-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, DExwxL2e/mUjeodZ2I5N+022pbMeJ1xhF3GaLRyDAHzrlVTU7LLUCJvoIzjDcqpG vK1q3W7SNLQFvpFWYwlC1Q== 0000730263-95-000012.txt : 19950607 0000730263-95-000012.hdr.sgml : 19950607 ACCESSION NUMBER: 0000730263-95-000012 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19950430 FILED AS OF DATE: 19950606 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: THOR INDUSTRIES INC CENTRAL INDEX KEY: 0000730263 STANDARD INDUSTRIAL CLASSIFICATION: MOTOR HOMES [3716] IRS NUMBER: 930768752 STATE OF INCORPORATION: DE FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-09235 FILM NUMBER: 95545242 BUSINESS ADDRESS: STREET 1: 419 W PIKE ST CITY: JACKSON CENTER STATE: OH ZIP: 45334 BUSINESS PHONE: 5135966849 MAIL ADDRESS: STREET 1: 419 W PIKE STREET CITY: JACKSON CENTER STATE: OH ZIP: 45334 10-Q 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q --------- QUARTERLY REPORT UNDER SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR QUARTER ENDED April 30, 1995 COMMISSION FILE NUMBER 1-9235 -------------- ------ THOR INDUSTRIES, INC. - ------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) Delaware 93-0768752 ------------------------------- ---------------- (State of other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 419 West Pike Street, Jackson Center, OH 45334 ---------------------------------------- ---------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (513) 596-6849 - --------------------------------------------------- -------------- Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No ------- ------- Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. Class Outstanding at 4/30/95 ----- ---------------------- Common stock, par value 8,911,708 shares $.10 per share THOR INDUSTRIES, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS --------------------------- ASSETS ------
(Unaudited) ----------- April 30, 1995 July 31, 1994 -------------- ------------- Current assets: Cash and cash equivalents $6,632,571 $13,563,673 Accounts receivable: Trade 45,526,894 37,899,248 Other 539,815 783,628 Inventories 60,332,053 47,879,742 Prepaid expenses 2,732,218 1,922,821 --------- --------- Total current assets 115,763,551 102,049,112 ----------- ----------- Property: Land 1,058,114 981,596 Buildings and improvements 9,183,055 7,500,360 Machinery and equipment 13,245,304 10,687,411 ---------- ---------- Total cost 23,486,473 19,169,367 Accumulated depreciation and amortization 9,126,685 7,810,159 --------- --------- Property, net 14,359,788 11,359,208 ---------- ---------- Other assets: Goodwill 15,972,201 15,855,565 Non compete 6,116,584 5,452,089 Trademarks 2,879,174 3,104,174 Other 4,525,152 4,625,676 --------- --------- Total other assets 29,493,111 29,037,504 ---------- ---------- TOTAL ASSETS $159,616,450 $142,445,824 ============ ============ LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Notes payable $8,870,000 $ - Accounts payable 25,530,366 25,196,395 Accrued liabilities: Taxes - 1,854,428 Compensation and related items 9,558,647 11,777,688 Product warranties 4,583,760 4,004,992 Other 3,600,801 2,660,704 --------- --------- Total current liabilities 52,143,574 45,494,207 ---------- ---------- Other liabilities 1,178,632 1,028,632 Stockholders' equity: Common stock - authorized 10,000,000 shares; issued 9,099,247 shares @ 4/30/95 and 9,099,247 shares @ 7/31/94; par value of $.10 per share 909,925 909,925 Additional paid in capital 25,105,120 25,105,120 Foreign currency translation (609,889) (928,454) Retained earnings 82,800,375 71,865,542 Cost of treasury shares 187,539 shares @ 4/30/95; 142,739 shares @ 7/31/94 (1,911,287) (1,029,148) ----------- ----------- Total stockholders' equity 106,294,244 95,922,985 ----------- ---------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $159,616,450 $142,445,824 ============ ============
See notes to consolidated financial statements THOR INDUSTRIES, INC. AND SUBSIDIARIES STATEMENTS OF CONSOLIDATED INCOME FOR THE THREE MONTHS AND NINE MONTHS ENDED APRIL 30, 1995 AND 1994 ------------------------------------------------------------------
THREE MONTHS ENDED APRIL 30 NINE MONTHS ENDED APRIL 30 --------------------------- -------------------------- 1995 1994 1995 1994 ---- ---- ---- ---- Net sales $163,081,543 $128,959,282 $416,621,025 $347,944,433 Cost of products sold 145,390,075 113,139,792 366,198,962 302,232,332 ----------- ----------- ----------- ----------- Gross profit 17,691,468 15,819,490 50,422,063 45,712,101 Selling, general, and administrative expenses 11,491,583 10,237,942 30,920,403 27,406,151 ---------- ---------- ---------- ---------- Operating income 6,199,885 5,581,548 19,501,660 18,305,950 Interest income 199,900 69,069 494,592 263,263 Interest expense (117,350) (70,356) (249,579) (202,308) Other income (expense) 7,323 (49,181) (399,182) (242,997) ----- -------- --------- --------- Income before income taxes 6,289,758 5,531,080 19,347,491 18,123,908 Provision for income taxes 2,544,290 2,058,810 7,610,132 7,337,738 --------- --------- --------- --------- Net income $3,745,468 $3,472,270 $11,737,359 $10,786,170 ========== ========== =========== =========== Average common shares outstanding 8,911,708 8,932,028 8,921,075 8,907,365 --------- --------- --------- --------- Earnings per common share $.42 $.39 $1.32 $1.21 ==== ==== ===== ===== Dividends paid per common share $.03 $.03 $.09 $.09 ==== ==== ==== ====
See notes to consolidated financial statements THOR INDUSTRIES, INC. AND SUBSIDIARIES STATEMENTS OF CONSOLIDATED CASH FLOWS FOR THE NINE MONTHS ENDED APRIL 30, 1995 AND 1994 ------------------------------------------------- (Unaudited) ----------- 1995 1994 ---- ---- Cash flows from operating activities: Net income $11,737,359 $10,786,170 Adjustments to reconcile net income to net cash used in operating activities: Depreciation 1,469,633 1,337,518 Amortization 2,026,450 2,010,096 Changes in non cash assets and liabilities Accounts receivable (5,607,293) (7,620,975) Inventories (9,890,000) (3,574,848) Prepaid expenses and other (1,321,151) (2,001,251) Accounts payable (839,695) (592,272) Accrued liabilities (2,800,423) (508,571) ----------- --------- Net cash used in operating activities (5,225,120) (164,133) ----------- --------- Cash flows from investing activities: Purchase of property, plant & equipment (3,986,881) (2,946,075) Disposals of property, plant & equipment 92,688 79,329 Acquisitions-net of cash acquired (5,123,698) - ----------- ----------- Net cash used in investing activities (9,017,891) (2,866,746) ----------- ----------- Cash flows from financing activities: Cash dividends (802,526) (801,963) Net proceeds from (payments of) notes payable 8,870,000 (54,000) Purchase of treasury stock (882,139) - Proceeds from issuance of common stock - 972,901 --------- ------- Net cash provided by financing activities 7,185,335 116,938 --------- ------- Effect of exchange rate changes on cash 126,574 (449,729) ------- --------- Net decrease in cash and equivalents (6,931,102) (3,363,670) Cash and equivalents, beginning of year 13,563,673 10,615,450 ---------- ---------- Cash and equivalents, end of period $6,632,571 $7,251,780 ========== ========== Supplemental cash flow information: Income taxes paid $7,908,649 $6,887,966 Interest paid 249,579 202,308 See notes to consolidated financial statements MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS --------------------- Quarter Ended April 30, 1995 vs. Quarter Ended April 30, 1994 - ------------------------------ Net sales for the quarter totaled $163,081,543, up 26.5% from $128,959,282 in the same period last year. Primarily as a result of higher sales, income before income taxes rose 13.7% to $6,289,758 compared to $5,531,080 in the same period last year. Recreation vehicle revenues of $138,408,832 were 21.3% higher than last year and were 84.9% of total company revenues compared to 88.5% last year. Bus product revenues of $24,672,711 were 66.5% higher than last year and were 15.1% of total company revenues compared to 11.5% last year. Manufacturing gross profit decreased to 10.8% of sales from 12.3% last year. This decrease in gross margin percentage was due primarily to increased material cost and highly competitive product pricing. Operating income totaled $6,199,885, up 11.1% from $5,581,548 in the same period last year. Selling and administrative expenses decreased as a percentage of sales from 7.9% to 7.0% due primarily to increased revenues. Interest income increased by $130,831 and interest expense increased by $46,994 due to increased interest rates and increases in short term borrowings respectively. The combined income tax rate was 40.5% compared to 37.2% last year. Last year's rates reflected recording of favorable tax exam settlements. Nine Months Ended April 30, 1995 vs. Nine Months Ended April 30, 1994 - ---------------------------------- Net sales for the nine months totaled $416,621,025, up 19.7% from $347,944,433 for the same period last year. Primarily as a result of higher sales, income before income taxes rose 6.8% to $19,347,491 compared to $18,123,908 in the same period last year. Recreation vehicle revenues of $347,365,939 were 17.8% higher than last year and were 83.4% of total company revenues compared to 84.7% last year. Bus product revenues of $69,255,086 were 30.2% higher than last year and were 16.6% of total company revenues compared to 15.3% last year. Manufacturing gross profit decreased to 12.1% of sales from 13.1% last year. This decrease in gross margin percentage was due primarily to increased material cost and highly competitive product pricing. Operating income totaled $19,501,660, up 6.5% from $18,305,950 in the same period last year. Selling and administrative expenses decreased as a percentage of sales from 7.9% to 7.4% due primarily to increased revenues. Interest income increased by $231,329 and interest expense increased by $47,271 due to increased interest rates and increase in short-term borrowings respectively. The combined income tax rate was 39.3% compared to 40.5% last year. This decrease is due primarily to favorable utilization of foreign tax credits. MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS --------------------- (Continued) Financial Condition and Liquidity - --------------------------------- As of April 30, 1995, Thor had $6,632,571 in cash and cash equivalents, compared to $13,563,673 on July 31, 1994. Working capital at April 30, 1995 was $63,619,977 compared to $56,554,905 at July 31, 1994. Inventory valued at current cost at April 30, 1995 exceeded the LIFO inventory by $1,840,852. The Company currently has a $20,000,000 revolving line of credit with Harris Trust and Savings Bank and Bank One. The amount borrowed under this line as of April 30, 1995 was $8,870,000 The loan agreement contains certain covenants, including restrictions on additional indebtedness, and the Company must maintain certain financial ratios. The line of credit bears interest at negotiated rates at or below prime and expires on November 30, 1995. The Company had no long term debt as of April 30, 1995. On March 1, 1995, the Company purchased for cash certain assets and liabilities of Skamper Corporation, and on March 27, 1995, the Company purchased for cash certain assets of Lake Capital Corporation doing business as Komfort Trailers. The revenues and income of each entity is reflected in the statements of consolidated income and consolidated balance sheets of Thor Industries from time of acquisition forward. The Company believes that internally generated funds and the revolving credit agreement already in place will be sufficient to meet current operating needs and anticipated capital requirements. The Company does not anticipate significant capital expenditures for fiscal 1995. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS ------------------------------------------ 1. The accompanying consolidated financial statements, which are unaudited, reflect all adjustments consisting of only normal recurring adjustments, which are, in the opinion of management, necessary to present fairly the consolidated operating results for such unaudited periods. 2. Major classifications of inventories are: (Unaudited) ----------- April 30, 1995 July 31, 1994 -------------- ------------- Raw materials $42,842,300 $34,487,270 Work in process 9,832,885 11,008,602 Finished goods 9,497,720 3,976,722 --------- --------- Total 62,172,905 49,472,594 Less excess of FIFO costs over LIFO costs 1,840,852 1,592,852 --------- --------- Total inventories $60,332,053 $47,879,742 =========== =========== PART II No Reports ---------- SIGNATURES ---------- Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. THOR INDUSTRIES, INC. (Registrant) DATE 6/5/95 Wade F.B. Thompson ------------------ -------------------------------------- Wade F. B. Thompson Chairman of the Board, President and Chief Executive Officer DATE 6/5/95 Walter L. Bennett ------------------ -------------------------------------- Walter L. Bennett Senior Vice President Secretary (Chief Accounting Officer) EX-27 2
5 9-MOS JUL-31-1995 APR-30-1995 6632571 0 46066709 0 60332053 115763551 23486473 9126685 159616450 52143574 0 909925 0 0 105384319 159616450 416621025 416621025 366198962 397119365 399182 0 (245013) 19347491 7610132 11737359 0 0 0 11737359 1.32 0
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