Greg Gerber posted on March 20, 2009 05:36
FOREST CITY, Iowa -- Although Winnebago Industries posted a net loss for a third-straight quarter, the Forest City-based motor-home manufacturer’s top executive said today he remains optimistic that his company will survive the worst economic conditions he’s seen in his almost 40 years in the business.
“We’re here for the long run,” Winnebago Chairman of the Board, CEO and President Bob Olson said this morning after the company announced a net loss of $10.4 million in the second quarter that ended on Feb. 28. “As bad as it is, it could be far worse. Just ask our competitors.”
Olson then ticked off the RV casualties of the recession that include nine companies going out of business and four more have sought Chapter 11 bankruptcy protection.
“Our employees have made tremendous sacrifices so that we can remain confident when it comes to our financial strength and competitive position,” Olson said, “and I think we’re starting to see some signs of a turnaround.”
He said he has been buoyed by the fact that the credit crunch appears to be ebbing, although he added that banks still want dealers to reduce their inventory. He also said the stock market’s performance in recent weeks, stable and low oil prices and historically low interest rates are all reasons for at least some optimism.
SOURCE: Globe Gazette