Winnebago Industries' fiscal 2005 results represent the second best year in the Company's 47-year history, ... While revenues and earnings were lower than last year, I am still extremely proud of the performance of the Company.

We are extremely proud to receive the Quality Circle Award this year, and particularly proud to be the only manufacturer to receive this award each year for the past decade. We consider the DSI survey to be a critical measurement tool for the quality of our products, our sales and service programs and our manufacturing processes. The survey provides us with an important annual benchmark that shows how our dealer partners perceive the quality of Winnebago Industries products and services.

We believe the decrease in backlog at fiscal 2005 year end is due to lower consumer confidence levels, driven primarily by the volatility of fuel costs,

Results for Winnebago Industries' fourth quarter were negatively impacted by lower sales volume and a shift in product mix to lower priced motor homes, particularly Class C's, offset in part by lower incentive compensation expenses.

to lower consumer confidence levels, driven primarily by the volatility of fuel costs. We anticipate these factors, along with a continued shift in product mix, to continue into fiscal 2006.

However, we continue to believe in the growth of our industry and Winnebago Industries.