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8-K - FORM 8-K - THOR INDUSTRIES INCl42887e8vk.htm
Exhibit 99.1
(THOR INDUSTRIES, INC. LOGO)
419 WEST PIKE STREET P.O. BOX 629 JACKSON CENTER, OHIO 45334-0629
PHONE 937-596-6849 FAX 937-596-6539
NEWS RELEASE
Date:
Contact: 
  June 8, 2011
Peter B. Orthwein or Richard E. Riegel
THOR ANNOUNCES SALES, NET INCOME, E.P.S. FOR QUARTER, NINE MONTHS
Thor Industries, Inc. (NYSE:THO) announced results for the third quarter and nine months ended April 30, 2011. Consolidated sales for the quarter were $852,059,000, up 25% from $680,192,000 last year. Net income for the quarter was $40,008,000 up 17% from $34,111,000 last year. E.P.S. for the quarter were 72¢ versus 66¢ last year.
Consolidated sales for the nine months were $1,984,970,000, up 23% from $1,612,769,000 last year. Net income for the nine months was $69,384,000 versus $69,464,000 last year. E.P.S. for the nine months were $1.26 versus $1.30 last year.
RV sales in the quarter were $742,797,000, up 33% from $559,166,000 last year. Towable RV sales in the quarter were $624,631,000, up 33% from $468,002,000 last year. Motorized RV sales in the quarter were $118,166,000, up 30% from $91,164,000 last year. RV sales in the nine months were $1,686,471,000, up 31% from $1,284,891,000 last year. Towable RV sales in the nine months were $1,411,882,000, up 29% from $1,090,842,000 last year. Motorized RV sales in the nine months were $274,589,000, up 42% from $194,049,000 last year. Consolidated sales, RV sales, and Towable RV sales in the third quarter and nine months of Thor’s 2011 fiscal year include Heartland RV, acquired September 16, 2010. Bus segment sales in the quarter were $109,262,000, compared with $121,026,000 last year. Bus segment sales in the nine months were $298,499,000 versus $327,878,000 last year.
RV income before tax in the third quarter was $60,035,000, up 23% from $48,754,000 last year. Towable RV income before tax in the quarter was $54,131,000, up 20% from $45,114,000 last year. Motorized RV income before tax in the quarter was $5,904,000, up 62% from $3,640,000 last year. RV income before tax in the nine months was $105,164,000, up 7% from $98,453,000 last year. Towable RV income before tax in the nine months was $96,039,000, up 3% from $93,397,000 last year. Motorized RV income before tax in the nine months was $9,125,000, up 80% from $5,056,000 last year. Bus segment income before tax in the quarter was $4,472,000, compared with $9,142,000 last year and was $17,683,000 in the nine months, versus $23,755,000 last year. Corporate net costs were $7,189,000 in the quarter versus $5,691,000 last year and $24,362,000 in the nine months versus $13,497,000 last year.


 

“Thor’s improving margins in the third quarter demonstrate the effect of increased revenue in a better RV promotional environment,” said Peter B. Orthwein, Thor chairman & CEO. “In our bus segment, the public transit market remains challenging due to tight municipal budgets,” he added.
Thor is the world’s largest manufacturer of recreation vehicles and a major builder of commercial buses & ambulances.
This release includes certain statements that are “forward looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934 as amended. These forward looking statements involve uncertainties and risks. There can be no assurance that actual results will not differ from our expectations. Factors which could cause materially different results include, among others, additional issues that may arise in connection with the review by the independent consultant required under our recent settlement with the Securities and Exchange Commission, fuel prices, fuel availability, lower consumer confidence, interest rate increases, restrictive lending practices, increased material and component costs, the success of new product introductions, the pace of acquisitions, cost structure improvements, competition and general economic conditions and the other risks and uncertainties discussed more fully in Item 1A of our Annual Report on Form 10-K for the year ended July 31, 2010 and Part II, Item 1A of our Quarterly Report on Form 10-Q for the period ended April 30, 2011. We disclaim any obligation or undertaking to disseminate any updates or revisions to any forward looking statements contained in this release or to reflect any change in our expectations after the date of this release or any change in events, conditions or circumstances on which any statement is based except as required by law.


 

THOR INDUSTRIES, INC.
STATEMENT OF INCOME FOR THE 3 AND 9 MONTHS ENDED APRIL 30, 2011 and 2010
($000 except per share — unaudited)
                                                                 
    3 MONTHS ENDED APRIL 30,     9 MONTHS ENDED APRIL 30,  
    2011     % Net Sales     2010     % Net Sales     2011     % Net Sales     2010     % Net Sales  
         
Net sales
  $ 852,059             $ 680,192             $ 1,984,970             $ 1,612,769          
Gross profit
  $ 108,484       12.7 %   $ 92,499       13.6 %   $ 232,705       11.7 %   $ 212,266       13.2 %
Selling, general and administrative
  $ 50,386       5.9 %   $ 42,824       6.3 %   $ 136,019       6.9 %   $ 108,678       6.7 %
Amortization of intangibles
  $ 2,734       0.3 %   $ 152       0.0 %   $ 7,298       0.4 %   $ 320       0.0 %
Impairment of trademarks
  $ 1,430       0.2 %   $ 500       0.1 %   $ 3,466       0.2 %   $ 500       0.0 %
Interest income (net)
  $ 904       0.1 %   $ 1,250       0.2 %   $ 2,798       0.1 %   $ 3,922       0.2 %
Gain on involuntary conversion
  $ 1,818       0.2 %   $ 2,283       0.3 %   $ 8,651       0.4 %   $ 2,283       0.1 %
Other income (expense)
  $ 662       0.1 %   $ (351 )     -0.1 %   $ 1,114       0.1 %   $ (262 )     0.0 %
 
                                                       
Income before taxes
  $ 57,318       6.7 %   $ 52,205       7.7 %   $ 98,485       5.0 %   $ 108,711       6.7 %
Taxes
  $ 17,310       2.0 %   $ 18,094       2.7 %   $ 29,101       1.5 %   $ 39,247       2.4 %
 
                                                       
Net income
  $ 40,008       4.7 %   $ 34,111       5.0 %   $ 69,384       3.5 %   $ 69,464       4.3 %
 
                                                       
E.P.S. — basic
    72¢               66¢             $ 1.26             $ 1.30          
E.P.S. — diluted
    72¢               66¢             $ 1.26             $ 1.30          
Avg. common shares outstanding-basic
    55,829,122               51,461,181               55,079,700               53,521,242          
Avg. common shares outstanding-diluted
    55,941,389               51,585,450               55,185,181               53,621,854          
SUMMARY BALANCE SHEETS — APRIL 30, ($000) (unaudited)
                                         
    2011     2010             2011     2010  
Cash and equivalents
  $ 59,247     $ 80,638     Current liabilities   $ 290,970     $ 258,403  
Investments, short term
          63,350     Other liabilities     83,814       60,887  
Restricted Cash
    1,000           Stockholders’ equity     804,718       619,120  
Accounts receivable
    264,892       207,268                          
Inventories
    223,990       170,044                          
Deferred income tax and other
    46,958       43,811                          
 
                                   
Total current assets
    596,087       565,111                          
Fixed assets
    166,498       137,924                          
Long term investments
    2,982       13,010                          
Goodwill
    245,766       150,576                          
Other intangible assets
    128,219       20,853                          
Other assets
    39,950       50,936                          
                 
Total
  $ 1,179,502     $ 938,410             $ 1,179,502     $ 938,410