Iowa-based largest manufacturer of Motor homes that are self-contained recreation vehicles used primarily in leisure travel and outdoor recreation activities, Winnebago Industries Inc. (NYSE: WGO) reported results for the fourth quarter of 2012 ended Aug 25, 2012.
In the fourth quarter, WGOâ€™s revenues increased 25% to $162.5 million. Operating Income rose an impressive 270% to $6.54 million. Net income for the quarter was $40.91 million, up from $3.55 million reported for the same period in the previous year.
For fiscal 2012, the companyâ€™s annual revenues increased 17% to $581.68 million. Operating income fell 16% to $9.53 million from that of $11.28 million. Net income rose 280% to $44.97 million. Net cash from operations for the year 2012 were $0.12 million.
The 17% increase in Consolidated Fiscal 2012 revenues included a 240% increase in towable products. The Revenue hike was mainly due to the 5.6% increase in number of motor homes and 204% in towable deliveries and increased average selling prices for all RV products due to the mix of higher priced products delivered.
The decline in operating income in fiscal 2012 was mainly due to the higher input costs and higher discounts incurred during first half of fiscal 2012. In spite of decrease in non operating income by 12%, net income increased by 280% in fiscal 2012 because of $34.34 million tax benefits received during fourth quarter. The company claimed that the tax benefits were from the $36.9 million reduction in valuation allowance on deferred tax assets that was established in fiscal 2009.
As on Aug 25, 2012, WGO had total assets of $286.07 million including cash and its equivalents worth $62.68 million. Total liabilities were $141.38 million, among which 43% were current and the remaining was long term. Total Stockholdersâ€™ equity was $286.07 million.
During the fourth quarter 2012, the Company repurchased 592,000 shares for $6.3 million at an average price of $10.57.
At the last check, WGOâ€™s shares were trading 0.41% higher at $12.25 with volume down from its daily average of 0.25 million to 0.21 million. The stock has been trading so far today in the range of $12.06 and $12.82. The stock had gained over 68% year to date.