EX-99.1 2 l37686exv99w1.htm EX-99.1 EX-99.1
Exhibit 99.1
(THOR 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:
   September 29, 2009
Contact:
   Wade F. B. Thompson or Peter B. Orthwein
THOR REPORTS E.P.S IN QUARTER, YEAR SIGNIFICANTLY EXCEED ANALYSTS’ CONSENSUS;
BOTH RV AND BUS PROFITABLE IN QUARTER, YEAR.
THOR ONLY RV COMPANY TO INCREASE MARKET SHARE IN TOWABLES AND MOTOR HOMES.
Thor Industries, Inc. (NYSE:THO) announced results for the fourth quarter and 12 months ended July 31, 2009.
Net income for the quarter was $24,781,000 up from $5,041,000 last year. E.P.S. for the quarter were 45¢ up from 9¢ last year. Sales for the quarter were $440,924,000 versus $569,843,000 last year. Net income for the 12 months was $17,143,000 compared to $92,706,000 last year. E.P.S. for the 12 months were 31¢ versus $1.67 last year. Sales for the 12 months were $1,521,896,000 compared to $2,640,680,000 last year.
E.P.S. of 45¢ in the quarter is nearly double analysts’ consensus estimates of 23¢. E.P.S of 31¢ for the year compares with analysts’ consensus estimates of 11¢. Operating margins significantly improved in the quarter as a result primarily of cost cutting initiatives.
“We achieved profits in both RV and Bus in the quarter and year, a notable accomplishment. Further, we maintained our record of “never a loss” in the 29 years since our founding, a performance that we believe is unique in our industries. The RV business is improving after having been in a depression for over a year, with industry shipments down over 50%. The Bus business was also affected by the recession. Recently, bus order input has benefitted from the federal stimulus package. These orders will be reflected in F2010 results. In August, for the first time in 2 years, industry towable RV sales increased (up 14%) while motorized sales continue to be very soft,” said Wade F. B. Thompson, Thor chairman.
RV sales in the quarter were $337,990,000 versus $454,518,000 last year. Bus sales in the quarter were $102,934,000 versus $115,325,000 last year. RV sales in the 12 months were $1,115,006,000 compared to $2,224,955,000 last year. Bus sales in the 12 months were $406,890,000 versus $415,725,000 last year. RV income before tax was $24,827,000 in the quarter, almost triple $8,662,000 last year and $17,619,000 in the 12 months versus $145,784,000 last year. Bus income before tax in the quarter was $7,159,000 versus $8,324,000 last year and $17,422,000 in the 12 months versus $21,132,000 last year. “Thor is the only company to show an increase in market share in both towables and motorized recreation vehicles. For the 7 months ended July 31, 2009, Stat Surveys reported that Thor increased its towable share to 31.1%, up from 30.4% last year and increased its motorized share to 17.7% versus 15.1% last year. Thor’s market share of the mid-size bus market is also up, at approximately 40%, according to industry statistics,” Thompson said.
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, 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 12 MONTHS ENDED JULY 31, 2009 and 2008
$000 except per share — unaudited
                                 
    3 MONTHS ENDED JULY 31     12 MONTHS ENDED JULY 31  
    2009     2008     2009     2008  
Net sales
   $ 440,924     $ 569,843     $ 1,521,896     $ 2,640,680  
Gross profit
   $ 57,870     $ 61,435     $ 152,537     $ 322,426  
Selling, general and administrative
   $ 26,418     $ 44,749     $ 125,054     $ 177,881  
Operating income
   $ 31,452     $ 16,686     $ 27,483     $ 144,545  
Impairment of goodwill & trademarks
   $ —     $ 7,535     $ 10,281     $ 7,535  
Interest income (net)
   $ 721     $ 1,569     $ 5,005     $ 10,196  
Gain on sale of property
   $ —     $ —     $ 373     $ 2,308  
Net appreciation of auction rate securities
   $ (1,125 )   $ —     $ —     $ —  
Other income
   $ 226     $ 1,661     $ 815     $ 2,893  
 
                        
Income before taxes
   $ 33,524     $ 12,381     $ 23,395     $ 152,407  
Taxes
   $ 8,743     $ 7,340     $ 6,252     $ 59,701  
 
                        
Net income
   $ 24,781     $ 5,041     $ 17,143     $ 92,706  
 
                        
E.P.S. — basic
     45¢       9¢       31¢     $ 1.67  
E.P.S. — diluted
     45¢       9¢       31¢     $ 1.66  
Avg. common shares outstanding-basic
     55,436,924       55,407,924       55,429,373       55,593,572  
Avg. common shares outstanding-diluted
     55,491,667       55,490,566       55,476,470       55,731,707  
SUMMARY BALANCE SHEETS — JULY 31 ($000) (unaudited)
                 
    2009     2008  
Cash and equivalents
   $ 221,684     $ 189,620  
Investments, short term
     107,150       —  
Accounts receivable
     115,616       146,355  
Inventories
     105,278       152,582  
Deferred income tax and other
     54,290       39,363  
 
            
Total current assets
     604,018       527,920  
Fixed assets
     142,861       153,230  
Long term investments
     13,428       126,403  
Goodwill
     148,411       158,128  
Other assets
     42,406       30,881  
 
            
Total
   $ 951,124     $ 996,562  
 
            
                 
    2009     2008  
Current liabilities
   $ 184,474     $ 248,416  
Other liabilities
     61,617       48,450  
Stockholders’ equity
     705,033       699,696  
 
            
 
   $ 951,124     $ 996,562