(RTTNews) - Motor home manufacturer Winnebago Industries, Inc. (WGO: News ) Thursday reported wider loss for the fourth quarter, reflecting reduced plant utilization and higher tax provision. Revenues were down due to continuation of wholesale and retail product incentives. In a positive note, the company said its Sales Order Backlog Increased 58%. Winnebago shares are currently trading up more than 13% on the NYSE.

Net loss for the quarter were $50.24 million or $1.73 per share, wider than $12.7 million or $0.44 per share in the year-earlier quarter. On average, five analysts polled by Thomson Reuters expected the company to report a loss of $0.24 per share for the quarter. Analysts' estimates typically exclude special items.

Net loss for the quarter included a non-cash charge of $41.1 million, or $1.41 per share, related to the establishment of a full valuation allowance against its deferred tax assets. Excluding charges, Winnebago's net loss for the fourth quarter would have been $5.4 million, or 19 cents per diluted share.

For the quarter, the company recorded a tax provision of $41.09 million compared to a tax benefit of $12.695 million in the prior year.

Quarterly revenues plunged to $59.5 million from $85.3 million in the prior year, impacted negatively by lower motor home deliveries resulting in a reduction in plant utilization and continuation of wholesale and retail product incentives.

For the full year, net loss were $78.8 million or $2.71 per share, compared with a net income of $2.8 million or $0.10 per share in the comparable period. Analysts expected the company to report loss of $1.22 per share for the year. Excluding non-cash charges, the company's tax-benefited net loss for the year would have been $37.2 million, or $1.28 per share.
Revenues for the 52-weeks of fiscal 2009 were $211.5 million, lower than $604.4 million for the 53 weeks of last year.

The company noted that at August 29, sales order backlog was 940 motor homes, an increase of nearly 58% compared to the end of previous year. and an increase of 146% from the the end of prior quarter.

Winnebago said it has recorded a tax refund receivable related to the full year operating losses of $17.4 million that is expected in the second quarter of fiscal 2010.

Chief Executive Officer and President Bob Olson said, "the economic environment and the level of retail demand remain uncertain. Additionally, credit availability remains difficult on both the wholesale and retail level."

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