UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of report (Date of earliest event reported) December 17, 2009
Winnebago Industries, Inc.
(Exact Name of Registrant as Specified in its Charter)
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Iowa |
001-06403 |
42-0802678 |
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(State or Other Jurisdiction |
(Commission File Number) |
(IRS Employer |
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P.O. Box 152, Forest City, Iowa |
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50436 |
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(Address of Principal Executive Offices) |
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(Zip Code) |
Registrant’s telephone number, including area code 641-585-3535
___________________________________________________________________
(Former Name or Former Address, if Changed Since Last Report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02 Results of Operations and Financial Condition.
Winnebago Industries, Inc. is filing herewith a press release issued on December 17, 2009, as Exhibit 99.1 which is included herein. The press release was issued to report earnings for the first of quarter fiscal 2010 ended November 28, 2009.
Item 9.01 Financial Statements and Exhibits.
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(d) Exhibits |
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Exhibit |
Description | ||
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99.1 |
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Press release of Winnebago Industries, Inc. dated December 17, 2009. |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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Dated: December 17, 2009 |
WINNEBAGO INDUSTRIES, INC. |
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By: |
/s/ Robert J. Olson |
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Name: |
Robert J. Olson |
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Title: |
Chairman of the Board, Chief Executive Officer and President |
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EXHIBIT INDEX
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Exhibit |
Description | ||
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99.1 |
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Press release of Winnebago Industries, Inc. dated December 17, 2009. |
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Exhibit 99.1
Contact: Sheila Davis – PR/IR Mgr. - 641-585-6803 – sdavis@winnebagoind.com
WINNEBAGO
INDUSTRIES REPORTS IMPROVED RESULTS FOR
FIRST QUARTER FISCAL 2010
-- Sales Order
Backlog Increase of 350 Percent --
FOREST CITY, IOWA, December 17, 2009 – Winnebago Industries, Inc. (NYSE:WGO), the leading United States motor home manufacturer, today reported improved financial results for the Company’s first quarter of fiscal year 2010.
Revenues for the first quarter of fiscal 2010 ended November 28, 2009 were $81.0 million, an increase of 16.7 percent, versus $69.4 million for the first quarter of fiscal 2009. The Company reported an operating loss of $6.0 million for the quarter, versus an operating loss of $16.9 million for the first quarter of fiscal 2009. Net loss for the first quarter was $1.3 million versus $9.6 million for the first quarter of fiscal 2009. On a diluted per share basis, the Company had a net loss of 5 cents for the first quarter of fiscal 2010 versus a net loss of 33 cents for the first quarter of fiscal 2009. The net loss for the first quarter reflected the positive impact of $4.9 million in tax benefits associated with additional fiscal year 2009 net operating loss carryback due to recent tax law changes; however, no tax benefits have been recorded on first quarter fiscal 2010 pre-tax losses which are not immediately subject to refund.
“We are extremely pleased to see an increase in revenues, as well as posting a small gross profit in our first quarter,” said Winnebago Industries’ Chairman, CEO and President Bob Olson. “As difficult as this recession has been for Winnebago Industries and the entire RV industry, we believe the worst may be over.”
Winnebago Industries’ sales order backlog was 1,521 motor homes at November 28, 2009, an increase of 350 percent compared to the end of the first quarter of fiscal 2009. This also represents an increase of 62 percent from August 29, 2009, the end of our fourth quarter. “The increased demand for our products is particularly noteworthy since it is seasonally very unusual to have a significant increase at this time of year,” said Olson. “We have seen particular strength in the backlog for our Class A gas and diesel products. Due to the escalation of our sales order backlog, we have increased our production levels and during the first quarter of fiscal 2010, our employment grew by approximately 350 employees.”
“While the economic environment, the availability of credit and the level of retail demand remain tenuous, we believe that dealer inventory has finally bottomed out,” said Olson. “Inventory of Winnebago, Itasca and ERA products on our dealers’ lots declined 52 percent to 1,567 motor homes as of November 28, 2009 versus 3,269 motor homes as of the end of the first quarter of fiscal 2009. Retail sales have been much higher than wholesale shipments throughout the past 18 months, providing further opportunity for added growth in the future through inventory replenishment even without an increase in retail demand.”
According to Statistical Surveys, Inc., the retail reporting service for the RV industry, Winnebago Industries’ gained market share in the combined Class A and C markets with 19.3 percent for the first 10 months of calendar 2009, compared to 18.3 percent for the same period last year.
“We had an excellent reception of our new 2010 products at the recent RVIA National RV Trade Show in Louisville, KY,” continued Olson. “We were pleased with the increased level of orders placed during the show as compared to last year. Many dealers also indicated they are interested in carrying fewer manufacturers’ product lines on their lots, with the intention to partner with manufacturers who are financially stable and able to provide product, sales and service support for the long-term.”
Conference Call
Winnebago Industries will conduct a conference call in
conjunction with this release at 9 a.m. Central Time today, Thursday, December
17, 2009. Members of the news media, investors and the general public are
invited to access a live broadcast of the conference call via the Investor
Relations page of the Company’s website at http://www.winnebagoind.com/investor.html.
The event will be archived and available for replay for the next 90 days.
About Winnebago Industries
Winnebago Industries, Inc. is the leading U.S. manufacturer
of motor homes which are self-contained recreation vehicles used primarily in
leisure travel and outdoor recreation activities. The Company builds quality
motor homes under the Winnebago, Itasca and ERA brand names with
state-of-the-art computer-aided design and manufacturing systems on
automotive-styled assembly lines. The Company’s common stock is listed on the
New York and Chicago Stock Exchanges and traded under the symbol WGO. Options
for the Company’s common stock are traded on the Chicago Board Options
Exchange. For access to Winnebago Industries’ investor relations material or to
add your name to an automatic email list for Company news releases, visit, http://www.winnebagoind.com/investor.html.
Winnebago Industries, Inc.
Unaudited Statements of Income
(In thousands, except percent and per share data)
|
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Quarter Ended |
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||||||||||
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Nov. 28, 2009 |
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Nov. 29, 2008 |
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||||||||
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Net revenues |
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$ |
81,017 |
|
|
100.0 |
% |
$ |
69,398 |
|
|
100.0 |
% |
|
Cost of goods sold |
|
|
80,493 |
|
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99.4 |
|
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78,292 |
|
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112.8 |
|
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Gross profit (deficit) |
|
|
524 |
|
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0.6 |
|
|
(8,894 |
) |
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(12.8 |
) |
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Operating expenses |
|
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3,229 |
|
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4.0 |
|
|
3,665 |
|
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5.3 |
|
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General and administrative |
|
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3,272 |
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4.0 |
|
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4,331 |
|
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6.2 |
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Total operating expenses |
|
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6,501 |
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8.0 |
|
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7,996 |
|
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11.5 |
|
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Operating loss |
|
|
(5,977 |
) |
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(7.4 |
) |
|
(16,890 |
) |
|
(24.3 |
) |
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Financial (expense) income |
|
|
(233 |
) |
|
(0.3 |
) |
|
524 |
|
|
0.7 |
|
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Loss before income taxes |
|
|
(6,210 |
) |
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(7.7 |
) |
|
(16,366 |
) |
|
(23.6 |
) |
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Benefit for taxes |
|
|
(4,866 |
) |
|
(6.0 |
) |
|
(6,770 |
) |
|
(9.8 |
) |
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Net loss |
|
$ |
(1,344 |
) |
|
(1.7 |
)% |
$ |
(9,596 |
) |
|
(13.8 |
)% |
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Loss per common share: |
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|
|
|
|
|
|
|
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|
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Basic |
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$ |
(0.05 |
) |
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|
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$ |
(0.33 |
) |
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Diluted |
|
$ |
(0.05 |
) |
|
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|
$ |
(0.33 |
) |
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Weighted average common |
|
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Basic |
|
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29,073 |
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29,027 |
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Diluted |
|
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29,086 |
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29,039 |
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Winnebago Industries, Inc.
Unaudited Condensed Balance Sheets
(In thousands)
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Nov. 28, 2009 |
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Aug. 29, 2009 |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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$ |
29,205 |
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$ |
36,566 |
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Short-term investments |
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13,700 |
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13,500 |
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Receivables, net |
|
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11,963 |
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|
11,717 |
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Inventories |
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51,079 |
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|
46,850 |
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Income taxes receivable |
|
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22,140 |
|
|
17,356 |
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Prepaid and other |
|
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3,351 |
|
|
3,425 |
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Total current assets |
|
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131,438 |
|
|
129,414 |
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Property and equipment, net |
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26,826 |
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|
28,040 |
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Assets held for sale |
|
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6,515 |
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6,515 |
|
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Long-term investments, less impairments |
|
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19,806 |
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19,794 |
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Investment in life insurance |
|
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22,752 |
|
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22,451 |
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Other assets |
|
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16,069 |
|
|
14,252 |
|
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Total assets |
|
$ |
223,406 |
|
$ |
220,466 |
|
|
|
|
|
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|
|
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|
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
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Current liabilities: |
|
|
|
|
|
|
|
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Accounts payable |
|
$ |
14,308 |
|
$ |
10,370 |
|
|
Short-term ARS borrowings |
|
|
9,100 |
|
|
9,100 |
|
|
Income taxes payable |
|
|
313 |
|
|
299 |
|
|
Accrued expenses |
|
|
30,348 |
|
|
30,185 |
|
|
Total current liabilities |
|
|
54,069 |
|
|
49,954 |
|
|
|
|
|
|
|
|
|
|
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Long-term liabilities: |
|
|
|
|
|
|
|
|
Unrecognized tax benefits |
|
|
8,984 |
|
|
9,012 |
|
|
Postretirement health care and deferred |
|
|
70,143 |
|
|
69,169 |
|
|
Total long-term liabilities |
|
|
79,127 |
|
|
78,181 |
|
|
|
|
|
|
|
|
|
|
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Stockholders’ equity |
|
|
90,210 |
|
|
92,331 |
|
|
Total liabilities and stockholders’ equity |
|
$ |
223,406 |
|
$ |
220,466 |
|
Winnebago Industries, Inc.
Unaudited Condensed Statement of Cash Flows
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
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Quarter Ended |
|
Quarter Ended |
|
||
|
|
|
|
|
|
|
|
|
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Operating activities: |
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(1,344 |
) |
$ |
(9,596 |
) |
|
Adjustments to reconcile net loss to net |
|
|
|
|
|
|
|
|
Depreciation |
|
|
1,684 |
|
|
2,137 |
|
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Stock-based compensation |
|
|
164 |
|
|
288 |
|
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Postretirement benefit income and deferred |
|
|
323 |
|
|
508 |
|
|
Deferred income taxes |
|
|
— |
|
|
(1,008 |
) |
|
Increase in cash surrender value of life insurance policies |
|
|
(296 |
) |
|
(246 |
) |
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Other |
|
|
(41 |
) |
|
19 |
|
|
Change in assets and liabilities: |
|
|
|
|
|
|
|
|
Inventories |
|
|
(4,229 |
) |
|
27,302 |
|
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Receivables and prepaid assets |
|
|
(449 |
) |
|
4,704 |
|
|
Income taxes receivable and unrecognized tax benefits |
|
|
(4,887 |
) |
|
(4,510 |
) |
|
Accounts payable and accrued expenses |
|
|
4,055 |
|
|
(5,951 |
) |
|
Postretirement and deferred compensation benefits |
|
|
(837 |
) |
|
(781 |
) |
|
Net cash (used in) provided by operating activities |
|
|
(5,857 |
) |
|
12,866 |
|
|
|
|
|
|
|
|
|
|
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Investing activities: |
|
|
|
|
|
|
|
|
Proceeds from the sale or maturity of investments |
|
|
— |
|
|
3,100 |
|
|
Purchases of property and equipment |
|
|
(509 |
) |
|
(689 |
) |
|
Other |
|
|
(420 |
) |
|
(712 |
) |
|
Net cash (used in) provided by investing activities |
|
|
(929 |
) |
|
1,699 |
|
|
|
|
|
|
|
|
|
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Financing activities: |
|
|
|
|
|
|
|
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Payments for purchase of common stock |
|
|
(249 |
) |
|
(162 |
) |
|
Payments of cash dividends |
|
|
— |
|
|
(3,489 |
) |
|
Proceeds from issuance of treasury stock |
|
|
15 |
|
|
— |
|
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Other |
|
|
(341 |
) |
|
— |
|
|
Net cash used in financing activities |
|
|
(575 |
) |
|
(3,651 |
) |
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|
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|
|
|
|
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Net (decrease) increase in cash and cash equivalents |
|
|
(7,361 |
) |
|
10,914 |
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|
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|
|
|
|
|
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Cash and cash equivalents at beginning of period |
|
|
36,566 |
|
|
17,851 |
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|
|
|
|
|
|
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Cash and cash equivalents at end of period |
|
$ |
29,205 |
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$ |
28,765 |
|
Winnebago Industries, Inc.
Unaudited Motor Home Deliveries
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Quarter Ended |
|
Change |
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||||
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|
|
Nov. 28, 2009 |
|
Nov. 29, 2008 |
|
Units |
|
% |
|
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Motor home unit deliveries |
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|
|
|
|
|
|
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|
Class A Gas |
|
235 |
|
165 |
|
70 |
|
42.4 |
|
|
Class A Diesel |
|
180 |
|
118 |
|
62 |
|
52.5 |
|
|
Total Class A |
|
415 |
|
283 |
|
132 |
|
46.6 |
|
|
Class B |
|
62 |
|
35 |
|
27 |
|
77.1 |
|
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Class C |
|
317 |
|
338 |
|
(21 |
) |
(6.2 |
) |
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Total deliveries |
|
794 |
|
656 |
|
138 |
|
21.0 |
|
Winnebago Industries, Inc.
Unaudited Backlog and Dealer Inventory
(Units)
|
|
|
|
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|
|
|
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As of |
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Change |
|
||||||||
|
|
|
Nov. 28, 2009 |
|
Nov. 29, 2008 |
|
Units |
|
% |
|
||||
|
Sales order backlog |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A Gas |
|
|
531 |
|
|
84 |
|
|
447 |
|
|
532.1 |
|
|
Class A Diesel |
|
|
381 |
|
|
35 |
|
|
346 |
|
|
988.6 |
|
|
Total Class A |
|
|
912 |
|
|
119 |
|
|
793 |
|
|
666.4 |
|
|
Class B |
|
|
17 |
|
|
8 |
|
|
9 |
|
|
112.5 |
|
|
Class C |
|
|
592 |
|
|
211 |
|
|
381 |
|
|
180.6 |
|
|
Total backlog* |
|
|
1,521 |
|
|
338 |
|
|
1,183 |
|
|
350.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total approximate revenue dollars (in thousands) |
|
$ |
149,501 |
|
$ |
27,648 |
|
$ |
121,853 |
|
|
440.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dealer inventory |
|
|
1,567 |
|
|
3,269 |
|
|
(1,702 |
) |
|
(52.1 |
) |
* The Company includes in its backlog all accepted orders from dealers to be shipped within the next six months. Orders in backlog can be cancelled 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.