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Winnebago Industries Inc. Reports Operating Results (10-K)
Posted by: gurufocus (IP Logged)
Date: October 26, 2010 01:15PM
Winnebago Industries Inc. (WGO) filed Annual Report for the period ended 2010-08-28. Winnebago Industries Inc. has a market cap of $288.2 million; its shares were traded at around $9.9 with a P/E ratio of 28.3 and P/S ratio of 0.6.WGO is in the portfolios of Lee Ainslie of Maverick Capital, Chuck Royce of Royce& Associates, Bruce Kovner of Caxton Associates, Mario Gabelli of GAMCO Investors, Charles Brandes of Brandes Investment, Steven Cohen of SAC Capital Advisors.
Highlight of Business Operations:
Aggregate market value of the common stock held by non-affiliates of the registrant: $337,376,333 (28,884,960 shares at the closing price on the New York Stock Exchange of $11.68 on February 26, 2010).
Our Class A and C motor homes are sold by dealers in the retail market with manufacturer's suggested retail prices ranging from approximately $69,000 to $333,000, depending on size and model, plus optional equipment and delivery charges. Our motor homes range in length from 24 to 42 feet.
As of August 28, 2010, we had a backlog for our motor homes of 818 units with an approximate revenue value of $82.8 million. In comparison as of August 29, 2009, our backlog was 940 units with an approximate revenue value of $86.6 million. A more detailed description of our motor home order backlog is included in Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations" below.
Research and development expenditures are expensed as incurred. During Fiscal 2010, 2009 and 2008, we spent approximately $3.2 million, $3.3 million and $4.1 million, respectively on research and development activities.
We are involved in legal proceedings in the ordinary course of business, including a variety of warranty, "Lemon Law" and product liability claims typical in the recreation vehicle industry. We have an insurance policy covering product liability, however, we are self-insured for a portion of product liability claims. Self-insurance retention liability for at least the past five fiscal years was $2.5 million per occurrence and $6.0 million in aggregate per policy year. In the event that the annual aggregate of the self-insured retention is exhausted by payment of claims and defense expenses, a deductible of $1.0 million, excluding defense expenses, is applicable to each claim covered under this insurance policy. We cannot be certain that our insurance coverage will be sufficient to cover all future claims against us, which may have a material adverse effect on our results of operations and financial condition. In addition, if these claims rise to a level of frequency or size that are significantly higher than similar claims made against our competitors, our reputation and business may be harmed.
Stocks Discussed: WGO,