Winnebago Industries Inc. today (Oct. 17) reported a 31.8% gain in revenue for the company’s fiscal fourth quarter, buoyed by strong motorhome performance, while net income was impacted by a tax benefit recorded in fiscal 2012.
Revenue for the fourth quarter, ended Aug. 31, was $214.2 million versus $162.5 million for the fourth quarter of fiscal 2012. The company reported an operating income of $15.3 million for the quarter versus $6.5 million the previous year. Net income was $10.6 million, or 38 cents per diluted share, compared with $40.9 million, or $1.41 per diluted share.
A tax benefit was recorded in the fourth quarter of fiscal 2012 due to a $36.9 million reduction in the valuation allowance on deferred tax assets that was established in fiscal 2009. Excluding the non-cash tax benefit of the reduction in valuation allowance, net income for the fourth quarter of Fiscal 2012 was $4 million, or 14 cents per diluted share.
Winnebago said the fourth quarter was positively impacted by increased motorhome deliveries, improved gross margin due to better variable and fixed cost absorption and incremental leverage in operating expenses which resulted in a 3.2 percentage point improvement in operating margin.
Revenues for the 53-week fiscal 2013 were $803.2 million, an increase of 38.1%, versus revenues of $581.7 million for the 52-week Fiscal 2012. The company reported operating income of $44.4 million, a 366.1% increase from $9.5 million the year prior. Net income was $32 million, or $1.13 per diluted share, compared with $45 million, or $1.54 per diluted share. Excluding the impact of the non-cash tax benefit of the reduction in valuation allowance, net income was $7.3 million, or 25 cents per diluted share. When adjusting for the non-cash tax benefit recorded in fiscal 2012, earnings per share grew by 352% in fiscal 2013.
“Increased consumer and dealer demand for our products drove our exceptional growth in fiscal 2013,” said Winnebago Industries Chairman, CEO and President Randy Potts. ”We have introduced a number of new and exciting products in product segments and price points new to Winnebago Industries, which will provide us with additional growth opportunities in the future.
“Many of these products are starting production this fall, such as the new Class B Travato and the new Class C Trend and Viva!, all of which are built on the new Ram ProMaster chassis. We pride ourselves on being an innovator and first to market, and these are prime examples of that process. We have had six consecutive quarters of increased sales order backlog. We believe this reflects the positive dealer response to our new 2014 model year products.”
Winnebago Industries Inc. is showcasing several new products at the Recreation Vehicle Industry Association’s (RVIA) 61st California RV Show in Pomona, Calif., going on now through Oct. 20, including the Solei 38R, Minnie Winnie 22R, Trend and Travato motorhomes.
According to a press release, the new Solei 38R floorplan is on display for the first time at a retail event. Providing a luxury Class A diesel at an affordable price, the Solei is built on the Freightliner XCS straight-rail chassis with a Cummins 340-hp diesel engine and Allison six-speed transmission delivering the power.
Solei offers ample storage capacity with its Smart Storage and sports several high-end interior amenities, including polished Corian galley countertops, coffee-glazed cabinetry, upscale entertainment features and LED lighting. The 38R features two slideout rooms with an exceptional bath-and-a-half floorplan. A rear master suite provides a private rear bathroom and a queen-size bed with large wardrobe and a 28-inch HDTV that flips down from the ceiling for easy viewing.
The 38R also includes a Flex Bed system that provides bunk beds, wardrobe, or converts into a dinette. Also standard are a half bath, Comfort sofa sleeper, BenchMark dinette with Dream Dinette table, full-featured galley with pantry and residential refrigerator, and large 50-inch LED HDTV above the optional fireplace.
Also debuting at the show is the new Minnie Winnie 22R Class C built on the Ford E350 chassis. The 22R provides “great function and full amenities in a compact size,” the company stated. With a rear corner bed, and U-shaped dinette that folds into a bed and overhead cab bed, the 22R has the ability to sleep up to six people. The 22R also features a large wardrobe and large exterior rear trunk storage.
The Pomona Show is also the first West Coast showing of the new Trend and Travato. Winnebago Industries is the first to build a Class C motorhome on the Ram ProMaster chassis with the world renowned V6 Pentastar gas engine and 9,350-pound GVWR. The coach features six air bags in the cab for added safety, and best-in-class cab ergonomics and visibility. The affordable new Winnebago Trend delivers fuel efficiency and comfortable living space for up to six people. Both 24-foot floorplans feature a powered StudioLoft bed that lifts tight to the ceiling to conserve space during the day. Other features include energy-saving LED lighting and available Ultraleather furniture.
The Trend features industry-leading three-point seat belts in the dinette. The 23B floorplan offers front swivel cab seats, a sofa/bed and dinette, a large, full-featured mid-coach galley and rear bath. Two large sleeping spaces provide comfortable sleeping for four adults with the queen size front loft bed and a king size Flex Bed System. The 23L also features swivel cab seats expanding the living area of the motorhome, as well as a forward-facing dinette on the driver’s side and a side-facing dinette bench seat on the curb side of the unit. Together these comfortable seating spaces convert into one convenient sleeping space. Additional sleeping space is available with the rear corner bed and front Studio Loft bed. A mid-coach L-shaped galley is full featured and has a forward facing sink.
The Travato is the latest Class B motorhome to join the Winnebago Touring Coach lineup, also built on the Ram ProMaster chassis. At just under 21 feet long, the Travato is agile while also providing fuel efficiency. Features include swivel cab seats, LED ceiling lights, standard touch-screen navigation and a split dinette. The Travato is the only product in its industry segment to provide a 3-point seat belt harness for passengers in the dinette.
The innovative 59G floorplan features a rear double bed that is designed to flip up out of the way to allow for large items like bicycles to be stored securely inside and making them easily accessible through the large double doors at the rear of the coach. The Flex Bed system allows for additional sleeping in the front of the unit as well.
Winnebago Industries Inc. offers attractive pricing in a diesel pusher platform with its 2014 Winnebago Forza Class A motorhome.
According to a press release, a Freightliner XCS straight-rail chassis provides a solid foundation with a Cummins 340-hp diesel engine and Allison six-speed transmission delivering the power.
Diesel pushers are known for storage and the Forza ups the ante with its Smart Storage design that pushes capacity even further. Inside, the coach offers quality amenities such as polished Corian galley countertops, coffee-glazed cabinetry, upscale entertainment features and LED lighting.
Available in two floorplans – the 34T and 38R – other standards include: Powered driver and passenger seats in leatherette; radio/rearview color monitor system with 6-inch touch screen; powered MCD visor shade for the front windshield; soft vinyl ceilings and vinyl tile flooring throughout; home theater sound bar with DVD/CD player; and full-coach water filtration system.
Other highlights include: 6,000-watt Cummins Onan diesel generator; 2,000-watt inverter/charger; roof A/C with heat pump; hydraulic leveling jacks; dual-glazed Contour coach windows; heated holding tank compartment; powered patio awning with LED lighting; exterior wash station
Other available features include: fireplace, +Lounger, powered StudioLoft (34T only), stackable washer/dryer, automatic HDTV satellite antenna system, satellite radio, and Ideal Rest Noveau air sleep system.
The new 34T offers a driver’s side slide with the unique inLounge extendable U-shaped sectional sofa/sleeper in leatherette, versatile inTable movable drop-leaf table, and a passenger side slide galley with island sink. The 34T also features a large private bath, queen-size walk-around bed, and a large wardrobe.
The 38R features a low profile that fits through a 12-foot door opening while having amazing storage of up to 228 cubic feet. Other amenities include two slideout rooms with an exceptional bath-and-a-half floorplan. A rear master suite provides a private rear bathroom and a queen-size bed with large wardrobe and a 28-inch HDTV that flips down from the ceiling for easy viewing. The 38R also includes a Flex Bed system that provides bunk beds, wardrobe, or converts into a dinette, whichever you choose. Also standard in the 38R is a half bath, Comfort Sofa Sleeper, BenchMark dinette with Dream Dinette table, full-featured galley with pantry and residential refrigerator, and large 50-inch HDTV above the optional fireplace.
Winnebago Industries Inc. will issue issue its fourth quarter and fiscal 2013 financial results on Oct. 17.
The Forest City, Iowa-based company will also host a conference call, scheduled for 10 a.m. (EDT).
The conference call may be heard live via the company’s website, http://www.winnebagoind.com/investor.html. The event will be archived and available for replay for the next 90 days.
Winnebago Industries Inc. has been selected to the Barron’s 400 Index after a four-year absence. According to a press release, this marks the fourth time Winnebago has been selected to the index since the 400 Index inception in 1997.
“Given that only about 6% of all North American publicly listed companies are selected to the Barron’s 400 on the basis of their fundamental soundness underscores the overall strength of your company’s financial results and its bright prospects as an investment for public shareholders,” said Market Grader President Carlos Diez.
“We are indeed honored to be included in the Barron’s 400 Index,” said Winnebago Chairman, CEO and President Randy Potts. “We have had significant growth over the past four years and this is certainly affirmation that we are on the right path. We look forward to continued growth as we move forward with aggressive product development in the RV sector and new initiatives such as brand licensing opportunities and transit bus production.”
For more information about the index and its methodology click here.
Iowa State Rep. Tedd Gassman and Sen. Dennis Guth recently toured a Winnebago Industries Inc. motorhome manufacturing plant as well as CDI, a company in Forest City that does custom paint work on motorhomes. During the visit, Gassman noted a measure passed in last year’s legislative session should continue to help large employers such as Winnebago find employees.
Gassman said funding directed toward Iowa’s community colleges helps train workers in areas such as welding so those workers can fill jobs at Iowa companies.
“The main thing (Winnebago officials) talked about was the employee situation,” Gassman said of his recent tour, reported in the Mason City, Iowa, Globe Gazette.
Although the company has roughly 2,000 people employed and does not consider itself short-staffed, “they do have turnover,” he said. “They are constantly on the hunt for people.”
Company officials stressed that they need employees who are prepared to enter the workforce, Gassman said.
While it didn’t receive much attention during the tour, Gassman also said the Legislature’s action to reduce commercial and industrial property tax will also help companies such as Winnebago.
Forest City, Iowa-based Winnebago Industries, Inc. announced Wednesday (Oct. 2) it has selected licensing agency Brandgenuity as its exclusive licensing agent of record. Brandgenuity will help the iconic outdoor adventure brand extend into new categories, including camping gear, apparel and outdoor furniture.
“In the RV industry, we have led the way in quality and innovation for more than 55 years,” said Chad Reece, director of marketing at Winnebago. “Now we will extend the Winnebago name and our values to a wider range of products that will help our owners and fans enjoy recreation and the freedom of life on the road even more.”
Winnebago conducted an agency search process which led to partnering with Brandgenuity.
“We are thrilled to be representing Winnebago — one of the great, iconic, ‘made in America’ brands,” said Jay Asher, founding partner at Brandgenuity. “The timing couldn’t be better, as Americans are now hitting the road and exploring this beautiful country with greater frequency.”
A leading independent brand licensing agency based in New York, Brandgenuity was voted “licensing agency of the year” by a leading industry publication. The company will work with Winnebago Industries to develop well-crafted and thoughtfully designed licensed products that hold true to the Winnebago name — and encourage people everywhere to embrace the freedom of life on the road.
Forest City, Iowa-based Winnebago Industries Inc. has been listed as one of Fortune Magazine’s “100 Fastest Growing Companies” in the Sept. 16 issue.
Listed at No. 65 among the Top 100, Winnebago is in “good company with well-known names throughout a wide variety of other venerable industries,” according to a press release. The list may be viewed at:http://money.cnn.com/
“We are honored to be named to Fortune’s ’Top 100 Fastest Growing Companies List,’” said Winnebago Chairman, CEO and President Randy Potts. “We have worked extremely hard to turn the company around following the recession and we are very pleased with our progress so far. With the motorhome industry shipment volumes recovering but still well below the 25-year average, we are even more excited about what lies ahead as the economy continues to grow.”
The company has generated stellar earnings during its current fiscal year, posting a 94.4% gain in third-quarter profits on a 40.1% increase in sales.
Winnebago Industries Inc. received a “Best in Show” award from BusCon for having the best new product or service at the BusCon Expo 2013 held in Chicago Sept. 10-11.
Three new Metro Link models were unveiled during BusCon, including a public transit, airport, and a CNG (Compressed Natural Gas Powered) version bus which may be used as a shuttle or airport shuttle, according to a news release.
“We were very honored to receive the Best in Show award at BusCon,” said Winnebago Industries Director of Specialty Vehicles Terry Tweeten. “We had great response to our new products and were very pleased with the traffic in our display throughout the show.”
Distribution of the new Metro Link will be conducted by Metro Worldwide, a division of the Pritchard Family Cos. In business for over a century, Pritchard has had a working relationship with Winnebago Industries for over 25 years. Pritchard has a national presence in the distribution of commercial trucks where they have distinguished themselves as a leader in both volume and customer service.
For more information on the new Metro Link, please contact: Scott Loges at (855) 923-2855, email at email@example.com or visit www.wgotransit.com.
BusCon, produced by Bobit Business Media, is North America’s biggest bus show. It consists of a 115,000 square foot exhibit hall filled with buses of all kinds, equipment, technology, and bus-related products and services as well as education geared toward running a successful and efficient operation. For more information, visit www.BusConExpo.com http://busconexpo.com/.
Members of the Skinny Winnie club recently met for a rally in Grand Marais, Minn.
Skinny Winnie members are owners who are enthusiastic about “compact and efficient” RV’s, primarily, but not exclusive to owners of Winnebago Industries Inc. motorhomes that are built on Sprinter-based products, such as the Winnebago View, View Profile and Via, the Itasca Navion, Navion iQ and Reyo, and the Winnebago Touring Coach Era motorhome, according to a news release.
With 52 coaches and 96 people in attendance, rally events started the afternoon of Sept. 9 with a Q&A session conducted by Chris Bienert, Winnebago Industries product planner. The next day, members held an Open House event for those who wanted to show off their coaches and modifications they had made. Bienert showcased a 2014 Winnebago Via 25P for the group.
“The Via had steady traffic throughout the open house session with Skinny Winnie members very enthusiastic about the Via’s interior and exterior storage, the extra sleeping space provided by the Studio Loft bed and the bright open floor plan,” said Bienert.