Corporate Profile

Who We Are:

Winnebago Industries, Inc., headquartered in Forest City, Iowa, is a leading United States (U.S.) manufacturer of motor homes, self-contained recreation vehicles used primarily in leisure travel and outdoor recreation activities. The Company builds quality motor homes with state-of-the-art computer-aided design and manufacturing systems on automotive-styled assembly lines.

The Company's products are subjected to what the Company believes is the most rigorous testing in the RV industry. These vehicles are sold through dealers under the Winnebago®, Itasca® and ERA™ brand names. The Company markets its recreation vehicles on a wholesale basis to a diversified dealer organization located throughout the U.S., and to a limited extent, in Canada. As of August 29, 2009, the motor home dealer organization in the U.S. and Canada included approximately 245 dealer locations. Other products manufactured by the Company consist primarily of original equipment manufacturing (OEM) parts, including extruded aluminum and other component products for other manufacturers and commercial vehicles.

Winnebago Industries was incorporated under the laws of the state of Iowa on February 12, 1958, and adopted its present name on February 28, 1961.

Outlook

As a leader in motor home manufacturing technology, we have a continued commitment to be in the forefront of new motor home development. We will continue to develop new products for the motor home consumer with emphasis on quality, safety and function. These new products are also being developed with the growing market of baby boomers in mind.

We anticipate softness in motor home sales, particularly in light of current economic conditions in the U.S. Consumer confidence levels remain weak nationwide. We believe in the positive long-term trends for our industry, however, which include the increased popularity of RVs, the growth in our prime target audience of people over age 50 and the broadening age range of people who are buying our motor homes.

Recent Developments

The motor home market has been very challenging for the past two fiscal years. Discretionary purchases have declined in the United States as the country has been faced with historically low consumer confidence levels, rising unemployment, distressed housing market and a tight credit environment. In spite of these difficult challenges, we continue to focus on new product development. While fiscal 2009 was one of the most challenging in our 51 year history and in the history of the RV industry, we have taken many necessary steps to preserve adequate liquidity, manage our balance sheet and costs, and maintain our ability to make investments in products and processes important to our long term growth and profitability. As an example, we increased our cash flow by dramatically cutting our inventories by 58 percent from the end of fiscal 2008 to the end of fiscal 2009. Just as important as managing our balance sheet and costs for today’s market, however, is planning for growth once the economy recovers. Research and product development was a top priority, with over 50 percent of our lineup new or redesigned for the 2010 model year. From top to bottom, we raised the bar in creating innovative products with exciting floorplans and features with an emphasis on form, function and styling. We are pleased with our recent market share gains and believe we have further opportunities to gain share going forward with our innovative new products.