EX-99.1 2 l38185exv99w1.htm EX-99.1 exv99w1
Exhibit 99.1
(THOR INDUSTRIES, INC. 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:
  November 30, 2009
Contact:
  Peter B. Orthwein or Richard E. Riegel III
THOR REPORTS MUCH IMPROVED FIRST QUARTER 2010 RESULTS
Thor Industries, Inc. (NYSE:THO) today reported increased sales, net income and E.P.S. for the first quarter ended October 31, 2009. Net income was $23,429,000, more than quadruple last year’s $5,120,000. E.P.S. were 42¢ versus 9¢ last year. Sales for the quarter were $502.6 million, up 15% from $438.8 million.
RV income before tax in the quarter was $31,642,000, up more than five-fold from $5,772,000 last year. Bus income before tax was $8,380,000, up 58% from $5,297,000 last year. RV sales in the quarter were $389.9 million, up 18% from $330.4 million last year. Bus sales in the quarter were $112.6 million, up 4% from $108.4 million last year. Net corporate costs were $2.8 million, the same as the prior year.
“Thor’s financial condition remains excellent. Cash, cash equivalents and investments were $329 million, even after distributing a special dividend of 50¢ per share or $27.7 million to Thor shareholders in the quarter. Results are much improved, driven by aggressive cost cutting, strong towable and modest motorized RV sales increases, and greater efficiencies in Bus. We were profitable in all business segments in the quarter, including motor homes, and our backlog remains at record levels for this time of year,” said Peter B. Orthwein, Thor chairman, CEO, & president.
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 by 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 MONTHS ENDED OCTOBER 31, 2009 and 2008
$000 except per share — unaudited
                 
    3 MONTHS ENDED OCTOBER 31,  
    2009     2008  
Net sales
   $ 502,552     $ 438,817  
Gross profit
   $ 69,771     $ 40,063  
Selling, general and administrative
   $ 34,858     $ 34,466  
Operating income
   $ 34,913     $ 5,597  
Interest income (net)
   $ 1,571     $ 1,887  
Other income
   $ 769     $ 766  
 
            
Income before taxes
   $ 37,253     $ 8,250  
Taxes
   $ 13,824     $ 3,130  
 
            
Net income
   $ 23,429     $ 5,120  
 
            
E.P.S. — basic
     42 ¢     9 ¢
E.P.S. — diluted
     42 ¢     9 ¢
Avg. common shares outstanding—basic
     55,436,924       55,408,576  
Avg. common shares outstanding—diluted
     55,516,772       55,472,773  
SUMMARY BALANCE SHEETS — OCTOBER 31, ($000) (unaudited)
                                     
    2009     2008         2009     2008  
Cash and equivalents
   $ 223,202     $ 177,731     Current liabilities   $ 219,599     $ 211,688  
Investments, short term
     92,200       —     Other liabilities     62,561       50,074  
Accounts receivable
     134,706       118,633     Stockholders’ equity     696,960       699,201  
Inventories
     134,029       166,563                      
Deferred income tax and other
     48,897       39,504                      
 
                                
Total current assets
     633,034       502,431                      
Fixed assets
     139,949       150,312                      
Long term investments
     13,334       121,392                      
Goodwill
     148,411       158,128                      
Other assets
     44,392       28,700                      
 
                            
 
   $ 979,120     $ 960,963         $ 979,120     $ 960,963