Winnebago Industries, Inc. (WGO)

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Winnebago Industries Inc. (WGO)

F4Q09 Earnings Call

October 15, 2009; 10:00 am ET


Bob Olson - Chairman, Chief Executive Officer and President

Sarah Nielsen - Chief Financial Officer and Vice President

Sheila Davis - Manager of Investor Relations, Public Relations


Kathryn Thompson - Thompson Research

Alvin Concepcion - Citigroup

Scott Stember - Sidoti & Co

Anand - Avondale Partners

Craig Kennison - Robert W. Baird

Barry Vogel - Barry Vogel & Associates

Richard Keim - Kensington Management



Good day ladies and gentlemen and welcome to the Winnebago Industries fourth quarter fiscal 2009 results conference call. My name is Heather, and I’ll be your coordinator for today. At this time all participants are in listen-only mode. We’ll be facilitating a question and answer session towards the end of today’s conference. (Operator Instructions).

We will now turn the presentation over to your host for today’s conference, Sheila Davis, Public Relations and Investor Relations Manager, please proceed.

Sheila Davis

Good morning, and welcome to the Winnebago Industries Incorporated conference call. To review the company’s results for the fourth quarter fiscal year 2009 ended August 29, 2009. Conducting the call today are Bob Olson, Winnebago Industries Chairman of the Board, Chief Executive Officer and President, and Sarah Nielsen, Vice President and Chief Financial Officer.

I trust each of you received a copy of the news release with our earnings results this morning. This call is being broadcasted live on our website at A replay of the call will be available on our website at approximately 12:00 PM Central Time today.

If you have any questions about assessing any of this information, please call our investor relations department at 641-585-6803 following the conference call. Before we start, it’s my responsibility to inform you this presentation may contain certain forward-looking statements within the meeting of the Private Securities Litigation Act of 1995.

Investors are cautioned that forward-looking statements are inherently uncertain. A number of factors could cause actual results to differ materially from these statements. These factors are identified in our filings with the Securities and Exchange Commission over the last 12 months, copies of which are available from the SEC or from the company upon request.

I’ll now turn the call over to Bob Olsen, Bob.

Bob Olsen

Thank you Sheila. Good morning and welcome to Winnebago Industries fourth quarter conference call. Sarah will go into the results for our fourth quarter and fiscal year 2009 shortly, but it is evident from our financials that fiscal 2009 was one of the most challenging years in our history as a corporation.

We have worked very hard this year in light of some extremely difficult economic conditions to reduce expenses, while successfully launching a very exciting 2010 product line-up. We have focused on managing our balance sheet to take all the necessary steps to maintain adequate liquidity and preserve our ability to make investments in products and processes important to our long-term growth and profitability.

As an industry, we have been in one of the most severe downturns over the last 18 months that we’ve ever seen. We are hopeful that we are at or near the bottom of this downward cycle and that the worst may be over. The general economy is looking healthier with improved consumer confidence, stable fuel prices, low interest rates and an improved equity market.

Along with these economic improvements, our product line-up for 2010 is being very well received by our dealers as well as retail customers.

Unlike many of our competitors who seem to have chosen to simply warm up last year’s models, this is a lineup that has been revamped with new floor plans, exciting new interior and exterior decors and a new offering such as the Winnebago Via and Itasca Reyo as well as the new Winnebago Tour and Itasca Ellipse 42-foot tag axle. Winnebago Industry’s commitment to providing our dealers with industry leading products continues to be evident.

The excitement over our 2010 products has also been evident in recent shows, particularly at the Pennsylvania Camping and Travel Show in Hershey. At the Hershey show, we were pleased to see acceptance of our products in nearly every product category. As mentioned earlier, we feel we are at or near the bottom of this downward cycle and that the worse maybe over. One of the indicators of this is that the replenishment cycle maybe starting.

We make this statement based on our sales order backlog on August 29, 2009, of 940 units or $86.6 million, which has grown by a 146% on a unit basis and a 158% on a dollar basis compared to what we reported at the end of the third fiscal quarter. It has continued to grow since the end of the fiscal year.

We are also pleased that we continue to gain market share, results from the calendar year-to-date through August 2009 we reported earlier this week to ensure market share growth for Winnebago Industries in the combined class A and class C market, as well as substantial improvement on our Class A Diesel market.

Combined market share results for calendar 2009 year-to-date through August were 19.1% compared to 18.5% for the same period last year. Our Class A Diesel market share was 10.8% compared to 7.6% for the same period last year.

While improving somewhat credit continues to be challenging at both the wholesale and retail level. Floor plan lenders continue to monitor dealer inventories very closely with an emphasis on the aging of inventory and the number of times a dealer is able to turn their inventory each year.

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