Winnebago Industries Inc. reported a net income of $45 million, or $1.54 per share, for fiscal year 2012, which ended Aug. 25. That compared with $11.8 million, or 41 cents per share, in fiscal 2011.

A tax benefit was recorded in the fourth quarter of fiscal 2012 due to a $37.7 million reduction in the valuation allowance on deferred tax assets. Minus the tax benefit, net income was $7.3 million, or 25 cents per share.

The company reported operating income of $9.5 million, down from $11.3 million in 2011, and revenues were $581.7 million, up from $496.4 million the previous year.