EX-99 3 thor_pressrel060203.txt PRESS RELEASE, 06-02-03 Exhibit 99.1 [GRAPHIC OMITTED] [GRAPHIC OMITTED] 419 WEST PIKE STREET O P.O. BOX 629 O JACKSON CENTER, OHIO 45334-0629 PHONE 937-596-6849 O FAX 937-596-6539 N E W S R E L E A S E Date: June 2, 2003 Contact: Wade F. B. Thompson or Peter B. Orthwein THOR REPORTS RECORD QUARTER AND NINE MONTHS SALES, NET INCOME, AND E.P.S. ------------------------------------------------------------------------- DOUBLES QUARTERLY DIVIDEND; RECORD MAY RV RETAIL REGISTRATIONS. --------------------------------------------------------------- Thor Industries, Inc. (NYSE:THO) announced today record sales, net income, and E.P.S. for the third quarter and nine months ended April 30, 2003. Net income for the quarter was a record $20,154,000, up 21% from $16,595,000 last year. E.P.S. for the quarter were 71(cent), up 22% from 58(cent)last year. Sales for the quarter were $412,750,000, up 12% from $367,690,000 last year. Net income for the nine months was a record $56,371,000 up 82% from $30,966,000 last year. E.P.S. for the nine months were $1.98, up 71% from $1.16 last year. Sales for the nine months were $1,148,909,000, up 36% from $844,140,000 last year. RV sales in the quarter were $359,181,000, up 19% from $300,708,000 last year. Bus sales in the quarter were $53,569,000, down 20% from $66,982,000 last year. RV sales in the 9 months were $987,328,000, up 57% from $629,012,000 last year. Bus sales in the 9 months were $161,581,000 versus $215,128,000 last year. RV income before tax was $32,299,000 in the quarter, up 23% from $26,316,000 last year and $89,235,000 in the 9 months, up 110% from $42,582,000 last year. Bus income before tax in the quarter was $2,514,000 versus $2,688,000 last year and $8,453,000 in the 9 months, down from $11,498,000 last year. Corporate costs in the quarter were $1,501,000 versus $2,378,000 last year and $6,182,000 in the nine months versus $5,004,000 last year. Because of these exceptional results and Thor's strong financial condition, its regular quarterly dividend will now be doubled to 2(cent) per share. The first dividend at the new rate will be paid on July 3, 2003 to stockholders of record on June 16, 2003. May RV retail registrations were up 13% over last year to 8,982 units, easily the highest for any month in the company's history, and May RV orders were $121.1 million, up 6% from last year. This indicates a solid upturn in the RV industry since the end of the Iraq war. RV backlog on 4/30/03 was $172.7 million, down 35% from $265.2 million last year, primarily as a result of the run up to the Iraq war and the war itself. Bus backlog on 4/30/03 was $97.4 million, up 1% from $96.3 million last year. This release includes "forward looking statements" that involve uncertainties and risks. There can be no assurance that actual results will not differ from the Company's expectations. Factors which could cause materially different results include, among others, the success of new product introductions, the pace of acquisitions and cost structure improvements, competitive and general economic conditions, and the other risks set forth in the Company's filings with the Securities and Exchange Commission. THOR INDUSTRIES, INC. STATEMENT OF INCOME FOR THE 3 AND 9 MONTHS ENDED APRIL 30, 2003 and 2002 $000 except per share - unaudited
3 MONTHS ENDED APRIL 30 | 9 MONTHS ENDED APRIL 30 2003 % 2002 % | 2003 % 2002 % -------------------------------------------------|----------------------------------------------------- Net sales $ 412,750 $ 367,690 | $ 1,148,909 $ 844,140 | Gross profit $ 57,035 13.8% $ 47,409 12.9% | $ 160,781 14.0% $ 98,668 11.7% | Selling, general and | administrative $ 24,377 5.9% $ 20,938 5.7% | $ 69,456 6.0% $ 50,801 6.0% | Amortization of | intangibles $ 180 - $ 180 - | $ 536 - $ 391 - | Operating income $ 32,478 7.9% $ 26,291 7.2% | $ 90,789 7.9% $ 47,476 5.6% | Impairment of equity | security $ - - - - | $ (1,580) (.1)% - - | Interest income (net) $ 298 .1% $ 119 - | $ 1,095 .1% $ 1,041 .1% | Other income $ 536 .1% $ 216 .1% | $ 1,202 .1% $ 559 .1% | Income before taxes $ 33,312 8.1% $ 26,626 7.2% | $ 91,506 8.0% $ 49,076 5.8% | Taxes $ 13,158 3.2% $ 10,031 2.7% | $ 35,135 3.1% $ 18,110 2.1% ------------- ----------- | --------------- ------------- | Net income $ 20,154 4.9% $ 16,595 4.5% | $ 56,371 4.9% $ 30,966 3.7% ---------- ------------- ----------- | --------------- ------------- | E.P.S. $ 0.71 $ 0.58 | $ 1.98 $ 1.16 ------ | | Average common shares | outstanding 28,583,645 28,442,526 | 28,541,688 26,718,278
SUMMARY BALANCE SHEETS - APRIL 30 ($000) (unaudited)
2003 2002 2003 2003 ----------- ----------- ----------- ----------- Cash and equivalents $ 120,888 $ 35,966 Current liabilities $ 162,661 $ 136,963 Accounts receivable 105,772 109,361 Other liabilities 6,431 7,401 Inventories 102,725 95,344 Stockholders' equity 391,642 313,425 Other assets 9,568 8,970 ----------- ----------- Total current assets 338,953 249,641 Fixed assets 66,494 52,118 Investments - joint ventures 2,140 2,145 Investments available for sale 1,598 5,243 Goodwill 130,555 130,553 Other assets 20,994 18,089 ----------- ----------- ----------- ----------- Total $ 560,734 $ 457,789 $ 560,734 $ 457,789 =========== =========== =========== ===========