-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 Mq8lXh8+CZxJ+Ifv0aOfsF734fXBzJybnVV8CxamMYYllvARNRMX6b9xKaSoQpZl
 62zImkzHb0Oy8r/P5kWpGw==

<SEC-DOCUMENT>0000897101-03-000209.txt : 20030320
<SEC-HEADER>0000897101-03-000209.hdr.sgml : 20030320
<ACCEPTANCE-DATETIME>20030320165118
ACCESSION NUMBER:		0000897101-03-000209
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20030318
ITEM INFORMATION:		Financial statements and exhibits
FILED AS OF DATE:		20030320

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			WINNEBAGO INDUSTRIES INC
		CENTRAL INDEX KEY:			0000107687
		STANDARD INDUSTRIAL CLASSIFICATION:	MOTOR HOMES [3716]
		IRS NUMBER:				420802678
		STATE OF INCORPORATION:			IA
		FISCAL YEAR END:			0828

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-06403
		FILM NUMBER:		03610854

	BUSINESS ADDRESS:	
		STREET 1:		P O BOX 152
		CITY:			FOREST CITY
		STATE:			IA
		ZIP:			50436
		BUSINESS PHONE:		5155826808

	MAIL ADDRESS:	
		STREET 1:		P O BOX 152
		CITY:			FOREST CITY
		STATE:			IA
		ZIP:			50436

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MODERNISTIC INDUSTRIES INC
		DATE OF NAME CHANGE:	19670528
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>winnebago031381_8k.txt
<DESCRIPTION>WINNEBAGO INDUSTRIES, INC. FORM 8K
<TEXT>
                                 UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT
     PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

        Date of Report (Date of earliest event reported): March 18, 2003
                                                          --------------

                           Winnebago Industries, Inc.
     ----------------------------------------------------------------------
               (Exact Name of Registrant as Specified in Charter)

         Iowa                        001-06403                   42-0802678
- ------------------------           ------------              -------------------
(State of Incorporation)           (Commission                 (IRS Employer
                                   File Number)              Identification No.)

         P.O. Box 152
         Forest City, Iowa                                         50436
- ---------------------------------------                        --------------
(Address of Principal Executive Offices)                         (Zip Code)


Registrant's telephone number, including area code: 641-585-3535
                                                    ------------


         -------------------------------------------------------------
         (Former name or former address, if changed since last report)
<PAGE>


ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.

         Ex. 99   Press release of Winnebago Industries, Inc. dated
                  March 18, 2003


<PAGE>


                                    SIGNATURE


     Pursuant to the requirements of Section 12 of the Securities Exchange Act
of 1934, the Registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.


Dated: March 18, 2003



                                    By:  /s/ Bruce D. Hertzke
                                         ---------------------------------------
                                         Name:    Bruce D. Hertzke
                                         Title:   Chief Executive Officer


<PAGE>


                                  EXHIBIT INDEX

Exhibit
Number                          Description
- ------                          -----------


    99     Press release of Winnebago Industries, Inc. dated March 18, 2003.

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>3
<FILENAME>winnebago031381_ex99.txt
<DESCRIPTION>PRESS RELEASE
<TEXT>
                                                                      EXHIBIT 99


Contact:      Sheila Davis
              Public Relations/Investor Relations Manager
              641/585-6803

FOR IMMEDIATE RELEASE

                          WINNEBAGO INDUSTRIES REPORTS
                    SECOND QUARTER/RECORD SIX MONTHS RESULTS

FOREST CITY, IOWA, March 18, 2003 -- Winnebago Industries, Inc. (NYSE: WGO), the
world's leading motor home manufacturer, today reported net income of $12.3
million for the second quarter ended March 1, 2003, a 30.9 percent increase
compared to net income of $9.4 million for the second quarter of fiscal 2002. On
a per share basis, the Company earned 64 cents per diluted share for the second
quarter of fiscal 2003, a 42.2 percent increase compared to 45 cents per diluted
share for the second quarter in fiscal 2002.

     Revenues for the second quarter of fiscal 2003 were $186.7 million, an
increase of two percent when compared to revenues of $183.1 million for the
second quarter in fiscal 2002.

    The results of the quarter benefited from an improved mix of products, the
favorable outcome of an annual physical inventory and lower stock-based
incentive compensation expense, and was partially offset by the start-up costs
of the new production facility in Charles City, Iowa.

    Net income for the first 26 weeks of fiscal 2003 was a record $28.6 million,
a 41.6 percent increase when compared to the income of $20.2 million for the
first 27 weeks of fiscal 2002. On a per share basis, the Company earned a record
$1.50 per diluted share for the first 26 weeks of fiscal 2003, a 57.9 percent
increase compared to 95 cents per diluted share for the first 27 weeks of fiscal
2002.

    For the 26 weeks of fiscal 2003, the Company reported record revenues of
$420.8 million, a 16.6 percent increase compared to $360.9 million for the first
27 weeks of fiscal 2002.

    For the second quarter ended March 1, 2003, Winnebago Industries reported
factory shipments of 1,523 Class A and 736 Class C motor homes, compared to
shipments of 1,470 Class A and 978 Class C motor homes for the second quarter
last year. Class A motor home shipments in the second quarter of fiscal 2003
included 366 diesel units, compared to 404 diesel unit shipments in the second
quarter last year. Winnebago Industries' sales order backlog for Class A & C
motor homes was 1,890 on March 1, 2003, compared to 3,206 on March 2, 2002.

     "We are extremely pleased with our strong earnings performance for the
second quarter and first six months of fiscal 2003," said Winnebago Industries'
Chairman, CEO and President Bruce D. Hertzke.


                                    - more -


<PAGE>


Winnebago Industries' 2nd Quarter Results - Page 2


     "However, due to the U.S. facing the lowest consumer confidence levels in
recent history and the geopolitical turmoil caused by the threat of war with
Iraq, it appears that the RV market has temporarily slowed. As a result of the
market slowdown and higher inventories, we have temporarily scheduled four-day
work weeks for our factories. Nonetheless, we believe long-term prospects remain
extremely positive. According to the University of Michigan "Consumer
Demographic Profile" study published in 2002 and conducted for the RV industry,
long-term prospects will be favorably impacted due to the increased popularity
of RVs, the growth in our prime target audience of people over age 50, and
broadening age range of people who are buying our motor homes," said Hertzke.

      "Because of these long-term growth prospects, we've invested in our future
to ensure we are ready to meet the increased demand for our products when the
economy and geopolitical conditions normalize," Hertzke continued. "Although
there were start-up expenses for this highly automated new plant, we believe it
will help Winnebago Industries to continue to lead the industry in cost
effectiveness, product quality, customer satisfaction and corporate
profitability in the years ahead." Winnebago Industries began limited production
in the Company's new motor home production facility in Charles City, with the
first unit completed last week. Winnebago Industries is currently producing
Class C motor homes in this new facility, allowing incremental Class A
production in the Company's Forest City facility.

     Dealer inventory levels of the Company's products were 4,944 on March 1,
2003, compared to 4,102 units at that time last year.

     During the second quarter of fiscal 2003, Winnebago Industries completed
the stock repurchase program announced on June 19, 2002. Since June 2002,
450,200 shares of the Company's stock have been repurchased for an aggregate
purchase price of $14.8 million. Currently outstanding shares are 18,472,000.
This is Winnebago Industries' seventh stock repurchase program. Since the
initial repurchase program in December 1997, Winnebago Industries has
repurchased approximately 33 percent of our stock, 8,426,064 shares, at an
aggregate purchase price of $164.3 million. Hertzke said, "We continue to
believe that the repurchase of our stock is the best use of our excess capital
for our shareholders."

     Winnebago Industries will host a live webcast to review second quarter
results today, March 18, 2003, at 10 a.m. EST and is available on the Company's
website at www.winnebagoind.com or at
www.shareholder.com/winnebago/medialist.cfm. It will be archived and available
for 90 days.

ABOUT WINNEBAGO INDUSTRIES

     Winnebago Industries, Inc. is the leading manufacturer of motor homes,
self-contained recreation vehicles used primarily in leisure travel and outdoor
recreation activities. The Company builds quality motor homes under the
Winnebago, Itasca, Rialta and Ultimate brand names with state-of-the-art
computer-aided design and manufacturing systems on automotive-styled assembly
lines. The Company's common stock is listed on the New York, Chicago and Pacific
Stock Exchanges and traded under the symbol WGO. Options for the Company's
common stock are traded on the Chicago Board Options Exchange. For access to
Winnebago Industries investor relations material, to add your name to an
automatic email list for Company news releases or for information on a
dollar-based stock investment service for the Company's stock, visit,
www.winnebagoind.com/investor_relations.htm.


                                    - more -


<PAGE>


Winnebago Industries' 2nd Quarter Results - Page 3


     This press release contains forward-looking statements within the meaning
of the Private Securities Litigation Reform 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,
including, but not limited to reactions to actual or threatened terrorist
attacks, the availability and price of fuel, a significant increase in interest
rates, a slowdown in the economy, availability of chassis, slower than
anticipated sales of new or existing products, new products introduced by
competitors, collections of dealer financing receivables and other factors.
Additional information concerning certain risks and uncertainties that could
cause actual results to differ materially from that projected or suggested is
contained in the Company's filings with the Securities and Exchange Commission
(SEC) over the last 12 months, copies of which are available from the SEC or
from the Company upon request.

                           WINNEBAGO INDUSTRIES, INC.
                   UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
                     (IN THOUSANDS EXCEPT PER SHARE AMOUNTS)

<TABLE>
<CAPTION>
                                                                    26 WEEKS      27 WEEKS
                                             QUARTER ENDED            ENDED         ENDED
                                        3/1/2003      3/2/2002      3/1/2003      3/2/2002
                                        --------      --------      --------      --------
<S>                                     <C>           <C>           <C>           <C>
Net revenues                            $186,728      $183,055      $420,817      $360,857
Cost of goods sold                       159,590       160,117       357,865       313,687
                                        --------------------------------------------------
   Gross profit                           27,138        22,938        62,952        47,170
                                        --------------------------------------------------
Operating expenses
   Selling                                 4,068         4,493         8,755         9,310
   General and administrative              2,950         5,031         8,087         9,135
                                        --------------------------------------------------
     Total operating expenses              7,018         9,524        16,842        18,445
                                        --------------------------------------------------
Operating income                          20,120        13,414        46,110        28,725
Financial income                             312           912           493         1,804
                                        --------------------------------------------------
Pre-tax income                            20,432        14,326        46,603        30,529
Provision for taxes                        8,123         4,878        18,016        10,371
                                        --------------------------------------------------
Net income                              $ 12,309      $  9,448      $ 28,587      $ 20,158
                                        ==================================================
Income per share - basic                $    .66      $    .46      $   1.52      $    .97
                                        ==================================================
Number of shares used in per share
   calculations - basic                   18,775        20,760        18,750        20,715
                                        ==================================================
Net income per share - diluted          $    .64      $    .45      $   1.50      $    .95
                                        ==================================================
Number of shares used in per share
   calculations - diluted                 19,112        21,215        19,113        21,157
                                        ==================================================
</TABLE>

Certain prior year information has been reclassified to conform to the current
year presentation.


                                    - more -


<PAGE>


Winnebago Industries' 2nd Quarter Results - Page 4


                              WINNEBAGO INDUSTRIES, INC.
                         CONDENSED CONSOLIDATED BALANCE SHEETS
                                    (IN THOUSANDS)

                                                    MAR. 1, 2003   AUG. 31, 2002
                                                      --------        --------
                                                     (Unaudited)
ASSETS
Current assets
  Cash and cash equivalents                           $ 39,507        $ 42,225
  Receivables                                           60,828          66,496
  Inventories                                          127,405         113,654
  Other                                                 12,327          11,221
                                                      --------        --------
    Total current assets                               240,067         233,596
Property and equipment, net                             62,354          48,927
Deferred income taxes                                   22,956          22,438
Investment in life insurance                            23,344          23,602
Other assets                                             9,484           8,514
                                                      --------        --------
    Total assets                                      $358,205        $337,077
                                                      ========        ========


LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
  Accounts payable                                    $ 42,437        $ 44,230
  Income taxes payable                                   4,347           2,610
  Accrued expenses                                      41,950          41,761
                                                      --------        --------
    Total current liabilities                           88,734          88,601
Post retirement health care and
  deferred compensation benefits                        70,489          68,661
Stockholders' equity                                   198,982         179,815
    Total liabilities and stockholders' equity        $358,205        $337,077
                                                      ========        ========


                                      # # #

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
