-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, FOZV3QPkRNI+/HeUx4UVs648ssl+lnT06/TTK9rCQNcr7mukoaFBfyXgKI+KVbqK PhOqdmQBGG5/2x6zHTQuoQ== 0000730263-95-000024.txt : 19951215 0000730263-95-000024.hdr.sgml : 19951215 ACCESSION NUMBER: 0000730263-95-000024 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19951031 FILED AS OF DATE: 19951214 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: 95601731 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 October 31, 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 10/31/95 ----- ----------------------- Common stock, par value 8,896,008 shares $.10 per share THOR INDUSTRIES, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS ASSETS (Unaudited) ----------- October 31, 1995 July 31, 1995 ---------------- ------------- Current assets: Cash and short term investments....$5,675,073 $6,820,796 Accounts receivable: Trade......................47,417,323 37,447,506 Other........................ 271,110 500,388 Inventories....................... 55,716,920 56,113,536 Prepaid expenses....................5,104,136 3,632,568 ----------- ----------- Total current assets......114,184,562 104,514,794 Property: ----------- ----------- Land............................... 1,031,317 1,030,524 Buildings and improvements........ 10,038,377 9,833,498 Machinery and equipment........... 14,016,733 13,601,025 ----------- ----------- Total cost.................25,086,427 24,465,047 Accumulated depreciation and amortization...10,145,077 9,619,796 ----------- ----------- Property, net............. 14,941,350 14,845,251 ----------- ----------- Other assets: Goodwill...........................15,648,915 15,812,885 Non compete.........................5,635,136 5,875,860 Trademarks..........................3,102,839 3,184,174 Other...............................3,918,932 4,227,937 ---------- ----------- Total other assets.........28,305,822 29,100,856 ----------- ----------- TOTAL ASSETS.............................$157,431,734 $148,460,901 =========== =========== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Notes payable......................$6,400,000 $ --- Accounts payable...................19,700,716 18,443,654 Accrued liabilities: Taxes.......................2,251,394 --- Compensation and related items...............6,273,093 10,711,604 Product warranties..........6,300,735 5,956,520 Other.......................3,628,661 4,251,782 ----------- ----------- Total current liabilities...44,554,599 39,363,560 ----------- ----------- Other liabilities.............................932,657 1,194,032 Stockholders' equity: Common stock - authorized 10,000,000 shares; issued 9,099,247 shares @ 10/31/95 and 9,099,247 shares @ 7/31/95; par value of $.10 per share........................909,925 909,925 Additional paid in capital.........25,105,120 25,105,120 Foreign currency translation.........(613,096) (772,606) Retained earnings..................88,730,397 84,585,329 Cost of treasury shares 203,239 shares @ 10/31/95; 188,239 shares @ 7/31/95...........(2,187,868) (1,924,459) ----------- ----------- Total stockholders' equity 111,944,478 107,903,309 ----------- ----------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY.........$157,431,734 $148,460,901 =========== =========== See notes to consolidated financial statements THOR INDUSTRIES, INC. AND SUBSIDIARIES STATEMENTS OF CONSOLIDATED INCOME FOR THE THREE MONTHS ENDED OCTOBER 31, 1995 AND 1994 ---------------------------------------------------- (UNAUDITED) THREE MONTHS ENDED OCTOBER 31 ----------------------------- 1995 1994 ---- ---- Net sales $151,519,204 $139,169,855 Cost of products sold 134,883,918 119,734,227 ----------- ----------- Gross profit 16,635,286 19,435,628 Selling, general, and administrative expenses 9,207,441 10,002,149 --------- ---------- Operating income 7,427,845 9,433,479 Interest income 241,726 165,931 Interest expense (86,640) (28,096) Other expense (114,023) (122,997) --------- ---------- Income before income taxes 7,468,908 9,448,317 Provision for income taxes 3,056,660 3,664,845 ---------- ---------- Net income $4,412,248 $5,783,472 ========== ========== Average common shares outstanding 8,903,725 8,933,247 ---------- ---------- Earnings per common share $.50 $.65 ==== ==== Dividends paid per common share $.03 $.03 ==== ==== See notes to consolidated financial statements THOR INDUSTRIES, INC. AND SUBSIDIARIES STATEMENTS OF CONSOLIDATED CASH FLOWS FOR THE THREE MONTHS ENDED OCTOBER 31, 1995 AND 1994 ---------------------------------------------------- (Unaudited) ----------- 1995 1994 ---- ---- Cash flows from operating activities: Net income..................................$4,412,248 $5,783,472 Adjustments to reconcile net income to net cash used in operating activities: Depreciation...................................562,849 466,848 Amortization...................................716,375 670,320 Changes in non cash assets and liabilities - ------------------------------------------ Accounts receivable.........................(9,740,539) 7,150,544 Inventories....................................396,616 (10,014.794) Prepaid expenses and other..................(1,392,909) (267,072) Accounts payable.............................1,257.062 (7,373,531) Accrued liabilities.........................(2,727,398) (3,165,590) ----------- ----------- Net cash used in operating activities.......(6,515,696) (6,749,803) - ------------------------------------- Cash flows from investing activities: Purchase of property, plant & equipment.......(658,948) (616,978) Disposals of property, plant & equipment...... --- 39,062 ---------- --------- Net cash used in investing activities.........(658,948) (577,916) Cash flows from financing activities: Cash dividends................................(267,180) (267,795) Proceeds from notes payable..................6,400,000 1,380,000 Purchase of treasury stock....................(263,409) (602,633) Net cash provided by financing activities....5,869,411 509.572 - ----------------------------------------- --------- --------- Effect of exchange rate changes on cash........159,510 182,567 -------- --------- Net decrease in cash and equivalents........(1,145,723) (6,635,580) Cash and equivalents, beginning of year......6,820,796 13,563,673 --------- ---------- Cash and equivalents, end of period.........$5,675,073 $6,928,093 ========== ========== Supplemental cash flow information: Income taxes paid...............................26,000 $588,434 Interest paid...................................86,640 28,096 See notes to consolidated financial statements MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS --------------------- Quarter Ended October 31, 1995 vs. Quarter Ended October 31, 1994 - -------------------------------------- Net sales for the first quarter totaled $151,519,204, up 8.9% from $139,169,855 in the same period last year. Income before income taxes was $7,468,908 compared to $9,448,317 in the same period last year. This decline was primarily due to very competitive pricing in a soft recreational vehicle market. Recreational vehicle revenues of $124,833,168 were 6.7% higher than last year and were 82.4% of total company revenues compared to 84.1% last year. Bus revenues of $26,686,036 were 20.3% higher than last year and were 17.6% of total company revenues compared to 15.9% last year. Manufacturing gross profit decreased to 11.0% of sales from 14.0% last year. This decrease in gross profit was due primarily to very competitive pricing in a soft recreational vehicle market. Operating income totaled $7,427,845 down 21.3% from $9,433,479 in the same period last year. Selling and administrative expenses decreased to $9,207,441, 6.1% of sales, from $10,002,149, 7.2% of sales. Interest income increased by $75,795 and interest expense increased by $58,544. This increase interest expense was due primarily to higher than normal chassis inventory. The combined income tax rate was 40.9% compared to 38.8% last year. Last year's rates reflect favorable utilization of foreign tax credits. Financial Condition and Liquidity - --------------------------------- As of October 31, 1995, Thor had $5,675,073 in cash and cash equivalents, compared to $6,820,796 on July 31, 1995. Working capital at October 31, 1995 was $69,629,963 compared to $65,151,234 at July 31, 1995. Inventory valued at current cost at October 31, 1995 exceeded the LIFO inventory by $2,549,597. The Company currently has a $25,000,000 revolving line of credit with Harris Trust and Savings Bank and Bank One. The amount borrowed under this line as of October 31, 1995 was $6,400,000. 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 below prime and expires on November 29, 1996. The Company had no long term debt as of October 31, 1995. Amortization of intangibles increased from $670,320 at October 31, 1994, to $716,375 at October 31, 1995 due to acquistions in fiscal 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 total cash price of both acquisitions was approximately $5,124,000. The revenues and operating result of each entity is reflected in the consolidated statements of income 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. During the first quarter of fiscal 1996, Thor purchased 15,000 shares of its common stock, increasing treasury stock by $263,409. 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) October 31, 1995 July 31, 1995 ---------------- ------------- Raw materials $39,840,763 $42,951,596 Work in process 10,298,369 10,761,474 Finished goods 8,127,385 4,761,063 ----------- ---------- Total 58,266,517 58,474,133 Less excess of FIFO costs over LIFO costs 2,549,597 2,360,597 ---------- ---------- Total inventories $55,716,920 $56,113,536 ========== ========== 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) DECEMBER 14, 1995 WADE F. B. THOMPSON DATE __________________ ______________________________________ Wade F. B. Thompson Chairman of the Board, President and Chief Executive Officer DECEMBER 14, 1995 WALTLER L. BENNETT DATE __________________ ______________________________________ Walter L. Bennett Senior Vice President Secretary (Chief Accounting Officer) EX-27 2
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