392,430 18,195 $231,013 $201,875 ============================================================================================ (1) Adjusted for 2-for-1 stock split on March 5, 2004. See notes to consolidated financial statements. 26

[PHOTO] RIALTA ------ NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 1: NATURE OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES Winnebago Industries, Inc. (the Company) is the leading U.S. manufacturer of motor homes, self-contained recreation vehicles used primarily in leisure travel and outdoor recreation activities. The recreation vehicle market is highly competitive, both as to price and quality of the product. The Company believes its principal marketing advantages are its brand name recognition, the quality of its products, its dealer organization, its warranty and service capability and its marketing techniques. The Company also believes that its prices are competitive with the competition's units of comparable size and quality. PRINCIPLES OF CONSOLIDATION. The consolidated financial statements include the parent company and subsidiary companies. All material intercompany balances and transactions with subsidiaries have been eliminated. CASH AND CASH EQUIVALENTS. The Company has a cash management program which provides for the investment of excess cash balances in short-term fixed type investments. These consist of money market securities, tax-exempt money market preferreds, variable rate auction preferred stock and debt instruments with a maturity of less than 365 days. The Company holds its fixed income investments on average less than 90 days. FISCAL PERIOD. The Company follows a 52/53-week fiscal year period. The financial statements for fiscal 2002 are based on a 53-week period; the others are on a 52-week basis. REVENUE RECOGNITION. Generally, revenues for motor homes are recorded when all of the following conditions are met: an order for a product has been received from a dealer; written or verbal approval for payment has been received from the dealer's floorplan financing institution; and the product is delivered to the dealer who placed the order. Sales are generally made to dealers who finance their purchases under floorplan financing arrangements with banks or finance companies. Revenues for the Company's original equipment manufacturing (OEM) components and recreation vehicle related parts are recorded as the products are shipped from the Company's location. The title of ownership transfers on these products as they leave the Company's location due to the freight terms of F.O.B. - Forest City, Iowa. Certain payments to customers for cooperative advertising and certain sales incentive offers are shown as a reduction in net revenues, in accordance with Emerging Issues Task Force (EITF) No. 01-9, Accounting for Consideration Given by a Vendor to a Customer or a Reseller of the Vendor's Products. Cooperative advertising expense and sales incentives were previously reported as selling expense prior to fiscal 2002. SHIPPING REVENUES AND EXPENSES. Shipping revenues for products shipped are included within sales, while shipping expenses are included within cost of goods sold, in accordance with EITF No. 00-10, Accounting for Shipping and Handling Fees and Costs. INVENTORIES. Inventories are valued at the lower of cost or market, with cost being determined by using the last-in, first-out (LIFO) method and market defined as net realizable value. PROPERTY AND EQUIPMENT. Depreciation of property and equipment is computed using the straight-line method on the cost of the assets, less allowance for salvage value where appropriate, at rates based upon their estimated service lives as follows: ASSET CLASS ASSET LIFE - ----------------------------------------------------------------- Buildings 10-30 yrs. Machinery and equipment 3-10 yrs. Transportation equipment 3-6 yrs. Management periodically reviews the carrying values of long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. In performing the review for recoverability, management estimates the nondiscounted future cash flows expected to result from the use of the asset and its eventual disposition. INCOME TAXES. The Company accounts for income taxes under Statement of Financial Accounting Standards (SFAS) No. 109, Accounting for Income Taxes. This Statement requires recognition of deferred assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the years in which the differences are expected to reverse. DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES. All contracts that contain provisions meeting the definition of a derivative also meet the requirements of, and have been designated as, normal purchases or sales. The Company's policy is to not enter into 27

contracts with terms that cannot be designated as normal purchases or sales. ALLOWANCE FOR DOUBTFUL ACCOUNTS. The allowance for doubtful accounts is based on previous loss experience. Additional amounts are provided through charges to income as management believes necessary after evaluation of receivables and current economic conditions. Amounts which are considered to be uncollectible are charged off and recoveries of amounts previously charged off are credited to the allowance upon recovery. LEGAL. The Company's accounting policy regarding litigation expense is to accrue for the estimated defense costs and for any potential exposure if the Company is able to assess the risk of an adverse outcome and the possible magnitude thereof. RESEARCH AND DEVELOPMENT. Research and development expenditures are expensed as incurred. Development activities generally relate to creating new products and improving or creating variations of existing products to meet new applications. During fiscal 2004, 2003 and 2002, the Company spent approximately $3,655,000, $3,464,000 and $3,190,000, respectively, on research and development activities. STOCK SPLIT. On January 14, 2004, the Board of Directors approved a 2-for-1 stock split of the Company's common stock effective on March 5, 2004 to shareholders of record on February 20, 2004. The stock split was effected in the form of a 100 percent stock dividend. Income per share calculations and weighted average shares outstanding for all the years presented have been restated to record the effect of the stock split. INCOME PER COMMON SHARE. Basic income per common share is computed by dividing net income by the weighted average common shares outstanding during the period. Diluted income per common share is computed by dividing net income by the weighted average common shares outstanding plus the incremental shares that would have been outstanding upon the assumed exercise of dilutive stock options (see Note 12 to the Company's 2004 Consolidated Financial Statements.) FAIR VALUE DISCLOSURES OF FINANCIAL INSTRUMENTS. All financial instruments are carried at amounts believed to approximate fair value. USE OF ESTIMATES. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. RECLASSIFICATIONS. Certain prior year information has been reclassified to conform to the current year presentation. This reclassification had no effect on net income or stockholders' equity as previously reported. NEW ACCOUNTING PRONOUNCEMENTS. See page 20 of the Company's 2004 Consolidated Financial Statements. ACCOUNTING FOR STOCK-BASED COMPENSATION. The Company adopted SFAS No. 123, Accounting for Stock-Based Compensation in fiscal 1997. The Company has elected to continue following the accounting guidance of Accounting Principles Board Opinion No. 25, Accounting for Stock Issued to Employees for measurement and recognition of stock-based transactions with employees. No compensation cost has been recognized for options issued under the stock option plans because the exercise price of all options granted was not less than 100 percent of fair market value of the common stock on the date of grant. Had compensation cost for the stock options issued been determined based on the fair value at the grant date, consistent with provisions of SFAS No. 123, the Company's 2004, 2003 and 2002 income and income per share would have been changed to the pro forma amounts indicated as follows: (DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA) (ADJUSTMENTS HAVE BEEN RECORDED TO REFLECT THE 2-FOR-1 STOCK SPLIT ON MARCH 5, 2004) 2004 2003 2002 - ---------------------------------------------------------------------------------------------------------- Net income As reported $ 70,641 $ 49,884 $ 54,671 Pro forma 67,409 47,850 52,881 Income per share (basic) As reported $ 2.06 $ 1.35 $ 1.37 Pro forma 1.97 1.29 1.33 Income per share (diluted) As reported $ 2.03 $ 1.33 $ 1.34 Pro forma 1.94 1.27 1.30 28

The fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model with the following assumptions: 2004 2003 2002 - -------------------------------------------------------------------------------------------------------------------- Dividend yield .72% .78% .87% Risk-free interest rate 2.81% 2.99% 3.22% Expected life 4 years 4 years 5 years Expected volatility 48.19 - 48.54% 49.25% 55.82% Estimated fair value of options granted per share $10.04 $7.12 $5.04 NOTE 2: DISCONTINUED OPERATIONS On April 24, 2003 the Company sold its dealer financing receivables in Winnebago Acceptance Corporation (WAC) to GE Commercial Distribution Finance Corporation for approximately $34 million and recorded no gain or loss as the receivables were sold at book value. With the sale of its WAC receivables, the Company has discontinued dealer financing operations of WAC. Therefore, WAC's operations were accounted for as discontinued operations in the accompanying consolidated financial statements. YEAR ENDED (IN THOUSANDS, EXCEPT PER SHARE DATA) --------------------------------------------- (ADJUSTMENTS HAVE BEEN RECORDED TO REFLECT THE 2-FOR-1 AUGUST 30, AUGUST 31, STOCK SPLIT ON MARCH 5, 2004) 2003 2002 - ------------------------------------------------------------------------------------------------------------------------------------ Winnebago Acceptance Corporation Net revenues $ 1,940 $ 3,134 --------------------------------------------- Income before income taxes 1,771 2,732 --------------------------------------------- Net income 1,152 1,778 ============================================= Income per share - basic $ .03 $ .04 ============================================= Income per share - diluted $ .03 $ .04 ============================================= Weighted average common shares outstanding Basic 36,974 39,898 ============================================= Diluted 37,636 40,768 ============================================= NOTE 3: INVENTORIES Inventories consist of the following: AUGUST 28, AUGUST 30, (DOLLARS IN THOUSANDS) 2004 2003 - --------------------------------------------------------------------------- Finished goods $ 58,913 $ 36,140 Work-in-process 47,337 47,098 Raw materials 51,675 56,382 ------------------------------------ 157,925 139,620 LIFO reserve (27,192) (25,338) ------------------------------------ $ 130,733 $ 114,282 ------------------------------------ The above value of inventories, before reduction for the LIFO reserve, approximates replacement cost at the respective dates. NOTE 4: WARRANTY Winnebago provides its Winnebago and Itasca motor home customers a comprehensive 12-month/15,000-mile warranty, and a 3-year/36,000-mile warranty on sidewalls, floors, and slideout room assemblies. Rialta motor home customers are provided a 2-year/24,000-mile warranty. The Company records a liability based on its estimate of the amounts necessary to settle future and existing claims on products sold as of the balance sheet date. Changes in the Company's product warranty liability during fiscal years ended August 28, 2004 and August 30, 2003 are as follows: AUGUST 28, AUGUST 30, (DOLLARS IN THOUSANDS) 2004 2003 - --------------------------------------------------------------------------- Balance at beginning of year $ 9,755 $ 8,151 Provision 16,200 13,085 Claims paid (12,599) (11,481) ------------------------------------ Balance at end of year $ 13,356 $ 9,755 ==================================== In addition to the costs associated with the contractual warranty coverage provided on our motor homes, we also incur costs as a result of additional service actions not covered by our warranties, including product recalls and customer satisfaction actions. Additional service actions include costs related to product recalls and other service actions outside the contractual warranty coverage. The Company estimates the cost of these service actions using past claim rate experiences and the estimated cost of the repairs. Estimated costs will be accrued at the time the service action is implemented and included in cost of sales in the Company's consolidated statements of income and as other accrued expenses in the Company's consolidated balance sheet. 29

NOTE 5: EMPLOYEE RETIREMENT PLANS The Company has a qualified profit sharing and contributory 401(k) plan for eligible employees. The plan provides for contributions by the Company in such amounts as the Board of Directors may determine. Contributions to the plan in cash for fiscal 2004, 2003 and 2002 were $3,189,000, $2,809,000 and $2,668,000, respectively. The Company also has a nonqualified deferred compensation program which permitted key employees to annually elect (via individual contracts) to defer a portion of their compensation until their retirement. The plan has been closed to any additional deferrals since January 2001. The retirement benefit to be provided is based upon the amount of compensation deferred and the age of the individual at the time of the contracted deferral. An individual generally vests at the later of age 55 and five years of service since the deferral was made. For deferrals prior to December 1992, vesting occurs at the later of age 55 and five years of service from first deferral or 20 years of service. Deferred compensation expense was $7,669,000, $1,629,000 and $1,642,000 in fiscal 2004, 2003 and 2002, respectively. (See Note 6 to the Company's 2004 Consolidated Financial Statements regarding the Sanft deferred compensation settlement.) Total deferred compensation liabilities were $25,702,000 and $19,540,000 at August 28, 2004 and August 30, 2003, respectively. To assist in funding the deferred compensation liability, the Company has invested in corporate-owned life insurance policies. The cash surrender value of these policies (net of borrowings of $17,866,000 and $16,498,000 at August 28, 2004 and August 30, 2003, respectively) are presented as assets of the Company in the accompanying consolidated balance sheets. In addition, the Company has a non-qualified share option program which permits participants in the Executive Share Option Plan (the "Plan") to choose to exchange a portion of their salary or other eligible compensation for options on selected mutual funds. Total Plan assets are presented as other assets and total Plan liabilities as postretirement health care and deferred compensation benefits of the Company in the accompanying consolidated balance sheets. Such assets on August 28, 2004 and August 30, 2003 were $11,116,000 and $9,700,000, respectively, and the liabilities were $8,333,000 and $7,050,000, respectively. The Company provides certain health care and other benefits for retired employees, hired before April 1, 2001, who have fulfilled eligibility requirements at age 55 with 15 years of continuous service. Retirees are required to pay a monthly premium for medical coverage based on years of service at retirement and then current age. The Company's postretirement health care plan currently is not funded. The Company uses a September 1 measurement date for this plan. The status of the plan is as follows: AUG. 28, AUG. 30, (DOLLARS IN THOUSANDS) 2004 2003 - ---------------------------------------------------------------------------- Change in benefit obligation Accumulated benefit obligation, beginning of year $58,560 $44,968 Actuarial loss 6,899 9,294 Interest cost 3,787 3,017 Service cost 2,536 1,973 Net benefits paid (874) (692) Plan amendment (40,414) - - - ----------------------------- Benefit obligation, end of year $30,494 $58,560 ----------------------------- Funded status Accumulated benefit obligation in excess of plan assets $30,494 $58,560 Unrecognized cost Net actuarial loss (24,517) (18,423) Prior service cost 47,391 7,711 ----------------------------- Accrued benefit cost $ 53,368 $ 47,848 ----------------------------- Effective September 2004, the Company amended its postretirement health care benefit by establishing a maximum employer contribution amount which resulted in a $40,414,000 reduction of the accumulated postretirement benefit obligation. This amendment will significantly reduce the net postretirement health care expense in subsequent fiscal years. The discount rate used in determining the accumulated postretirement benefit obligation was 6.0 percent at August 28, 2004 and 6.5 percent at August 30, 2003. The average assumed health care cost trend rate used in measuring the accumulated postretirement benefit obligations as of August 28, 2004 was 9.2 percent, decreasing each successive year until it reaches 4.9 percent in 2013 after which it remains constant. Net postretirement benefit expense for the fiscal years ended August 28, 2004, August 30, 2003 and August 31, 2002 consisted of the following components: (DOLLARS IN AUG. 28, AUG. 30, AUG. 31, THOUSANDS) 2004 2003 2002 - ------------------------------------------------------------------------------- Components of net periodic benefit cost Interest cost $ 3,787 $ 3,017 $ 2,836 Service cost 2,536 1,973 2,079 Net amortization and deferral 71 (399) (193) ---------------------------------------------- Net periodic benefit cost $ 6,394 $ 4,591 $ 4,722 ---------------------------------------------- Assumed health care cost trend rates have a significant effect on the amounts reported for the health care plans. A one percentage point change in assumed health care cost trend rates would have the following effects: 30

ONE ONE PERCENTAGE PERCENTAGE POINT POINT (DOLLARS IN THOUSANDS) INCREASE DECREASE - ------------------------------------------------------------------------------- Effect on total of service and interest cost components $ 1,668 $ (1,262) Effect on postretirement benefit obligation $ 256 $ (312) Expected future benefit payments for postretirement health care are as follows: (DOLLARS IN THOUSANDS) YEAR ENDED AMOUNT - -------------------------------------------------------------------------------- 2005 $ 698 2006 835 2007 965 2008 1,098 2009 1,235 2010 - 2014 8,911 The expected benefits have been estimated based on the same assumptions used to measure the Company's benefit obligation as of August 28, 2004 and include benefits attached to estimated future employee's services. Summary of postretirement health care and deferred compensation benefits at fiscal year-end are as follows: AUGUST 28, AUGUST 30, (DOLLARS IN THOUSANDS) 2004 2003 - ---------------------------------------------------------------------------- Accrued benefit cost $ 53,368 $ 47,848 Deferred compensation liability 25,702 19,540 Executive share option plan liability 8,333 7,050 ---------------------------------- Total postretirement health care and deferred compensation benefits $ 87,403 $ 74,438 ================================== NOTE 6: CONTINGENT LIABILITIES AND COMMITMENTS REPURCHASE COMMITMENTS. It is customary practice for companies in the recreation vehicle industry to enter into repurchase agreements with lending institutions which have provided wholesale floor plan financing to dealers. Most dealers' motor homes are financed on a "floor plan" basis under which a bank or finance company lends the dealer all, or substantially all, of the purchase price, collateralized by a security interest in the merchandise purchased. These repurchase agreements provide that, in the event of default by the dealer on the agreement to pay the lending institution, the Company will repurchase the financed merchandise. The agreements provide that the Company's liability will not exceed 100 percent of the dealer invoice and provide for periodic liability reductions based on the time since the date of the original invoice. These repurchase obligations expire upon the earlier to occur of (i) the dealer's sale of the financed unit or (ii) one year from the date of the original invoice. The Company's contingent obligations under these repurchase agreements are reduced by the proceeds received upon the resale of any repurchased unit. The Company's contingent liability on these repurchase agreements was approximately $355,396,000 and $245,701,000 at August 28, 2004 and August 30, 2003, respectively. The Company's losses under repurchase agreements were approximately $0, $129,000 and $81,000 during fiscal 2004, 2003 and 2002, respectively. Included in these contingent liabilities are certain dealer receivables subject to full recourse to the Company with Bank of America Specialty Group and Conseco Financing Servicing Group. Contingent liabilities under these recourse agreements were $0 and $898,000 at August 28, 2004 and August 30, 2003, respectively. The Company did not incur any losses under these recourse agreements during fiscal 2004, 2003, and 2002. The Company also entered into a repurchase agreement on February 1, 2002 with a banking institution which calls for a liability reduction of 2 percent of the original invoice every month for 24 months, at which time the repurchase obligation terminates. The Company's contingent liability under this agreement was approximately $1,772,000 and $2,366,000 at August 28, 2004 and August 30, 2003, respectively. The Company did not incur any losses under this repurchase agreement during fiscal 2004, 2003, and 2002. The Company records an estimated expense and loss reserve in each accounting period based upon its extensive history and experience of its repurchase agreements with the lenders of the Company's dealers. As of August 28, 2004, historical data shows that approximately 1.0 percent of the outstanding repurchase liability is potentially repurchased and the estimated loss reserve of approximately 8.0 percent of such repurchase is established on loss history of the repurchased products. Upon resale of the repurchased units, the Company does not record the transaction as revenue. The difference between the repurchase price and the net proceeds received from reselling the units is charged against the Company's reserve for losses on repurchases. See above for amounts of losses experienced. GUARANTEES During the second quarter of fiscal 2002, the Company entered into a five-year services agreement (the "Agreement") with an unaffiliated third-party paint supplier (the "Supplier") and the Forest City Economic Development, Inc., an Iowa nonprofit corporation (the "FCED"), requiring the Supplier to provide RV paint services to the Company. Three of Winnebago's officers have board seats on the 20-member FCED board. The FCED constructed and debt financed a paint facility on its land adjoining the Company's Forest City manufacturing plant for the 31

Supplier and the Supplier leases the land and facility from the FCED under a lease that expires in August 2012. In the event of termination of the Agreement by any of the parties involved before September 1, 2007, the rights and obligations of the Supplier under the lease would be transferred to the Company. As of August 28, 2004, the Supplier is current with its lease payment obligations to the FCED with approximately $3,713,000 remaining to be paid through August 2012. Also, under the terms of the Agreement in the event of a default by the Supplier, the Company would be obligated to purchase from the Supplier approximately $750,000 of equipment installed in the paint facility at net book value and is obligated to assume payment obligations for approximately $45,000 in capital equipment leases. Also in the second quarter of fiscal 2002, the Company guaranteed $700,000 of the FCED's $2,200,000 bank debt for the construction of the paint facility leased by the Supplier. The Company also pledged a $500,000 certificate of deposit to the bank to collateralize a portion of its $700,000 guarantee. During the first quarter of fiscal 2004, the debt obligations for the FCED's paint facility were renegotiated from $2,200,000 to $2,925,000 and as part of this transaction, the Company executed a new guaranty whereby the amount of the guarantee was reduced from $700,000 to $500,000 with the Company continuing to agree to pledge a $500,000 certificate of deposit to the bank. The term of the guarantee coincides with the payment of the first $500,000 of lease obligations of the Supplier scheduled to be paid by February 2006. As a result of the new guarantee, the Company recorded a $500,000 liability in the first quarter of fiscal 2004 which will be amortized as the FCED makes its monthly debt payments funded by monthly lease payments from the Supplier. The balance of the guarantee as of August 28, 2004 was approximately $380,000. During the second quarter of fiscal 2004, the Company entered into a five-year limited guarantee agreement ("Guarantee Agreement") with a leasing corporation ("Landlord") and previously discussed paint Supplier. The Landlord financed debt for the construction of a paint facility on land adjoining the Company's Charles City manufacturing plant for the Supplier. The Landlord and the Supplier have signed a ten-year lease agreement which commenced on August 1, 2004. The Guarantee Agreement states that the Company will guarantee the first 60 monthly lease payments (totaling approximately $1,559,000). In the event of rental default before August 2009 and the Supplier's failure to correct the default, the Landlord shall give the Company (Guarantor) written notice of its intent to terminate said lease. At the time of this notification, the Company will have various options that it must exercise in a timely manner. As of August 28, 2004, the Supplier is current with its lease payment obligations to the Landlord. As of August 28, 2004, approximately $315,000 has been recorded by the Company as the estimated fair value for the guarantee. SELF-INSURANCE. The Company self-insures for a portion of product liability claims. Self-insurance retention liability varies annually based on market conditions and for the past five fiscal years was at $2,500,000 per occurrence and $6,000,000 in aggregate per policy year. In the event that the annual aggregate of the self-insured retention is exhausted by payment of claims and defense expenses, a deductible of $250,000, excluding defense expenses, is applicable to each and every claim covered under this policy. Included in self-insurance on the Company's consolidated balance sheet along with product liability is workman's compensation reserves which carries a stop-loss of $750,000 and employee medical claim reserves which includes medical claims incurred but not reported. LITIGATION. The Company has settled all claims raised in a lawsuit titled Sanft, et al vs. Winnebago Industries, Inc., et al involving 21 participants in the Winnebago Industries, Inc. Deferred Compensation Plan and the Winnebago Industries, Inc. Deferred Incentive Formula Bonus Plan (the "Plans"). The Plaintiffs were seeking to negate certain amendments made to the Plans in 1994 which reduced the benefits which some participants would receive under the Plans. The settlement will result in a partial reinstatement of the alleged lost benefits and had a present value cost to the Company of approximately $5,300,000. Additionally, the Company has voluntarily decided to provide the same benefits to an additional 22 non-plaintiff participants in the Plans and this resulted in an additional present value cost to the Company of approximately $2,040,000. The total pre-tax charge, which was recorded in the third quarter of fiscal 2004, was $7,340,000, which on an after tax basis equated to approximately $4,590,000, or approximately 13 cents per diluted share. The Company paid out approximately $1,767,000 during the fourth fiscal quarter with the balance of the settlement to be paid out in monthly increments over an indeterminable period. Reference is also made to Item 3 (Legal Proceedings) in the Company's Annual Report on Form 10-K for the year ended August 30, 2003 for a description of certain litigation entitled Jody Bartleson, et al vs. Winnebago Industries, Inc., et al which is incorporated herein by reference. It was therein noted that Magistrate Judge Paul A. Zoss had entered an Order Approving an Amendment to the Complaint whereby Plaintiffs' counsel sought to add a claim under the Iowa Wage Payment Collection Act. Chief Judge Mark W. Bennett subsequently reversed Judge Zoss' ruling with the net result being that this lawsuit has remained an "opt in" class action with the 21 participants. The Company believes that it has meritorious defenses to the Plaintiffs' substantive claims. As of August 28, 2004 the Company had accrued estimated legal fees for the defense of this case. However, no other amounts have been accrued for the case because it is not possible at this time to properly assess the risk of an adverse verdict or the magnitude of possible exposure. 32

The Company is also involved in various other legal proceedings which are ordinary routine litigation incident to its business, some of which are covered in whole or in part by insurance. While it is impossible to estimate with certainty the ultimate legal and financial liability with respect to this litigation, management is of the opinion that while the final resolution of any such litigation may have an impact on the Company's consolidated results for a particular reporting period, the ultimate disposition of such litigation will not have any material adverse effect on the Company's financial position, results of operations or liquidity. LEASE COMMITMENTS. The Company leases certain facilities and equipment under operating leases. Lease expense was $609,000 for 2004, $556,000 for 2003 and $820,000 for 2002. Minimum future lease commitments under noncancelable lease agreements in excess of one year as of August 28, 2004 are as follows (in thousands): 2005 $ 441 2006 408 2007 267 2008 66 2009 20 Thereafter 22 ---------- Total $ 1,224 ---------- NOTE 7: INCOME TAXES The components of the provision for income taxes are as follows: YEAR ENDED (DOLLARS IN THOUSANDS) AUG. 28, 2004 AUG. 30, 2003 AUG. 31, 2002 - ------------------------------------------------------------------------------------------------ Current Federal $ 46,688 $ 29,516 $ 28,712 State 2,521 1,515 846 ------------------------------------------------------------ 49,209 31,031 29,558 Deferred (7,616) (1,070) (1,127) ------------------------------------------------------------ Total provision $ 41,593 $ 29,961 $ 28,431 ------------------------------------------------------------ The following is a reconciliation of the U.S. statutory tax rate to the effective income tax rates (benefit) provided: YEAR ENDED AUGUST 28, 2004 AUGUST 30, 2003 AUGUST 31, 2002 - ----------------------------------------------------------------------------------------------------------------------------------- U.S. federal statutory rate 35.0% 35.0% 35.0% State taxes, net of federal benefit 1.8 1.4 0.7 Non-deductible losses 1.1 2.6 - - - Other (0.1) 0.1 (0.1) Foreign sales corporation/extraterritorial income (0.2) (0.2) (0.1) Increase in cash surrender value (0.5) (0.4) (0.5) Death benefits - - - (0.4) - - - ------------------------------------------------------------------------- Total 37.1% 38.1% 35.0% ------------------------------------------------------------------------- Significant items comprising the Company's net deferred tax assets are as follows: AUGUST 28, 2004 AUGUST 30, 2003 (DOLLARS IN THOUSANDS) ASSETS LIABILITIES TOTAL TOTAL - ----------------------------------------------------------------------------------------------------------------------------------- Current Warranty reserves $ 4,675 $ - - - $ 4,675 $ 3,379 Carry forward tax credits 2,289 - - - 2,289 - - - Self-insurance reserve 2,269 - - - 2,269 1,314 Miscellaneous reserves 2,175 (419) 1,756 1,584 Accrued vacation 1,876 - - - 1,876 1,648 ------------------------------------------------------------------------------ Subtotal 13,284 (419) 12,865 7,925 ------------------------------------------------------------------------------ Noncurrent Postretirement health care benefits 18,670 - - - 18,670 16,671 Deferred compensation 13,657 - - - 13,657 11,417 Property and equipment - - - (7,161) (7,161) (5,597) ------------------------------------------------------------------------------ Subtotal 32,327 (7,161) 25,166 22,491 ------------------------------------------------------------------------------ Total $ 45,611 $ (7,580) $ 38,031 $ 30,416 ------------------------------------------------------------------------------ 33

NOTE 8: FINANCIAL INCOME AND EXPENSE The following is a reconciliation of financial income (expense): YEAR ENDED (DOLLARS IN THOUSANDS) AUGUST 28, 2004 AUGUST 30, 2003 AUGUST 31, 2002 - ------------------------------------------------------------------------------------------------------------------------------------ Interest income from investments and receivables $ 945 $ 966 $ 711 Dividend income 579 502 2,726 (Loss) gains on foreign currency transactions (8) (69) 62 Interest expense (80) - - - (246) ---------------------------------------------------------------------- Total financial income $ 1,436 $ 1,399 $ 3,253 ---------------------------------------------------------------------- NOTE 9: STOCK BASED COMPENSATION PLANS The Company's 1992 stock option plan for outside directors provided that each director who was not a current or former full-time employee of the Company received an option to purchase 10,000 shares of the Company's common stock at prices equal to 100 percent of the fair market value, determined by the mean of the high and low prices on the date of grant. The Board of Directors terminated this plan on December 17, 1997 as to future grants. There were options for 10,000 shares outstanding at August 28, 2004. Future grants of options to outside directors are made under the Company's 2004 Incentive Compensation Plan described below. The Winnebago Industries, Inc. 2004 Incentive Compensation Plan (the "Plan") authorizes the Human Resources Committee of the Board of Directors of the Company to grant stock options, stock appreciation rights, stock awards, cash awards and performance awards to employees. The Plan also allows the Company to provide equity compensation to non-employee members of its Board of Directors. The Plan was approved by the Company's shareholders on January 13, 2004. No more than 4,000,000 shares of common stock may be issued under the Plan, and no more than 2,000,000 (adjusted for the 2-for-1 stock split on March 5, 2004) of those shares may be used for awards other than stock options or stock appreciation rights. Shares subject to awards that are forfeited, terminated, expire unexercised, settled in cash, exchanged for other awards, tendered to satisfy the purchase price of an award, withheld to satisfy tax obligations or otherwise lapse again become available for awards. The grant price of an option under the Plan may not be less than the fair market value of the common stock subject to such option. The term of any options granted under the Plan may not exceed 10 years from the date of the grant. The Plan replaced the 1997 Stock Option Plan. No new grants may be made from the 1997 Stock Option Plan on or after January 1, 2004. Any stock options previously granted under the 1997 Stock Option Plan shall continue to vest and/or be exercisable in accordance with their original terms and conditions. A summary of stock option activity for fiscal 2004, 2003 and 2002 is as follows: 2004 2003 2002 - ---------------------------------------------------------------------------------------------------------------------------------- WTD. WTD. WTD. (ADJUSTED FOR PRICE AVG. PRICE AVG. PRICE AVG. 2-FOR-1 STOCK SPLIT ON PER EXERCISE PER EXERCISE PER EXERCISE MARCH 5, 2004) SHARES SHARE PRICE/SH SHARES SHARE PRICE/SH SHARES SHARE PRICE/SH - ---------------------------------------------------------------------------------------------------------------------------------- Outstanding at beginning of year 1,296,738 $ 3 - $20 $ 11.19 1,349,008 $ 3 - $20 $ 7.79 1,576,336 $ 3 - $10 $ 6.26 Options granted 458,000 26 - 35 27.30 397,600 18 - 19 18.29 331,900 11 - 20 11.57 Options exercised (519,698) 3 - 27 9.36 (420,802) 4 - 11 6.85 (559,228) 4 - 10 5.72 Options canceled - - - - - - - - - (29,068) 6 - 19 13.45 - - - - - - - - - - ---------------------------------------------------------------------------------------------------------------------------------- Outstanding at end of year 1,235,040 $ 3 - $35 $17.93 1,296,738 $ 3 - $20 $11.19 1,349,008 $3 - $20 $7.79 - ---------------------------------------------------------------------------------------------------------------------------------- Exercisable at end of year 521,400 $ 3 - $35 $12.53 586,604 $ 3 - $20 $8.41 604,542 $3 - $20 $6.95 - ---------------------------------------------------------------------------------------------------------------------------------- The following table summarizes information about stock options outstanding at August 28, 2004: RANGE OF NUMBER WEIGHTED WEIGHTED NUMBER WEIGHTED EXERCISE OUTSTANDING AT REMAINING YEARS AVERAGE EXERCISABLE AT AVERAGE PRICES AUGUST 28, 2004 OF CONTRACTUAL LIFE EXERCISE PRICE AUGUST 28, 2004 EXERCISE PRICE - --------------------------------------------------------------------------------------------------------------------------------- $ 3.59 - $ 7.69 192,562 5 $ 5.75 192,562 $ 5.75 9.00 - 10.81 267,198 6 10.17 175,798 9.83 18.25 - 19.74 320,280 8 18.41 94,040 18.78 26.50 - 34.86 455,000 9 27.30 59,000 32.73 ------------------------------------------------------------------------------------------------------- 1,235,040 8 $ 17.93 521,400 $ 12.53 34

NOTE 10: SUPPLEMENTAL CASH FLOW DISCLOSURE Cash paid during the year for: YEAR ENDED (DOLLARS IN THOUSANDS) AUGUST 28, 2004 AUGUST 30, 2003 AUGUST 31, 2002 - ----------------------------------------------------------------------------------------------------------------------------------- Income taxes $ 40,575 $ 34,109 $ 29,306 Interest 80 - - - 246 NOTE 11: NET REVENUES BY MAJOR PRODUCT CLASS FISCAL YEAR ENDED (1) (2) (DOLLARS IN THOUSANDS) AUGUST 28, 2004 AUGUST 30, 2003 AUGUST 31, 2002 AUGUST 25, 2001 AUGUST 26, 2000 - ----------------------------------------------------------------------------------------------------------------------------------- Class A & C motor homes $1,070,264 $801,027 $773,125 $624,110 $690,022 96.1% 94.8% 93.7% 92.9% 92.8% Other recreation vehicle revenues (3) 15,199 17,285 20,486 17,808 18,813 1.3% 2.0% 2.5% 2.7% 2.5% Other manufactured products revenues (4) 28,691 26,898 31,658 29,768 34,894 2.6% 3.2% 3.8% 4.4% 4.7% ----------------------------------------------------------------------------------------- Total net revenues $1,114,154 $845,210 $825,269 $671,686 $743,729 100.0% 100.0% 100.0% 100.0% 100.0% (1) Certain prior periods' information has been reclassified to conform to the current year-end presentation. (2) The fiscal year ended August 31, 2002 contained 53 weeks; all other fiscal years contained 52 weeks. (3) Primarily recreation vehicle related parts and recreation vehicle service revenue. (4) Primarily sales of extruded aluminum, commercial vehicles, and component products for other manufacturers. NOTE 12: INCOME PER SHARE The following table reflects the calculation of basic and diluted income per share for the past three fiscal years: (IN THOUSANDS, EXCEPT PER SHARE DATA) (ADJUSTED FOR THE 2-FOR-1 STOCK SPLIT ON MARCH 5, 2004) AUGUST 28, 2004 AUGUST 30, 2003 AUGUST 31, 2002(1) - -------------------------------------------------------------------------------------------------------------------------------- Income per share - basic Income from continuing operations $ 70,641 $ 48,732 $ 52,893 Income from discontinued operations (net of taxes) - - - 1,152 1,778 -------------------------------------------------------------------------- Net income $ 70,641 $ 49,884 $ 54,671 -------------------------------------------------------------------------- Weighted average shares outstanding 34,214 36,974 39,898 -------------------------------------------------------------------------- Net income per share - basic $ 2.06 $ 1.35 $ 1.37 -------------------------------------------------------------------------- Income per share - assuming dilution Income from continuing operations $ 70,641 $ 48,732 $ 52,893 Income from discontinued operations (net of taxes) - - - 1,152 1,778 -------------------------------------------------------------------------- Net income $ 70,641 $ 49,884 $ 54,671 -------------------------------------------------------------------------- Weighted average shares outstanding 34,214 36,974 39,898 Dilutive impact of options outstanding 575 662 870 -------------------------------------------------------------------------- Weighted average shares and potential dilutive shares outstanding 34,789 37,636 40,768 -------------------------------------------------------------------------- Net income per share - assuming dilution $ 2.03 $ 1.33 $ 1.34 -------------------------------------------------------------------------- (1) Fiscal year ended August 31, 2002 contained 53 weeks; all other fiscal years contained 52 weeks. NOTE 13: PREFERRED STOCK AND SHAREHOLDERS RIGHTS PLAN The Board of Directors may authorize the issuance from time to time of preferred stock in one or more series with such designations, preferences, qualifications, limitations, restrictions, and optional or other special rights as the Board may fix by resolution. In connection with the Rights Plan discussed below, the Board of Directors has reserved, but not issued, 300,000 shares of preferred stock. In May 2000, the Company adopted a shareholder rights plan providing for a dividend distribution of one preferred share purchase right for each share of common stock outstanding on and 35

after May 26, 2000. The rights can be exercised only if an individual or group acquires or announces a tender offer for 15 percent or more of the Company's common stock, except as described below. Certain members of the Hanson family (including trusts and estates established by such Hanson family members and the John K. and Luise V. Hanson Foundation) are exempt from the applicability of the Rights Plan as it relates to the acquisition of 15 percent or more of the Company's outstanding common stock. If the rights first become exercisable as a result of an announced tender offer, each right would entitle the holder, (other than the individual or group acquiring or announcing a tender offer for 15 percent or more of the Company's common stock) except as described below, to buy 1/200 of a share of a new series of preferred stock at an exercise price of $33.625. The preferred shares will be entitled to 100 times the per share dividend payable on the Company's common stock and to 100 votes on all matters submitted to a vote of the shareowners. Once an individual or group acquires 15 percent or more of the Company's common stock, each right held by such individual or group becomes void and the remaining rights will then entitle the holder to purchase the number of common shares having a market value of twice the exercise price of the right. In the event the Company is acquired in a merger or 50 percent or more of its consolidated assets or earnings power are sold, each right will then entitle the holder to purchase a number of the acquiring company's common shares having a market value of twice the exercise price of the right. After an individual or group acquires 15 percent, except as described below, of the Company's common stock and before they acquire 50 percent, the Company's Board of Directors may exchange the rights in whole or in part, at an exchange ratio of one share of common stock per right. Before an individual or group acquires 15 percent of the Company's common stock, the rights are redeemable for $.01 per right at the option of the Company's Board of Directors. The Company's Board of Directors is authorized to reduce the 15 percent threshold to no less than 10 percent. Each right will expire on May 3, 2010, unless earlier redeemed by the Company. An Amendment, dated January 13, 2003, was made to the shareholders rights plan to permit FMR Corp., its affiliates and associates (collectively, "FMR"), to be the beneficial owner of up to 20% of the Company's outstanding stock provided that FMR, in its filings under the Securities Exchange Act of 1934, as amended, does not state any present intention to hold shares of the Company's common stock with the purpose or effect of changing or influencing control of the Company. An individual or group that becomes the beneficial owner of 15 or 20 percent (in the case of FMR) of the Company's common stock as a result of an acquisition of the common stock by the Company or the acquisition by such individual or group of new-issued shares directly from the Company, such individual's or group's ownership shall not trigger the issuance of rights under the plan unless such individual or group after such share repurchase or direct issuance by the Company, becomes the beneficial owner of any additional shares of the Company's common stock. REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Board of Directors and Shareholders Winnebago Industries, Inc. Forest City, Iowa We have audited the consolidated balance sheets of Winnebago Industries, Inc. and subsidiaries (the Company) as of August 28, 2004 and August 30, 2003, and the related consolidated statements of income, cash flows, and changes in stockholders' equity for each of the three years in the period ended August 28, 2004. These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the consolidated financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of August 28, 2004 and August 30, 2003; and the results of its operations and its cash flows for each of the three years in the period ended August 28, 2004 in conformity with accounting principles generally accepted in the United States of America. /s/ Deloitte & Touche LLP Deloitte & Touche LLP Minneapolis, Minnesota November 10, 2004 36

INTERIM FINANCIAL INFORMATION (UNAUDITED) (DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA) QUARTER ENDED - ------------------------------------------------------------------------------------------------------------------------------------ FISCAL 2004 NOVEMBER 29, 2003 FEBRUARY 28, 2004 MAY 28, 2004 AUGUST 28, 2004 - ------------------------------------------------------------------------------------------------------------------------------------ Net revenues $ 254,933 $ 266,033 $ 310,186 $ 283,002 Gross profit 39,465 35,029 46,019 41,656 Operating income 29,166 24,529 28,076 29,027 ------------------------------------------------------------------------------------- Net income $ 18,067 $ 15,880 $ 17,704 $ 18,990 Net income per share (basic) $ .51 $ .47 $ .52 $ .56 Net income per share (diluted) $ .50 $ .46 $ .51 $ .55 (DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA) QUARTER ENDED - ------------------------------------------------------------------------------------------------------------------------------------ AS AS RESTATED RESTATED MAY 31, AUGUST 30, FISCAL 2003 NOVEMBER 30, 2002 (1) MARCH 1, 2003 (1) 2003(2) 2003(2) - ------------------------------------------------------------------------------------------------------------------------------------ Net revenues $ 233,347 $ 185,958 $ 200,211 $ 225,694 Gross profit 35,072 26,368 23,146 28,792 Operating income 25,281 19,368 14,243 18,402 Income from continuing operations 15,878 11,891 8,995 11,968 Income from discontinued operations 400 418 334 - - - - ------------------------------------------------------------------------------------------------------------------------------------ Net income $ 16,278 $ 12,309 $ 9,329 $ 11,968 ==================================================================================================================================== Income per common share (basic) Continuing operations $ .43 $ .32 $ .25 $ .33 Discontinued operations .01 .01 .01 - - - - ------------------------------------------------------------------------------------------------------------------------------------ Net income per share (basic) $ .44 $ .33 $ .26 $ .33 ==================================================================================================================================== Income per common share (diluted) Continuing operations $ .42 $ .31 $ .24 $ .32 Discontinued operations .01 .01 .01 - - - - ------------------------------------------------------------------------------------------------------------------------------------ Net income per share (diluted) $ .43 $ .32 $ .25 $ .32 ==================================================================================================================================== (1) Certain prior periods' information has been reclassified to conform to the current year-end presentation. This reclassification has no impact on net income as previously reported. (2) During the third quarter of fiscal 2003, the Company discontinued dealer financing operations of WAC. WAC's operations are accounted for as discontinued operations in the consolidated financial statements. 37

11-YEAR SELECTED FINANCIAL DATA (1) (DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA) (ADJUSTED FOR THE 2-FOR-1 STOCK SPLIT ON MARCH 5, 2004) AUG. 28, AUG. 30, AUG. 31, AUG. 25, FOR THE YEAR 2004 2003 2002(2) 2001(3) - ------------------------------------------------------------------------------------------------------------------------------------ Net revenues $ 1,114,154 $ 845,210 $ 825,269 $ 671,686 Income before taxes 112,234 78,693 81,324 55,754 Pretax profit % of revenue 10.1% 9.3% 9.9% 8.3% Provision for income taxes (credits) 41,593 29,961 28,431 14,258 Income tax rate 37.1% 38.1% 35.0% 25.6% Income from continuing operations 70,641 48,732 52,893 41,496 Gain on sale of Cycle-Sat subsidiary - - - - - - --- --- Income (loss) from discontinued operations (4) - - - 1,152 1,778 2,258 Cum. effect of change in accounting principle - - - - - - --- (1,050) ------------------------------------------------------------------------------ Net income (loss) $ 70,641 $ 49,884 $ 54,671 $ 42,704 Income per share Continuing operations Basic $ 2.06 $ 1.32 $ 1.33 $ 1.00 Diluted 2.03 1.30 1.30 .99 Discontinued operations Basic - - - .03 .04 .05 Diluted - - - .03 .04 .05 Cum. effect of change in accounting principle Basic - - - - - - --- (.02) Diluted - - - - - - --- (.02) ------------------------------------------------------------------------------ Net income per share Basic $ 2.06 $ 1.35 $ 1.37 $ 1.03 Diluted 2.03 1.33 1.34 1.02 ------------------------------------------------------------------------------ Weighted average common shares outstanding (in thousands) Basic 34,214 36,974 39,898 41,470 Diluted 34,789 37,636 40,768 42,080 ------------------------------------------------------------------------------ Cash dividends paid per share $ .20 $ .10 $ .10 $ .10 Book value 6.01 5.78 4.81 5.00 Return on average assets (ROA) (6) 18.3% 14.0% 15.9% 12.9% Return on average equity (ROE) (7) 34.3% 25.6% 28.2% 22.3% Return on average invested capital (ROIC) (8) 35.4% 25.5% 29.1% 24.1% Unit Sales Class A 8,108 6,705 6,725 5,666 Class C 4,408 4,021 4,329 3,410 ------------------------------------------------------------------------------ Total Class A & C Motor Homes 12,516 10,726 11,054 9,076 Class B Conversions (EuroVan Campers) - - - 308 763 703 AT YEAR END Total assets $ 394,556 $ 377,462 $ 337,077 $ 351,922 Stockholders' equity 201,875 210,626 179,815 207,464 Market capitalization 1,071,571 898,010 713,500 581,779 Working capital 164,791 164,891 144,995 174,248 Long-term debt - - - - - - --- --- Current ratio 2.6 to 1 2.8 to 1 2.6 to 1 3.2 to 1 Number of employees 4,220 3,750 3,685 3,325 (1) Certain prior periods' information has been reclassified to conform to the current year-end presentation. (2) The fiscal years ended August 31, 2002 and August 31, 1996 contained 53 weeks; all other fiscal years contained 52 weeks. (3) Includes a noncash after-tax cumulative effect of change in accounting principle of $1.1 million expense or $.05 per share due to the adoption of SAB No. 101, Revenue Recognition in Financial Statements. (4) Includes discontinued operations of Winnebago Acceptance Corporation for all years presented and discontinued operations of Cycle-Sat, Inc. for fiscal years ended August 31, 1996 through August 27, 1994. 38

AUG. 26, AUG. 28, AUG. 29, AUG. 30, AUG. 31 AUG. 26, AUG. 27, 2000 1999 1998 1997 1996(2) 1995 1994(5) - ------------------------------------------------------------------------------------------------------------------------------------ $ 743,729 $ 668,658 $ 527,287 $ 436,541 $ 486,139 $ 461,540 $ 436,039 70,583 62,848 33,765 5,704 19,015 17,920 13,525 9.5% 9.4% 6.4% 1.3% 3.9% 3.9% 3.1% 24,400 21,033 10,786 ($35) 5,922 ($8,642) ($1,921) 34.6% 33.5% 32.0% (.6%) 31.1% (48.2%) (14.2%) 46,183 41,815 22,979 5,739 13,093 26,562 15,446 --- - - - - - - 16,472 - - - - - - - - - 2,216 2,445 1,405 837 (708) 1,194 1,999 --- --- --- --- --- --- (20,420) - ------------------------------------------------------------------------------------------------------------------------------------ $ 48,399 $ 44,260 $ 24,384 $ 23,048 $ 12,385 $ 27,756 ($2,975) $ 1.07 $ .94 $ .48 $ .11 $ .26 $ .53 $ .31 1.05 .93 .47 .11 .26 .52 .30 .05 .06 .03 .34 (.02) .02 .04 .05 .05 .03 .34 (.02) .03 .04 --- --- --- --- --- --- (.41) --- --- --- --- --- --- (.40) - ------------------------------------------------------------------------------------------------------------------------------------ $ 1.12 $ 1.00 $ .51 $ .45 $ .24 $ .55 $ (.06) 1.10 .98 .50 .45 .24 .55 (.06) - ------------------------------------------------------------------------------------------------------------------------------------ 43,360 44,418 48,212 50,870 50,698 50,572 50,374 44,022 45,074 48,628 51,100 51,048 50,924 50,962 - ------------------------------------------------------------------------------------------------------------------------------------ $ .10 $ .10 $ .10 $ .10 $ .15 $ .15 $ --- 4.11 3.35 2.55 2.43 2.08 1.98 1.58 16.3% 17.1% 11.0% 10.6% 5.7% 14.1% (1.8%) 29.8% 33.3% 20.3% 20.1% 12.0% 30.8% (3.7%) 28.2% 32.7% 19.2% 15.7% 8.2% 20.1% (2.7%) 6,819 6,054 5,381 4,834 5,893 5,993 6,820 3,697 4,222 3,390 2,724 2,857 2,853 1,862 - ------------------------------------------------------------------------------------------------------------------------------------ 10,516 10,276 8,771 7,558 8,750 8,846 8,682 854 600 978 1,205 857 1,014 376 $ 308,686 $ 285,889 $ 230,612 $ 213,475 $ 220,596 $ 211,630 $ 181,748 174,909 149,384 116,523 123,882 105,311 100,448 79,710 272,733 538,322 254,137 213,472 206,373 212,358 258,952 141,683 123,720 92,800 99,935 62,155 69,694 58,523 --- --- --- --- 1,692 3,810 2,693 3.0 to 1 2.5 to 1 2.5 to 1 3.4 to 1 2.0 to 1 2.4 to 1 2.1 to 1 3,300 3,400 3,010 2,830 3,150 3,010 3,150 (5) Includes a cumulative non-cash charge of $20.4 million expense or $.80 per diluted share due to the adoption of SFAS No. 106, "Employers' Accounting for Postretirement Benefits Other Than Pensions" related to health care and other benefits. (6) ROA - Current period net income (loss) divided by average total asset balance using current ending period and previous ending period. (7) ROE - Current period net income (loss) divided by average equity balance using current ending period and previous ending period. (8) ROIC - Current period net income (loss) divided by average invested capital using current ending period - total assets minus cash and non-interest liabilities and previous ending period - total assets minus cash and non-interest liabilities. 39

SHAREHOLDER INFORMATION PUBLICATIONS A notice of Annual Meeting of Shareholders and Proxy Statement is furnished to shareholders in advance of the annual meeting. Copies of the Company's quarterly financial earnings releases, the annual report on Form 10-K (without exhibits), the quarterly reports on Form 10-Q (without exhibits) and current reports on Form 8-K (without exhibits) as filed by the Company with the Securities and Exchange Commission, may be obtained without charge from the corporate offices as follows: Sheila Davis, PR/IR Manager Winnebago Industries, Inc. 605 W. Crystal Lake Road P.O. Box 152 Forest City, Iowa 50436-0152 Telephone: (641) 585-3535 Fax: (641) 585-6966 E-Mail: ir@winnebagoind.com All news releases issued by the Company, reports filed by the Company with the Securities and Exchange Commission (including exhibits) and information on the Company's Corporate Governance Policies and Procedures may also be viewed at the Winnebago Industries' Web Site: http://winnebagoind.com/html/company/investorRelations.html. Information contained on Winnebago Industries' Web Site is not incorporated into this Annual Report or other securities filings. SHAREHOLDER ACCOUNT ASSISTANCE Transfer Agent to contact for address changes, account certificates and stock holdings: Wells Fargo Bank N.A. P.O. Box 64854 St. Paul, Minnesota 55164-0854 or 161 North Concord Exchange South St. Paul, Minnesota 55075-1139 Telephone: (800) 468-9716 or (651) 450-4064 Inquirees: www.wellsfargo.com/shareownerservices ANNUAL MEETING The Annual Meeting of Shareholders is scheduled to be held on Tuesday, January 11, 2005, at 7:30 p.m. (CST) in Friendship Hall, Highway 69 South, Forest City, Iowa. AUDITOR Deloitte & Touche LLP 400 One Financial Plaza 120 South Sixth Street Minneapolis, Minnesota 55402-1844 PURCHASE OF COMMON STOCK Winnebago Industries stock may be purchased from ShareBuilder Corporation through the Company's Web Site at http://winnebagoind.com/html/company/ investorRelations.html. Winnebago Industries is not affiliated with ShareBuilder and has no involvement in the relationship between ShareBuilder and any of its customers. COMMON STOCK DATA (ADJUSTED FOR THE 2-FOR-1 STOCK SPLIT ON MARCH 5, 2004) The Company's common stock is listed on the New York, Chicago and Pacific Stock Exchanges. Ticker symbol: WGO Shareholders of record as of November 2, 2004: 4,219 Below are the New York Stock Exchange high, low and closing prices of Winnebago Industries, Inc. stock for each quarter of fiscal 2004 and fiscal 2003. FISCAL 2004 HIGH LOW CLOSE FISCAL 2003 HIGH LOW CLOSE - ------------------------------------------------------------------------------------------------------------------------------------ First Quarter $29.63 $22.08 $27.64 First Quarter $25.74 $17.75 $24.72 Second Quarter 37.88 27.64 33.40 Second Quarter 25.23 14.43 14.68 Third Quarter 34.95 25.10 28.40 Third Quarter 19.97 11.66 19.88 Fourth Quarter 38.37 28.09 31.91 Fourth Quarter 24.69 17.25 24.63 CASH DIVIDENDS PAID PER SHARE FISCAL 2004 FISCAL 2003 - ---------------------------------------------------------------------------------------- AMOUNT DATE PAID AMOUNT DATE PAID - ------ --------- ------ --------- $.05 October 6, 2003 $.05 January 6, 2003 .05 January 5, 2004 .05 July 7, 2003 .05 April 15, 2004 --------- Total .05 July 6, 2004 $.10 - ----------- $.20 Total 40

DIRECTORS AND OFFICERS DIRECTORS BRUCE D. HERTZKE (53) GERALD E. BOMAN (69) JOHN V. HANSON (62) Chairman of the Board, Chief Former Senior Vice President Former Deputy Chairman of the Board Executive Officer Winnebago Industries, Inc. Winnebago Industries, Inc. and President Winnebago Industries, Inc. JERRY N. CURRIE (59) GERALD C. KITCH (66) President and Chief Executive Officer Former Executive Vice President IRVIN E. AAL (65) CURRIES Company and GRAHAM Pentair, Inc. Former General Manager Manufacturing Case Tyler Business Unit of CNH FREDERICK M. ZIMMERMAN (68) Global JOSEPH W. ENGLAND (64) Professor of Manufacturing Systems Former Senior Vice President Engineering Deere and Company The University of St. Thomas OFFICERS [PHOTO] [PHOTO] [PHOTO] BRUCE D. HERTZKE (53) EDWIN F. BARKER (57) RAYMOND M. BEEBE (62) Chairman of the Board, Senior Vice President, Vice President, General Chief Executive Officer Chief Financial Officer Counsel and Secretary and President [PHOTO] [PHOTO] [PHOTO] ROBERT L. GOSSETT (53) BRIAN J. HRUBES (53) ROGER W. MARTIN (44) Vice President, Controller Vice President, Sales Administration and Marketing [PHOTO] [PHOTO] [PHOTO] WILLIAM J. O'LEARY (55) ROBERT J. OLSON (53) JOSEPH L. SOCZEK, JR. (61) Vice President, Vice President, Treasurer Product Development Manufacturing

[PHOTOS]






                                   EXHIBIT 21

                              List of Subsidiaries




                                                JURISDICTION      PERCENT
                                                     OF              OF
         NAME OF CORPORATION                    INCORPORATION     OWNERSHIP
- ----------------------------------------        -------------     ---------

Winnebago Industries, Inc.                        Iowa             Parent
Winnebago Health Care Management Company          Iowa              100%
Winnebago Acceptance Corporation                  Iowa              100%
Winnebago R.V., Inc.                            Delaware            100%


                                   EXHIBIT 23

            CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We consent to the incorporation by reference in Registration Statements No.
2-40316, No. 2-82109, No. 33-21757, No. 33-59930, No. 333-31595 and No.
333-113246 of Winnebago Industries, Inc. on Form S-8 of our reports dated
November 10, 2004 appearing in and incorporated by reference in the Annual
Report on Form 10-K for Winnebago Industries, Inc. for the year ended August 28,
2004.



/s/ Deloitte & Touche LLP
- -------------------------

Deloitte & Touche LLP
Minneapolis, Minnesota
November 10, 2004

Exhibit 31.1 to Winnebago Industries, Inc. Form 10-K dated August 28, 2004

EXHIBIT 31.1

CERTIFICATION BY CHIEF EXECUTIVE OFFICER
PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO SECTION 302
OF THE SARBANES-OXLEY ACT OF 2002

I, Bruce D. Hertzke, Chief Executive Officer of Winnebago Industries, Inc., certify that:

I have reviewed this Annual Report on Form 10-K of Winnebago Industries, Inc. (the “Registrant”);

Based on my knowledge, this Annual Report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this Annual Report;

Based on my knowledge, the financial statements, and other financial information included in this Annual Report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this Annual Report;

The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the Registrant and have:

designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this Annual Report is being prepared;

evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this Annual Report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this Annual Report (the “Evaluation Date”) based on such evaluation; and

disclosed in this Annual Report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financing reporting; and;

The Registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant’s auditors and the audit committee of Registrant’s Board of Directors (or persons performing the equivalent functions):

all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information and;

any fraud, whether or not material, that involved management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Date:	November 10, 2004


		By:	/s/ Bruce D. Hertzke

			Bruce D. Hertzke Chief Executive Officer

Exhibit 31.2 to Winnebago Industries, Inc. Form 10-K dated August 28, 2004

EXHIBIT 31.2

CERTIFICATION BY CHIEF FINANCIAL OFFICER
PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO SECTION 302
OF THE SARBANES-OXLEY ACT OF 2002

I, Edwin F. Barker, Chief Financial Officer of Winnebago Industries, Inc., certify that:

I have reviewed this Annual Report on Form 10-K of Winnebago Industries, Inc. (the “Registrant”);

any fraud, whether or not material, that involved management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Date:	November 10, 2004


		By:	/s/ Ed Barker

			Edwin F. Barker Chief Financial Officer

Exhibit 32.1 to Winnebago Industries, Inc. Form 10-K dated August 28, 2004

Exhibit 32.1

CERTIFICATION PURSUANT TO SECTION 906 OF THIS
SARBANES-OXLEY ACT OF 2002
(18 U.S.C. SECTION 1350)

Bruce D. Hertzke, Chief Executive Officer and President, certifies that pursuant to 18 U.S.C. §1350 as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that:

(a)

This Annual Report on Form 10-K (“periodic report”) of Winnebago Industries, Inc. (the “issuer”), for the fiscal year ended August28, 2004 as filed with the Securities and Exchange Commission on the date of this certificate, which this statement accompanies, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and

(b)

the information contained in this periodic report fairly represents, in all material respects, the financial condition and results of operations of the issuer.

Date:	November 10, 2004


		By:	/s/ Bruce D. Hertzke

			Bruce D. Hertzke Chief Executive Officer and President

Exhibit 32.2 to Winnebago Industries, Inc. Form 10-K dated August 28, 2004

Exhibit 32.2

CERTIFICATION PURSUANT TO SECTION 906 OF THIS
SARBANES-OXLEY ACT OF 2002
(18 U.S.C. SECTION 1350)

Edwin F. Barker, Chief Financial Officer, certifies that pursuant to 18 U.S.C. §1350 as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that:

(a)

(b)

the information contained in this periodic report fairly represents, in all material respects, the financial condition and results of operations of the issuer.

Date:	November 10, 2004


		By:	/s/ Ed Barker

			Edwin F. Barker Chief Financial Officer

UNITED STATESSECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549

FORM 10-K

Commission file number: 1-6403

DOCUMENTS INCORPORATED BY REFERENCE

WINNEBAGO INDUSTRIES, INC.

PART I

ITEM 1. Business

General

Forward Looking Information

Principal Products

Recreation Vehicles

Non-Recreation Vehicle Activities

OEM, Commercial Vehicles, and Other Products

Production

Distribution and Financing

Competition

Regulation, Trademarks and Patents

Research and Development

Human Resources

PART II

Equity Compensation Plan Information

PART III

PART IV

UNDERTAKING

SIGNATURES

Index to Consolidated Financial Statements

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

WINNEBAGO INDUSTRIES, INC. AND SUBSIDIARIES

SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS

Exhibit Index

EXHIBIT 31.1

CERTIFICATION BY CHIEF EXECUTIVE OFFICER PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

EXHIBIT 31.2

CERTIFICATION BY CHIEF FINANCIAL OFFICER PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

Exhibit 32.1

CERTIFICATION PURSUANT TO SECTION 906 OF THIS SARBANES-OXLEY ACT OF 2002 (18 U.S.C. SECTION 1350)

Exhibit 32.2

CERTIFICATION PURSUANT TO SECTION 906 OF THIS SARBANES-OXLEY ACT OF 2002 (18 U.S.C. SECTION 1350)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

CERTIFICATION BY CHIEF EXECUTIVE OFFICER
PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO SECTION 302
OF THE SARBANES-OXLEY ACT OF 2002

CERTIFICATION BY CHIEF FINANCIAL OFFICER
PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO SECTION 302
OF THE SARBANES-OXLEY ACT OF 2002

CERTIFICATION PURSUANT TO SECTION 906 OF THIS
SARBANES-OXLEY ACT OF 2002
(18 U.S.C. SECTION 1350)

CERTIFICATION PURSUANT TO SECTION 906 OF THIS
SARBANES-OXLEY ACT OF 2002
(18 U.S.C. SECTION 1350)