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: | December 19, 2013 | By: | /s/ Randy J. Potts | |
Name: | Randy J. Potts | |||
Title: | Chairman of the Board, Chief Executive Officer and President |
News Release |
Quarter (1) Ended | |||||||||||||
November 30, 2013 | December 1, 2012 | ||||||||||||
Net revenues | $ | 222,670 | 100.0 | % | $ | 193,554 | 100.0 | % | |||||
Cost of goods sold | 196,708 | 88.3 | % | 172,807 | 89.3 | % | |||||||
Gross profit | 25,962 | 11.7 | % | 20,747 | 10.7 | % | |||||||
Operating expenses: | |||||||||||||
Selling | 4,333 | 1.9 | % | 4,961 | 2.6 | % | |||||||
General and administrative | 5,623 | 2.5 | % | 5,812 | 3.0 | % | |||||||
Loss on sale of asset held for sale | — | — | % | 28 | — | % | |||||||
Total operating expenses | 9,956 | 4.5 | % | 10,801 | 5.6 | % | |||||||
Operating income | 16,006 | 7.2 | % | 9,946 | 5.1 | % | |||||||
Non-operating income | 91 | — | % | 614 | 0.3 | % | |||||||
Income before income taxes | 16,097 | 7.2 | % | 10,560 | 5.5 | % | |||||||
Provision for taxes | 4,951 | 2.2 | % | 3,169 | 1.6 | % | |||||||
Net income | $ | 11,146 | 5.0 | % | $ | 7,391 | 3.8 | % | |||||
Income per common share: | |||||||||||||
Basic | $ | 0.40 | $ | 0.26 | |||||||||
Diluted | $ | 0.40 | $ | 0.26 | |||||||||
Weighted average common shares outstanding: | |||||||||||||
Basic | 27,851 | 28,301 | |||||||||||
Diluted | 27,971 | 28,361 |
November 30, 2013 | August 31, 2013 | ||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 49,737 | $ | 64,277 | |||
Receivables, net | 42,944 | 29,145 | |||||
Inventories | 122,478 | 112,541 | |||||
Prepaid expenses and other assets | 8,356 | 8,277 | |||||
Income taxes receivable and prepaid | 132 | 1,868 | |||||
Deferred income taxes | 8,155 | 7,742 | |||||
Total current assets | 231,802 | 223,850 | |||||
Total property and equipment, net | 21,057 | 20,266 | |||||
Long-term investments | — | 2,108 | |||||
Investment in life insurance | 25,299 | 25,051 | |||||
Deferred income taxes | 25,007 | 25,649 | |||||
Goodwill | 1,228 | 1,228 | |||||
Other assets | 10,520 | 10,993 | |||||
Total assets | $ | 314,913 | $ | 309,145 | |||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 27,316 | $ | 28,142 | |||
Income taxes payable | 2,623 | — | |||||
Accrued expenses | 37,070 | 42,212 | |||||
Total current liabilities | 67,009 | 70,354 | |||||
Long-term liabilities: | |||||||
Unrecognized tax benefits | 3,830 | 3,988 | |||||
Postretirement health care and deferred compensation benefits | 63,485 | 64,074 | |||||
Total long-term liabilities | 67,315 | 68,062 | |||||
Stockholders' equity | 180,589 | 170,729 | |||||
Total liabilities and stockholders' equity | $ | 314,913 | $ | 309,145 |
Quarter (1) Ended | |||||||
November 30, 2013 | December 1, 2012 | ||||||
Operating activities: | |||||||
Net income | $ | 11,146 | $ | 7,391 | |||
Adjustments to reconcile net income to net cash used in operating activities: | |||||||
Depreciation and amortization | 984 | 1,147 | |||||
LIFO expense | 431 | 352 | |||||
Stock-based compensation | 952 | 687 | |||||
Deferred income taxes including valuation allowance | 366 | (40 | ) | ||||
Postretirement benefit income and deferred compensation expenses | (139 | ) | 221 | ||||
Provision for doubtful accounts | — | 3 | |||||
Loss (gain) on disposal of property | 8 | (3 | ) | ||||
Gain on life insurance | — | (509 | ) | ||||
Increase in cash surrender value of life insurance policies | (286 | ) | (383 | ) | |||
Change in assets and liabilities: | |||||||
Inventories | (10,368 | ) | (19,621 | ) | |||
Receivables, prepaid and other assets | (13,928 | ) | (4,107 | ) | |||
Income taxes and unrecognized tax benefits | 4,584 | 3,195 | |||||
Accounts payable and accrued expenses | (4,675 | ) | 2,521 | ||||
Postretirement and deferred compensation benefits | (970 | ) | (1,177 | ) | |||
Net cash used in operating activities | (11,895 | ) | (10,323 | ) | |||
Investing activities: | |||||||
Proceeds from the sale of investments, at par | 2,350 | — | |||||
Proceeds from life insurance | — | 974 | |||||
Purchases of property and equipment | (1,693 | ) | (1,273 | ) | |||
Proceeds from the sale of property | 1 | 566 | |||||
Payments of COLI borrowings | — | (1,371 | ) | ||||
Other | 153 | 129 | |||||
Net cash provided by (used in) investing activities | 811 | (975 | ) | ||||
Financing activities: | |||||||
Payments for purchase of common stock | (5,561 | ) | (7,177 | ) | |||
Proceeds from exercise of stock options | 2,080 | — | |||||
Other | 25 | (133 | ) | ||||
Net cash used in financing activities | (3,456 | ) | (7,310 | ) | |||
Net decrease in cash and cash equivalents | (14,540 | ) | (18,608 | ) | |||
Cash and cash equivalents at beginning of period | 64,277 | 62,683 | |||||
Cash and cash equivalents at end of period | $ | 49,737 | $ | 44,075 | |||
Supplemental cash flow disclosure: | |||||||
Income taxes paid, net of refunds | $ | — | $ | 13 |
Deliveries | ||||||||||||||
Quarter (2) Ended | Change | |||||||||||||
(In units) | November 30, 2013 | Product Mix % (1) | December 1, 2012 | Product Mix % (1) | Units | % | ||||||||
Class A gas | 710 | 35.4 | % | 620 | 40.4 | % | 90 | 14.5 | % | |||||
Class A diesel | 397 | 19.8 | % | 345 | 22.5 | % | 52 | 15.1 | % | |||||
Total Class A | 1,107 | 55.2 | % | 965 | 62.9 | % | 142 | 14.7 | % | |||||
Class B | 102 | 5.1 | % | 90 | 5.9 | % | 12 | 13.3 | % | |||||
Class C | 796 | 39.7 | % | 479 | 31.2 | % | 317 | 66.2 | % | |||||
Total motorhomes | 2,005 | 100.0 | % | 1,534 | 100.0 | % | 471 | 30.7 | % | |||||
Travel trailer | 407 | 84.1 | % | 408 | 73.2 | % | (1 | ) | (0.2 | )% | ||||
Fifth wheel | 77 | 15.9 | % | 149 | 26.8 | % | (72 | ) | (48.3 | )% | ||||
Total towables | 484 | 100.0 | % | 557 | 100.0 | % | (73 | ) | (13.1 | )% | ||||
Backlog | |||||||||||||||||
As Of | Change | ||||||||||||||||
November 30, 2013 | December 1, 2012 | ||||||||||||||||
Units | % (1) | Units | % (1) | Units | % | ||||||||||||
Class A gas | 1,382 | 39.1 | % | 884 | 41.7 | % | 498 | 56.3 | % | ||||||||
Class A diesel | 521 | 14.7 | % | 389 | 18.4 | % | 132 | 33.9 | % | ||||||||
Total Class A | 1,903 | 53.8 | % | 1,273 | 60.1 | % | 630 | 49.5 | % | ||||||||
Class B | 317 | 9.0 | % | 111 | 5.2 | % | 206 | 185.6 | % | ||||||||
Class C | 1,314 | 37.2 | % | 734 | 34.7 | % | 580 | 79.0 | % | ||||||||
Total motorhome backlog(2) | 3,534 | 100.0 | % | 2,118 | 100.0 | % | 1,416 | 66.9 | % | ||||||||
Travel trailer | 117 | 77.5 | % | 557 | 81.1 | % | (440 | ) | (79.0 | )% | |||||||
Fifth wheel | 34 | 22.5 | % | 130 | 18.9 | % | (96 | ) | (73.8 | )% | |||||||
Total towable backlog (2) | 151 | 100.0 | % | 687 | 100.0 | % | (536 | ) | (78.0 | )% | |||||||
Total approximate backlog revenue dollars (in 000's): | |||||||||||||||||
Motorhome | $ | 340,703 | $ | 226,457 | $ | 114,246 | 50.4 | % | |||||||||
Towable | 3,401 | 14,049 | (10,648 | ) | (75.8 | )% |
(1) | Percentages may not add due to rounding differences. |
(2) | Our backlog includes all accepted 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 and, therefore, backlog may not necessarily be an accurate measure of future sales. |
Dealer Inventory | ||||||||||
Units As Of | Change | |||||||||
November 30, 2013 | December 1, 2012 | Units | % | |||||||
Motorhomes | 3,135 | 2,045 | 1,090 | 53.3 | % | |||||
Towables | 1,591 | 1,555 | 36 | 2.3 | % |
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