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Winnebago Industries (NYSE: WGO) Snapshot

Updated March 4, 2010
 

Company Profile

 

Winnebago Industries is a manufacturer of Class A gas and diesel motorhomes as well as Class C motorhomes marketed under the Winnebago and Itasca brands. In addition, Winnebago manufactures specialty vehicles for law enforcement, emergency medical services, and disabled accessible motorhomes.

 

Consolidated Charting

 

Consolidated Statements
WGO Income Statement Quarter Ending    
  Q1-06 Q2-06 Q3-06 Q4-06 Q1-07 Q2-07 Q3-07 Q4-07 Q1-08 Q2-08 Q3-08 Q4-08 Q1-09 Q2-09 Q3-09 Q4-09 Q1-10    
  Nov-05 Feb-06 May-06 Aug-06 Nov-06 Feb-07 May-07 Aug-07 Nov-07 Feb-08 May-08 Aug-08 Nov-08 Feb-09 May-09 Aug-09 Nov-09   ttm
Revenue     232,255    206,425    220,312    205,411    201,765    199,014    231,692    237,681    215,142    164,203    139,736     85,271      69,398     31,808     50,848     59,465     81,017     223,138
Cost of Goods Sold    201,091    186,105    192,236    180,070    180,381    180,049    205,436    205,089    189,502    152,034    137,112     90,932      78,292     43,600     59,133     61,240     80,493     244,466
Gross Margin     31,164     20,320     28,076     25,341      21,384      18,965     26,256     32,592     25,640     12,169       2,624     (5,661)      (8,894)    (11,792)     (8,285)     (1,775)         524      (21,328)
As a % of Sales 13.4% 9.8% 12.7% 12.3% 10.6% 9.5% 11.3% 13.7% 11.9% 7.4% 1.9% -6.6% -12.8% -37.1% -16.3% -3.0% 0.6%   -9.6%
                                       
Operating Expenses                                      
R&D             -             -             -             -             -             -             -             -             -             -             -             -             -             -             -             -             -               -
SG&A       9,722       9,789       9,696     12,596      11,244       9,605     11,597     11,865     12,056       9,715       9,527       8,543       7,996       6,819       6,497       6,602       6,501       26,419
Non Recurring              -             -             -             -             -             -             -             -             -             -             -       4,686             -             -             -         855             -           855
Other             -             -             -             -             -             -             -             -             -             -             -             -             -             -             -             -             -               -
Operating Expenses        9,722       9,789       9,696     12,596      11,244       9,605     11,597     11,865     12,056       9,715       9,527     13,229       7,996       6,819       6,497       7,457       6,501       27,274
As a % of Sales 4.2% 4.7% 4.4% 6.1% 5.6% 4.8% 5.0% 5.0% 5.6% 5.9% 6.8% 15.5% 11.5% 21.4% 12.8% 12.5% 8.0%   12.2%
                                       
Operating Income     21,442     10,531     18,380     12,745      10,140       9,360     14,659     20,727     13,584       2,454     (6,903)    (18,890)    (16,890)    (18,611)    (14,782)     (9,232)     (5,977)      (48,602)
As a % of Sales 9.2% 5.1% 8.3% 6.2% 5.0% 4.7% 6.3% 8.7% 6.3% 1.5% -4.9% -22.2% -24.3% -58.5% -29.1% -15.5% -7.4%   -21.8%
  ssssss                                    
Income from Continuing Operations                                      
Total Other Income/Expenses Net          922       1,314       1,418       1,443       1,563       1,602       1,799       1,559       1,240       1,236       1,053         785          524         633         209           86        (233)           695
Earnings Before Interest And Taxes      22,364     11,845     19,798     14,188      11,703      10,962     16,458     22,286     14,824       3,690     (5,850)    (18,105)    (16,366)    (17,978)    (14,573)     (9,146)     (6,210)      (47,907)
Interest Expense              -             -             -             -             -             -             -             -             -             -             -             -             -             -             -             -             -               -
Income Before Tax      22,364     11,845     19,798     14,188      11,703      10,962     16,458     22,286     14,824       3,690     (5,850)    (18,105)    (16,366)    (17,978)    (14,573)     (9,146)     (6,210)      (47,907)
Income Tax Expense        7,794       4,145       6,641       4,871       3,767       3,430       5,205       7,443       4,862       1,173     (8,850)     (5,410)      (6,770)     (7,597)     (6,020)     41,090     (4,866)       22,607
Minority Interest              -             -             -             -             -             -             -             -             -             -             -             -             -             -             -             -             -               -
Net Income From Continuing Ops      14,570       7,700     13,157       9,317       7,936       7,532     11,253     14,843       9,962       2,517       3,000    (12,695)      (9,596)    (10,381)     (8,553)    (50,236)     (1,344)      (70,514)
                                       
Non-recurring Events                                      
Discontinued Operations              -             -             -             -             -             -             -             -             -             -             -             -             -             -             -             -             -               -
Extraordinary Items              -             -             -             -             -             -             -             -             -             -             -             -             -             -             -             -             -               -
Effect Of Accounting Changes              -             -             -             -             -             -             -             -             -             -             -             -             -             -             -             -             -               -
Other Items              -             -             -             -             -             -             -             -             -             -             -             -             -             -             -             -             -               -
Net Income      14,570       7,700     13,157       9,317       7,936       7,532     11,253     14,843       9,962       2,517       3,000    (12,695)      (9,596)    (10,381)     (8,553)    (50,236)     (1,344)      (70,514)
Preferred Stock And Other Adjustments              -             -             -             -             -             -             -             -             -             -             -             -             -             -             -             -             -               -
Net Income Applicable To Common Shares      14,570       7,700     13,157       9,317       7,936       7,532     11,253     14,843       9,962       2,517       3,000    (12,695)      (9,596)    (10,381)     (8,553)    (50,236)     (1,344)      (70,514)
As a % of Sales 6.3% 3.7% 6.0% 4.5% 3.9% 3.8% 4.9% 6.2% 4.6% 1.5% 2.1% -14.9% -13.8% -32.6% -16.8% -84.5% -1.7%   -31.6%
                                       
EBITDA     25,026     14,511     22,459     16,834      14,357      13,639     19,069     24,839     17,537       6,156     (3,446)    (15,781)    (14,229)    (15,969)    (12,704)     (7,327)     (4,526)      (40,526)
As a % of Sales 10.8% 7.0% 10.2% 8.2% 7.1% 6.9% 8.2% 10.5% 8.2% 3.7% -2.5% -18.5% -20.5% -50.2% -25.0% -12.3% -5.6%   -18.2%
                                       
WGO Balance Sheet Quarter Ending          
  Nov-05 Feb-06 May-06 Aug-06 Nov-06 Feb-07 May-07 Aug-07 Nov-07 Feb-08 May-08 Aug-08 Nov-08 Feb-09 May-09 Aug-09 Nov-09   ttm
Current Assets                                      
Cash And Cash Equivalents      25,766     18,825     15,419     24,934      12,954      12,446     11,911       6,889       4,836     15,536     46,200     17,851      28,765             -       6,889     17,851     36,566       36,566
Short Term Investments     110,000    144,250    125,000    129,950    129,950    154,549    144,950    102,650     89,347  -                -       3,100       5,400             -    102,650       3,100     13,500       13,500
Net Receivables      34,196     38,058     23,681     20,859      23,517      23,406     37,007     42,972     30,430     47,597     26,425     27,619      25,738     37,419     42,972     27,619     29,073       29,073
Inventory     114,026     90,888     88,199     77,081      97,168      94,389     90,862    101,208    120,117    128,477    110,960    110,596      83,294     72,778    101,208    110,596     46,850       46,850
Other Current Assets  ssssssssssss
      5,517
      5,005     15,250     14,336      15,676      16,452       4,756       3,981       4,030       3,870       3,257       3,715       3,774       3,596       3,981       3,715       3,425         3,425
Total Current Assets     289,505    297,026    267,549    267,160    279,265    301,242    289,486    257,700    248,760    195,480    186,842    162,881    146,971    113,793    257,700    162,881    129,414     129,414
  ssssssssssss                                    
Long Term Assets                                      
Long Term Investments             -             -             -             -             -             -             -             -             -     50,829     40,148     59,661      32,750     33,476             -     59,661     19,794       19,794
Property Plant and Equipment  ssssssssssss
    62,171
    60,349     58,520     56,907      55,594      54,280     52,500     51,389     50,210     48,433     46,472     40,097      38,633     37,091     51,389     40,097     34,555       34,555
Goodwill              -             -             -             -             -             -             -             -             -             -             -             -             -             -             -             -             -               -
Intangible Assets              -             -             -             -             -             -             -             -     20,140             -             -             -             -             -             -             -             -               -
Accumulated Amortization              -             -             -             -             -             -             -             -             -             -             -             -             -             -             -             -             -               -
Other Long Term Assets  ssssssssssss
    36,112
    36,286     36,118     14,832      36,031      36,619     36,916     37,565     18,061     37,095     37,489     15,954      35,128     34,042     37,565     15,954     36,703       36,703
Deferred Long Term Asset Charges      24,535     24,236     24,146     45,816      24,678      25,708     25,907     19,856     26,837     25,791     24,970     26,862      29,033     28,342     19,856     26,862             -               -
Total Long Term Assets    122,818    120,871    118,784    117,555    116,303    116,607    115,323    108,810    115,248    162,148    149,079    142,574    135,544    132,951    108,810    142,574     91,052       91,052
  ssssssssssss                                    
Total Assets     412,323    417,897    386,333    384,715    395,568    417,849    404,809    366,510    364,008    357,628    335,921    305,455    282,515    246,744    366,510    305,455    220,466     220,466
                                       
Current Liabilities                                      
Accounts Payable  ssssssssssss
    81,539
    83,176     31,209     27,923      26,675      37,437     68,267     65,866     83,846     57,451     41,600     35,202      45,056     39,425     65,866     35,202     40,854       40,854
Short/Current Long Term Debt              -             -             -             -             -               -             -             -               -             -             -       9,100             -             -       9,100         9,100
Other Current Liabilities  ssssssssssss
            -
            -     52,308     52,199      52,506      54,486     19,864     22,971       34,562     27,743     19,131             -             -