EX-99.1 2 l36741aexv99w1.htm EX-99.1 EX-99.1
Exhibit 99.1
(THOR INDUSTRIES LOGO)
419 WEST PIKE STREET • P.O. BOX 629 • JACKSON CENTER, OHIO 45334-0629
PHONE 937-596-6849 • FAX 937-596-6539
N E W S  R E L E A S E
     
Date:
  June 10, 2009
Contact:
  Wade F. B. Thompson or Peter B. Orthwein
THOR ANNOUNCES SALES, NET INCOME, E.P.S. FOR QUARTER, NINE MONTHS
INCREASES MARKET SHARE IN BOTH RV AND BUS
Thor Industries, Inc. (NYSE:THO) announced results for the third quarter and nine months ended April 30, 2009.
Sales for the quarter were $415,472,000, down from $707,931,000 last year. Net income for the quarter was $2,102,000, versus $27,854,000 last year. E.P.S. for the quarter were 4¢ versus 51¢ last year.
Sales for the nine months were $1,080,972,000 versus $2,070,837,000 last year. Net loss for the nine months was $7,638,000 versus net income of $87,665,000 last year. E.P.S. for the nine months were (14¢) versus $1.58 last year.
RV sales in the quarter were $312,041,000 down from $600,960,000 last year. RV sales in the nine months were $777,016,000 down from $1,770,437,000 last year. Bus sales in the quarter were $103,431,000 compared to $106,971,000 last year. Bus sales in the nine months were a record $303,956,000 up from $300,400,000 last year.
RV income before tax was $6,860,000 in the quarter versus $45,404,000 last year. RV loss before tax in the 9 months was $7,208,000 versus $137,122,000 income last year. Bus income before tax in the quarter was $1,243,000 down from $5,113,000 last year and $10,263,000 in the nine months versus $12,808,000 last year. Corporate net costs were $3,531,000 in the quarter versus $6,177,000 last year and $13,184,000 in the nine months versus $9,904,000 last year.
“We incurred a $9.7 million RV non-cash goodwill impairment charge and a one time $4.7 million increase in Bus self insurance and other reserves in the quarter,” said Wade F. B. Thompson, Thor chairman. “We continue to substantially increase our market share in both towable and motorized RVs. For the 3 months ended March, our travel trailer and fifth wheel share increased to 32.6% from 30.2% last year and our motor home share increased to 16.7% from 13.3% last year. We also increased our market share in the first quarter in the small and mid-size bus industry to 41% from 37%. Our operating cash flow is positive, we continue to have zero debt, and we believe our cash and working capital is the strongest in our industries,” he added.
Thor is the world’s largest manufacturer of recreation vehicles and a major builder of commercial buses.
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 findings of the completed investigation of the Audit Committee of the Board of Directors of Thor Industries, Inc. (the “Company”) and the SEC’s requests for additional information, fuel prices, fuel availability, lower consumer confidence, interest rate increases, tight lending practices, increased material costs, the success of new product introductions, the pace of acquisitions, cost structure improvements, the impact of auction market failures on our liquidity, competition and general economic conditions and the other risks and uncertainties discussed more fully in Item 1A of the Company’s Annual Report on Form 10-K for the year ended July 31, 2008 and Part II, Item 1A of the Company’s Quarterly Report on Form 10-Q for the quarter ended April 30, 2009.  The Company disclaims 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 the Company’s 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, 2009 and 2008
($000 except per share) — (unaudited)
                                 
    3 MONTHS ENDED APRIL 30     9 MONTHS ENDED APRIL 30  
    2009     2008     2009     2008  
Net sales
   $ 415,472     $ 707,931     $ 1,080,972     $ 2,070,837  
 
                                
Gross profit
   $ 46,447     $ 89,999     $ 94,667     $ 260,991  
 
                                
Selling, general and administrative
   $ 33,971     $ 47,903     $ 98,636     $ 133,132  
 
                                
Operating income
   $ 12,476     $ 42,096     $ (3,969 )   $ 127,859  
 
                                
Impairment of goodwill & trademarks
   $ 9,717     $ —     $ 10,281     $ —  
 
                                
Interest income (net)
   $ 1,025     $ 1,983     $ 4,284     $ 8,627  
 
                                
Gain on sale of property
   $ —     $ —     $ 373     $ 2,308  
 
                                
Net (appreciation) impairment of auction rate securities
   $ (728 )   $ —     $ 1,125     $ —  
 
                                
Other income
   $ 60     $ 261     $ 589     $ 1,232  
 
                        
 
                                
Income before taxes
   $ 4,572     $ 44,340     $ (10,129 )   $ 140,026  
 
                                
Taxes
   $ 2,470     $ 16,486     $ (2,491 )   $ 52,361  
 
                        
 
                                
Net income
   $ 2,102     $ 27,854     $ (7,638 )   $ 87,665  
 
                        
 
                                
E.P.S. — basic
     4¢       51¢       (14)¢     $ 1.58  
E.P.S. — diluted
     4¢       50¢       (14)¢     $ 1.57  
 
                                
Avg. common shares outstanding-basic
     55,436,924       55,447,313       55,426,829       55,655,907  
Avg. common shares outstanding-diluted
     55,468,620       55,562,644       55,426,829       55,815,770  
SUMMARY BALANCE SHEETS — APRIL 30, 2009 and 2008
($000) (unaudited)
                                         
    2009     2008             2009     2008  
Cash and equivalents
   $ 177,878     $ 119,680     Current liabilities   $ 194,975     $ 273,531  
Accounts receivable
     120,768       186,336     Other liabilities     46,332       51,551  
Inventories
     131,969       199,234     Stockholders’ equity     682,260       698,526  
Deferred income tax and other
     47,796       34,178                          
 
                                    
Total current assets
     478,411       539,428                          
Fixed assets
     145,475       156,917                          
Long term investments
     119,951       127,928                          
Goodwill
     148,411       165,663                          
Other assets
     31,319       33,672                          
 
                                    
Total
   $ 923,567     $ 1,023,608             $ 923,567     $ 1,023,608