EX-99.1 2 l39083exv99w1.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
NEWS RELEASE
     
Date:
  March 8, 2010
Contact:
  Peter B. Orthwein or Richard Riegel
THOR ANNOUNCES RESULTS FOR QUARTER, SIX MONTHS;
IMPROVING RV MARKET CONDITIONS, BUS EFFICIENCIES DRIVE GAINS.
Thor Industries, Inc. (NYSE:THO) today reported increased sales, net income and E.P.S. for the second quarter and six months ended January 31, 2010. Net income for the second quarter was $11,924,000 versus a loss of $14,860,000 last year. E.P.S. were 22¢ versus a loss of 27¢ last year. Sales for the second quarter were $430.0 million, up 90% from $226.7 million last year. Net income for the six months was $35,353,000, compared to a loss of $9,740,000 last year. E.P.S. for the six months were 65¢ versus a loss of 18¢ last year. Sales for the six months were $932.6 million, up 40% from $665.5 million last year.
RV income before tax in the quarter was $18,057,000 compared to a loss of $19,840,000 last year. Bus income before tax in the quarter was $6,233,000, up 67% from $3,723,000 last year. RV sales in the quarter were $335.8 million, up 150% from $134.6 million last year. Bus sales in the quarter were $94.2 million, up 2% from $92.1 million last year. Net corporate costs in the quarter were $5.0 million vs. $6.8 million last year.
RV income before tax for the six months ended January 31, 2010 was $49,699,000 compared to a loss of $14,068,000 last year, a $64 million turnaround. Bus income before tax for the six months was $14,613,000, up 62% from $9,020,000 last year. RV sales for the six months ended January 31, 2010 were $725.7 million, up 56% from $465.0 million last year. Bus sales for the six months ended January 31, 2010 were $206.9 million, up 3% from $200.5 million last year. Net corporate costs for the six months ended January 31, 2010 were $7.8 million versus $9.7 million last year.
“Thor’s results continue to progress, propelled by improving RV market conditions and strong bus efficiencies. We continue to be profitable in all segments of our businesses, including motor homes, reflecting the permanent cost reductions we have made,” said Peter B. Orthwein, Thor chairman.
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 AND 6 MONTHS ENDED JANUARY 31, 2010 and 2009
$000 except per share — unaudited
                                                                 
    3 MONTHS ENDED JANUARY 31,     6 MONTHS ENDED JANUARY 31,  
    2010     %     2009     %     2010     %     2009     %  
     
Net sales
  $ 430,025             $ 226,683             $ 932,577             $ 665,500          
Gross profit
  $ 49,996       11.6 %   $ 8,157       3.6 %   $ 119,767       12.8 %   $ 48,220       7.2 %
Selling, general and administrative
  $ 31,087       7.2 %   $ 30,107       13.3 %   $ 65,854       7.1 %   $ 64,373       9.7 %
Amortization of intangibles
  $ 77       0.0 %   $ 656       0.3 %   $ 168       0.0 %   $ 856       0.1 %
Operating income
  $ 18,832       4.4 %   $ (22,606 )     -10.0 %   $ 53,745       5.8 %   $ (17,009 )     -2.6 %
Interest income (net)
  $ 1,101       0.3 %   $ 1,372       0.6 %   $ 2,672       0.3 %   $ 3,259       0.5 %
Gain on sale of property
  $       0 %   $ 373       0.2 %   $       0.0 %   $ 373       0.1 %
Net impairment of auction rate securities
  $       0 %   $ 1,853       0.8 %   $       0.0 %   $ 1,853       0.3 %
Other income
  $ (680 )     -0.2 %   $ (237 )     -0.1 %   $ 89       0.0 %   $ 529       0.1 %
 
                                                       
Income before taxes
  $ 19,253       4.5 %   $ (22,951 )     -10.1 %   $ 56,506       6.1 %   $ (14,701 )     -2.2 %
Taxes
  $ 7,329       1.7 %   $ (8,091 )     -3.6 %   $ 21,153       2.3 %   $ (4,961 )     -0.7 %
 
                                                       
Net income
  $ 11,924       2.8 %   $ (14,860 )     -6.6 %   $ 35,353       3.8 %   $ (9,740 )     -1.5 %
 
                                                       
E.P.S. — basic
    22¢               (27)¢               65¢               (18)¢          
E.P.S. — diluted
    22¢               (27)¢               65¢               (18)¢          
Avg. common shares outstanding-basic
    53,665,620               55,435,315               54,551,272               55,421,946          
Avg. common shares outstanding-diluted
    53,762,528               55,435,315               54,639,650               55,421,946          
SUMMARY BALANCE SHEETS — JANUARY 31, ($000) (unaudited)
                                         
    2010     2009             2010     2009  
Cash and equivalents
  $ 67,563     $ 191,099     Current liabilities   $ 208,864     $ 176,302  
Investments, short term
    76,300           Other liabilities     63,866       47,018  
Accounts receivable
    147,345       54,642     Stockholders’ equity     590,182       683,523  
Inventories
    162,165       153,779                          
Deferred income tax and other
    43,415       50,572                          
 
                                   
Total current assets
    496,788       450,092                          
Fixed assets
    141,806       147,162                          
Long term investments
    12,983       118,961                          
Goodwill
    148,411       158,128                          
Other assets
    62,924       32,500                          
 
                               
Total
  $ 862,912     $ 906,843     Total   $ 862,912     $ 906,843