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Winnebago Industries Inc. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: January 4, 2013 10:10AM
Winnebago Industries Inc. (WGO) filed Quarterly Report for the period ended 2012-12-01. Winnebago Industries has a market cap of $514.1 million; its shares were traded at around $18.57 with a P/E ratio of 48.9 and P/S ratio of 0.7.
Highlight of Business Operations:The increase in motorhome net revenues of $58.3 million or 52.2% was attributed primarily to a 47.5% increase in unit deliveries, as well as an increase in motorhome ASP of 3.2% and the additional week in the first quarter of Fiscal 2013 as compared to the first quarter of Fiscal 2012.
Towables revenues were $12.1 million in the first quarter of Fiscal 2013, compared to $10.1 million in the first quarter of Fiscal 2012. The increase was due to increased unit deliveries.
Cost of goods sold was $172.8 million, or 89.3% of net revenues for the first quarter of Fiscal 2013 compared to $123.3 million, or 93.6% of net revenues for the first quarter of Fiscal 2012 due to the following:
Selling expenses increased $799,000, or 19.2%, in the first quarter of Fiscal 2013. The expense increase was primarily due to advertising expenses associated with the timing of our Louisville show falling in the first quarter of Fiscal 2013 and increased sales compensation expense. As a percent of net revenues, selling expenses were 2.6% and 3.2% in the first quarter of Fiscal 2013 and Fiscal 2012, respectively.
General and administrative expenses increased $2.1 million, or 56.8% in the first quarter of Fiscal 2013. This increase was due primarily to increases of $1.5 million in incentives accrued under annual and long-term bonus plans, $248,000 in stock-based compensation expense associated with the stock grant awarded in the first quarter of Fiscal 2013, and $232,000 in legal expenses. As a percent of net revenues, general and administrative expenses were 3.0% and 2.8% in the first quarter of Fiscal 2013 and Fiscal 2012, respectively.
Stocks Discussed: WGO,