Reply #29: Winnebago 2Q Profit Drops 67 Pct [View All]

[formercia]

http://biz.yahoo.com/ap/080320/earns_winnebago.html

AP

Thursday March 20, 7:23 am ET
Motor Home Maker Winnebago Reports 67 Pct Profit Slide in 2Q on Lower Sales, Economic Fallout

DES MOINES, Iowa (AP) -- Motor home manufacturer Winnebago Industries says second quarter profits fell nearly 67 percent as consumer confidence in the economy continues to drag down sales of recreational vehicles.

The Forest City-based company said Thursday it cut employment by 9 percent, or about 300 people during the quarter to bring production in line with slowing sales.

Net income was $2.5 million, or 9 cents a share, down from $7.5 million, or 24 cents a share a year ago.

Sales fell 17.5 percent to $164.2 million from $199 million for the same period a year ago.