Forward-Looking Statements
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1 September 8-9, 2010
2 Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 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 contained in the Company s 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. 2 2
3 Corporate and RV Industry Overview
4 Winnebago Industries Overview Founded in 1958 IPO 1966, NYSE 1970 Leading manufacturer of high-quality motor homes Manufacturing facilities located in Iowa Nonunion workforce of approximately 2,000 as of May 29, 2010 North American dealer network of approximately 240 locations Executive management team with average of 24 years RV manufacturing experience 4 Revenues by Product Class (Trailing Twelve Months - 5/10) Class B 4% Class C 29% Other 8% Class A Diesel 33% Class A Gas 26% 4
5 The Winnebago Brand Competitive Advantages Brand Recognition Most recognized brand in the industry 90% awareness for the Winnebago brand All motor homes are Winnebago to some unfamiliar with the RV Industry Even competitors acknowledge our superior brand position Brand Strength Within the RV Industry Nation s top-selling motor home manufacturer for the past nine years Recognized as industry leader by dealers and suppliers Strategic emphasis on quality Only RV manufacturer to receive the Quality Circle Award from RVDA since its inception in Strong Dealer Network Aligned with top dealers in all key markets
6 Winnebago Industries Products Class A - Gas Conventional motor homes constructed directly on medium-duty truck chassis, which include a gas-powered engine and drivetrain components. Class A - Diesel Conventional motor homes constructed directly on medium-duty truck chassis, which include a diesel-powered engine and drivetrain components. 6
7 Winnebago Industries Products Class C Mini motor homes built on van-type (cutaway) chassis. Class B Panel-type truck to which RV manufacturer adds any two of the following conveniences: sleeping, kitchen and toilet facilities, also 110- volt hookup and freshwater. 7
8 Family Tree Winnebago Industries manufactures three brands of Class A, B and C motor homes: Winnebago, Itasca and ERA 68 floorplans available in % new M.S.R.P.(Base) Class B - ERA $91,400 $92,400 Class C Access/Impulse $68,700 $85,800 Access Premier*/Impulse Silver* $82,900 $92,700 Aspect/Cambria $88,300 $93,200 View/View Profile/Navion/Navion iq $96,900 $102,000 Class A Gas Vista/Sunstar $90,700 $108,800 Sightseer/Sunova $115,000 $132,200 Adventurer/Suncruiser $142,900 $165,400 Class A Diesel Via/Reyo $129, ,900 Journey Express/Meridian V Class $211, ,200 Journey/Meridian $250,500 $258,100 Tour*/Ellipse* $296,400 $332,900 8 * New/Redesigned for 2011
9 Exciting New 2011 Products Itasca Ellipse Top-of-the-line Class A diesel Winnebago Tour and Itasca Ellipse were redesigned inside and out for A new triple-slide 42-foot tag axle model also joins the lineup for 2011 bringing the offerings to four. The most fuel efficient Class A motor home in the industry, the Winnebago Via and Itasca Reyo, now have a new 25Q floorplan; the first double slide Class A motor home on a Mercedes Sprinter chassis. 9 Winnebago Via
10 Exciting New 2011 Products New Winnebago Access Premier and Itasca Silver models include exterior and interior appointments that take these coaches to the next level. Winnebago Access Premier Winnebago View Profile and Navion iq feature a new 24G floorplan featuring two slideout rooms, the first Sprinter-based Class C with this offering. 10 Navion iq
11 RV Industry Class A & C Retail Market Share (Percent as reported by Statistical Surveys, Inc. CYTD/June 2010) Winnebago Ind Thor Industries Fleetwood RV Forest River Coachmen Industries Tiffin Motorhomes Monaco RV Jayco Newmar Gulfstream Other 11 Top 5 Manufacturers = 72.1% 11
12 Winnebago Industries Retail Market Share U.S. 2010/June Class A gas 23.6% 23.0% 23.3% 22.1% Class A diesel 12.8% 11.2% 8.1% 9.0% Total Class A 17.9% 16.6% 15.4% 15.3% Class C 17.8% 22.9% 23.0% 24.0% Total Class A and C 17.9% 19.2% 18.5% 18.7% Class B 18.6% 18.2% 3.8% 0.0% 12 Canada 2010/June Class A gas 19.7% 13.8% 18.4% 16.6% Class A diesel 11.0% 7.0% 5.3% 6.3% Total Class A 15.2% 10.0% 12.4% 11.9% Class C 24.1% 9.5% 19.5% 18.3% Total Class A and C 20.1% 9.8% 15.7% 14.4% As reported by Statistical Surveys, Inc. by calendar year
13 Motor Home Industry: Wholesale and Retail US and Canada US and Canada (1) Calendar Industry Shipments - Class A & C Retail Registrations - Class A & C (2) Quarters Decrease Decrease 1st 10,400 13,600 (3,200) -23.5% 8,900 11,500 (2,600) -22.6% 2nd 8,600 15,000 (6,400) -42.7% 11,100 16,100 (5,000) -31.1% 3rd 4,600 12,400 (7,800) -62.9% 6,900 12,700 (5,800) -45.7% 4th 2,800 11,300 (8,500) -75.2% 4,200 8,600 (4,400) -51.2% 26,400 52,300 (25,900) -49.5% 31,100 48,900 (17,800) -36.4% Decrease Decrease 1st 2,200 10,400 (8,200) -78.8% 4,400 8,900 (4,500) -50.6% 2nd 2,900 8,600 (5,700) -66.3% 6,500 11,100 (4,600) -41.4% 3rd 2,900 4,600 (1,700) -37.0% 5,300 6,900 (1,600) -23.2% 4th 4,000 2,800 1, % 3,800 4,200 (400) -9.5% 12,000 26,400 (14,400) -54.5% 20,000 31,100 (11,100) -35.7% Increase Increase/Decrease 1st 5,300 2,200 3, % 4,300 4,400 (100) -2.3% 2nd 7,300 2,900 4, % 6,900 6, % July 1, , % 1,900 Aug - Dec 6,600 (3) 6, % 7,200 21,000 12,000 9, % 11,200 (4) 20, (1) Class A and C wholesale shipments are reported by RVIA, rounded to the nearest hundred. (2) Class A and C retail registrations as reported by Statistical Surveys, rounded to the nearest hundred. Note that retail registrations for Georgia and New Mexico are no longer included for as complete data was not reported. (3) Based upon forecasted 2010 Class A and C wholesale shipments as reported by RVIA in the RoadSigns Special Issue Summer (4) Statistical Surveys has not issued a projection for 2010 retail demand.
14 Motor Home Industry Wholesale Shipments & Retail Registrations (January 2008 March 2010) 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1, Jan-08 Mar-08 May-08 Jul-08 Sep-08 Nov-08 Jan-09 Mar-09 May-09 Jul-09 Sep-09 Nov-09 Jan-10 Mar-10 May-10 Jul-10 Wholesale (A & C) Retail (A & C) 14 * Note data from New Mexico and Georgia is not included in Statistical Surveys data. Retail for July 2010 is also not yet reported.
15 Motor Home Industry Shipment History (Class A, B & C in Thousands Calendar Year) * 15 * Estimates for 2010 and 2011
16 Current RV Market Environment 16 Economic challenges: Consumer confidence still lagging, but slight improvement from historic lows Unemployment levels appear to have stabilized Financing challenges: Fewer lending choices for both wholesale and retail Existing players are cautious; focused on partnering with strong manufacturers Changing competitor dynamics: Coachmen Industries RV assets sold to Forest River December 2008 Following bankruptcy, Monaco RV purchased by Navistar in June 2009 Following bankruptcy, Fleetwood RV purchased by AIP in July 2009 Country Coach forced into Chapter 7 bankruptcy November 2009
17 Managing the Downturn Inventory Reduction of $64M in Fiscal 2009 or 58% Employee related cost savings initiatives: Headcount reduced 28% in Fiscal 2009, after 32% reduction in Fiscal Salary reductions ranging from 3% to 20%, hiring freeze, two weeks mandatory unpaid leave 401-K match reduced No stock compensation granted Other cost savings and capital conservation initiatives: Cash dividend payments suspended in 2 nd quarter of FY2009 Cancellation of certain promotional events (e.g. Dealer Days) and other expenditures Facility consolidations: Closure of the Charles City Manufacturing Facility (CCMF) (30% of our manufacturing capacity) and the Hampton Fiberglass plant Hampton and Company Airplane held for sale CCMF facility sale agreement signed transaction to close on or before November 1,
18 Managing for Recovery Due to an increased sales order backlog and historically low dealer inventory levels, actions taken during the first nine months of fiscal 2010: Hired over 350 hourly employees to support increased production levels In addition, utilizing overtime to support increased production Continue to review retail activity to ensure our production schedule is in line with end retail demand Ample available physical capacity despite facility consolidation; estimated to be 10,500 to 12,200 units per year depending on mix Continue to have no debt $76.3 million in cash and cash equivalents at 5/29/10 18
19 Future Opportunities Opportunities for Market Share Gain Exciting new products based on significant R&D 45% of our products were new or redesigned for 2011 Significant competitors in flux 19
20 Financial Overview
21 Revenues/Unit Shipments (Fiscal Year Revenues in Millions/Shipments in Thousands) $1,200 $1,000 $800 $600 $400 $200 $- $1, $ $825.3 $ $864.4 $ $ $ $ Revenues Unit Shipments 21
22 Revenues/Unit Shipments (First Nine Months - Revenues in thousands) $350,000 $300,000 $250,000 $200,000 $150,000 $100,000 $50,000 $- $326,359 3,269 $152,054 1, ,000 3,500 3,000 2,500 2,000 1,500 1, Revenues Unit Shipments 22
23 EBITDA/Free Cash Flow (Fiscal Year In Millions) $140 $120 $100 $80 $60 $40 $20 $0 -$20 -$40 -$60 $70.0 $58.8 $86.0 $23.7 $86.1 $39.9 $120.4 $56.2 $108.3 $69.1 $73.7 $108.4 $65.4 $22.5 $0.2 ($18.1) ($51.7) $4.8 EBITDA Free Cash Flow 23 Free cash flow is defined as cash flow from operating activities less capital expenditures.
24 EBITDA/Free Cash Flow (First Nine Months In $ Millions) $35.3 $40 $30 $20 $10 $0 -$10 -$20 -$30 -$40 -$50 $10.0 ($44.3) $ EBITDA Free Cash Flow 24 Free cash flow is defined as cash flow from operating activities less capital expenditures.
25 Significant Liquidity Events Fiscal 2009: 1. Inventory reductions of $64M 2. Auction rate securities (ARS) redemptions of $8.9M 3. Borrowings on ARS of $9.1M 4. Establishment of line of credit facility 5. Dividend suspension Fiscal 2010 Thru 3 rd Qtr: Cash and cash equivalents of $76.3M as of 5/29/10, increase of $39.7M due to: 1. Income taxes refunded of $23.4M 2. Inventory reductions of $7.7M YTD 3. Net ARS redemptions of $4.4M; all ARS borrowings repaid 25
26 Winnebago Industries: Motor Home Shipments, Retail Activity and Dealer Inventory As of Quarter End Wholesale Retail Dealer Order (Units/Fiscal Quarters) Deliveries Registrations Inventory Backlog 4th Quarter ,606 3, st Quarter ,050 3, nd Quarter , rd Quarter ,214 2, Rolling 12 months (June 2008 to May 2009) 2,519 4,536 4th Quarter ,235 1, st Quarter ,567 1,521 2nd Quarter , ,022 1,159 3rd Quarter ,366 1,388 2, Rolling 12 months (June 2009 to May 2010) 3,874 4,198 Wholesale Retail Dealer Order Key Comparisons: Deliveries Registrations Inventory Backlog Rolling 12 month comparison (May 2010 to May 2009) 1,355 (338) (324) % (7.5%) (13.9%) 144.8% 3rd Qtr compared to 3rd Qtr (324) % 14.3% (13.9%) 144.8% 3rd Qtr compared to 2nd Qtr (22) (224) 23.2% 112.2% -1.1% (19.3%) 26
27 Dealer Inventory of Winnebago Industries Product (Class A, B & C - Fiscal Year) 5,000 4,500 4,000 3,500 3,549 4,000 3,945 4,978 4,794 4,733 4,471 3,663 3,000 2,500 2,000 1,500 2,000 1, rd Qtr 27
28 Winnebago Industries Backlog As of May 29, 2010 May 30, 2009 Product Product Increase % Units Mix Units Mix (Decrease) Change Class A gas % % % Class A diesel % % % Total Class A % % % Class B % 2 0.5% 32 NMF Class C % % % Total Backlog (1) % % % Revenue dollars (in 000's) $93,214 $33,556 $59, % (1) W e include in our backlog all accepted purchase orders from dealers to be shipped within the next six months. Orders in backlog can be cancelled or postponed at the option of the dealer at any time without penalty and, therefore, backog may not necessarily be an accurate measure of future sales. 28
29 Summary
30 Industry Growth Opportunities Positive Demographic Trends Baby Boom market of 78 million Americans continues to grow 350,000 per month Ages of motor home owners continue to broaden with younger buyers coming into the market as young as 35 and older owners remaining healthy and active in RV lifestyle Trade cycle is 5 to 7 years 2004 was the peak year for motor home retail purchases Married unemployment (August 2010 Dept. of Labor Statistics) has run at 6.4%, vs. 9.6% for singles nearly 90% of our owners are married Go RVing Successful national advertising campaign Target of Baby Boomers w/kids and Empty Nesters 30
31 Winnebago Industries Advantages Our Brand Highest brand recognition in the industry Our Quality Reputation Quality Circle Award winner 14 consecutive years Best in Class aftermarket service support Our Sustainability Successfully managed through previous industry downturns during our 52-year history Strong balance sheet ($76.3 million in cash and no long-term debt) Continued focus on new product development for future growth Benefit from vertical integration increased profitability in times of high volume Remain committed to regaining profitability 31
32
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