FORM 8-K |
Winnebago Industries, Inc. | ||
(Exact Name of Registrant as Specified in its Charter) |
Iowa | 001-06403 | 42-0802678 |
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
P.O. Box 152, Forest City, Iowa | 50436 | |
(Address of Principal Executive Offices) | (Zip Code) |
WINNEBAGO INDUSTRIES, INC. | ||||
(Registrant) | ||||
Date: | June 14, 2012 | By: | /s/ Randy J. Potts | |
Name: | Randy J. Potts | |||
Title: | Chairman of the Board, Chief Executive Officer and President |
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Quarter Ended | ||||||||||||||
May 26, 2012 | May 28, 2011 | |||||||||||||
Net revenues | $ | 155,709 | 100.0 | % | $ | 135,568 | 100.0 | % | ||||||
Cost of goods sold | 143,638 | 92.2 | % | 126,865 | 93.6 | % | ||||||||
Gross profit | 12,071 | 7.8 | % | 8,703 | 6.4 | % | ||||||||
Operating expenses: | ||||||||||||||
Selling | 4,331 | 2.8 | % | 3,608 | 2.7 | % | ||||||||
General and administrative | 4,213 | 2.7 | % | 3,952 | 2.9 | % | ||||||||
Impaired assets | — | — | % | 605 | 0.4 | % | ||||||||
Total operating expenses | 8,544 | 5.5 | % | 8,165 | 6.0 | % | ||||||||
Operating income | 3,527 | 2.3 | % | 538 | 0.4 | % | ||||||||
Non-operating income | 402 | 0.3 | % | 76 | 0.1 | % | ||||||||
Income before income taxes | 3,929 | 2.5 | % | 614 | 0.5 | % | ||||||||
Benefit for taxes | (12 | ) | — | % | (581 | ) | (0.4 | )% | ||||||
Net income | $ | 3,941 | 2.5 | % | $ | 1,195 | 0.9 | % | ||||||
Income per common share: | ||||||||||||||
Basic | $ | 0.13 | $ | 0.04 | ||||||||||
Diluted | $ | 0.13 | $ | 0.04 | ||||||||||
Weighted average common shares outstanding: | ||||||||||||||
Basic | 29,225 | 29,124 | ||||||||||||
Diluted | 29,263 | 29,152 | ||||||||||||
Nine Months Ended | ||||||||||||||
May 26, 2012 | May 28, 2011 | |||||||||||||
Net revenues | $ | 419,146 | 100.0 | % | $ | 365,872 | 100.0 | % | ||||||
Cost of goods sold | 391,733 | 93.5 | % | 334,646 | 91.5 | % | ||||||||
Gross profit | 27,413 | 6.5 | % | 31,226 | 8.5 | % | ||||||||
Operating expenses: | ||||||||||||||
Selling | 12,485 | 3.0 | % | 10,129 | 2.8 | % | ||||||||
General and administrative | 11,938 | 2.8 | % | 11,623 | 3.2 | % | ||||||||
Impaired assets | — | — | % | (39 | ) | — | % | |||||||
Total operating expenses | 24,423 | 5.8 | % | 21,713 | 5.9 | % | ||||||||
Operating income | 2,990 | 0.7 | % | 9,513 | 2.6 | % | ||||||||
Non-operating income | 549 | 0.1 | % | 550 | 0.2 | % | ||||||||
Income before income taxes | 3,539 | 0.8 | % | 10,063 | 2.8 | % | ||||||||
(Benefit) provision for taxes | (525 | ) | (0.1 | )% | 1,767 | 0.5 | % | |||||||
Net income | $ | 4,064 | 1.0 | % | $ | 8,296 | 2.3 | % | ||||||
Income per common share: | ||||||||||||||
Basic | $ | 0.14 | $ | 0.28 | ||||||||||
Diluted | $ | 0.14 | $ | 0.28 | ||||||||||
Weighted average common shares outstanding: | ||||||||||||||
Basic | 29,171 | 29,118 | ||||||||||||
Diluted | 29,243 | 29,135 |
May 26, 2012 | August 27, 2011 | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 80,831 | $ | 69,307 | ||||
Short-term investments | 250 | — | ||||||
Receivables, net | 18,476 | 19,981 | ||||||
Inventories | 69,604 | 69,165 | ||||||
Prepaid expenses and other assets | 4,289 | 4,227 | ||||||
Income taxes receivable | 875 | 1,525 | ||||||
Deferred income taxes | 1,402 | 649 | ||||||
Total current assets | 175,727 | 164,854 | ||||||
Property, plant, and equipment, net | 20,382 | 22,589 | ||||||
Assets held for sale | 600 | 600 | ||||||
Long-term investments | 9,091 | 10,627 | ||||||
Investment in life insurance | 22,981 | 23,669 | ||||||
Goodwill | 1,228 | 1,228 | ||||||
Amortizable intangible assets | 661 | 720 | ||||||
Other assets | 13,254 | 15,640 | ||||||
Total assets | $ | 243,924 | $ | 239,927 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 24,635 | $ | 21,610 | ||||
Income taxes payable | — | 104 | ||||||
Accrued expenses | 32,413 | 29,604 | ||||||
Total current liabilities | 57,048 | 51,318 | ||||||
Long-term liabilities: | ||||||||
Unrecognized tax benefits | 4,853 | 5,387 | ||||||
Postretirement health care and deferred compensation benefits, net of current portion | 67,158 | 74,492 | ||||||
Total long-term liabilities | 72,011 | 79,879 | ||||||
Stockholders' equity | 114,865 | 108,730 | ||||||
Total liabilities and stockholders' equity | $ | 243,924 | $ | 239,927 |
Nine Months Ended | ||||||||
May 26, 2012 | May 28, 2011 | |||||||
Operating activities: | ||||||||
Net income | $ | 4,064 | $ | 8,296 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 3,786 | 4,193 | ||||||
LIFO expense | 844 | 1,193 | ||||||
Asset impairment | — | 605 | ||||||
Stock-based compensation | 863 | 1,001 | ||||||
Deferred income taxes including valuation allowance | (753 | ) | 874 | |||||
Postretirement benefit income and deferred compensation expenses | 510 | 1,034 | ||||||
Provision for doubtful accounts | 28 | 5 | ||||||
Increase in cash surrender value of life insurance policies | (523 | ) | (617 | ) | ||||
Loss (gain) on sale or disposal of property | 20 | (867 | ) | |||||
Gain on life insurance | (281 | ) | (372 | ) | ||||
Other | 579 | 90 | ||||||
Change in assets and liabilities: | ||||||||
Inventories | (1,283 | ) | (30,091 | ) | ||||
Receivables and prepaid assets | 1,893 | 2,609 | ||||||
Income taxes and unrecognized tax benefits | 105 | (747 | ) | |||||
Accounts payable and accrued expenses | 4,950 | 1,523 | ||||||
Postretirement and deferred compensation benefits | (3,053 | ) | (2,792 | ) | ||||
Net cash provided by (used in) operating activities | 11,749 | (14,063 | ) | |||||
Investing activities: | ||||||||
Proceeds from the sale of investments, at par | 750 | 6,450 | ||||||
Proceeds from life insurance | 1,404 | 659 | ||||||
Purchases of property and equipment | (1,527 | ) | (1,590 | ) | ||||
Proceeds from the sale of property | 16 | 4,009 | ||||||
Cash paid for acquisition, net of cash acquired | — | (4,694 | ) | |||||
Other | (558 | ) | (410 | ) | ||||
Net cash provided by investing activities | 85 | 4,424 | ||||||
Financing activities: | ||||||||
Payments for purchase of common stock | (343 | ) | (89 | ) | ||||
Proceeds from exercises of stock options | — | 83 | ||||||
Other | 33 | 184 | ||||||
Net cash (used in) provided by financing activities | (310 | ) | 178 | |||||
Net increase (decrease) in cash and cash equivalents | 11,524 | (9,461 | ) | |||||
Cash and cash equivalents at beginning of period | 69,307 | 74,691 | ||||||
Cash and cash equivalents at end of period | $ | 80,831 | $ | 65,230 | ||||
Supplemental cash flow disclosure: | ||||||||
Income taxes paid | $ | 115 | $ | 1,638 |
Quarter Ended | |||||||||||||||
(In units) | May 26, 2012 | May 28, 2011 | Increase (Decrease) | % Change | |||||||||||
Class A gas | 429 | 33.5 | % | 425 | 33.1 | % | 4 | 0.9 | % | ||||||
Class A diesel | 234 | 18.3 | % | 204 | 15.9 | % | 30 | 14.7 | % | ||||||
Total Class A | 663 | 51.8 | % | 629 | 49.0 | % | 34 | 5.4 | % | ||||||
Class B | 87 | 6.8 | % | 1 | 0.1 | % | 86 | NMF | |||||||
Class C | 530 | 41.4 | % | 653 | 50.9 | % | (123 | ) | (18.8 | )% | |||||
Total motor homes | 1,280 | 100.0 | % | 1,283 | 100.0 | % | (3 | ) | (0.2 | )% | |||||
Fifth wheel | 289 | 44.7 | % | 94 | 28.8 | % | 195 | 207.4 | % | ||||||
Travel trailer | 357 | 55.3 | % | 232 | 71.2 | % | 125 | 53.9 | % | ||||||
Total towables | 646 | 100.0 | % | 326 | 100.0 | % | 320 | 98.2 | % | ||||||
Nine Months Ended | |||||||||||||||
(In units) | May 26, 2012 | May 28, 2011 | Increase(Decrease) | % Change | |||||||||||
Class A gas | 1,163 | 35.0 | % | 1,145 | 34.6 | % | 18 | 1.6 | % | ||||||
Class A diesel | 701 | 21.1 | % | 692 | 20.9 | % | 9 | 1.3 | % | ||||||
Total Class A | 1,864 | 56.1 | % | 1,837 | 55.5 | % | 27 | 1.5 | % | ||||||
Class B | 215 | 6.5 | % | 2 | 0.1 | % | 213 | NMF | |||||||
Class C | 1,242 | 37.4 | % | 1,468 | 44.4 | % | (226 | ) | (15.4 | )% | |||||
Total motor homes | 3,321 | 100.0 | % | 3,307 | 100.0 | % | 14 | 0.4 | % | ||||||
Fifth wheel | 715 | 43.5 | % | 115 | 28.0 | % | 600 | 521.7 | % | ||||||
Travel trailer | 928 | 56.5 | % | 296 | 72.0 | % | 632 | 213.5 | % | ||||||
Total towables | 1,643 | 100.0 | % | 411 | 100.0 | % | 1,232 | 299.8 | % |
As Of | ||||||||||||||||||
(In units) | May 26, 2012 | May 28, 2011 | Increase(Decrease) | % Change | ||||||||||||||
Class A gas | 479 | 38.7 | % | 187 | 29.1 | % | 292 | 156.1 | % | |||||||||
Class A diesel | 257 | 20.8 | % | 113 | 17.6 | % | 144 | 127.4 | % | |||||||||
Total Class A | 736 | 59.5 | % | 300 | 46.7 | % | 436 | 145.3 | % | |||||||||
Class B | 120 | 9.7 | % | 130 | 20.2 | % | (10 | ) | (7.7 | )% | ||||||||
Class C | 381 | 30.8 | % | 212 | 33.0 | % | 169 | 79.7 | % | |||||||||
Total motor home backlog(1) | 1,237 | 100.0 | % | 642 | 100.0 | % | 595 | 92.7 | % | |||||||||
Fifth wheel | 204 | 40.4 | % | 46 | 28.0 | % | 158 | 343.5 | % | |||||||||
Travel trailer | 301 | 59.6 | % | 118 | 72.0 | % | 183 | 155.1 | % | |||||||||
Total towable backlog(1) | 505 | 100.0 | % | 164 | 100.0 | % | 341 | 207.9 | % | |||||||||
Approximate backlog revenue in thousands: | ||||||||||||||||||
Motor homes | $ | 131,418 | $ | 61,924 | $ | 69,494 | 112.2 | % | ||||||||||
Towables | $ | 12,487 | $ | 3,532 | $ | 8,955 | 253.5 | % | ||||||||||
(1) We include in our backlog all accepted purchase orders from dealers to be shipped 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. |
As Of | |||||||||||
(In units) | May 26, 2012 | May 28, 2011 | (Decrease) Increase | % Change | |||||||
Motor homes | 1,940 | 2,068 | (128 | ) | (6.2 | )% | |||||
Towables | 1,370 | 1,028 | 342 | 33.3 | % |
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