A Vehicle History
displaying low mileage. Odometer readings may be rolled back. Its illegal
in most state, but its easy. It is still a common occurance in used high
milage vehicles.
Sellers will not or cannot show you the repair orders or the identity of
former owner(s).
A vehicle shipped from out-of-state or received in trade from another dealer.
What is a Vehicle VIN Number
What is a VIN Number and why do we use it? The Vehicle
Identification Number (VIN) was originally described in ISO Standard
3779 in February 1977. This multi-digit VIN was designed to identify vehicles,
trailers, motorcycles and mopeds.
Winnebago Industries Inc.
Date: Mar 18, 2005
Contributor: Christian Majeed
Winnebago Earnings Drop $1.5 Million
Winnebago Industries Inc. said Thursday its second-quarter earnings dropped $1.5 million as production of motor homes exceeded demand.
The nation's leading motor home manufacturer, which makes Winnebago, Itasca and Rialta motor homes, earnings of $14.4 million, or 42 cents per share, during its second quarter that ended Feb. 26, down 9.4 percent from $15.9 million, or 46 cents per share, during the same period a year ago. Analysts surveyed by Thomson First Call were expecting earnings of 53 cents a share.
Revenues for the quarter slipped 10 percent from a year ago to $239.4 million.
Bruce D. Hertzke, chairman, CEO and president, blamed overproduction, which caused a backup on dealer lots.
"We spent the majority of the first half of fiscal 2004 on 45-hour work weeks, replenishing inventories," Hertzke said.
However, second-quarter sales rose just 1.2 percent. Winnebago sold 10,484 motor homes during the quarter, just 122 more than a year ago, he said.
Hertzke said some competitors facing the same market conditions have moved to discounts, which Winnebago traditionally has resisted. He said the company prefers to rely on innovations and special features to move its models.
"We have received and seen an awful lot of pressure in the marketplace because of discounting. Since that's happened, we think that we've seen a couple of our competitors who have announced layoffs, cutbacks, shutdowns, and I think they realize that doesn't work for them either," Hertzke said.
Hertzke said two new diesel engine models currently entering the marketplace are expected to boost the company's market share.
Analysts, in a conference call Thursday, questioned Hertzke about a potential slowdown in the industry from high gas prices.
"All of us consumers will be upset if gas continues to go up, but if you actually look at it, nobody's willing to stay home," Hertzke said.
He said vacationers may take shorter trips, but are unlikely to stop traveling.
Hertzke assured analysts that sales for the year will be on pace with last year.
The Recreational Vehicle Industry Association predicts a 2.5 percent to 3 percent downturn in motor home sales next year, but Hertzke said that would have little impact on the company.
"We need the economy to get a little more confidence, and I think we'll continue to enjoy a nice growth factor for our industry," Hertzke said.
Shares of Winnebago fell $2.34, or 6.7 percent, to close at $32.50, in Thursday trading on the New York Stock Exchange near the middle of their 52-week range of $25.10 to $40.64.
