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Winnebago Industries Inc. (WGO: Quote), a recreational vehicle maker, reported an upsurge in fourth-quarter profit, reflecting a tax benefit due to a $36.9 million reduction in the valuation allowance on deferred tax assets that was established in fiscal 2009. Fourth quarter of fiscal 2012 was positively impacted by increased motor home deliveries and improved gross margins due to better fixed cost absorption.
- Q4 EPS rose to $1.41 from $0.12 last year.
- Q4 net income was $40.91 mln versus $3.5 mln last year.
- Q4 net income, excl. non-cash tax benefit of the reduction in valuation allowance, was $4.0 mln or $0.14/Shr. Consensus - $0.17/Shr.
- Q4 revenues up 24.5% to $162.5 mln from $130.5 mln last year. Consensus - $163.03 mln.
B2B internet technology company ChinaNet Online Holdings Inc. (CNET: Quote)
- Lifts FY12 net income target to $3.1 mln from prior view of $2.8 mln.
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by RTT Staff Writer
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