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Winnebago Industries Inc (WGO) SEC Filing 10-Q Quarterly report for the period ending Saturday, May 27, 2017

Winnebago Industries Inc

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CIK: 1499422 Ticker: WGO

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News Release
Contact: Ashis Bhattacharya - Investor Relations - 952-828-8414 - abhattacharya@wgo.net
Media Contact: Sam Jefson - Public Relations Specialist - 641-585-6803 - sjefson@wgo.net

WINNEBAGO INDUSTRIES ANNOUNCES THIRD QUARTER FISCAL 2017 RESULTS
-- Revenues Increased 75% Over Prior Year Driven by Strong Towable Segment Growth --
-- EPS of $0.61, Up 15% Over Prior Year; Includes Impact of $10.2 Million (Pre-Tax) of Amortization Expense --
-- Quarterly Gross Margin Expansion of 380 Basis Points Compared to Prior Year --

FOREST CITY, IOWA, June 21, 2017 - Winnebago Industries, Inc. (NYSE:WGO), a leading United States recreational vehicle manufacturer, today reported financial results for the Company's third quarter of Fiscal 2017.

Third Quarter Fiscal 2017 Results
Revenues for the Fiscal 2017 third quarter ended May 27, 2017, were $476.4 million, an increase of 75.1% compared to $272.1 million for the Fiscal 2016 period. Gross profit was $70.8 million, an increase of 134.0% compared to $30.3 million for the Fiscal 2016 period as gross profit margins expanded 380 basis points driven by a favorable product mix, including the addition of Grand Design products within the overall sales mix. Operating income was $34.9 million for the current quarter, an improvement of 69.3% compared to $20.6 million in the third quarter of last year. Fiscal 2017 third quarter net income was $19.4 million, or $0.61 per diluted share, an increase of 34.3% compared to $14.4 million, or $0.53 per diluted share, in the same period last year. Growth in EPS was impacted by the recognition of $10.2 million of amortization expense during the quarter associated with the Grand Design acquisition. Consolidated adjusted EBITDA was $47.3 million compared to $17.7 million last year, which is an increase of 167.2%.

President and Chief Executive Officer Michael Happe commented, “Our third quarter results continued to reflect the journey we are on here at Winnebago Industries to build a larger, more profitable, full-line RV portfolio. The performance of our new Grand Design division and the associated integration activities continue to meet and even exceed our expectations, and are certainly accelerating our diversification within the still-growing North American RV industry. We delivered strong improvement in gross margin, driven primarily by the overall shift of revenues to our more profitable Towables Segment. We are gaining market share in both of our Towables businesses, including the Winnebago-branded side, and are aggressively investing in new products and further capacity expansion. In the Motorized segment, we are building the foundation for future growth with significant activity around product-line rationalization, enhanced dealer coverage strategies, and focused new product development teams, improving quality and service support processes, and building toward a more nimble and lean manufacturing environment. In addition to solid sales and profitability results, we have also strengthened our balance sheet by reducing debt by $43 million during the quarter. I would like to thank our Winnebago Industries employees for their hard work during the quarter and for their ongoing commitment to provide high-quality products and service to our end customers.”

Significant items related to the Grand Design acquisition that are impacting income before income taxes in the third quarter of Fiscal 2017:
•
Additional transaction costs related to the acquisition were $0.5 million, or $0.01 per diluted share, net of tax.

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The following information was filed by Winnebago Industries Inc (WGO) on Wednesday, June 21, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Winnebago Industries Inc's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Income And Comprehensive Income
Consolidated Statements Of Operations And Comprehensive Income (parenthetical)
Accumulated Other Comprehensive Income (loss)
Accumulated Other Comprehensive Income (loss) (tables)
Accumulated Other Comprehensive Income (loss) Changes In Aoci By Component (details)
Accumulated Other Comprehensive Income (loss) Reclassification From Aoci (details)
Basis Of Presentation
Basis Of Presentation (policies)
Basis Of Presentation Accounting Policiies (details)
Business Combination, Goodwill And Other Intangible Assets
Business Combination, Goodwill And Other Intangible Assets (details)
Business Combination, Goodwill And Other Intangible Assets (tables)
Business Combination, Goodwill And Other Intangible Assets - Future Amortization Of Intangible Assets (details)
Business Combination, Goodwill And Other Intangible Assets - Intangible Assets Acquired (details)
Business Combination, Goodwill And Other Intangible Assets - Narrative (details)
Business Combination, Goodwill And Other Intangible Assets - Proforma Information (details)
Business Combination, Goodwill And Other Intangible Assets - Purchase Price Allocation (details)
Business Segments (details)
Business Segments (notes)
Business Segments (tables)
Business Segments - Reconciliation Of Adjusted Ebitda (details)
Concentration Risk
Concentration Risk (narrative) (details)
Contingent Liabilites And Commitments
Contingent Liabilites And Commitments (repurchase Commitments Narrative) (details)
Contingent Liabilites And Commitments (schedule Of Repurchased Activity) (details)
Contingent Liabilites And Commitments (tables)
Contingent Liabilites And Commitments Lease Commitments (details)
Contingent Liabilites And Commitments Litigation Narrative (details)
Derivatives, Investments And Fair Value Measurements
Derivatives, Investments And Fair Value Measurements (fair Value Inputs) (details)
Derivatives, Investments And Fair Value Measurements (narrative) (details)
Derivatives, Investments And Fair Value Measurements (tables)
Earnings Per Share
Earnings Per Share (calculation Of Basic And Diluted Income Per Share) (details)
Earnings Per Share (narrative) (details)
Earnings Per Share (tables)
Employee And Retiree Benefits
Employee And Retiree Benefits (narrative) (details)
Employee And Retiree Benefits (postretirement Benefit Income) (details)
Employee And Retiree Benefits (postretirement Health Care And Deferred Compensation Benefits) (details)
Employee And Retiree Benefits (tables)
Employee And Retiree Benefits Postretirement Plan Amendments (details)
Income Taxes
Income Taxes (narrative) (details)
Inventories
Inventories (inventory Schedule) (details)
Inventories (narrative) (details)
Inventories (tables)
Long-term Debt (details)
Long-term Debt (notes)
Long-term Debt (tables)
Long-term Debt - Components Of Long-term Debt (details)
Long-term Debt - Contractual Maturities (details)
Property, Plant And Equipment
Property, Plant And Equipment (narrative) (details)
Property, Plant And Equipment (property, Plant And Equipment) (details)
Property, Plant And Equipment (tables)
Shareholders' Equity
Shareholders' Equity (narrative) (details)
Warranty
Warranty (schedule Of Product Warranty Liability) (details)
Warranty (tables)
Ticker: WGO
CIK: 107687
Form Type: 10-Q Quarterly Report
Accession Number: 0000107687-17-000079
Submitted to the SEC: Fri Jun 23 2017 10:52:37 AM EST
Accepted by the SEC: Fri Jun 23 2017
Period: Saturday, May 27, 2017
Industry: Motor Homes

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