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0000950123-10-109462.txt : 20101130
0000950123-10-109462.hdr.sgml : 20101130
20101129180110
ACCESSION NUMBER: 0000950123-10-109462
CONFORMED SUBMISSION TYPE: 10-Q
PUBLIC DOCUMENT COUNT: 10
CONFORMED PERIOD OF REPORT: 20101031
FILED AS OF DATE: 20101130
DATE AS OF CHANGE: 20101129
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: THOR INDUSTRIES INC
CENTRAL INDEX KEY: 0000730263
STANDARD INDUSTRIAL CLASSIFICATION: MOTOR HOMES [3716]
IRS NUMBER: 930768752
STATE OF INCORPORATION: DE
FISCAL YEAR END: 0731
FILING VALUES:
FORM TYPE: 10-Q
SEC ACT: 1934 Act
SEC FILE NUMBER: 001-09235
FILM NUMBER: 101220025
BUSINESS ADDRESS:
STREET 1: 419 W PIKE ST
CITY: JACKSON CENTER
STATE: OH
ZIP: 45334
BUSINESS PHONE: 9375966849
MAIL ADDRESS:
STREET 1: 419 W PIKE STREET
CITY: JACKSON CENTER
STATE: OH
ZIP: 45334
10-Q
1
l41203e10vq.htm
FORM 10-Q
e10vq
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
for the quarterly period ended October 31, 2010.
o
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
for the transition period from to.
COMMISSION FILE NUMBER 1-9235
THOR INDUSTRIES, INC.
(Exact name of registrant as specified in its charter)
Delaware
93-0768752
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
419 West Pike Street, Jackson Center, OH
45334-0629
(Address of principal executive offices)
(Zip Code)
(937) 596-6849
(Registrants telephone number, including area code)
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by
Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for
such shorter period that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days.
Yes þ No o
Indicate by check mark whether the registrant has submitted electronically and posted on its
corporate Web site, if any, every Interactive Data File required to be submitted and posted
pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months
(or for such shorter period that the registrant was required to submit and post such files).
Yes þ No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a
non-accelerated filer or smaller reporting company. See the definitions of large accelerated
filer, accelerated filer and smaller reporting company in Rule 12b-2 of the Exchange Act.
Large accelerated filer þ
Accelerated filer o
Non-accelerated filer o
(Do not check if a smaller reporting company)
Smaller reporting company o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes o No þ
Indicate the number of shares outstanding of each of the issuers classes of common stock, as of
the latest practicable date.
THOR INDUSTRIES, INC. AND SUBSIDIARIES
STATEMENTS OF CONDENSED CONSOLIDATED OPERATIONS FOR THE THREE MONTHS ENDED OCTOBER 31, 2010 AND 2009 (UNAUDITED)
Three Months Ended October 31,
2010
2009
Net sales
$
606,684
$
502,552
Cost of products sold
530,106
432,781
Gross profit
76,578
69,771
Selling, general and administrative expenses
44,891
34,767
Impairment of trademarks
2,036
Amortization of intangibles
2,075
91
Gain on involuntary conversion
4,802
Interest income
1,023
1,670
Interest expense
70
99
Other income
455
769
Income before income taxes
33,786
37,253
Income taxes
10,098
13,824
Net income
$
23,688
$
23,429
Average common shares outstanding:
Basic
53,621,890
55,436,924
Diluted
53,708,104
55,516,772
Earnings per common share:
Basic
$
.44
$
.42
Diluted
$
.44
$
.42
Regular dividends declared and paid per common share:
$
.10
$
.07
Special dividends declared and paid per common share:
$
$
.50
See notes to condensed consolidated financial statements.
THOR INDUSTRIES, INC. AND SUBSIDIARIES
STATEMENTS OF CONDENSED CONSOLIDATED CASH FLOWS FOR THE THREE MONTHS ENDED OCTOBER 31, 2010 AND 2009 (UNAUDITED)
2010
2009
Cash flows from operating activities:
Net income
$
23,688
$
23,429
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation
3,340
3,179
Amortization of intangibles
2,075
91
Trademark impairment
2,036
Deferred income taxes
3,000
(195
)
Gain on disposition of property, plant & equipment
(26
)
(6
)
Stock based compensation expenses
845
209
Excess tax benefits from stock-based awards
(446
)
Gain on involuntary conversion of assets
(2,117
)
Changes in assets and liabilities (excluding acquisition):
Accounts receivable
43,818
(19,090
)
Inventories
(14,050
)
(28,751
)
Prepaid expenses and other
(476
)
3,527
Accounts payable
(27,512
)
18,336
Accrued liabilities
(25,523
)
17,243
Other liabilities
1,042
481
Net cash provided by operating activities
9,694
18,453
Cash flows from investing activities:
Purchases of property, plant & equipment
(16,642
)
(911
)
Proceeds from dispositions of property, plant & equipment
648
659
Proceeds from disposition of investments
2,150
15,000
Insurance proceeds from involuntary conversion of assets
2,496
Acquisition of operating subsidiary
(99,562
)
Net cash provided by (used in) investing activities
(110,910
)
14,748
Cash flows from financing activities:
Cash dividends
(5,578
)
(31,602
)
Excess tax benefits from stock-based awards
446
Proceeds from issuance of common stock
344
Net cash used in financing activities
(4,788
)
(31,602
)
Effect of exchange rate changes on cash
(81
)
Net (decrease) increase in cash and equivalents
(106,004
)
1,518
Cash and cash equivalents, beginning of period
247,751
221,684
Cash and cash equivalents, end of period
$
141,747
$
223,202
Supplemental cash flow information:
Income taxes paid
$
28,315
$
4,203
Interest paid
$
70
$
99
Non-cash transactions:
Capital expenditures in accounts payable
$
321
$
24
Common stock issued in business acquisition
$
90,531
$
See notes to condensed consolidated financial statements.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
1.
Nature of Operations - Thor Industries, Inc. was founded in 1980 and, together with
its subsidiaries (the Company), manufactures a wide range of recreation vehicles and small
and mid-size buses at various manufacturing facilities across the United States. These
products are sold to independent dealers and municipalities primarily throughout the United
States and Canada.
The Companys core business activities are comprised of three distinct operations, which
include the design, manufacture and sale of motorized recreation vehicles, towable recreation
vehicles and buses. Accordingly, the Company has presented segmented financial information for
these three segments in Note 6 to the Companys Notes to the Condensed Consolidated Financial
Statements.
The July 31, 2010 amounts are derived from the annual audited financial statements. The interim
financial statements are unaudited. In the opinion of management, all adjustments (which
consist of normal recurring adjustments) necessary to present fairly the financial position,
results of operations and change in cash flows for the interim periods presented have been
made. These financial statements should be read in conjunction with the Companys Annual Report
on Form 10-K for the year ended July 31, 2010. The results of operations for the three months
ended October 31, 2010, including Heartland Recreational Vehicles, LLC (Heartland) since its
acquisition on September 16, 2010, are not necessarily indicative of the results for the full
year.
Accounting Pronouncements In June 2009, the Financial Accounting Standards Board,
(FASB), issued SFAS No. 167, Amendments to FASB Interpretation No. 46(R) (SFAS 167). SFAS
No. 167 amends ASC 810-10 (formerly FASB Interpretation No. 46(R)) by adding previously
considered qualifying special purpose entities (the concept of these entities was eliminated by
SFAS No. 166). In addition, companies must perform an analysis to determine whether the
Companys variable interest or interests give it a controlling financial interest in a variable
interest entity. Companies must also reassess on an ongoing basis whether the Company is the
primary beneficiary of a variable interest entity. The amendments to ASC 810-10 are effective
for fiscal years beginning after November 15, 2009. The Company adopted the amendments
effective August 1, 2010. The adoption of the amendments did not have any impact on the
financial statements.
In July 2010, the FASB issued Accounting Standards Update, or ASU, 2010-20 Disclosures about
the Credit Quality of Financing Receivables and Allowance for Credit Losses. The new
disclosure guidance expands the existing requirements. The enhanced disclosures provide
information on the nature of credit risk in a companys financing of receivables, how that risk
is analyzed in determining the related allowance for credit losses, and changes to the
allowance during the reporting period. The new disclosures will become effective for the
Companys interim and annual reporting periods ending after December 15, 2010. The Company does
not expect the adoption of this ASU to have a material impact on its financial disclosures, and
it will adopt its provisions when they become effective.
2.
Acquisitions
On September 16, 2010, the Company purchased all of the outstanding capital stock of Towable
Holdings, Inc., which owns all of the outstanding equity interests of Heartland Recreational
Vehicles, LLC, (Heartland). Heartland is engaged in the business of manufacturing and
marketing recreation vehicles, consisting of travel trailers and fifth wheel vehicles.
Heartland will operate as a wholly-owned subsidiary of the Company and will be managed as its
own operating unit that is aggregated into the Companys towable recreation vehicle reportable
segment. The assets acquired as a result of the acquisition include equipment and other
tangible and intangible property. The assets of Heartland will be used in connection with the
operation of Heartlands business of manufacturing and marketing towable recreation vehicles.
Pursuant to the purchase agreement entered into in connection with the acquisition, the Company
paid $99,562 in cash and issued 4,300,000 shares of the Companys unregistered common stock
(Thor Shares) valued at an aggregate of $90,531. The value of the shares was based on an
independent appraisal. The cash portion of the consideration was funded entirely from the
Companys cash on hand. The cash portion of the consideration is
subject to adjustment
following the completion of a post-closing audit of the financial statements of Heartland and
its parent as described in the purchase agreement. Thus far, adjustments to increase
consideration of $170 have
been identified and accrued as of October 31, 2010, and the remaining adjustments are not
expected to be significant. In addition, the Company expensed $1,796 of transaction costs as
part of corporate selling, general and administrative expense in connection with the
acquisition during the three months ended October 31, 2010.
Members of management of Heartland who received Thor shares also entered into a stock
restriction agreement with the Company, which, among other things, places restrictions on the
disposition of the Companys common stock issued to such persons for a period of four years
after the closing of the transaction, which restrictions lapse in pro rata amounts beginning on
the first anniversary of the closing of the transaction and every six months thereafter, with
an exception for certain permitted acceleration events. In addition, the Company granted to the
former indirect security holders of Heartland who received Thor shares registration rights to
register the resale of the Thor shares.
The following table summarizes the preliminary approximate fair value of the net assets
acquired, which are based on internal and independent external evaluations, at the date of the
closing. We are in the process of finalizing the fair value of the
intangible assets. Further adjustment of the allocation is not expected to be material.
Current assets
$
48,913
Property, plant and equipment
9,993
Dealer network
67,000
Goodwill
94,865
Trademarks
25,200
Technology assets
21,300
Non-compete agreement
4,130
Backlog
690
Current liabilities
(42,767
)
Other liabilities
(39,061
)
Total fair value of net assets acquired
$
190,263
The Company did not assume any of Heartlands outstanding debt, other than the existing capital
lease obligations included in the table above. Amortized intangible assets have a weighted
average useful life of 14.9 years. The dealer network was valued based on the Discounted Cash
Flow Method and will be amortized on an accelerated cash flows basis over 12 years. The
technology assets were valued based on the Relief from Royalty Method and will be amortized on
a straight line basis over 10 to 15 years. The non-compete agreements were valued based on a
form of the Discounted Cash Flow Method, the Lost Income Method, and will be amortized on a
straight line basis over 5 years. The trademarks were valued based on the Relief from Royalty
Method and will be amortized on a straight line basis over 25 years. The backlog was valued
based on the Discounted Cash Flow Method and will be amortized over 3 weeks. Goodwill is not
subject to amortization. Prior to the acquisition, Heartland had historical net tax basis in goodwill of
approximately $11,600 that is deductible for tax purposes and will continue to be deductible.
The primary reasons for the acquisition include Heartlands future earning potential, its fit
with our existing operations, its market share and its cash flow. The results of operations of
Heartland are included in the Companys Statement of Condensed Consolidated Operations from the
date of the acquisition. Through October 31, 2010, Heartland recorded net sales of $50,119 and
net income before tax of $315. Net income before tax includes onetime costs of $669 related to
the step-up in finished goods inventory and $690 for amortization of backlog. The following
unaudited pro forma information represents the Companys results of operations as if the
acquisition had occurred at the beginning of each of the respective periods. These performance
results may not be indicative of the actual results that would have occurred under the
ownership and management of the Company.
On March 1, 2010, the Company acquired 100% of SJC Industries Corp. (SJC), a privately-held
manufacturer of ambulances based in Elkhart, Indiana, for $19,756 in cash and $325 of future
cash obligations to the seller for a total purchase price of $20,081. The Company believes that
SJC is currently the second largest manufacturer of ambulances in the United States. Its brands
include McCoy Miller, Marque and Premiere, each of which is sold through a nationwide network
of dealers. The Company believes that the ambulance business is a natural fit with Thors bus
business and has included the operations of SJC in its Buses reportable segment. Under the
Companys ownership, SJC will continue as an independent operation, in the same manner as the
Companys recreation vehicle and bus companies. The operations of SJC are included in the
Companys operating results from the date of its acquisition.
Based on internal and independent external valuations, the Company allocated the preliminary
purchase price to the net identifiable assets of SJC as follows:
Net working capital
$
7,412
Property, plant and equipment
2,459
Dealer network
5,230
Goodwill
2,490
Trademarks
2,100
Technology
270
Non-compete
120
$
20,081
Amortized intangible assets have a weighted average useful life of 13.4 years. The dealer
network will be amortized on a straight line basis over 14 years, and the technology assets and
non-compete agreements will both be amortized on a straight line basis over 5 years. Goodwill
and trademarks are not subject to amortization. The entire goodwill balance is tax deductible.
Pro forma financial information has not been presented due to its insignificance.
3.
Major classifications of inventories are:
October 31, 2010
July 31, 2010
Raw materials
$
88,500
$
78,481
Chassis
43,381
33,335
Work in process
50,155
46,681
Finished goods
24,562
9,681
Total
206,598
168,178
Excess of FIFO costs over LIFO costs
(25,498
)
(25,498
)
Total inventories
$
181,100
$
142,680
Of the $206,598 of inventory at October 31, 2010, all but $32,046 at certain subsidiaries are
valued on a last-in, first-out basis. This $32,046 of inventory is valued on a first-in,
first-out method.
Weighted average shares
outstanding for basic earnings
per share
53,621,890
55,436,924
Stock options and restricted stock
86,214
79,848
Total For diluted shares
53,708,104
55,516,772
The Company excludes stock options that have an antidilutive effect from its calculation of
weighted average shares outstanding assuming dilution. At October 31, 2010 and 2009, the
Company had stock options outstanding of 909,000 and 239,000, respectively, which were excluded
from this calculation.
5.
Comprehensive Income
Three Months Ended
Three Months Ended
October 31, 2010
October 31, 2009
Net Income
$
23,688
$
23,429
Foreign currency translation adjustment, net of tax
(81
)
Change in temporary impairment of investments, net of tax
132
(28
)
Comprehensive income
$
23,820
$
23,320
6.
Segment Information
The Company has three reportable segments: (1) towable recreation vehicles, (2) motorized
recreation vehicles, and (3) buses. The towable recreation vehicle segment consists of product
lines from the following operating companies that have been aggregated: Airstream,
Breckenridge, CrossRoads, Dutchmen, General Coach Canada, Keystone, Heartland (since its
acquisition on September 16, 2010) and Komfort. The motorized recreation vehicle segment
consists of product lines from the following operating companies that have been aggregated:
Airstream and Thor Motor Coach (formerly Damon and Four Winds). The bus segment consists of the
following operating companies that have been aggregated: Champion Bus, General Coach, ElDorado
California, ElDorado Kansas, Goshen Coach and SJC (since its acquisition on March 1, 2010).
In the second quarter of fiscal year 2010, the Company purchased 3,980,000 shares of
the Companys common stock at $29.00 per share and held them as treasury stock at a total
cost of $115,420.
The shares were repurchased by the Company from the Estate of Wade F. B. Thompson (the
Estate) in a private transaction. The late Wade F. B. Thompson was the Companys former
Chairman, President and Chief Executive Officer. The repurchase transaction was evaluated
and approved by the members of Thors Board who are not affiliated with the Estate. At
the time of the repurchase, the shares represented 7.2% of Thors common stock
outstanding. The Company used available cash to purchase the shares.
8.
Investments and Fair Value Measurements
ASC-820-10, Fair Value Measurements and Disclosures, defines fair value, establishes a
framework for measuring fair value under generally accepted accounting principles and enhances
disclosures about fair value measurements. Fair value is defined as the exchange price that
would be received for an asset or paid to transfer a liability (i.e., an exit price) in the
principal or most advantageous market for the asset or liability in an orderly transaction
between market participants on the measurement date. Valuation techniques used to measure fair
value must maximize the use of observable inputs and minimize the use of unobservable inputs.
The standard describes a fair value hierarchy based on three levels of inputs, of which the
first two are considered observable and the last unobservable, that may be used to measure
fair value, which are the following:
Level 1 Quoted prices in active markets for identical assets or liabilities.
Level 2 Inputs other than Level 1 that are observable, either directly or indirectly, such
as quoted prices for similar assets or liabilities; quoted prices in markets that are not
active; or other inputs that are observable or can be corroborated by observable market data
for substantially the full term of the assets or liabilities.
Level 3 Unobservable inputs that are supported by little or no market activity and that are
significant to the fair value of the assets or liabilities.
The following table represents the Companys fair value hierarchy for its financial assets
(cash and cash equivalents and investments) measured at fair value on a recurring basis as of
October 31, 2010 and July 31, 2010:
The Companys cash equivalents are comprised of money market funds traded in an active
market with no restrictions.
In addition to the above investments, the Company holds non-qualified retirement plan assets of
$7,833 at October 31, 2010 ($7,499 at July 31, 2010). These assets, which are held for the
benefit of certain employees of the Company, represent Level 1 investments primarily in mutual
funds which are valued using observable market prices in active markets. They are included in
other assets on the Condensed Consolidated Balance Sheets.
Level 3 assets consist of bonds with an auction reset feature (auction rate securities or
ARS) whose underlying assets are primarily student loans which are substantially backed by
the federal government. Auction rate securities are long-term floating rate bonds tied to
short-term interest rates. After the initial issuance of the securities, the interest rate on
the securities is reset periodically, at intervals established at the time of issuance based on
market demand for a reset period. Auction rate securities are bought and sold in the
marketplace through a competitive bidding process often referred to as a Dutch auction. If
there is insufficient interest in the securities at the time of an auction, the auction may not
be completed and the rates may be reset to pre-determined penalty or maximum rates based on
mathematical formulas in accordance with each securitys prospectus.
The following table provides a reconciliation of the beginning and ending balances for the
assets measured at fair value using significant unobservable inputs (Level 3 financial assets):
Fair Value Measurements at
Reporting Date Using
Significant Unobservable Inputs
(Level 3)
Balances at August 1, 2010
$
5,327
Net change in other comprehensive income
213
Net loss included in earnings
Purchases
Sales/Maturities
(2,150
)
Balances at October 31, 2010
$
3,390
Auction Rate Securities
At October 31, 2010, the Company held $3,700 (par value) of long-term investments comprised of
tax-exempt ARS, which are variable-rate debt securities and have a long-term maturity with the
interest being reset through Dutch auctions that are typically held every 7, 28 or 35 days. The
securities have historically traded at par and are callable at par at the option of the issuer.
Interest is typically paid at the end of each auction period or semi-annually. At October 31,
2010, the majority of the ARS we held were AAA rated or equivalent, and none were below AA
rated or equivalent, with most collateralized by student loans substantially backed by the U.S.
Federal government.
Since February 12, 2008, most auctions have failed for these securities and there is no
assurance that future auctions on the ARS in our investment portfolio will succeed and, as a
result, our ability to liquidate our investment and fully recover the par value of our
investment in the near term may be limited or not exist. An auction failure means that the
parties wishing to sell securities could not.
At October 31, 2010, there was insufficient observable ARS market information available to
determine the fair value of our ARS investments. Therefore, management, assisted by Houlihan,
Smith & Company, Inc., an independent consultant, determined an estimated fair value. In
determining the estimate, consideration was given to credit quality, final stated maturities,
estimates on the probability of the issue being called prior to final maturity, impact due to
extended periods of maximum auction rates and broker quotes. Based on this analysis, we
recognized a total
temporary impairment of $310 ($192 total net of tax in other comprehensive
income which is in the equity section of the balance sheet) as of October 31, 2010 related to
our long-term ARS investments of $3,700 (par value).
We have no reason to believe that any of the underlying issuers of our ARS are presently at
risk of default. Through October 31, 2010, we have continued to receive interest payments on
the ARS in accordance with their terms. We believe we will be able to liquidate our investments
without significant loss primarily due to the government guarantee of the underlying
securities; however, it could take until the final maturity of the underlying notes (up to 30
years) to realize our investments par value.
Although there is uncertainty with regard to the short-term liquidity of these securities, the
Company continues to believe that the carrying amount represents the fair value of these
marketable securities because of the overall quality of the underlying investments and the
anticipated future market for such investments.
In addition, the Company has the intent and ability to hold these securities until the earlier
of: the market for ARS stabilizes, the issuer refinances the underlying security, a buyer is
found outside of the auction process at acceptable terms, or the underlying securities have
matured.
9.
Goodwill and Other Intangible Assets
The components of amortizable intangible assets are as follows:
October 31, 2010
July 31, 2010
Accumulated
Accumulated
Cost
Amortization
Cost
Amortization
Dealer networks
$
72,230
$
947
$
5,230
$
156
Non-compete agreements
6,851
2,489
2,721
2,315
Heartland trademarks
25,200
126
Technology and other intangibles
22,260
1,006
270
22
Total amortizable intangible assets
$
126,541
$
4,568
$
8,221
$
2,493
Non-compete agreements, finite lived trademarks, technology and other intangibles are amortized
on a straight-line basis. Dealer networks are generally amortized on an accelerated cash flow
basis. The weighted average remaining amortization period at October 31, 2010 is 14.73 years.
The increase in amortizable intangibles since July 31, 2010 is related to the acquisition of
Heartland, which is more fully described in Note 2.
Estimated Amortization Expense:
For the fiscal year ending July 2011
$
9,942
For the fiscal year ending July 2012
$
10,682
For the fiscal year ending July 2013
$
10,490
For the fiscal year ending July 2014
$
10,222
For the fiscal year ending July 2015 and thereafter
$
82,712
Goodwill and indefinite-lived intangible assets are reviewed for impairment by applying a
fair-value based test on an annual basis, or more frequently if circumstances indicate a
potential impairment. During the first quarter of fiscal 2011, management decided to combine
our Damon and Four Winds motorized operations to form Thor Motor Coach to optimize operations
and garner cost efficiencies. As a result, the trademarks associated with one of the former
operating companies will be discontinued and was written off.
Goodwill and indefinite-lived intangible assets are not subject to amortization.
The change in carrying value in goodwill and indefinite-lived trademarks from July 31, 2010 to
October 31, 2010 is as follows:
Goodwill
Trademarks
Balance at July 31, 2010
$
150,901
$
14,936
Impairment of trademark in motorized reportable segment
(2,036
)
Heartland acquisition in towables reportable segment
94,865
Balance at October 31, 2010
$
245,766
$
12,900
Goodwill and trademarks by reportable segment are as follows:
October 31, 2010
July 31, 2010
Goodwill
Trademarks
Goodwill
Trademarks
Recreation Vehicles
Towables
$
238,660
$
34,811
$
143,795
$
9,737
Motorized
2,036
Buses
7,106
3,163
7,106
3,163
Total
$
245,766
$
37,974
$
150,901
$
14,936
10.
Product Warranties
The Company generally provides retail customers of its products with a one-year warranty
covering defects in material or workmanship, with longer warranties of up to five years on
certain structural components. The Company records a liability based on its best estimate of
the amounts necessary to settle future and existing claims on products sold as of the balance
sheet date. Factors used in estimating the warranty liability include a history of units sold,
existing dealer inventory, average cost incurred and a profile of the distribution of warranty
expenditures over the warranty period. A significant increase in dealer shop rates, the cost of
parts or the frequency of claims could have a material adverse impact on the Companys
operating results for the period or periods in which such claims or additional costs
materialize. Management believes that the warranty reserve is adequate. However, actual claims
incurred could differ from estimates, requiring adjustments to the reserves. Warranty reserves
are reviewed and adjusted as necessary on a quarterly basis.
The Company is contingently liable under terms of repurchase agreements with certain financial
institutions providing inventory financing for certain dealers of certain of its products.
These arrangements, which are customary in the industry, provide for the repurchase of products
sold to dealers in the event of default by the dealer. The repurchase price is generally
determined by the original sales price of the product and pre-defined curtailment arrangements
and the Company typically resells the repurchased product at a discount from its repurchase
price. The risk of loss from these agreements is spread over numerous dealers. In addition to
the guarantee under these repurchase agreements, the Company also provides limited guarantees
to certain of its dealers, most of which are currently in the process of being wound down.
The Companys principal commercial commitments under repurchase agreements and guarantees at
October 31, 2010 are summarized in the following chart:
Total Amount
Commitment
Committed
Terms of Commitments
Guarantee on dealer financing
$
2,935
Various
Standby repurchase obligation on dealer financing
$
708,282
Up to eighteen months
The repurchase agreement obligations generally extend up to eighteen months from the date of
sale of the related product to the dealer. The repurchase and guarantee reserve balance as of
October 31, 2010, which is included in other current liabilities on the Condensed Consolidated
Balance Sheets, is $3,874 and includes the deferred estimated fair value of the implied
guarantee under outstanding repurchase obligations and the estimated loss upon the eventual
resale of expected repurchased product. These reserves do not include any amounts for direct
guarantees as the Company does not currently expect any losses from such guarantees. The table
below reflects losses incurred under repurchase agreements in the period noted. Management
believes that any future losses under these agreements will not have a significant effect on
the Companys consolidated financial position or results of operations.
Three Months Ended
Three Months Ended
October 31, 2010
October 31, 2009
Cost of units repurchased
$
2,220
$
1,377
Realization of units resold
1,927
1,041
Losses due to repurchase
$
293
$
336
The Company obtains certain vehicle chassis from automobile manufacturers under converter pool
agreements. These agreements generally provide that the manufacturer will supply chassis at the
Companys various production facilities under the terms and conditions set forth in the
agreement. The manufacturer does not transfer the certificate of origin to the Company and,
accordingly, the Company accounts for the chassis as consigned, unrecorded inventory. Upon
being put into production, the Company becomes obligated to pay the manufacturer for the
chassis. Chassis are typically converted and delivered to customers within 90 days of delivery.
If the chassis is not converted within 90 days of delivery to the Company, the Company
generally purchases the chassis and records the inventory. At October 31, 2010, chassis on hand
accounted for as consigned, unrecorded inventory was approximately $25,146. In addition to this
consigned inventory, at October 31, 2010, an additional $13,303 of chassis provided by
customers were located at the Companys production facilities pending further manufacturing.
The Company never purchases these chassis and does not include their cost in its billings to
the customer for the completed unit.
The Company has been subject to an SEC review regarding the facts and circumstances giving rise
to the restatement of its previously issued financial statements as of July 31, 2006 and 2005,
and for each of the years in the three-year period ended July 31, 2006, and the financial
results in each of the quarterly periods in 2006 and 2005, and its financial statements as of
and for the three months ended October 31, 2006 and related matters. The Company has cooperated
fully with the SEC, including from time to time responding to SEC staff requests for additional
information. The investigation by the SEC staff could result in the SEC seeking various
penalties and relief, including, without limitation, civil injunctive relief and/or civil
monetary penalties or administrative relief. The Company is currently discussing the terms of a
possible settlement of this matter with the SEC staff. However, there can be no assurance that
a settlement will be reached.
The Company has been named in approximately 800 complaints, some of which were originally
styled as putative class actions (with respect to which class certification was ultimately
denied) and some of which were filed by individual plaintiffs, filed against manufacturers of
travel trailers and manufactured homes supplied to the Federal Emergency Management Agency
(FEMA) for use as emergency living accommodations in the wake of Hurricanes
Katrina and Rita. The complaints have been transferred to the Eastern District of
Louisiana by the federal panel on multidistrict litigation for consideration in a matter
captioned In re FEMA Trailer Formaldehyde Products Liability Litigation, Case Number MDL
07-1873, United States District Court for the Eastern District of Louisiana. The complaints
generally assert claims for damages (for health related problems, medical expenses, emotional
distress and lost earnings) and for medical monitoring costs due to the presence of
formaldehyde in the units. Some of the lawsuits also seek punitive and/or exemplary damages.
Thus far, however, none of the lawsuits allege a specific amount of damages sought and instead
make general allegations about the nature of the plaintiffs claims without placing a dollar
figure on them. The Company strongly disputes the allegations in these complaints, and intends
to vigorously defend itself in all such matters.
In addition, the Company is involved in certain litigation arising out of its operations in the
normal course of its business, most of which are based upon state lemon laws, warranty
claims, other claims and accidents (for which the Company carries insurance above a specified
deductible amount). In this regard, the Company was a party to two companion lawsuits pending
in Jefferson County, Texas which were brought against it and its affiliates, each of which
arose from a March 29, 2006 crash of a bus manufactured by a subsidiary of the Company. At the
mediation of the cases on June 15, 2010, a complete settlement of both cases was reached.
Formal settlement agreements were executed by each of the plaintiffs in August 2010, and
counsel for all plaintiffs and cross-claimants have signed Notices of Nonsuit which were filed
with both courts. The Company was informed that an Order of Dismissal was signed and entered in
each of the lawsuits, one on September 16, 2010 and the other on September 20, 2010, disposing
of both lawsuits.
On June 25, 2010, the Company and certain of its officers and directors were sued in the United
States District Court for the Southern District of Ohio Dayton Division by Teamsters Allied
Benefit Funds, individually and purportedly on behalf of a class of all those who purchased or
acquired Thor common stock between November 30, 2009 to June 10, 2010. The complaint alleged
violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, alleging that
the Companys SEC filings and press releases were false and misleading due to, among other
things, the Companys June 10, 2010 announcement that its financial statements might need to be
restated. The Company has since announced that a restatement is not necessary. The Company
believed the lawsuit was without merit, and the plaintiff agreed to voluntarily dismiss the
lawsuit without prejudice on September 7, 2010.
While it is impossible to estimate with certainty the ultimate legal and financial liability
with respect to the litigation arising out of the Companys operations in the normal course of
business, including the pending litigation described above, the Company believes that while the
final resolution of any such litigation may have an impact on its consolidated results for a
particular reporting period, the ultimate disposition of such litigation will not have any
material adverse effect on its financial position, results of operations or liquidity.
12.
Provision for Income Taxes
The Company accounts for income taxes under the provisions of ASC 740, Income Taxes". The
objectives of accounting for income taxes are to recognize the amount of taxes payable or
refundable for the current period and deferred tax liabilities and assets for the future tax
consequences of events that have been recognized in the Companys financial statements or tax
returns. Judgment is required in assessing the future tax consequences of events that have been
recognized in the Companys financial statements or tax returns. Fluctuations in the actual
outcome of these future tax consequences could materially impact the Companys financial
position or its results of operations.
It is the Companys policy to recognize interest and penalties accrued relative to unrecognized
tax benefits in income tax expense. For the three month period ended October 31, 2010, the
Company released approximately $4,500 of gross uncertain tax benefit reserve and related
interest and penalties recorded at July 31, 2010 related to the effective settlement of certain
uncertain tax benefits, which resulted in a net income tax benefit of approximately
$3,300. The Company accrued $300 in interest and penalties related to the
remaining uncertain tax benefits recorded at July 31, 2010. Additionally, the Company recorded $1,560 of uncertain tax
benefit reserves and related interest and penalty reserves of Heartland upon its acquisition on
September 16, 2010.
The Company and its corporate subsidiaries file a consolidated U. S. federal income tax return,
multiple U.S. state income tax returns and multiple Canadian income tax returns. The Company
has been audited for U.S. federal purposes through fiscal 2007. Periodically, various state and
local jurisdictions conduct audits and therefore a variety of other years are subject to state
and local review. The Company is currently being audited by the State of California for the tax
years ended July 31, 2007 and July 31, 2008. The Company has reserved for this exposure in its
liability for unrecognized tax benefits.
The Company anticipates a decrease of approximately $3,400 in unrecognized tax benefits, and
$700 in accrued interest and penalties related to these unrecognized tax benefits, within the
next 12 months from (1) expected settlements or payments of uncertain tax positions, and (2)
lapses of the applicable statutes of limitations. Actual results may differ materially from
this estimate.
13.
Retained Earnings
The components of changes in retained earnings are as follows:
Balance as of July 31, 2010
$
745,204
Net Income
23,688
Dividends Paid
(5,578
)
Balance as of October 31, 2010
$
763,314
14.
Loan Transactions and Related Notes Receivable
On January 15, 2009, the Company entered into a Credit Agreement (the First Credit Agreement)
with Stephen Adams, in his individual capacity, and Stephen Adams and his successors, as
trustee under the Stephen Adams Living Trust (the Trust and together with each of the
foregoing persons, the Borrowers), pursuant to which the Company loaned $10,000 to the
Borrowers (the First Loan). The Borrowers own, directly or indirectly, a controlling interest
in FreedomRoads Holding Company, LLC (FreedomRoads Holding), the parent company of
FreedomRoads, LLC (FreedomRoads), the Companys largest dealer. Pursuant to the terms of the
First Credit Agreement, the Borrowers agreed to use the proceeds of the First Loan solely to
make an equity contribution to FreedomRoads Holding to enable FreedomRoads Holding or its
subsidiaries to repay its principal obligations under floor plan financing arrangements with
third parties in respect of products of the Company and its subsidiaries.
The principal amount of the First Loan is payable in full on January 15, 2014 and bears
interest at a rate of 12% per annum. Interest is payable in kind for the first year and is
payable in cash on a monthly basis thereafter, and all interest payments due to date have been
paid in full.
On January 30, 2009, the Company entered into a Second Credit Agreement (the Second Credit
Agreement) with the Borrowers pursuant to which the Company loaned an additional $10,000 to
the Borrowers (the Second Loan). Pursuant to the terms of the Second Credit Agreement, the
Borrowers agreed to use the proceeds of the Second Loan solely to make an equity contribution
to FreedomRoads Holding to be used by FreedomRoads Holding or its subsidiaries to purchase the
Companys products.
The maturity date of the Second Loan is June 30, 2012. Principal is payable in semi-annual
installments of $1,000 each commencing on June 30, 2010, with a final payment of $6,000 on June
30, 2012. Interest on the principal amount of the Second Loan is payable in cash on a quarterly
basis at a rate of 12% per annum. All payments of principal and interest due to date have been
paid in full.
On December 22, 2009, the Company entered into a Credit Agreement (the Third Credit
Agreement) with Marcus Lemonis, Stephen Adams, in his individual capacity, and Stephen Adams
and his successors, as trustee under the Trust (each of the foregoing persons, on a joint and
several basis, the Third Loan Borrowers), pursuant to which the Company loaned $10,000 to the
Third Loan Borrowers (the Third Loan). The Third Loan Borrowers own,
directly or indirectly, a controlling interest in FreedomRoads Holding, the
indirect parent company of FreedomRoads. Pursuant to the terms of the Third Credit Agreement,
the Third Loan Borrowers agreed to use the proceeds of the Third Loan solely to provide a loan
to one of FreedomRoads Holdings subsidiaries which would ultimately be contributed as equity
to FreedomRoads to be used for working capital purposes.
The maturity date of the Third Loan is December 22, 2014. The principal amount of the Third
Loan is payable on the following dates in the following amounts: December 31, 2011 $500;
December 31, 2012 $1,000; December 31, 2013 $1,100; and December 22, 2014 $7,400. The
principal amount of the Third Loan bears interest at a rate of 12% per annum. Interest is
payable, at the option of the Third Loan Borrowers, either in cash or in kind at each calendar
quarter end from March 31, 2010 through September 30, 2011, and thereafter in cash quarterly in
arrears from December 31, 2011 through the maturity date. The Third Loan Borrowers opted to pay
the interest due at March 31, 2010, June 30, 2010 and September 30, 2010 in kind and it was
capitalized as part of the long-term note receivable.
The First Credit Agreement, the Second Credit Agreement and the Third Credit Agreement each
contain customary representations and warranties, affirmative and negative covenants, events of
default and acceleration provisions for loans of this type.
In connection with the First Loan, the Borrowers caused FreedomRoads Holding and its
subsidiaries (collectively, the FR Dealers), to enter into an agreement pursuant to which the
FR Dealers agreed to purchase additional recreation vehicles from the Company and its
subsidiaries. The term of this agreement, as subsequently amended in connection with the Second
Loan and the Third Loan, continues until December 22, 2029 unless earlier terminated in
accordance with its terms.
15.
Concentration of Risk
One dealer, FreedomRoads, accounted for 17% of the Companys consolidated recreation vehicle
net sales for the three months ended October 31, 2010 and 14% of its consolidated net sales for
the three months ended October 31, 2010. The loss of this dealer could have a significant
effect on the Companys business.
16.
Fire at Bus Production Facility
On February 14, 2010, a fire occurred at the northern production facility (the Facility) at
the Companys manufacturing site located near Imlay City, Michigan. The Facility is one of the
Companys principal manufacturing locations for its Champion and General Coach America bus
lines. The fire resulted in the destruction of a significant portion of the work in process,
raw materials and equipment contained in the Facility. There were no reported injuries and the
origin of the fire is undetermined. The southern production plant, paint facility and other
buildings at the site were not affected by the fire and remained intact. Shortly after the
fire, the Company resumed limited production activities for its Champion and General Coach
America buses in the southern manufacturing facility, and the Company addressed equipment and
staffing reallocation. Many employees continued to work out of the southern manufacturing
facility and an office building on this site on a temporary basis.
The Company maintains a property and business interruption insurance policy that it believes
will provide substantial coverage for the currently foreseeable losses arising from this
incident, less up to the first $5,000 representing the Companys deductible per the policy.
During the three months ended October 31, 2010, the Company received $5,384 of insurance
proceeds which included $2,323 for business interruption. Recognized insurance recoveries for
the three months ended October 31, 2010 include the $5,384 of insurance proceeds along with $70
of previously unrecognized insurance recoveries. For the three months ended October 31, 2010, a
gain on involuntary conversion of $4,802 was reported in the Companys Statement of Condensed
Consolidated Operations as follows:
The costs incurred to date of reconstructing the Facility and replacing inventory have been
accounted for in the normal course of business. The costs incurred as of October 31, 2010 to
reconstruct the Facility totaled $5,807. The Facility was substantially completed and
operational as of September 28, 2010. The replacement cost of the property and equipment has
substantially exceeded the previous carrying costs and the lost profits covered under business
interruption and future clean-up and related costs are being reimbursed under the policy.
However, an accurate estimate of the remaining potential gain resulting from the involuntary
conversion cannot be made at this time.
ITEM 2.MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Unless otherwise indicated, all amounts presented in thousands of dollars except unit, share
and per share data.
Executive Overview
We were founded in 1980 and have grown to be the largest manufacturer of Recreation Vehicles
(RVs) and a major manufacturer of commercial buses in North America. Our market share in the
travel trailer and fifth wheel segment of the industry (towables) is approximately 40%
including Heartland. In the motorized segment of the industry we have a market share of
approximately 18%. Our market share in small and mid-size buses is approximately 36%. We also
manufacture and sell 40-foot buses at our facility in Southern California.
On September 16, 2010, we acquired 100% of Towable Holdings, Inc., parent company of Heartland
Recreational Vehicles, LLC (Heartland), pursuant to a stock purchase agreement for $99,562 in
cash, subject to adjustment, and 4,300,000 shares of our common stock. Heartland is located in
Elkhart, Indiana and is a major manufacturer of towable recreation vehicles. Under our
ownership, Heartland will continue as an independent operation, in the same manner as our
existing recreation vehicle and bus companies, and its operations will be included in our
towable segment.
The acquisition of Heartland is expected to be accretive to our earnings, based upon
Heartlands recent and historical performances. From its founding in 2003, Heartland has become
the third largest manufacturer of fifth wheels and the sixth largest manufacturer of travel
trailers in the United States based upon Statistical Surveys retail market data as of June,
2010. Heartland has been the fastest growing RV manufacturer in recent years, and its sales
over the last 12 months exceeded $400,000. Its brands include Bighorn, Sundance, Cyclone, North
Country, and North Trail, sold through a nationwide network of dealers. See Note 2 to our
condensed consolidated financial statements included elsewhere in this report for additional
information on the acquisition.
Our growth has been internal and by acquisition. Our strategy has been to increase our
profitability in North America in the RV industry and in the bus business through product
innovation, service to our customers, manufacturing quality products, improving our facilities
and acquisitions. We have not entered unrelated businesses and have no plans to do so in the
future.
We rely on internally generated cash flows from operations to finance our growth although we
may borrow to make an acquisition if we believe the incremental cash flows will provide for
rapid payback. Capital expenditures of approximately $16,500 for the three months ended October
31, 2010 were made primarily for building and building improvements and to replace machinery
and equipment used in the ordinary course of business. These capital expenditures include
$4,300 for the construction of the new Champion bus plant, $4,100 for the purchase of
recreation vehicle plants which were previously leased and $4,800 for the expansion of our
recreation vehicle operations.
Our business model includes decentralized operating units and we compensate operating
management primarily with cash based upon the profitability of the business unit which they
manage. Our corporate staff provides financial management, purchasing, insurance, legal and
human resource, risk management and internal audit functions. Senior corporate management
interacts regularly with operating management to assure that corporate objectives are
understood clearly and are monitored appropriately.
Our RV products are sold to dealers who, in turn, retail those products. Our buses are sold
through dealers to municipalities and private purchasers such as rental car companies and
hotels. We generally do not finance dealers directly but do provide repurchase agreements to
assist the dealers in obtaining floor plan financing.
On February 14, 2010, a fire resulted in the total
loss of our 92,000 square foot
Champion/General Coach America (GCA) north bus production facility. We reacted immediately
and consolidated production into our 92,000 square foot south facility, which was unaffected by
the fire, and leased a 59,000 square foot facility on a monthly
basis. We resumed production on February 25, 2010 and no significant orders were lost due to
the fire. A new Champion/GCA plant was built and it was substantially completed and operational
as of September 28, 2010.
Trends and Business Outlook
Industry conditions in the RV market have improved dramatically through 2010, with RV wholesale
shipments up 59.4% through September 2010, according to the Recreation Vehicle Industry
Association. This large increase in shipments has been attributable to two forces in the
market: RV dealers restocking of depleted lot inventories and improving retail sales to
consumers. We measure our recreation vehicle dealers inventory on a daily basis and believe
dealer restocking was largely completed as of mid-summer, 2010. As of October 31, 2010, our RV
dealers had 35,457 of our RV units in inventory, down 36% from recent peak inventory of 55,300
units in March of 2008. With our substantial increases in retail market share, this level of
dealer inventory is at appropriate levels for seasonal consumer demand. Also, wholesale RV
shipments in the month of September, 2010 were down compared with September 2009, following
thirteen consecutive monthly increases compared to the prior year.
Thors RV backlog as of October 31, 2010 was down 19% to approximately $254,000 from $315,000
as of October 31, 2009. The reduction in backlog reinforces our belief that dealers have
completed their restocking needs. Given our belief that dealer
restocking has largely been completed and inventory levels are appropriate, we believe that RV
industry wholesale shipments may be lower for a few months going forward.
Given that dealer restocking appears to be largely completed, we believe that retail demand is
the key to continued improvement in the RV industry. For the period of January through
September, 2010 RV industry retail sales in the United States were up 5.5%, according to
Statistical Surveys, Inc. Retail sales of travel trailers and fifth wheels, our most popular
products, were up 8.9% in the year-to-date period, while Class C motorhomes were up 4.3% and
higher-priced Class A motorhomes were down 4.7%. The Canadian retail RV market has performed
even better than the retail RV market in the United States, with year-to-date 2010 retail sales
up 23.1% through September 2010, according to Statistical Surveys, Inc.
If consumer confidence and retail and wholesale credit availability continue to improve,
interest rates remain low and fuel prices remain stable, we expect to see continued improvement
in sales and expect to benefit from our ability to ramp up production in an industry with fewer
manufacturing facilities than before, due to competitor failures or plant consolidations.
However, this outlook is tempered by continuing poor employment and income growth as well as
credit constraints, which could slow the pace of RV sales. A longer-term positive outlook for
the recreation vehicle segment is supported by favorable demographics as baby boomers reach the
age brackets that historically have accounted for the bulk of retail RV sales, and an increase
in interest in the RV lifestyle among both older and younger segments of the population.
Economic or industry-wide factors affecting our recreation vehicle business include raw
material costs of commodities used in the manufacture of our product. Material cost is the
primary factor determining our cost of products sold. We are starting to witness increases in
the cost of our raw materials. Steel, aluminum, and thermoplastic prices have increased and
there continues to be upward price pressure on several of our other raw materials. Future
increases in raw material costs would impact our profit margins negatively if we were unable to
raise prices for our products by corresponding amounts. Historically, we have been able to pass
along those price increases to consumers.
Government entities are the primary users of our buses. Demand in this segment is subject to
fluctuations in government spending on transit. In addition, hotel, rental car and parking lot
operators are also major users of our small and mid-sized buses and therefore travel is an
important indicator for this market. The majority of our buses have a 5-year useful life and
are being continuously replaced by operators. According to the Mid Size Bus Manufacturers
Association (MSBMA), unit sales of small and mid-sized buses increased 1.4% for the nine
months ended September 30, 2010 compared with the same period in 2009. Federal stimulus funds
helped the transit industry in the recent economic downturn, however that funding has now
expired and that is creating a negative
effect on demand for our bus products. Municipal budgets have been reduced and transit
agencies operating costs have increased. As a result, we have experienced a softening of order
input at some of our bus operations and we have reduced staffing levels in certain locations.
As of October 31, 2010, buses reportable segment backlog is down by approximately 25% to
$212,000 from $284,000 as of October 31, 2009. Longer term, we expect positive trends in our
bus segment, which we believe will be supported by increased federal funding for transit, the
replacement cycle for buses among public and private bus customers, and the introduction of new
bus products.
We do not expect the current condition of the U.S. auto industry to have a significant impact
on our supply of chassis. Supply of chassis is adequate for now and we believe that available
inventory would compensate for changes in supply schedules if they occur. To date, we have not
noticed any unusual cost increases from our chassis suppliers. If the condition of the U.S.
auto industry significantly worsens, this could result in supply interruptions and a decrease
in our sales and earnings while we obtain replacement chassis from other sources.
Consolidated net sales and consolidated gross profit for the three months ended October 31, 2010
increased $104,132 or 20.7% and $6,807 or 9.8%, respectively, compared to the three months ended
October 31, 2009. Recently acquired Heartland accounted for $50,119 of the $104,132 increase in
consolidated net sales. Consolidated gross profit was 12.6% of consolidated net sales for the three
months ended October 31, 2010 compared to 13.9% of consolidated net sales for the three months
ended October 31, 2009. This 1.3% decrease in gross profit percentage was driven primarily by
increased discounting within the recreation vehicle segments in the current period, as dealer
inventories have been restocked to appropriate levels, and as a result dealer and competitor
pressures have necessitated greater discounting to secure sales. Selling, general and
administrative expenses for the three months ended October 31, 2010 increased 29.1% compared to the
three months ended October 31, 2009. Income before income taxes for the three months ended October
31, 2010 was $33,786 as compared to the three months ended October 31, 2009 of $37,253, a decrease
of 9.3%. The specifics on changes in net sales, gross profit, selling, general and administrative
expenses and income before income taxes are addressed in the segment reporting below.
Corporate costs included in selling, general and administrative expenses increased $6,542 to
$11,677 for the three months ended October 31, 2010 compared to $5,135 for the three months ended
October 31, 2009. The increase is primarily attributable to legal and professional fees in
connection with the Heartland acquisition and the on-going SEC review totaling $3,503.
Additionally, salary and bonus costs increased $482, stock option compensation expense increased
$647, deferred compensation plan expense increased $509 and group insurance expense increased $202.
The remainder of the increase is primarily due to increased on-going professional fees.
Corporate interest income and other income was $1,940 for the three months ended October 31, 2010
compared to $2,366 for the three months ended October 31, 2009. The decrease of $426 is primarily
due to a decrease in interest income due to lower invested balances and lower interest rates.
The overall effective income tax rate was 29.9% for the three months ended October 31, 2010
compared with 37.1% for the three months ended October 31, 2009. The primary reason for the
difference in the overall effective income tax rate is the effective favorable settlement of
certain state uncertain tax benefits for the three months ended October 31, 2010 as compared to the
three months ended October 31, 2009.
Analysis of change in net sales for the three months ended October 31, 2010 vs. the three months ended October 31, 2009:
Three Months
% of
Three Months
% of
Ended
Segment
Ended
Segment
Change
%
October 31, 2010
Net Sales
October 31, 2009
Net Sales
Amount
Change
NET SALES:
Towables
Travel Trailers
$
196,349
46.5
$
175,633
51.3
$
20,716
11.8
Fifth Wheels
220,881
52.3
158,271
46.3
62,610
39.6
Other
5,219
1.2
8,232
2.4
(3,013
)
(36.6
)
Total Towables
$
422,449
100.0
$
342,136
100.0
$
80,313
23.5
Three Months
% of
Three Months
% of
Ended
Segment
Ended
Segment
Change
%
October 31, 2010
Shipments
October 31, 2009
Shipments
Amount
Change
# OF UNITS:
Towables
Travel Trailers
11,106
61.0
10,305
65.2
801
7.8
Fifth Wheels
6,924
38.0
5,258
33.3
1,666
31.7
Other
181
1.0
238
1.5
(57
)
(23.9
)
Total Towables
18,211
100.0
15,801
100.0
2,410
15.3
Impact Of Change In Price On Net Sales:
%
Increase /(Decrease)
Towables
Travel
Trailers
4.0
%
Fifth Wheels
7.9
%
Other
(12.7
)%
Total Towables
8.2
%
The increase in towables net sales of 23.5% resulted from a 15.3% increase in unit shipments and an
8.2% increase in the impact of the change in the net price per unit. Recently acquired Heartland
accounted for $50,119 of the $80,313 increase in total towables net
sales and for 1,789 of the
2,410 increase in total towables unit sales.
As the industry continues to stabilize, current customer preference in the fifth wheel and travel
trailer markets is trending toward higher priced units with additional features and upgrades
compared to a year ago. This trend was partially offset by increased discounting, which effectively
reduces the net sales price per unit. The other market relates primarily to the park model
industry, which has not recovered from the depressed market conditions of the past few years. As a
result, more lower priced units are being sold and at greater discounts than last year, resulting
in the 12.7% reduction in net price per unit.
The overall industry increase in wholesale unit shipments of towables for August and September 2010
compared to the same period last year was 5.6% according to statistics published by the Recreation
Vehicle Industry Association.
Cost of
products sold increased $75,289 to $364,580 or 86.3% of towables net sales for the three
months ended October 31, 2010 compared to $289,291 or 84.6% of towable net sales for the three
months ended October 31, 2009. The change in material, labor, freight-out and warranty comprised
$71,736 of the $75,289 increase in cost of products sold due to increased sales volume. Material,
labor, freight-out and warranty as a percentage of towable net sales was 80.5% for the three months
ended October 31, 2010 and 78.5% for the three months ended October 31, 2009. This increase as a
percentage of towable net sales is due to an increase in discounting, which effectively
decreases net sales per unit and therefore increases the material cost percentage to net sales.
Total manufacturing overhead as a percentage of towable net sales decreased from 6.1% to 5.8% due
to the increase in production resulting in increased absorption of fixed overhead costs.
Towable gross profit increased $5,024 to $57,869 or 13.7% of towable net sales for the three months
ended October 31, 2010 compared to $52,845 or 15.4% of towable net sales for the three months ended
October 31, 2009. The increase was due to the combination of increased sales, partially offset by
increased discounts from unit list prices and increased wholesale and retail incentives provided to
customers, and changes in cost of products sold as discussed above.
Selling, general and administrative expenses were $22,986 or 5.4% of towable net sales for the
three months ended October 31, 2010 compared to $21,298 or 6.2% of towable net sales for the three
months ended October 31, 2009. The primary reason for the $1,688 increase in selling, general and
administrative expenses was increased towable net sales which caused commissions, bonuses, and
other compensation to increase by $1,051. Sales related travel, advertising, and promotional costs
also increased $982 in correlation with the increase in sales. These cost increases were partially
offset by reductions in legal settlement costs and vehicle repurchase losses totaling $649.
Towable income before income taxes decreased to 7.8% of towable net sales for the three months
ended October 31, 2010 from 9.2% of towable net sales for the three months ended October 31, 2009.
The primary factor for this decrease in percentage was the increased discounting noted above.
MOTORIZED RECREATION VEHICLES
Analysis of change in net sales for the three months ended October 31, 2010 vs. the three months ended October 31, 2009:
The increase in motorized net sales of 76.0% resulted from a 79.0% increase in unit shipments and a
3.0% decrease in the impact of the change in the net price per unit resulting primarily from mix of
product. The overall market increase in unit shipments of motorhomes was 79.2% for the two month
period of August and September 2010 compared to the same period last year according to statistics
published by the Recreation Vehicle Industry Association.
The overall impact of the change in the net price per motorized unit was a decrease of 3.0%. The
decrease in the net price per unit within the Class A product line is primarily due to increased
demand for the more moderately priced gas units as compared to the generally larger and more
expensive diesel units. Within the Class C product line, customer demand is currently trending
toward the lower to more moderately priced units. In addition, due to current competitor and dealer
pressures, discounting in both product lines has increased as well, which also effectively lowers
unit sales prices. Within the Class B product line, the increase in the net price per unit is due
to a greater concentration of higher priced models in the current year, as certain lower priced
products are no longer offered this year.
Cost of products sold increased $31,737 to $76,039 or 90.4% of motorized net sales for the three
months ended October 31, 2010 compared to $44,302 or 92.7% of motorized net sales for the three
months ended October 31, 2009. The change in material, labor, freight-out and warranty comprised
$31,181, of the $31,737 increase due to increased sales volume. Material, labor, freight-out and
warranty as a combined percentage of motorized net sales increased slightly to 85.3% from 84.9%
primarily due to the impact of increased discounting. Total manufacturing overhead as a percentage
of motorized net sales decreased to 5.1% from 7.8% due to the increase in unit production resulting
in higher absorption of fixed overhead costs. Total manufacturing overhead increased $555 due
primarily to wage and benefit increases to support the increase in sales.
Motorized gross profit increased $4,584 to $8,075 or 9.6% of motorized net sales for the three
months ended October 31, 2010 compared to $3,491 or 7.3% of motorized net sales for the three
months ended October 31, 2009. The increase in gross profit was due primarily to the 79.0% increase
in unit sales volume and cost reduction as a percentage of motorized sales noted above.
Selling, general and administrative expenses were $5,032 or 6.0% of motorized net sales for the
three months ended October 31, 2010 compared to $3,378 or 7.1% of motorized net sales for the three
months ended October 31, 2009. The primary reason for the $1,654 increase in selling, general and
administrative expenses was increased motorized net sales and increased income before income taxes,
which caused related commissions, bonuses and other compensation to increase by $1,536.
Motorized income before income taxes was 1.2% of motorized net sales for the three months ended
October 31, 2010 and 0.2% of motorized net sales for the three months ended October 31, 2009. The
primary factor for this increase was the improved gross profit on increased motorized net sales and
labor and production efficiency improvements. These improvements were partially offset by the
$2,036 trademark impairment charge included in the results for the three months ended October 31,
2010.
Analysis of change in net sales for the three months ended October 31, 2010 vs. the three months
ended October 31, 2009:
Three Months
Three Months
Ended
Ended
October 31, 2010
October 31, 2009
Change
% Change
Net Sales
$
100,121
$
112,623
$
(12,502
)
(11.1
)
# of Units
1,415
1,590
(175
)
(11.0
)
Impact of Change in Price on Net Sales
(.1
)
The decrease in buses net sales of 11.1% resulted from an 11.0% decrease in unit shipments and a
.1% decrease in the impact of the change in the net price per unit, resulting primarily from the
current reduction of the availability of federal stimulus money that was prevalent during the prior
year period.
Cost of products sold decreased $9,701 to $89,487 or 89.4% of buses net sales for the three months
ended October 31, 2010 compared to $99,188 or 88.1% of buses net sales for the three months ended
October 31, 2009. The decrease in material, labor, freight-out and warranty represents $10,762 of
the $9,701 decrease in cost of products sold. Material, labor, freight-out and warranty as a
percentage of buses net sales decreased to 81.0% from 81.6%. This decrease in percentage of cost of
products sold was due to higher margin product mix and better pricing and procurement. Total
manufacturing overhead increased $1,061, primarily due to increased employee health insurance
costs, which caused manufacturing overhead to increase to 8.4% from 6.5% as a percentage of buses
net sales.
Buses gross profit decreased $2,801 to $10,634 or 10.6% of buses net sales for the three months
ended October 31, 2010 compared to $13,435 or 11.9% of buses net sales for the three months ended
October 31, 2009. The decrease was mainly due to the reduction in unit sales.
Selling,
general and administrative expenses were $5,196 or 5.2% of buses net sales
for the three months ended October 31, 2010 compared to $4,956 or 4.4% of buses net sales for the
three months ended October 31, 2009.
Buses income before income taxes was 9.4% of buses net sales for the three months ended October 31,
2010 compared to 7.4% for the three months ended October 31, 2009. This increase is primarily due
to the favorable impact of the gain on involuntary conversion relating to the fire at our
Champion/General Coach America north bus production facility for the three months ended October 31,
2010, partially offset by the decrease in buses net sales and corresponding gross profit and the
increase in selling, general and administrative expenses as a
percentage of net sales.
Financial Condition and Liquidity
As of October 31, 2010, we had $141,747 in cash and cash equivalents compared to $247,751 on July
31, 2010.
Long term investments net of temporary impairments totaled $3,390 as of October 31, 2010 and $5,327
as of July 31, 2010. These investments were comprised of auction rate securities, or ARS. In the
three months ended October 31, 2010, $2,150 of our ARS were redeemed at par. Reference is made to
Note 8 to our condensed consolidated financial statements contained elsewhere in this report for a
description of developments related to our investments in ARS.
Working capital at October 31, 2010 was $264,809 compared to $345,006 at July 31, 2010. We have no
long-term debt. Capital expenditures of approximately $16,500 for the three months ended October
31, 2010 were made primarily for building and building improvements and to replace machinery and
equipment used in the ordinary course of business.
The Company anticipates additional capital expenditures in fiscal 2011 of approximately $14,800.
These expenditures will be made primarily for expanding our recreation vehicle facilities and
replacing and upgrading machinery and equipment and other assets to be used in the ordinary course
of business. Anticipated capital expenditures will be funded by operations and/or cash on hand.
Net cash generated from operating activities for the three months ended October 31, 2010 was $9,694
as compared to $18,453 for the three months ended October 31, 2009. The combination of net income
and non-cash items (primarily depreciation, amortization, trademark impairment and deferred income taxes) provided $32,395 of operating cash compared to $26,707 in the prior year period.
However, this was offset by a reduction in accounts payable and accrued liabilities due to
reductions in backlog and production and by significant tax payments in the three month period
ended October 31, 2010.
Investing Activities
Net cash used by investing activities of $110,910 for the three months ended October 31, 2010 was
primarily due to the cash consideration paid of $99,562 for the acquisition of Heartland and its
parent company on September 16, 2010 and capital expenditures of approximately $16,500. During the three months ended October 31, 2009, net cash
provided by investing activities of $14,748 was primarily due to ARS redemptions of $15,000 at par.
Financing Activities
Net cash used in financing activities of $4,788 for the three months ended October 31, 2010
primarily represented dividend payments. The Company increased its
regular quarterly dividend of $.07 per share to $.10 per share in October 2010. During the three months ended October 31, 2009, net cash used in
financing activities of $31,602 was for dividend payments.
This included a special dividend of $.50 per share.
Critical Accounting Principles
The consolidated financial statements of Thor are prepared in conformity with accounting principles
generally accepted in the United States. The preparation of these financial statements requires the
use of estimates, judgments, and assumptions that affect the reported amounts of assets and
liabilities at the date of the financial statements and the reported amounts of revenues and
expenses during the periods presented. We believe that of our accounting policies, the following
may involve a higher degree of judgments, estimates, and complexity:
Impairment of Goodwill, Trademarks and Long-Lived Assets
At least annually, we review the carrying amount of goodwill and trademarks with indefinite useful
lives. Long-lived assets, identifiable intangibles that are amortized, goodwill and trademarks with
indefinite useful lives are also reviewed for impairment whenever events or changes in
circumstances indicate the carrying amount of an asset may not be recoverable from future cash
flows. This review is performed using estimates of future cash flows. If the carrying amount of a
long-lived asset is considered impaired, an impairment charge is recorded for the amount by which
the carrying amount of the long-lived asset exceeds its fair value. Management believes that the
estimates of future cash flows and fair values are reasonable; however, changes in estimates of
such cash flows and fair values could affect the evaluations.
Insurance Reserves
Generally, we are self-insured for workers compensation and group medical insurance. Under these
plans, liabilities are recognized for claims incurred, including those incurred but not reported.
The liability for workers compensation claims is determined by the Company with the assistance of
a third party administrator and actuary using various state statutes and historical claims
experience. Group medical reserves are estimated using historical claims experience. We have a
self-insured retention (SIR) for products liability and personal injury matters of $5,000 per
occurrence. We have established a reserve on our balance sheet for such occurrences based on
historical data and actuarial information. Amounts above the SIR, up to a certain dollar amount,
are covered by our excess insurance policy. We maintain excess liability insurance aggregating
$25,000 with outside insurance carriers to minimize our risks related to catastrophic claims in
excess of all our self-insured positions for product liability and personal injury matters. Any
material change in the aforementioned factors could have an adverse impact on our operating
results.
We generally provide customers of our products with a one-year warranty covering defects in
material or workmanship, with longer warranties on certain structural components. We record a
liability based on our best estimate of the amounts necessary to settle future and existing claims
on products sold as of the balance sheet date. Factors we use in estimating the warranty liability
include a history of units sold, existing dealer inventory, average cost incurred and a profile of
the distribution of warranty expenditures over the warranty period. A significant increase in
dealer shop rates, the cost of parts or the frequency of claims could have a material adverse
impact on our operating results for the period or periods in which such claims or additional costs
materialize. Management believes that the warranty reserve is adequate; however, actual claims
incurred could differ from estimates, requiring adjustments to the reserves. Warranty reserves are
reviewed and adjusted as necessary on a quarterly basis.
Income Taxes
The Company accounts for income taxes under the provisions of ASC 740, Income Taxes". The
objectives of accounting for income taxes are to recognize the amount of taxes payable or
refundable for the current year and deferred tax liabilities and assets for the future tax
consequences of events that have been recognized in the Companys financial statements or tax
returns. Judgment is required in assessing the future tax consequences of events that have been
recognized in the Companys financial statements or tax returns. Fluctuations in the actual outcome
of these future tax consequences could materially impact the Companys financial position or its
results of operations.
We recognize liabilities for uncertain tax positions based on a two-step process. The first step is
to evaluate the tax position for recognition by determining if the weight of available evidence
indicates that it is more likely than not that the position will be sustained on audit, including
resolution of related appeals or litigation processes, if any. The second step requires us to
estimate and measure the tax benefit as the largest amount that is more than 50% likely to be
realized upon ultimate settlement. It is inherently difficult and subjective to estimate such
amounts, as we have to determine the probability of various possible outcomes. We re-evaluate these
uncertain tax positions on a quarterly basis. This evaluation is based on factors including, but
not limited to, changes in facts or circumstances, changes in tax law, effectively settled issues
under audit, and new audit activity. Such a change in recognition or measurement would result in
the recognition of a tax benefit or an additional charge to the tax provision.
Significant judgment is required in determining our provision for income taxes, our deferred tax
assets and liabilities and valuation allowances recorded against our deferred tax assets, if any.
Valuation allowances must be considered due to the uncertainty of realizing deferred tax assets.
ASC 740 requires that companies assess whether valuation allowances should be established against
their deferred tax assets on a tax jurisdictional basis based on the consideration of all available
evidence, using a more likely than not standard. We have evaluated the sustainability of our
deferred tax assets on our consolidated balance sheet which includes the assessment of the
cumulative income over recent prior periods. As of October 31, 2010, based on ASC guidelines, we
determined a valuation allowance was not required to be recorded against deferred income tax assets
in any of the tax jurisdictions in which we currently operate.
Revenue Recognition
Revenue from the sale of recreation vehicles and buses are recorded when all of the following
conditions have been met:
1)
An order for a product has been received from a dealer;
2)
Written or oral approval for payment has been received from the dealers flooring
institution;
3)
A common carrier signs the delivery ticket accepting responsibility for the product as
agent for the dealer; and
4)
The product is removed from the Companys property for delivery to the dealer who
placed the order.
Certain shipments are sold to customers under cash on delivery (COD) terms. The Company
recognizes revenue on credit sales upon shipment and COD sales upon payment and delivery. Most
sales are made by dealers financing their purchases under flooring arrangements with banks or
finance companies. Products are not sold on consignment, dealers do not have the right to return
products, and dealers are typically responsible for interest costs to floorplan
lenders. On average, the Company receives payments from floorplan lenders on products sold to
dealers within 15 days of the invoice date.
We are contingently liable under terms of repurchase agreements with financial institutions
providing inventory financing for certain dealers of certain of our products. These arrangements,
which are customary in the industry, provide for the repurchase of products sold to dealers in the
event of default by the dealer. The repurchase price is generally determined by the original sales
price of the product and pre-defined curtailment arrangements and we typically resell the
repurchased product at a discount from its repurchase price. We account for the guarantee under our
repurchase agreements of our dealers financing by estimating and deferring a portion of the
related product sale that represents the estimated fair value of the repurchase obligation. This
deferred amount is included in our repurchase and guarantee reserve. Additionally, the repurchase
and guarantee reserve includes our estimated loss upon resale of expected repurchases. This
estimate is based on recent historical experience supplemented by managements assessment of
current economic and other conditions affecting its dealers.
Our risk of loss under these repurchase agreements is reduced because (a) we sell our products to a
large number of dealers under these arrangements, (b) the repurchase price we are obligated to pay
declines over the period of the agreements (generally up to eighteen months) while the value of the
related product may not decline ratably and (c) we have historically been able to readily resell
any repurchased product. We believe that any future losses under these agreements will not have a
significant effect on the Companys consolidated financial position or results of operations.
Accounting Pronouncements
In June 2009, the Financial Accounting Standards Board, (FASB), issued SFAS No. 167, Amendments
to FASB Interpretation No. 46(R) SFAS 167. SFAS No. 167 amends ASC 810-10 (formerly FASB
Interpretation No. 46(R)) by adding previously considered qualifying special purpose entities (the
concept of these entities was eliminated by SFAS No. 166). In addition, companies must perform an
analysis to determine whether the Companys variable interest or interests give it a controlling
financial interest in a variable interest entity. Companies must also reassess on an ongoing basis
whether the Company is the primary beneficiary of a variable interest entity. The amendments to ASC
810-10 are effective for fiscal years beginning after November 15, 2009. The Company adopted the
amendments effective August 1, 2010. The adoption of these amendments did not have any impact on
the financial statements.
In July 2010, the FASB issued Accounting Standards Update, or ASU, 2010-20 Disclosures about the
Credit Quality of Financing Receivables and Allowance for Credit Losses. The new disclosure
guidance expands the existing requirements. The enhanced disclosures provide information on the
nature of credit risk in a companys financing receivables, how that risk is analyzed in
determining the related allowance for credit losses, and changes to the allowance during the
reporting period. The new disclosures will become effective for the Companys interim and annual
reporting periods ending after December 15, 2010. The Company does not expect the adoption of this
ASU to have a material impact on its financial disclosures, and it will adopt its provisions when
they become effective.
Forward Looking Statements
This report 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 (the Exchange Act). 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 and the Securities and Exchange Commissions (the SEC)
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 the
auction market failures on our liquidity, competition and general economic conditions and the other
risks and uncertainties discussed more fully in Item 1A of our Annual Report on Form 10-K for the
year ended July 31, 2010
and Part II, Item 1A of this report. We disclaim any obligation or undertaking to disseminate any
updates or revisions to
any change in expectation of the Company after the date hereof or any
change in events, conditions or circumstances on which any statement is based except as required by
law.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
None
ITEM 4. CONTROLS AND PROCEDURES
We maintain disclosure controls and procedures, as such term is defined under Exchange Act Rule
13a-15(e), that are designed to ensure that information required to be disclosed in our Exchange
Act reports is recorded, processed, summarized and reported within the time periods specified in
the rules and forms of the SEC, and that such information is accumulated and communicated to our
management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to
allow timely decisions regarding required disclosures. In designing and evaluating the disclosure
controls and procedures, our management recognized that any controls and procedures, no matter how
well designed and operated, can provide only reasonable assurance of achieving the desired control
objectives and our management necessarily was required to apply its judgment in evaluating the
cost-benefit relationship of possible controls and procedures. We carried out an evaluation, as of
the end of the period covered by this report, under the supervision and with the participation of
our management, including our Chief Executive Officer and Chief Financial Officer, of the
effectiveness of the design and operation of our disclosure controls and procedures. Based on this
evaluation, the Chief Executive Officer and Chief Financial Officer have concluded that our
disclosure controls and procedures were effective to ensure that information required to be
disclosed by us in the reports that we file or submit under the Exchange Act is recorded,
processed, summarized and reported within the time periods specified by the SECs rules and forms
and accumulated and communicated to our management as appropriate to allow for timely decisions
regarding required disclosures.
During the three months ended on October 31, 2010, there were no material changes in our internal
control over financial reporting that have materially affected, or are reasonably likely to
materially affect, our internal control over financial reporting.
We have been subject to an SEC review regarding the facts and circumstances giving rise to the
restatement of our previously issued financial statements as of July 31, 2006 and 2005, and for
each of the years in the three-year period ended July 31, 2006, and the financial results in each
of the quarterly periods in 2006 and 2005, and our financial statements as of and for the three
months ended October 31, 2006 and related matters. We have cooperated fully with the SEC, including
from time to time responding to SEC staff requests for additional information. The investigation by
the SEC staff could result in the SEC seeking various penalties and relief, including, without
limitation, civil injunctive relief and/or civil monetary penalties or administrative relief. We
are currently discussing the terms of a possible settlement of this matter with the SEC staff.
However, there can be no assurance that a settlement will be reached.
The Company has been named in approximately 800 complaints, some of which were originally styled
as putative class actions (with respect to which class certification was ultimately denied) and
some of which were filed by individual plaintiffs, filed against manufacturers of travel trailers
and manufactured homes supplied to the Federal Emergency Management Agency (FEMA) for use as
emergency living accommodations in the wake of Hurricanes Katrina and Rita. The complaints have
been transferred to the Eastern District of Louisiana by the federal panel on multidistrict
litigation for consideration in a matter captioned In re FEMA Trailer Formaldehyde Products
Liability Litigation, Case Number MDL 07-1873, United States District Court for the Eastern
District of Louisiana. The complaints generally assert claims for damages (for health related
problems, medical expenses, emotional distress and lost earnings) and for medical monitoring costs
due to the presence of formaldehyde in the units. Some of the lawsuits also seek punitive and/or
exemplary damages. Thus far, however, none of the lawsuits allege a specific amount of damages
sought and instead make general allegations about the nature of the plaintiffs claims without
placing a dollar figure on them. The Company strongly disputes the allegations in these complaints,
and intends to vigorously defend itself in all such matters.
In addition, we are involved in certain litigation arising out of our operations in the normal
course of our business, most of which are based upon state lemon laws, warranty claims, other
claims and accidents (for which we carry insurance above a specified deductible amount). In this
regard, we were a party to two companion lawsuits pending in Jefferson County, Texas which were
brought against us and our affiliates, each of which arose from a March 29, 2006 crash of a bus
manufactured by one of our subsidiaries. At the mediation of the cases on June 15, 2010, a complete
settlement of both cases was reached. Formal settlement agreements were executed by each of the
plaintiffs in August 2010, and counsel for all plaintiffs and cross-claimants have signed Notices
of Nonsuit which were filed with both courts. We have been informed that an Order of Dismissal was
signed and entered in each of the lawsuits, one on September 16, 2010 and the other on September
20, 2010, disposing of both lawsuits.
On June 25, 2010, we and certain of our officers and directors were sued in the United States
District Court for the Southern District of Ohio Dayton Division by Teamsters Allied Benefit
Funds, individually and purportedly on behalf of a class of all those who purchased or acquired our
common stock between November 30, 2009 to June 10, 2010. The complaint alleged violations of
Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, alleging that our SEC filings and
press releases were false and misleading due to, among other things, our June 10, 2010 announcement
that our financial statements might need to be restated. We have since announced that a restatement
is not necessary. We believe the lawsuit was without merit, and the plaintiff agreed to voluntarily
dismiss the lawsuit without prejudice on September 7, 2010.
While it is impossible to estimate with certainty the ultimate legal and financial liability with
respect to the litigation arising out of our operations in the normal course of business, including
the pending litigation described above, we believe that while the final resolution of any such
litigation may have an impact on our consolidated results for a particular reporting period, the
ultimate disposition of such litigation will not have any material adverse effect on our financial
position, results of operations or liquidity.
There have been no material changes from the risk factors previously disclosed in Part I, Item 1A
of our Annual Report on Form 10-K for the fiscal year ended July 31, 2010, except as noted below.
We cannot assure you that Heartland will be successfully integrated by us.
If we cannot successfully integrate the operations of Heartland with our existing operations, we
may experience material negative consequences to our business, financial condition or results of
operations. The integration of companies that have previously been operated separately involves a
number of risks, including, but not limited to:
demands on management related to the increase in our size after the Heartland
acquisition;
the diversion of managements attention from the management of daily operations to the
integration of operations;
difficulties in the assimilation and retention of employees; and
difficulties in the integration of departments, systems, including accounting systems,
technologies, books and records and procedures, as well as in maintaining uniform
standards, controls, including internal accounting controls, procedures and policies and
expenses of any undisclosed or potential legal liabilities.
Prior to the acquisition, Heartland and Thor operated as separate entities. We may not be able to
maintain the levels of revenue, earnings or operating efficiency that each entity had achieved or
might achieve separately. Heartlands growth could occur at the expense of our other towable
companies. Successful integration of Heartlands operations will depend on our ability to manage
those operations, realize opportunities for revenue growth presented by strengthened product
offerings and to eliminate redundant and excess costs.
We could incur asset impairment charges for goodwill, intangible
assets or other long-lived assets.
We have a significant amount of goodwill, intangible assets and other
long-lived assets. At least
annually we review goodwill and indefinite-lived trademarks for impairment. Long-lived assets, identifiable intangibles that
are amortized, goodwill and indefinite-lived trademarks are
also reviewed for impairment whenever events or changes in circumstances
indicate the carrying amount of an asset may not be recoverable from future
cash flows. If the carrying value of a long-lived asset is considered
impaired, an impairment charge is recorded for the amount by which the
carrying value of the long-lived asset exceeds its fair value. Our determination of future cash flows, future
recoverability and fair value of our long-lived assets includes significant estimates and assumptions.
Changes in those estimates or assumptions or lower than anticipated future financial performance may result in
the identification of an impaired asset and a non-cash impairment charge, which could be material.
Any such charge will adversely affect our
operating results and financial condition.
Stock Purchase Agreement, dated as of September 16, 2010, by and
among the Company, Heartland RV Holdings, L.P., Towable Holdings,
Inc. Heartland Recreational Vehicles, LLC and certain other
persons named therein (incorporated by reference to Exhibit 10.1
of the Companys Current Report on Form 8-K dated September 22,
2010).
10.2
Registration Rights Agreement, dated as of September 16, 2010, by
and among the Company and certain holders of shares of capital
stock of the Company (incorporated by reference to Exhibit 10.2 of
the Companys Current Report on Form 8-K dated September 22,
2010).
31.1
Chief Executive Officers Certification filed pursuant to Section
302 of the Sarbanes-Oxley Act of 2002.
31.2
Chief Financial Officers Certification filed pursuant to Section
302 of the Sarbanes-Oxley Act of 2002.
32.1
Chief Executive Officers Certification furnished pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002.
32.2
Chief Financial Officers Certification furnished pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002.
Attached as Exhibits 101 to this report are the
following financial statements
from the Companys Quarterly Report on Form 10-Q for the quarter ended
October 31, 2010 formatted in XBRL (eXtensible Business Reporting Language): (i)
the Condensed Consolidated Balance Sheets, (ii) the Statements of Condensed Consolidated Operations, (iii)
the Statements of Condensed Consolidated Cash Flows, and (iv) related notes to these financial
statements tagged as blocks of text.
The XBRL related information in Exhibits 101 to this
Quarterly Report on Form 10-Q shall not be deemed filed or a part of a
registration statement or prospectus for purposes of Section 11 or 12 of the
Securities Act of 1933, as amended, and is not filed for purposes of Section 18 of
the Securities Exchange
Act of 1934, as amended, or otherwise subject to the liabilities of those sections.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused
this report to be signed on its behalf by the undersigned thereunto duly authorized.
THOR INDUSTRIES, INC.
(Registrant)
DATE: November 29, 2010
/s/ Peter B. Orthwein
Peter B. Orthwein
Chairman of the Board, President
and Chief Executive Officer
DATE: November 29, 2010
/s/ Christian G. Farman
Christian G. Farman
Senior Vice President, Treasurer
and Chief Financial Officer
34
EX-31.1
2
l41203exv31w1.htm
EX-31.1
exv31w1
EXHIBIT 31.1
CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Peter B. Orthwein, certify that:
1.
I have reviewed this quarterly report on Form 10-Q of Thor Industries, Inc.;
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact
or omit to state a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with respect to the period
covered by this report;
3.
Based on my knowledge, the financial statements, and other financial information included in
this report, fairly present in all material respects the financial condition, results of
operations and cash flows of the registrant as of, and for, the periods presented in this
report;
4.
The registrants other certifying officer(s) and I are responsible for establishing and
maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and
15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules
13a-15(f) and 15d-15(f)) for the registrant and have:
a)
Designed such disclosure controls and procedures, or caused such disclosure controls
and procedures to be designed under our supervision, to ensure that material information
relating to the registrant, including its consolidated subsidiaries, is made known to us
by others within those entities, particularly during the period in which this report is
being prepared;
b)
Designed such internal control over financial reporting, or caused such internal
control over financial reporting to be designed under our supervision, to provide
reasonable assurance regarding the reliability of financial reporting and the preparation
of financial statements for external purposes in accordance with generally accepted
accounting principles;
c)
Evaluated the effectiveness of the registrants disclosure controls and procedures
and presented in this report our conclusions about the effectiveness of the disclosure
controls and procedures, as of the end of the period covered by this report based on such
evaluation; and
d)
Disclosed in this report any change in the registrants internal control over
financial reporting that occurred during the registrants most recent fiscal quarter that
has materially affected, or is reasonably likely to materially affect, the registrants
internal control over financial reporting; and
5.
The registrants other certifying officer(s) and I have disclosed, based on our most recent
evaluation of internal control over financial reporting, to the registrants auditors and the
audit committee of registrants board of directors (or persons performing the equivalent
functions):
a)
All significant deficiencies and material weaknesses in the design or operation of
internal control over financial reporting which are reasonably likely to adversely affect
the registrants ability to record, process, summarize and report financial information;
and
b)
Any fraud, whether or not material, that involves management or other employees who
have a significant role in the registrants internal controls over financial reporting.
DATE: November 29, 2010
/s/ Peter B. Orthwein
Peter B. Orthwein
Chairman of the Board, President and Chief
Executive Officer
EX-31.2
3
l41203exv31w2.htm
EX-31.2
exv31w2
EXHIBIT 31.2
CERTIFICATION OF THE CHIEF FINANCIAL OFFICER PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Christian G. Farman, certify that:
1.
I have reviewed this quarterly report on Form 10-Q of Thor Industries, Inc.;
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact
or omit to state a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with respect to the period
covered by this report;
3.
Based on my knowledge, the financial statements, and other financial information included
in this report, fairly present in all material respects the financial condition, results of
operations and cash flows of the registrant as of, and for, the periods presented in this
report;
4.
The registrants other certifying officer(s) and I are responsible for establishing and
maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and
15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules
13a-15(f) and 15d-15(f)) for the registrant and have:
a)
Designed such disclosure controls and procedures, or caused such disclosure controls
and procedures to be designed under our supervision, to ensure that material information
relating to the registrant, including its consolidated subsidiaries, is made known to us
by others within those entities, particularly during the period in which this report is
being prepared;
b)
Designed such internal control over financial reporting, or caused such internal
control over financial reporting to be designed under our supervision, to provide
reasonable assurance regarding the reliability of financial reporting and the preparation
of financial statements for external purposes in accordance with generally accepted
accounting principles;
c)
Evaluated the effectiveness of the registrants disclosure controls and procedures
and presented in this report our conclusions about the effectiveness of the disclosure
controls and procedures, as of the end of the period covered by this report based on such
evaluation; and
d)
Disclosed in this report any change in the registrants internal control over
financial reporting that occurred during the registrants most recent fiscal quarter that
has materially affected, or is reasonably likely to materially affect, the registrants
internal control over financial reporting; and
5.
The registrants other certifying officer(s) and I have disclosed, based on our most recent
evaluation of internal control over financial reporting, to the registrants auditors and the
audit committee of registrants board of directors (or persons performing the equivalent
functions):
a)
All significant deficiencies and material weaknesses in the design or operation of
internal control over financial reporting which are reasonably likely to adversely affect
the registrants ability to record, process, summarize and report financial information;
and
b)
Any fraud, whether or not material, that involves management or other employees who
have a significant role in the registrants internal controls over financial reporting.
DATE: November 29, 2010
/s/ Christian G. Farman
Christian G. Farman
Senior Vice President, Treasurer
and Chief Financial Officer
EX-32.1
4
l41203exv32w1.htm
EX-32.1
exv32w1
EXHIBIT 32.1
SARBANES-OXLEY ACT SECTION 906 CERTIFICATIONS
OF CHIEF EXECUTIVE OFFICER
In connection with this quarterly report on Form 10-Q of Thor Industries, Inc. for the period ended
October 31, 2010, I, Peter B. Orthwein, Chairman of the Board, President and Chief Executive
Officer of Thor Industries, Inc., hereby certify pursuant to 18 U.S.C. § 1350, as adopted pursuant
to § 906 of the Sarbanes-Oxley Act of 2002, that:
1.
this Form 10-Q for the period ended October 31, 2010 fully complies with the
requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
2.
the information contained in this Form 10-Q for the period ended October 31, 2010
fairly presents, in all material respects, the financial condition and results of
operations of Thor Industries, Inc.
DATE: November 29, 2010
/s/ Peter B. Orthwein
Peter B. Orthwein
Chairman, President and Chief Executive
Officer (Principal executive officer)
EX-32.2
5
l41203exv32w2.htm
EX-32.2
exv32w2
EXHIBIT 32.2
SARBANES-OXLEY ACT SECTION 906 CERTIFICATIONS
OF CHIEF FINANCIAL OFFICER
In connection with this quarterly report on Form 10-Q of Thor Industries, Inc. for the period ended
October 31, 2010, I, Christian G. Farman, Senior Vice President, Treasurer and Chief Financial
Officer of Thor Industries, Inc., hereby certify pursuant to 18 U.S.C. § 1350, as adopted pursuant
to § 906 of the Sarbanes-Oxley Act of 2002, that:
1.
this Form 10-Q for the period ended October 31, 2010 fully complies with the
requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
2.
the information contained in this Form 10-Q for the period ended October 31, 2010
fairly presents, in all material respects, the financial condition and results of
operations of Thor Industries, Inc.
DATE: November 29, 2010
/s/ Christian G. Farman
Christian G. Farman
Senior Vice President, Treasurer
and Chief Financial Officer (Principal financial
and accounting officer)
EX-101.INS
6
tho-20101031.xml
EX-101 INSTANCE DOCUMENT
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<!-- Begin Block Tagged Note 1 - us-gaap:NatureOfOperations-->
<div align="left" style="font-family: Helvetica,Arial,sans-serif">
<!-- xbrl,ns -->
<!-- xbrl,nx -->
<div align="left" style="font-size: 10pt; margin-top: 0pt"><u><b></b></u>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left">1.</td>
<td width="1%"> </td>
<td><i>Nature of Operations </i>
- Thor Industries, Inc. was founded in 1980 and, together with
its subsidiaries (the “Company”), manufactures a wide range of recreation vehicles and small
and mid-size buses at various manufacturing facilities across the United States. These
products are sold to independent dealers and municipalities primarily throughout the United
States and Canada.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>The Company’s core business activities are comprised of three distinct operations, which
include the design, manufacture and sale of motorized recreation vehicles, towable recreation
vehicles and buses. Accordingly, the Company has presented segmented financial information for
these three segments in Note 6 to the Company’s Notes to the Condensed Consolidated Financial
Statements.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>The July 31, 2010 amounts are derived from the annual audited financial statements. The interim
financial statements are unaudited. In the opinion of management, all adjustments (which
consist of normal recurring adjustments) necessary to present fairly the financial position,
results of operations and change in cash flows for the interim periods presented have been
made. These financial statements should be read in conjunction with the Company’s Annual Report
on Form 10-K for the year ended July 31, 2010. The results of operations for the three months
ended October 31, 2010, including Heartland Recreational Vehicles, LLC (“Heartland”) since its
acquisition on September 16, 2010, are not necessarily indicative of the results for the full
year.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td><i>Accounting Pronouncements — </i>In June 2009, the Financial Accounting Standards Board,
(“FASB”), issued SFAS No. 167, “Amendments to FASB Interpretation No. 46(R)” (SFAS 167). SFAS
No. 167 amends ASC 810-10 (formerly FASB Interpretation No. 46(R)) by adding previously
considered qualifying special purpose entities (the concept of these entities was eliminated by
SFAS No. 166). In addition, companies must perform an analysis to determine whether the
Company’s variable interest or interests give it a controlling financial interest in a variable
interest entity. Companies must also reassess on an ongoing basis whether the Company is the
primary beneficiary of a variable interest entity. The amendments to ASC 810-10 are effective
for fiscal years beginning after November 15, 2009. The Company adopted the amendments
effective August 1, 2010. The adoption of the amendments did not have any impact on the
financial statements.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>In July 2010, the FASB issued Accounting Standards Update, or ASU, 2010-20 “Disclosures about
the Credit Quality of Financing Receivables and Allowance for Credit Losses.” The new
disclosure guidance expands the existing requirements. The enhanced disclosures provide
information on the nature of credit risk in a company’s financing of receivables, how that risk
is analyzed in determining the related allowance for credit losses, and changes to the
allowance during the reporting period. The new disclosures will become effective for the
Company’s interim and annual reporting periods ending after December 15, 2010. The Company does
not expect the adoption of this ASU to have a material impact on its financial disclosures, and
it will adopt its provisions when they become effective.</td>
</tr>
</table>
</div>
</div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged Note 2 - us-gaap:BusinessCombinationDisclosureTextBlock-->
<div align="left" style="font-family: Helvetica,Arial,sans-serif">
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left">2.</td>
<td width="1%"> </td>
<td>Acquisitions</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>On September 16, 2010, the Company purchased all of the outstanding capital stock of Towable
Holdings, Inc., which owns all of the outstanding equity interests of Heartland Recreational
Vehicles, LLC, (“Heartland”). Heartland is engaged in the business of manufacturing and
marketing recreation vehicles, consisting of travel trailers and fifth wheel vehicles.
Heartland will operate as a wholly-owned subsidiary of the Company and will be managed as its
own operating unit that is aggregated into the Company’s towable recreation vehicle reportable
segment. The assets acquired as a result of the acquisition include equipment and other
tangible and intangible property. The assets of Heartland will be used in connection with the
operation of Heartland’s business of manufacturing and marketing towable recreation vehicles.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>Pursuant to the purchase agreement entered into in connection with the acquisition, the Company
paid $99,562 in cash and issued 4,300,000 shares of the Company’s unregistered common stock
(“Thor Shares”) valued at an aggregate of $90,531. The value of the shares was based on an
independent appraisal. The cash portion of the consideration was funded entirely from the
Company’s cash on hand. The cash portion of the consideration is
subject to adjustment
following the completion of a post-closing audit of the financial statements of Heartland and
its parent as described in the purchase agreement. Thus far, adjustments to increase
consideration of $170 have
been identified and accrued as of October 31, 2010, and the remaining adjustments are not
expected to be significant. In addition, the Company expensed $1,796 of transaction costs as
part of corporate selling, general and administrative expense in connection with the
acquisition during the three months ended October 31, 2010.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>Members of management of Heartland who received Thor shares also entered into a stock
restriction agreement with the Company, which, among other things, places restrictions on the
disposition of the Company’s common stock issued to such persons for a period of four years
after the closing of the transaction, which restrictions lapse in pro rata amounts beginning on
the first anniversary of the closing of the transaction and every six months thereafter, with
an exception for certain permitted acceleration events. In addition, the Company granted to the
former indirect security holders of Heartland who received Thor shares registration rights to
register the resale of the Thor shares.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>The following table summarizes the preliminary approximate fair value of the net assets
acquired, which are based on internal and independent external evaluations, at the date of the
closing. We are in the process of finalizing the fair value of the
intangible assets. Further adjustment of the allocation is not expected to be material.</td>
</tr>
</table>
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="88%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Current assets
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">48,913</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Property, plant and equipment
</div></td>
<td> </td>
<td> </td>
<td align="right">9,993</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Dealer network
</div></td>
<td> </td>
<td> </td>
<td align="right">67,000</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Goodwill
</div></td>
<td> </td>
<td> </td>
<td align="right">94,865</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Trademarks
</div></td>
<td> </td>
<td> </td>
<td align="right">25,200</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Technology assets
</div></td>
<td> </td>
<td> </td>
<td align="right">21,300</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Non-compete agreement
</div></td>
<td> </td>
<td> </td>
<td align="right">4,130</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Backlog
</div></td>
<td> </td>
<td> </td>
<td align="right">690</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Current liabilities
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(42,767</td>
<td nowrap="nowrap">)</td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Other liabilities
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(39,061</td>
<td nowrap="nowrap">)</td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Total fair value of net assets acquired
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">190,263</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>The Company did not assume any of Heartland’s outstanding debt, other than the existing capital
lease obligations included in the table above. Amortized intangible assets have a weighted
average useful life of 14.9 years. The dealer network was valued based on the Discounted Cash
Flow Method and will be amortized on an accelerated cash flows basis over 12 years. The
technology assets were valued based on the Relief from Royalty Method and will be amortized on
a straight line basis over 10 to 15 years. The non-compete agreements were valued based on a
form of the Discounted Cash Flow Method, the Lost Income Method, and will be amortized on a
straight line basis over 5 years. The trademarks were valued based on the Relief from Royalty
Method and will be amortized on a straight line basis over 25 years. The backlog was valued
based on the Discounted Cash Flow Method and will be amortized over 3 weeks. Goodwill is not
subject to amortization. Prior to the acquisition, Heartland had historical net tax basis in goodwill of
approximately $11,600 that is deductible for tax purposes and will continue to be deductible.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>The primary reasons for the acquisition include Heartland’s future earning potential, its fit
with our existing operations, its market share and its cash flow. The results of operations of
Heartland are included in the Company’s Statement of Condensed Consolidated Operations from the
date of the acquisition. Through October 31, 2010, Heartland recorded net sales of $50,119 and
net income before tax of $315. Net income before tax includes onetime costs of $669 related to
the step-up in finished goods inventory and $690 for amortization of backlog. The following
unaudited pro forma information represents the Company’s results of operations as if the
acquisition had occurred at the beginning of each of the respective periods. These performance
results may not be indicative of the actual results that would have occurred under the
ownership and management of the Company.</td>
</tr>
</table>
</div>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: Helvetica,Arial,sans-serif">
<div style="margin-top: 6pt">
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="76%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000">Three Months Ended October 31,</td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">2009</td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Net sales
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">668,576</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">582,045</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Net income
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">26,816</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">25,812</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Basic earnings per common share
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">.48</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">.43</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Diluted earnings per common share
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">.48</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">.43</td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>On March 1, 2010, the Company acquired 100% of SJC Industries Corp. (“SJC”), a privately-held
manufacturer of ambulances based in Elkhart, Indiana, for $19,756 in cash and $325 of future
cash obligations to the seller for a total purchase price of $20,081. The Company believes that
SJC is currently the second largest manufacturer of ambulances in the United States. Its brands
include McCoy Miller, Marque and Premiere, each of which is sold through a nationwide network
of dealers. The Company believes that the ambulance business is a natural fit with Thor’s bus
business and has included the operations of SJC in its Buses reportable segment. Under the
Company’s ownership, SJC will continue as an independent operation, in the same manner as the
Company’s recreation vehicle and bus companies. The operations of SJC are included in the
Company’s operating results from the date of its acquisition.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>Based on internal and independent external valuations, the Company allocated the preliminary
purchase price to the net identifiable assets of SJC as follows:</td>
</tr>
</table>
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="88%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Net working capital
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">7,412</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Property, plant and equipment
</div></td>
<td> </td>
<td> </td>
<td align="right">2,459</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Dealer network
</div></td>
<td> </td>
<td> </td>
<td align="right">5,230</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Goodwill
</div></td>
<td> </td>
<td> </td>
<td align="right">2,490</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Trademarks
</div></td>
<td> </td>
<td> </td>
<td align="right">2,100</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Technology
</div></td>
<td> </td>
<td> </td>
<td align="right">270</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Non-compete
</div></td>
<td> </td>
<td> </td>
<td align="right">120</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">20,081</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>Amortized intangible assets have a weighted average useful life of 13.4 years. The dealer
network will be amortized on a straight line basis over 14 years, and the technology assets and
non-compete agreements will both be amortized on a straight line basis over 5 years. Goodwill
and trademarks are not subject to amortization. The entire goodwill balance is tax deductible.
Pro forma financial information has not been presented due to its insignificance.</td>
</tr>
</table>
</div>
</div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged Note 3 - us-gaap:InventoryDisclosureTextBlock-->
<div style="font-family: Helvetica,Arial,sans-serif">
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left">3.</td>
<td width="1%"> </td>
<td>Major classifications of inventories are:</td>
</tr>
</table>
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="76%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>October 31, 2010</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>July 31, 2010</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Raw materials
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">88,500</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">78,481</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Chassis
</div></td>
<td> </td>
<td> </td>
<td align="right">43,381</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">33,335</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Work in process
</div></td>
<td> </td>
<td> </td>
<td align="right">50,155</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">46,681</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Finished goods
</div></td>
<td> </td>
<td> </td>
<td align="right">24,562</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">9,681</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Total
</div></td>
<td> </td>
<td> </td>
<td align="right">206,598</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">168,178</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Excess of FIFO costs over LIFO costs
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(25,498</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(25,498</td>
<td nowrap="nowrap">)</td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Total inventories
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">181,100</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">142,680</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>Of the $206,598 of inventory at October 31, 2010, all but $32,046 at certain subsidiaries are
valued on a last-in, first-out basis. This $32,046 of inventory is valued on a first-in,
first-out method.</td>
</tr>
</table>
</div>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: Helvetica,Arial,sans-serif">
<div style="margin-top: 6pt">
</div>
</div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged Note 4 - us-gaap:EarningsPerShareTextBlock-->
<div style="font-family: Helvetica,Arial,sans-serif">
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left">4.</td>
<td width="1%"> </td>
<td>Earnings Per Share</td>
</tr>
</table>
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="76%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Three Months Ended</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Three Months Ended</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>October 31, 2010</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>October 31, 2009</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Weighted average shares
outstanding for basic earnings
per share
</div></td>
<td> </td>
<td> </td>
<td align="right">53,621,890</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">55,436,924</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Stock options and restricted stock
</div></td>
<td> </td>
<td> </td>
<td align="right">86,214</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">79,848</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Total — For diluted shares
</div></td>
<td> </td>
<td> </td>
<td align="right">53,708,104</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">55,516,772</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>The Company excludes stock options that have an antidilutive effect from its calculation of
weighted average shares outstanding assuming dilution. At October 31, 2010 and 2009, the
Company had stock options outstanding of 909,000 and 239,000, respectively, which were excluded
from this calculation.</td>
</tr>
</table>
</div>
</div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged Note 5 - us-gaap:ComprehensiveIncomeNoteTextBlock-->
<div style="font-family: Helvetica,Arial,sans-serif">
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left">5.</td>
<td width="1%"> </td>
<td>Comprehensive Income</td>
</tr>
</table>
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="76%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Three Months Ended</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Three Months Ended</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>October 31, 2010</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>October 31, 2009</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Net Income
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">23,688</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">23,429</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Foreign currency translation adjustment, net of tax
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(81</td>
<td nowrap="nowrap">)</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Change in temporary impairment of investments, net of tax
</div></td>
<td> </td>
<td> </td>
<td align="right">132</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(28</td>
<td nowrap="nowrap">)</td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Comprehensive income
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">23,820</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">23,320</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
</div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged Note 6 - us-gaap:SegmentReportingDisclosureTextBlock-->
<div style="font-family: Helvetica,Arial,sans-serif">
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left">6.</td>
<td width="1%"> </td>
<td>Segment Information</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>The Company has three reportable segments: (1) towable recreation vehicles, (2) motorized
recreation vehicles, and (3) buses. The towable recreation vehicle segment consists of product
lines from the following operating companies that have been aggregated: Airstream,
Breckenridge, CrossRoads, Dutchmen, General Coach Canada, Keystone, Heartland (since its
acquisition on September 16, 2010) and Komfort. The motorized recreation vehicle segment
consists of product lines from the following operating companies that have been aggregated:
Airstream and Thor Motor Coach (formerly Damon and Four Winds). The bus segment consists of the
following operating companies that have been aggregated: Champion Bus, General Coach, ElDorado
California, ElDorado Kansas, Goshen Coach and SJC (since its acquisition on March 1, 2010).</td>
</tr>
</table>
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="76%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Three Months Ended</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Three Months Ended</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>October 31, 2010</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>October 31, 2009</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Net Sales:
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Recreation vehicles:
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:45px; text-indent:-15px">Towables
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">422,449</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">342,136</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:45px; text-indent:-15px">Motorized
</div></td>
<td> </td>
<td> </td>
<td align="right">84,114</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">47,793</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Total recreation vehicles
</div></td>
<td> </td>
<td> </td>
<td align="right">506,563</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">389,929</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Buses
</div></td>
<td> </td>
<td> </td>
<td align="right">100,121</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">112,623</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Total
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">606,684</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">502,552</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="76%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Three Months Ended</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Three Months Ended</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>October 31, 2010</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>October 31, 2009</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Income (Loss) Before Income Taxes:
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Recreation vehicles:
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:45px; text-indent:-15px">Towables
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">33,100</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">31,540</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:45px; text-indent:-15px">Motorized
</div></td>
<td> </td>
<td> </td>
<td align="right">1,004</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">102</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Total recreation vehicles
</div></td>
<td> </td>
<td> </td>
<td align="right">34,104</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">31,642</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Buses
</div></td>
<td> </td>
<td> </td>
<td align="right">9,419</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">8,380</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Corporate
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(9,737</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(2,769</td>
<td nowrap="nowrap">)</td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Total
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">33,786</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">37,253</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 0px solid #000000"><b></b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 0px solid #000000"><b></b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>October 31, 2010</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>July 31, 2010</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Identifiable Assets:
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Recreation vehicles:
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:45px; text-indent:-15px">Towables
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">664,585</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">413,112</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:45px; text-indent:-15px">Motorized
</div></td>
<td> </td>
<td> </td>
<td align="right">96,964</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">86,726</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Total recreation vehicles
</div></td>
<td> </td>
<td> </td>
<td align="right">761,549</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">499,838</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Buses
</div></td>
<td> </td>
<td> </td>
<td align="right">125,398</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">124,374</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Corporate
</div></td>
<td> </td>
<td> </td>
<td align="right">209,171</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">339,861</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Total
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">1,096,118</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">964,073</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: Helvetica,Arial,sans-serif">
</div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged Note 7 - us-gaap:ScheduleOfTreasuryStockByClassTextBlock-->
<div style="font-family: Helvetica,Arial,sans-serif">
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left">7.</td>
<td width="1%"> </td>
<td>Treasury Stock</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>In the second quarter of fiscal year 2010, the Company purchased 3,980,000 shares of
the Company’s common stock at $29.00 per share and held them as treasury stock at a total
cost of $115,420.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>The shares were repurchased by the Company from the Estate of Wade F. B. Thompson (the
“Estate”) in a private transaction. The late Wade F. B. Thompson was the Company’s former
Chairman, President and Chief Executive Officer. The repurchase transaction was evaluated
and approved by the members of Thor’s Board who are not affiliated with the Estate. At
the time of the repurchase, the shares represented 7.2% of Thor’s common stock
outstanding. The Company used available cash to purchase the shares.</td>
</tr>
</table>
</div>
</div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged Note 8 - us-gaap:FairValueDisclosuresTextBlock-->
<div style="font-family: Helvetica,Arial,sans-serif">
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left">8.</td>
<td width="1%"> </td>
<td>Investments and Fair Value Measurements</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>ASC-820-10, “<i>Fair Value Measurements and Disclosures”</i>, defines fair value, establishes a
framework for measuring fair value under generally accepted accounting principles and enhances
disclosures about fair value measurements. Fair value is defined as the exchange price that
would be received for an asset or paid to transfer a liability (i.e., an exit price) in the
principal or most advantageous market for the asset or liability in an orderly transaction
between market participants on the measurement date. Valuation techniques used to measure fair
value must maximize the use of observable inputs and minimize the use of unobservable inputs.
The standard describes a fair value hierarchy based on three levels of inputs, of which the
first two are considered observable and the last unobservable, that may be used to measure
fair value, which are the following:</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>Level 1 — Quoted prices in active markets for identical assets or liabilities.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>Level 2 — Inputs other than Level 1 that are observable, either directly or indirectly, such
as quoted prices for similar assets or liabilities; quoted prices in markets that are not
active; or other inputs that are observable or can be corroborated by observable market data
for substantially the full term of the assets or liabilities.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>Level 3 — Unobservable inputs that are supported by little or no market activity and that are
significant to the fair value of the assets or liabilities.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>The following table represents the Company’s fair value hierarchy for its financial assets
(cash and cash equivalents and investments) measured at fair value on a recurring basis as of
October 31, 2010 and July 31, 2010:</td>
</tr>
</table>
</div>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: Helvetica,Arial,sans-serif">
<div style="margin-top: 0pt">
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="52%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000">October 31, 2010</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000">July 31, 2010</td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2">Cash and Cash</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2">Auction Rate</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2">Cash and Cash</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2">Auction Rate</td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Equivalents</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Securities</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Equivalents</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Securities</td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Levels of Input:
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Level 1
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">141,747</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">247,751</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Level 2
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Level 3
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3,390</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">5,327</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">141,747</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">3,390</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">247,751</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">5,327</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>The Company’s cash equivalents are comprised of money market funds traded in an active
market with no restrictions.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>In addition to the above investments, the Company holds non-qualified retirement plan assets of
$7,833 at October 31, 2010 ($7,499 at July 31, 2010). These assets, which are held for the
benefit of certain employees of the Company, represent Level 1 investments primarily in mutual
funds which are valued using observable market prices in active markets. They are included in
other assets on the Condensed Consolidated Balance Sheets.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>Level 3 assets consist of bonds with an auction reset feature (“auction rate securities” or
“ARS”) whose underlying assets are primarily student loans which are substantially backed by
the federal government. Auction rate securities are long-term floating rate bonds tied to
short-term interest rates. After the initial issuance of the securities, the interest rate on
the securities is reset periodically, at intervals established at the time of issuance based on
market demand for a reset period. Auction rate securities are bought and sold in the
marketplace through a competitive bidding process often referred to as a “Dutch auction.” If
there is insufficient interest in the securities at the time of an auction, the auction may not
be completed and the rates may be reset to pre-determined “penalty” or “maximum” rates based on
mathematical formulas in accordance with each security’s prospectus.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>The following table provides a reconciliation of the beginning and ending balances for the
assets measured at fair value using significant unobservable inputs (Level 3 financial assets):</td>
</tr>
</table>
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="88%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Fair Value Measurements at</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Reporting Date Using</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Significant Unobservable Inputs</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>(Level 3)</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Balances at August 1, 2010
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">5,327</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Net change in other comprehensive income
</div></td>
<td> </td>
<td> </td>
<td align="right">213</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Net loss included in earnings
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Purchases
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Sales/Maturities
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(2,150</td>
<td nowrap="nowrap">)</td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Balances at October 31, 2010
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">3,390</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td><u><b>Auction Rate Securities</b></u></td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>At October 31, 2010, the Company held $3,700 (par value) of long-term investments comprised of
tax-exempt ARS, which are variable-rate debt securities and have a long-term maturity with the
interest being reset through Dutch auctions that are typically held every 7, 28 or 35 days. The
securities have historically traded at par and are callable at par at the option of the issuer.
Interest is typically paid at the end of each auction period or semi-annually. At October 31,
2010, the majority of the ARS we held were AAA rated or equivalent, and none were below AA
rated or equivalent, with most collateralized by student loans substantially backed by the U.S.
Federal government.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>Since February 12, 2008, most auctions have failed for these securities and there is no
assurance that future auctions on the ARS in our investment portfolio will succeed and, as a
result, our ability to liquidate our investment and fully recover the par value of our
investment in the near term may be limited or not exist. An auction failure means that the
parties wishing to sell securities could not.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>At October 31, 2010, there was insufficient observable ARS market information available to
determine the fair value of our ARS investments. Therefore, management, assisted by Houlihan,
Smith & Company, Inc., an independent consultant, determined an estimated fair value. In
determining the estimate, consideration was given to credit quality, final stated maturities,
estimates on the probability of the issue being called prior to final maturity, impact due to
extended periods of maximum auction rates and broker quotes. Based on this analysis, we
recognized a total
temporary impairment of $310 ($192 total net of tax in other comprehensive
income which is in the equity section of the balance sheet) as of October 31, 2010 related to
our long-term ARS investments of $3,700 (par value).</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>We have no reason to believe that any of the underlying issuers of our ARS are presently at
risk of default. Through October 31, 2010, we have continued to receive interest payments on
the ARS in accordance with their terms. We believe we will be able to liquidate our investments
without significant loss primarily due to the government guarantee of the underlying
securities; however, it could take until the final maturity of the underlying notes (up to 30
years) to realize our investments’ par value.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>Although there is uncertainty with regard to the short-term liquidity of these securities, the
Company continues to believe that the carrying amount represents the fair value of these
marketable securities because of the overall quality of the underlying investments and the
anticipated future market for such investments.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>In addition, the Company has the intent and ability to hold these securities until the earlier
of: the market for ARS stabilizes, the issuer refinances the underlying security, a buyer is
found outside of the auction process at acceptable terms, or the underlying securities have
matured.</td>
</tr>
</table>
</div>
</div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged Note 9 - us-gaap:GoodwillAndIntangibleAssetsDisclosureTextBlock-->
<div style="font-family: Helvetica,Arial,sans-serif">
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left">9.</td>
<td width="1%"> </td>
<td>Goodwill and Other Intangible Assets</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>The components of amortizable intangible assets are as follows:</td>
</tr>
</table>
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="52%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>October 31, 2010</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>July 31, 2010</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Accumulated</b></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Accumulated</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Cost</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Amortization</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Cost</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Amortization</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Dealer networks
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">72,230</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">947</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">5,230</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">156</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Non-compete agreements
</div></td>
<td> </td>
<td> </td>
<td align="right">6,851</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2,489</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2,721</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2,315</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Heartland trademarks
</div></td>
<td> </td>
<td> </td>
<td align="right">25,200</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">126</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Technology and other intangibles
</div></td>
<td> </td>
<td> </td>
<td align="right">22,260</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,006</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">270</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">22</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Total amortizable intangible assets
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">126,541</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">4,568</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">8,221</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">2,493</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>Non-compete agreements, finite lived trademarks, technology and other intangibles are amortized
on a straight-line basis. Dealer networks are generally amortized on an accelerated cash flow
basis. The weighted average remaining amortization period at October 31, 2010 is 14.73 years.
The increase in amortizable intangibles since July 31, 2010 is related to the acquisition of
Heartland, which is more fully described in Note 2.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>Estimated Amortization Expense:</td>
</tr>
</table>
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="88%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">For the fiscal year ending July 2011
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">9,942</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">For the fiscal year ending July 2012
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">10,682</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">For the fiscal year ending July 2013
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">10,490</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">For the fiscal year ending July 2014
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">10,222</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">For the fiscal year ending July 2015 and thereafter
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">82,712</td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>Goodwill and indefinite-lived intangible assets are reviewed for impairment by applying a
fair-value based test on an annual basis, or more frequently if circumstances indicate a
potential impairment. During the first quarter of fiscal 2011, management decided to combine
our Damon and Four Winds motorized operations to form Thor Motor Coach to optimize operations
and garner cost efficiencies. As a result, the trademarks associated with one of the former
operating companies will be discontinued and was written off.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>Goodwill and indefinite-lived intangible assets are not subject to amortization.</td>
</tr>
</table>
</div>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: Helvetica,Arial,sans-serif">
<div style="margin-top: 6pt">
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>The change in carrying value in goodwill and indefinite-lived trademarks from July 31, 2010 to
October 31, 2010 is as follows:</td>
</tr>
</table>
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="76%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Goodwill</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Trademarks</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Balance at July 31, 2010
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">150,901</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">14,936</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Impairment of trademark in motorized reportable segment
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(2,036</td>
<td nowrap="nowrap">)</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Heartland acquisition in towables reportable segment
</div></td>
<td> </td>
<td> </td>
<td align="right">94,865</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Balance at October 31, 2010
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">245,766</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">12,900</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>Goodwill and trademarks by reportable segment are as follows:</td>
</tr>
</table>
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="52%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>October 31, 2010</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>July 31, 2010</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Goodwill</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Trademarks</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Goodwill</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Trademarks</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Recreation Vehicles
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Towables
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">238,660</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">34,811</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">143,795</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">9,737</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Motorized
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2,036</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Buses
</div></td>
<td> </td>
<td> </td>
<td align="right">7,106</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3,163</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">7,106</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3,163</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Total
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">245,766</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">37,974</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">150,901</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">14,936</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:30px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
</div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged Note 10 - us-gaap:ProductWarrantyDisclosureTextBlock-->
<div style="font-family: Helvetica,Arial,sans-serif">
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left">10.</td>
<td width="1%"> </td>
<td>Product Warranties</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>The Company generally provides retail customers of its products with a one-year warranty
covering defects in material or workmanship, with longer warranties of up to five years on
certain structural components. The Company records a liability based on its best estimate of
the amounts necessary to settle future and existing claims on products sold as of the balance
sheet date. Factors used in estimating the warranty liability include a history of units sold,
existing dealer inventory, average cost incurred and a profile of the distribution of warranty
expenditures over the warranty period. A significant increase in dealer shop rates, the cost of
parts or the frequency of claims could have a material adverse impact on the Company’s
operating results for the period or periods in which such claims or additional costs
materialize. Management believes that the warranty reserve is adequate. However, actual claims
incurred could differ from estimates, requiring adjustments to the reserves. Warranty reserves
are reviewed and adjusted as necessary on a quarterly basis.</td>
</tr>
</table>
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="76%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Three Months Ended</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Three Months Ended</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>October 31, 2010</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>October 31, 2009</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Beginning Balance
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">51,467</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">41,717</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Provision
</div></td>
<td> </td>
<td> </td>
<td align="right">14,366</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">12,791</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Payments
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(13,538</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(11,998</td>
<td nowrap="nowrap">)</td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Acquisitions
</div></td>
<td> </td>
<td> </td>
<td align="right">10,179</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Ending Balance
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">62,474</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">42,510</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: Helvetica,Arial,sans-serif">
</div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged Note 11 - us-gaap:CommitmentsAndContingenciesDisclosureTextBlock-->
<div style="font-family: Helvetica,Arial,sans-serif">
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left">11.</td>
<td width="1%"> </td>
<td>Contingent Liabilities and Commitments</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>The Company is contingently liable under terms of repurchase agreements with certain financial
institutions providing inventory financing for certain dealers of certain of its products.
These arrangements, which are customary in the industry, provide for the repurchase of products
sold to dealers in the event of default by the dealer. The repurchase price is generally
determined by the original sales price of the product and pre-defined curtailment arrangements
and the Company typically resells the repurchased product at a discount from its repurchase
price. The risk of loss from these agreements is spread over numerous dealers. In addition to
the guarantee under these repurchase agreements, the Company also provides limited guarantees
to certain of its dealers, most of which are currently in the process of being wound down.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>The Company’s principal commercial commitments under repurchase agreements and guarantees at
October 31, 2010 are summarized in the following chart:</td>
</tr>
</table>
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="56%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="27%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Total Amount</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td nowrap="nowrap" align="center" style="border-bottom: 1px solid #000000"><b>Commitment</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Committed</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" style="border-bottom: 1px solid #000000"><b>Terms of Commitments</b></td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Guarantee on dealer financing
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">2,935</td>
<td> </td>
<td> </td>
<td align="left" valign="top">Various</td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Standby repurchase obligation on dealer financing
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">708,282</td>
<td> </td>
<td> </td>
<td align="left" valign="top">Up to eighteen months</td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>The repurchase agreement obligations generally extend up to eighteen months from the date of
sale of the related product to the dealer. The repurchase and guarantee reserve balance as of
October 31, 2010, which is included in other current liabilities on the Condensed Consolidated
Balance Sheets, is $3,874 and includes the deferred estimated fair value of the implied
guarantee under outstanding repurchase obligations and the estimated loss upon the eventual
resale of expected repurchased product. These reserves do not include any amounts for direct
guarantees as the Company does not currently expect any losses from such guarantees. The table
below reflects losses incurred under repurchase agreements in the period noted. Management
believes that any future losses under these agreements will not have a significant effect on
the Company’s consolidated financial position or results of operations.</td>
</tr>
</table>
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="76%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Three Months Ended</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Three Months Ended</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>October 31, 2010</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>October 31, 2009</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Cost of units repurchased
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">2,220</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">1,377</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Realization of units resold
</div></td>
<td> </td>
<td> </td>
<td align="right">1,927</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,041</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Losses due to repurchase
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">293</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">336</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>The Company obtains certain vehicle chassis from automobile manufacturers under converter pool
agreements. These agreements generally provide that the manufacturer will supply chassis at the
Company’s various production facilities under the terms and conditions set forth in the
agreement. The manufacturer does not transfer the certificate of origin to the Company and,
accordingly, the Company accounts for the chassis as consigned, unrecorded inventory. Upon
being put into production, the Company becomes obligated to pay the manufacturer for the
chassis. Chassis are typically converted and delivered to customers within 90 days of delivery.
If the chassis is not converted within 90 days of delivery to the Company, the Company
generally purchases the chassis and records the inventory. At October 31, 2010, chassis on hand
accounted for as consigned, unrecorded inventory was approximately $25,146. In addition to this
consigned inventory, at October 31, 2010, an additional $13,303 of chassis provided by
customers were located at the Company’s production facilities pending further manufacturing.
The Company never purchases these chassis and does not include their cost in its billings to
the customer for the completed unit.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>The Company has been subject to an SEC review regarding the facts and circumstances giving rise
to the restatement of its previously issued financial statements as of July 31, 2006 and 2005,
and for each of the years in the three-year period ended July 31, 2006, and the financial
results in each of the quarterly periods in 2006 and 2005, and its financial statements as of
and for the three months ended October 31, 2006 and related matters. The Company has cooperated
fully with the SEC, including from time to time responding to SEC staff requests for additional
information. The investigation by the SEC staff could result in the SEC seeking various
penalties and relief, including, without limitation, civil injunctive relief and/or civil
monetary penalties or administrative relief. The Company is currently discussing the terms of a
possible settlement of this matter with the SEC staff. However, there can be no assurance that
a settlement will be reached.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>The Company has been named in approximately 800 complaints, some of which were originally
styled as putative class actions (with respect to which class certification was ultimately
denied) and some of which were filed by individual plaintiffs, filed against manufacturers of
travel trailers and manufactured homes supplied to the Federal Emergency Management Agency
(“FEMA”) for use as emergency living accommodations in the wake of Hurricanes
Katrina and Rita. The complaints have been transferred to the Eastern District of
Louisiana by the federal panel on multidistrict litigation for consideration in a matter
captioned In re FEMA Trailer Formaldehyde Products Liability Litigation, Case Number MDL
07-1873, United States District Court for the Eastern District of Louisiana. The complaints
generally assert claims for damages (for health related problems, medical expenses, emotional
distress and lost earnings) and for medical monitoring costs due to the presence of
formaldehyde in the units. Some of the lawsuits also seek punitive and/or exemplary damages.
Thus far, however, none of the lawsuits allege a specific amount of damages sought and instead
make general allegations about the nature of the plaintiffs’ claims without placing a dollar
figure on them. The Company strongly disputes the allegations in these complaints, and intends
to vigorously defend itself in all such matters.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>In addition, the Company is involved in certain litigation arising out of its operations in the
normal course of its business, most of which are based upon state “lemon laws,” warranty
claims, other claims and accidents (for which the Company carries insurance above a specified
deductible amount). In this regard, the Company was a party to two companion lawsuits pending
in Jefferson County, Texas which were brought against it and its affiliates, each of which
arose from a March 29, 2006 crash of a bus manufactured by a subsidiary of the Company. At the
mediation of the cases on June 15, 2010, a complete settlement of both cases was reached.
Formal settlement agreements were executed by each of the plaintiffs in August 2010, and
counsel for all plaintiffs and cross-claimants have signed Notices of Nonsuit which were filed
with both courts. The Company was informed that an Order of Dismissal was signed and entered in
each of the lawsuits, one on September 16, 2010 and the other on September 20, 2010, disposing
of both lawsuits.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>On June 25, 2010, the Company and certain of its officers and directors were sued in the United
States District Court for the Southern District of Ohio — Dayton Division by Teamsters Allied
Benefit Funds, individually and purportedly on behalf of a class of all those who purchased or
acquired Thor common stock between November 30, 2009 to June 10, 2010. The complaint alleged
violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, alleging that
the Company’s SEC filings and press releases were false and misleading due to, among other
things, the Company’s June 10, 2010 announcement that its financial statements might need to be
restated. The Company has since announced that a restatement is not necessary. The Company
believed the lawsuit was without merit, and the plaintiff agreed to voluntarily dismiss the
lawsuit without prejudice on September 7, 2010.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>While it is impossible to estimate with certainty the ultimate legal and financial liability
with respect to the litigation arising out of the Company’s operations in the normal course of
business, including the pending litigation described above, the Company believes that while the
final resolution of any such litigation may have an impact on its consolidated results for a
particular reporting period, the ultimate disposition of such litigation will not have any
material adverse effect on its financial position, results of operations or liquidity.</td>
</tr>
</table>
</div>
</div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged Note 12 - us-gaap:IncomeTaxDisclosureTextBlock-->
<div style="font-family: Helvetica,Arial,sans-serif">
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left">12.</td>
<td width="1%"> </td>
<td>Provision for Income Taxes</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>The Company accounts for income taxes under the provisions of ASC 740, “<i>Income Taxes"</i>. The
objectives of accounting for income taxes are to recognize the amount of taxes payable or
refundable for the current period and deferred tax liabilities and assets for the future tax
consequences of events that have been recognized in the Company’s financial statements or tax
returns. Judgment is required in assessing the future tax consequences of events that have been
recognized in the Company’s financial statements or tax returns. Fluctuations in the actual
outcome of these future tax consequences could materially impact the Company’s financial
position or its results of operations.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>It is the Company’s policy to recognize interest and penalties accrued relative to unrecognized
tax benefits in income tax expense. For the three month period ended October 31, 2010, the
Company released approximately $4,500 of gross uncertain tax benefit reserve and related
interest and penalties recorded at July 31, 2010 related to the effective settlement of certain
uncertain tax benefits, which resulted in a net income tax benefit of approximately
$3,300. The Company accrued $300 in interest and penalties related to the
remaining uncertain tax benefits recorded at July 31, 2010. Additionally, the Company recorded $1,560 of uncertain tax
benefit reserves and related interest and penalty reserves of Heartland upon its acquisition on
September 16, 2010.</td>
</tr>
</table>
</div>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: Helvetica,Arial,sans-serif">
<div style="margin-top: 6pt">
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>The Company and its corporate subsidiaries file a consolidated U. S. federal income tax return,
multiple U.S. state income tax returns and multiple Canadian income tax returns. The Company
has been audited for U.S. federal purposes through fiscal 2007. Periodically, various state and
local jurisdictions conduct audits and therefore a variety of other years are subject to state
and local review. The Company is currently being audited by the State of California for the tax
years ended July 31, 2007 and July 31, 2008. The Company has reserved for this exposure in its
liability for unrecognized tax benefits.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>The Company anticipates a decrease of approximately $3,400 in unrecognized tax benefits, and
$700 in accrued interest and penalties related to these unrecognized tax benefits, within the
next 12 months from (1) expected settlements or payments of uncertain tax positions, and (2)
lapses of the applicable statutes of limitations. Actual results may differ materially from
this estimate.</td>
</tr>
</table>
</div>
</div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged Note 13 - tho:RetainedEarningsTextBlock-->
<div style="font-family: Helvetica,Arial,sans-serif">
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left">13.</td>
<td width="1%"> </td>
<td>Retained Earnings</td>
</tr>
<tr>
<td style="font-size: 6pt"> </td>
</tr>
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>The components of changes in retained earnings are as follows:</td>
</tr>
</table>
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="88%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Balance as of July 31, 2010
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">745,204</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Net Income
</div></td>
<td> </td>
<td> </td>
<td align="right">23,688</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Dividends Paid
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(5,578</td>
<td nowrap="nowrap">)</td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Balance as of October 31, 2010
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">763,314</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
</div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged Note 14 - us-gaap:LoansNotesTradeAndOtherReceivablesDisclosureTextBlock-->
<div style="font-family: Helvetica,Arial,sans-serif">
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left">14.</td>
<td width="1%"> </td>
<td>Loan Transactions and Related Notes Receivable</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>On January 15, 2009, the Company entered into a Credit Agreement (the “First Credit Agreement”)
with Stephen Adams, in his individual capacity, and Stephen Adams and his successors, as
trustee under the Stephen Adams Living Trust (the “Trust” and together with each of the
foregoing persons, the “Borrowers”), pursuant to which the Company loaned $10,000 to the
Borrowers (the “First Loan”). The Borrowers own, directly or indirectly, a controlling interest
in FreedomRoads Holding Company, LLC (“FreedomRoads Holding”), the parent company of
FreedomRoads, LLC (“FreedomRoads”), the Company’s largest dealer. Pursuant to the terms of the
First Credit Agreement, the Borrowers agreed to use the proceeds of the First Loan solely to
make an equity contribution to FreedomRoads Holding to enable FreedomRoads Holding or its
subsidiaries to repay its principal obligations under floor plan financing arrangements with
third parties in respect of products of the Company and its subsidiaries.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>The principal amount of the First Loan is payable in full on January 15, 2014 and bears
interest at a rate of 12% per annum. Interest is payable in kind for the first year and is
payable in cash on a monthly basis thereafter, and all interest payments due to date have been
paid in full.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>On January 30, 2009, the Company entered into a Second Credit Agreement (the “Second Credit
Agreement”) with the Borrowers pursuant to which the Company loaned an additional $10,000 to
the Borrowers (the “Second Loan”). Pursuant to the terms of the Second Credit Agreement, the
Borrowers agreed to use the proceeds of the Second Loan solely to make an equity contribution
to FreedomRoads Holding to be used by FreedomRoads Holding or its subsidiaries to purchase the
Company’s products.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>The maturity date of the Second Loan is June 30, 2012. Principal is payable in semi-annual
installments of $1,000 each commencing on June 30, 2010, with a final payment of $6,000 on June
30, 2012. Interest on the principal amount of the Second Loan is payable in cash on a quarterly
basis at a rate of 12% per annum. All payments of principal and interest due to date have been
paid in full.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>On December 22, 2009, the Company entered into a Credit Agreement (the “Third Credit
Agreement”) with Marcus Lemonis, Stephen Adams, in his individual capacity, and Stephen Adams
and his successors, as trustee under the Trust (each of the foregoing persons, on a joint and
several basis, the “Third Loan Borrowers”), pursuant to which the Company loaned $10,000 to the
Third Loan Borrowers (the “Third Loan”). The Third Loan Borrowers own,
directly or indirectly, a controlling interest in FreedomRoads Holding, the
indirect parent company of FreedomRoads. Pursuant to the terms of the Third Credit Agreement,
the Third Loan Borrowers agreed to use the proceeds of the Third Loan solely to provide a loan
to one of FreedomRoads Holding’s subsidiaries which would ultimately be contributed as equity
to FreedomRoads to be used for working capital purposes.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>The maturity date of the Third Loan is December 22, 2014. The principal amount of the Third
Loan is payable on the following dates in the following amounts: December 31, 2011 — $500;
December 31, 2012 — $1,000; December 31, 2013 — $1,100; and December 22, 2014 — $7,400. The
principal amount of the Third Loan bears interest at a rate of 12% per annum. Interest is
payable, at the option of the Third Loan Borrowers, either in cash or in kind at each calendar
quarter end from March 31, 2010 through September 30, 2011, and thereafter in cash quarterly in
arrears from December 31, 2011 through the maturity date. The Third Loan Borrowers opted to pay
the interest due at March 31, 2010, June 30, 2010 and September 30, 2010 in kind and it was
capitalized as part of the long-term note receivable.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>The First Credit Agreement, the Second Credit Agreement and the Third Credit Agreement each
contain customary representations and warranties, affirmative and negative covenants, events of
default and acceleration provisions for loans of this type.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>In connection with the First Loan, the Borrowers caused FreedomRoads Holding and its
subsidiaries (collectively, the “FR Dealers”), to enter into an agreement pursuant to which the
FR Dealers agreed to purchase additional recreation vehicles from the Company and its
subsidiaries. The term of this agreement, as subsequently amended in connection with the Second
Loan and the Third Loan, continues until December 22, 2029 unless earlier terminated in
accordance with its terms.</td>
</tr>
</table>
</div>
</div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged Note 15 - us-gaap:ConcentrationRiskDisclosureTextBlock-->
<div style="font-family: Helvetica,Arial,sans-serif">
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left">15.</td>
<td width="1%"> </td>
<td>Concentration of Risk</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>One dealer, FreedomRoads, accounted for 17% of the Company’s consolidated recreation vehicle
net sales for the three months ended October 31, 2010 and 14% of its consolidated net sales for
the three months ended October 31, 2010. The loss of this dealer could have a significant
effect on the Company’s business.</td>
</tr>
</table>
</div>
</div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged Note 16 - us-gaap:ScheduleOfBusinessInsuranceRecoveriesTextBlock-->
<div style="font-family: Helvetica,Arial,sans-serif">
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left">16.</td>
<td width="1%"> </td>
<td>Fire at Bus Production Facility</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>On February 14, 2010, a fire occurred at the northern production facility (the “Facility”) at
the Company’s manufacturing site located near Imlay City, Michigan. The Facility is one of the
Company’s principal manufacturing locations for its Champion and General Coach America bus
lines. The fire resulted in the destruction of a significant portion of the work in process,
raw materials and equipment contained in the Facility. There were no reported injuries and the
origin of the fire is undetermined. The southern production plant, paint facility and other
buildings at the site were not affected by the fire and remained intact. Shortly after the
fire, the Company resumed limited production activities for its Champion and General Coach
America buses in the southern manufacturing facility, and the Company addressed equipment and
staffing reallocation. Many employees continued to work out of the southern manufacturing
facility and an office building on this site on a temporary basis.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>The Company maintains a property and business interruption insurance policy that it believes
will provide substantial coverage for the currently foreseeable losses arising from this
incident, less up to the first $5,000 representing the Company’s deductible per the policy.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>During the three months ended October 31, 2010, the Company received $5,384 of insurance
proceeds which included $2,323 for business interruption. Recognized insurance recoveries for
the three months ended October 31, 2010 include the $5,384 of insurance proceeds along with $70
of previously unrecognized insurance recoveries. For the three months ended October 31, 2010, a
gain on involuntary conversion of $4,802 was reported in the Company’s Statement of Condensed
Consolidated Operations as follows:</td>
</tr>
</table>
</div>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: Helvetica,Arial,sans-serif">
<div style="margin-top: 6pt">
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>Gain on Involuntary Conversion:</td>
</tr>
</table>
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="64%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2">Three Months Ended</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2">Cumulative Total</td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">FY 2010</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">October 31, 2010</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Since Fire</td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Insurance recoveries recognized
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right" nowrap="nowrap">          18,079</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">5,454</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">23,533</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Deductible
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(5,000</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(5,000</td>
<td nowrap="nowrap">)</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Work in process and raw material destroyed
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(4,305</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(4,305</td>
<td nowrap="nowrap">)</td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Property and equipment destroyed
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(578</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(165</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(743</td>
<td nowrap="nowrap">)</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Clean up and other costs
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(603</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(487</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(1,090</td>
<td nowrap="nowrap">)</td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Gain on Involuntary Conversion
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">7,593</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">4,802</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">12,395</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>The costs incurred to date of reconstructing the Facility and replacing inventory have been
accounted for in the normal course of business. The costs incurred as of October 31, 2010 to
reconstruct the Facility totaled $5,807. The Facility was substantially completed and
operational as of September 28, 2010. The replacement cost of the property and equipment has
substantially exceeded the previous carrying costs and the lost profits covered under business
interruption and future clean-up and related costs are being reimbursed under the policy.
However, an accurate estimate of the remaining potential gain resulting from the involuntary
conversion cannot be made at this time.</td>
</tr>
</table>
</div>
</div>
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<div style="font-family: Helvetica,Arial,sans-serif">
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left">14.</td>
<td width="1%"> </td>
<td>Loan Transactions and Related Notes Receivable</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>On January 15, 2009, the Company entered into a Credit Agreement (the “First Credit Agreement”)
with Stephen Adams, in his individual capacity, and Stephen Adams and his successors, as
trustee under the Stephen Adams Living Trust (the “Trust” and together with each of the
foregoing persons, the “Borrowers”), pursuant to which the Company loaned $10,000 to the
Borrowers (the “First Loan”). The Borrowers own, directly or indirectly, a controlling interest
in FreedomRoads Holding Company, LLC (“FreedomRoads Holding”), the parent company of
FreedomRoads, LLC (“FreedomRoads”), the Company’s largest dealer. Pursuant to the terms of the
First Credit Agreement, the Borrowers agreed to use the proceeds of the First Loan solely to
make an equity contribution to FreedomRoads Holding to enable FreedomRoads Holding or its
subsidiaries to repay its principal obligations under floor plan financing arrangements with
third parties in respect of products of the Company and its subsidiaries.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>The principal amount of the First Loan is payable in full on January 15, 2014 and bears
interest at a rate of 12% per annum. Interest is payable in kind for the first year and is
payable in cash on a monthly basis thereafter, and all interest payments due to date have been
paid in full.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>On January 30, 2009, the Company entered into a Second Credit Agreement (the “Second Credit
Agreement”) with the Borrowers pursuant to which the Company loaned an additional $10,000 to
the Borrowers (the “Second Loan”). Pursuant to the terms of the Second Credit Agreement, the
Borrowers agreed to use the proceeds of the Second Loan solely to make an equity contribution
to FreedomRoads Holding to be used by FreedomRoads Holding or its subsidiaries to purchase the
Company’s products.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>The maturity date of the Second Loan is June 30, 2012. Principal is payable in semi-annual
installments of $1,000 each commencing on June 30, 2010, with a final payment of $6,000 on June
30, 2012. Interest on the principal amount of the Second Loan is payable in cash on a quarterly
basis at a rate of 12% per annum. All payments of principal and interest due to date have been
paid in full.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>On December 22, 2009, the Company entered into a Credit Agreement (the “Third Credit
Agreement”) with Marcus Lemonis, Stephen Adams, in his individual capacity, and Stephen Adams
and his successors, as trustee under the Trust (each of the foregoing persons, on a joint and
several basis, the “Third Loan Borrowers”), pursuant to which the Company loaned $10,000 to the
Third Loan Borrowers (the “Third Loan”). The Third Loan Borrowers own,
directly or indirectly, a controlling interest in FreedomRoads Holding, the
indirect parent company of FreedomRoads. Pursuant to the terms of the Third Credit Agreement,
the Third Loan Borrowers agreed to use the proceeds of the Third Loan solely to provide a loan
to one of FreedomRoads Holding’s subsidiaries which would ultimately be contributed as equity
to FreedomRoads to be used for working capital purposes.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>The maturity date of the Third Loan is December 22, 2014. The principal amount of the Third
Loan is payable on the following dates in the following amounts: December 31, 2011 — $500;
December 31, 2012 — $1,000; December 31, 2013 — $1,100; and December 22, 2014 — $7,400. The
principal amount of the Third Loan bears interest at a rate of 12% per annum. Interest is
payable, at the option of the Third Loan Borrowers, either in cash or in kind at each calendar
quarter end from March 31, 2010 through September 30, 2011, and thereafter in cash quarterly in
arrears from December 31, 2011 through the maturity date. The Third Loan Borrowers opted to pay
the interest due at March 31, 2010, June 30, 2010 and September 30, 2010 in kind and it was
capitalized as part of the long-term note receivable.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>The First Credit Agreement, the Second Credit Agreement and the Third Credit Agreement each
contain customary representations and warranties, affirmative and negative covenants, events of
default and acceleration provisions for loans of this type.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>In connection with the First Loan, the Borrowers caused FreedomRoads Holding and its
subsidiaries (collectively, the “FR Dealers”), to enter into an agreement pursuant to which the
FR Dealers agreed to purchase additional recreation vehicles from the Company and its
subsidiaries. The term of this agreement, as subsequently amended in connection with the Second
Loan and the Third Loan, continues until December 22, 2029 unless earlier terminated in
accordance with its terms.</td>
</tr>
</table>
</div>
</div>
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-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph k
-Article 4
Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 3, 4
-Article 5
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 7
-Article 9
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Statement of Position (SOP)
-Number 01-6
-Paragraph 13
-Subparagraph d
falsefalse12Loan Transactions and Related Notes ReceivableUnKnownUnKnownUnKnownUnKnownfalsetrueXML
12
R11.xml
IDEA: Segment Information
2.2.0.25falsefalse0206 - Disclosure - Segment Informationtruefalsefalse1falsefalseUSDfalsefalse8/1/2010 - 10/31/2010
USD ($)
USD ($) / shares
$ThreeMonthsEnded_31Oct2010http://www.sec.gov/CIK0000730263duration2010-08-01T00:00:002010-10-31T00:00:00USDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170USDEPSDividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0SharesStandardhttp://www.xbrl.org/2003/instancesharesxbrli0USDUSD$2true0tho_SegmentInformationAbstractthofalsenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypes
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<!-- Begin Block Tagged Note 6 - us-gaap:SegmentReportingDisclosureTextBlock-->
<div style="font-family: Helvetica,Arial,sans-serif">
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left">6.</td>
<td width="1%"> </td>
<td>Segment Information</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>The Company has three reportable segments: (1) towable recreation vehicles, (2) motorized
recreation vehicles, and (3) buses. The towable recreation vehicle segment consists of product
lines from the following operating companies that have been aggregated: Airstream,
Breckenridge, CrossRoads, Dutchmen, General Coach Canada, Keystone, Heartland (since its
acquisition on September 16, 2010) and Komfort. The motorized recreation vehicle segment
consists of product lines from the following operating companies that have been aggregated:
Airstream and Thor Motor Coach (formerly Damon and Four Winds). The bus segment consists of the
following operating companies that have been aggregated: Champion Bus, General Coach, ElDorado
California, ElDorado Kansas, Goshen Coach and SJC (since its acquisition on March 1, 2010).</td>
</tr>
</table>
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="76%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Three Months Ended</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Three Months Ended</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>October 31, 2010</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>October 31, 2009</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Net Sales:
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Recreation vehicles:
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:45px; text-indent:-15px">Towables
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">422,449</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">342,136</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:45px; text-indent:-15px">Motorized
</div></td>
<td> </td>
<td> </td>
<td align="right">84,114</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">47,793</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Total recreation vehicles
</div></td>
<td> </td>
<td> </td>
<td align="right">506,563</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">389,929</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Buses
</div></td>
<td> </td>
<td> </td>
<td align="right">100,121</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">112,623</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Total
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">606,684</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">502,552</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="76%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Three Months Ended</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Three Months Ended</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>October 31, 2010</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>October 31, 2009</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Income (Loss) Before Income Taxes:
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Recreation vehicles:
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:45px; text-indent:-15px">Towables
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">33,100</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">31,540</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:45px; text-indent:-15px">Motorized
</div></td>
<td> </td>
<td> </td>
<td align="right">1,004</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">102</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Total recreation vehicles
</div></td>
<td> </td>
<td> </td>
<td align="right">34,104</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">31,642</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Buses
</div></td>
<td> </td>
<td> </td>
<td align="right">9,419</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">8,380</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Corporate
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(9,737</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(2,769</td>
<td nowrap="nowrap">)</td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Total
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">33,786</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">37,253</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 0px solid #000000"><b></b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 0px solid #000000"><b></b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>October 31, 2010</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>July 31, 2010</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Identifiable Assets:
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Recreation vehicles:
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:45px; text-indent:-15px">Towables
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">664,585</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">413,112</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:45px; text-indent:-15px">Motorized
</div></td>
<td> </td>
<td> </td>
<td align="right">96,964</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">86,726</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Total recreation vehicles
</div></td>
<td> </td>
<td> </td>
<td align="right">761,549</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">499,838</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Buses
</div></td>
<td> </td>
<td> </td>
<td align="right">125,398</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">124,374</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Corporate
</div></td>
<td> </td>
<td> </td>
<td align="right">209,171</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">339,861</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Total
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">1,096,118</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">964,073</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: Helvetica,Arial,sans-serif">
</div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged NotefalsefalsefalsefalsefalseOtherus-types:textBlockItemTypestringThis element may be used to capture the complete disclosure of reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10% or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the comb
ined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 131
falsefalse12Segment InformationUnKnownUnKnownUnKnownUnKnownfalsetrueXML
13
R10.xml
IDEA: Comprehensive Income
2.2.0.25falsefalse0205 - Disclosure - Comprehensive Incometruefalsefalse1falsefalseUSDfalsefalse8/1/2010 - 10/31/2010
USD ($)
USD ($) / shares
$ThreeMonthsEnded_31Oct2010http://www.sec.gov/CIK0000730263duration2010-08-01T00:00:002010-10-31T00:00:00USDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170USDEPSDividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0SharesStandardhttp://www.xbrl.org/2003/instancesharesxbrli0USDUSD$2true0us-gaap_ComprehensiveIncomeNoteAbstractus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringNo definition available.falsefalse3false0us-gaap_ComprehensiveIncomeNoteTextBlockus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1falsefalsefalse00<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged Note 5 - us-gaap:ComprehensiveIncomeNoteTextBlock-->
<div style="font-family: Helvetica,Arial,sans-serif">
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left">5.</td>
<td width="1%"> </td>
<td>Comprehensive Income</td>
</tr>
</table>
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="76%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Three Months Ended</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Three Months Ended</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>October 31, 2010</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>October 31, 2009</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Net Income
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">23,688</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">23,429</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Foreign currency translation adjustment, net of tax
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(81</td>
<td nowrap="nowrap">)</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Change in temporary impairment of investments, net of tax
</div></td>
<td> </td>
<td> </td>
<td align="right">132</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(28</td>
<td nowrap="nowrap">)</td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Comprehensive income
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">23,820</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">23,320</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
</div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged NotefalsefalsefalsefalsefalseOtherus-types:textBlockItemTypestringThis label may include the following: 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income. Components of comprehensive income include: (1) foreign currency translation adjustments; (2) gains and losses on foreign currency transactions that are d
esignated as, and are effective as, economic hedges of a net investment in a foreign entity; (3) gains and losses on intercompany foreign currency transactions that are of a long-term-investment nature, when the entities to the transaction are consolidated, combined, or accounted for by the equity method in the reporting enterprise's financial statements; (4) change in the market value of a futures contract that qualifies as a hedge of an asset reported at fair value; (5) unrealized holding gains and losses on available-for-sale securities and that resulting from transfers of debt securities from the held-to-maturity category to the available-for-sale category; (6) a net loss recognized as an additional pension liability not yet recognized as net periodic pension cost; and (7) the net gain or loss and net prior service cost or credit for pension plans and other postretirement benefit plans.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 130
-Paragraph 14-26
falsefalse12Comprehensive IncomeUnKnownUnKnownUnKnownUnKnownfalsetrueXML
14
R8.xml
IDEA: Major classifications of inventories are
2.2.0.25falsefalse0203 - Disclosure - Major classifications of inventories aretruefalsefalse1falsefalseUSDfalsefalse8/1/2010 - 10/31/2010
USD ($)
USD ($) / shares
$ThreeMonthsEnded_31Oct2010http://www.sec.gov/CIK0000730263duration2010-08-01T00:00:002010-10-31T00:00:00USDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170USDEPSDividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0SharesStandardhttp://www.xbrl.org/2003/instancesharesxbrli0USDUSD$2true0us-gaap_InventoryNetAbstractus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemType
stringNo definition available.falsefalse3false0us-gaap_InventoryDisclosureTextBlockus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1falsefalsefalse00<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged Note 3 - us-gaap:InventoryDisclosureTextBlock-->
<div style="font-family: Helvetica,Arial,sans-serif">
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left">3.</td>
<td width="1%"> </td>
<td>Major classifications of inventories are:</td>
</tr>
</table>
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="76%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>October 31, 2010</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>July 31, 2010</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Raw materials
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">88,500</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">78,481</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Chassis
</div></td>
<td> </td>
<td> </td>
<td align="right">43,381</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">33,335</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Work in process
</div></td>
<td> </td>
<td> </td>
<td align="right">50,155</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">46,681</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Finished goods
</div></td>
<td> </td>
<td> </td>
<td align="right">24,562</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">9,681</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Total
</div></td>
<td> </td>
<td> </td>
<td align="right">206,598</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">168,178</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Excess of FIFO costs over LIFO costs
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(25,498</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(25,498</td>
<td nowrap="nowrap">)</td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Total inventories
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">181,100</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">142,680</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>Of the $206,598 of inventory at October 31, 2010, all but $32,046 at certain subsidiaries are
valued on a last-in, first-out basis. This $32,046 of inventory is valued on a first-in,
first-out method.</td>
</tr>
</table>
</div>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: Helvetica,Arial,sans-serif">
<div style="margin-top: 6pt">
</div>
</div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged NotefalsefalsefalsefalsefalseOtherus-types:textBlockItemTypestringThis element represents the complete disclosure related to inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amoun
t and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 43
-Chapter 3
-Section A
-Paragraph 9
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 6
-Subparagraph a, b, c
-Article 5
falsefalse12Major classifications of inventories areUnKnownUnKnownUnKnownUnKnownfalsetrueXML
15
R18.xml
IDEA: Retained Earnings
2.2.0.25falsefalse0213 - Disclosure - Retained Earningstruefalsefalse1falsefalseUSDfalsefalse8/1/2010 - 10/31/2010
USD ($)
USD ($) / shares
$ThreeMonthsEnded_31Oct2010http://www.sec.gov/CIK0000730263duration2010-08-01T00:00:002010-10-31T00:00:00USDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170USDEPSDividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0SharesStandardhttp://www.xbrl.org/2003/instancesharesxbrli0USDUSD$2true0us-gaap_RetainedEarningsAccumulatedDeficitAbstractus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringNo definition available.falsefalse3false0tho_RetainedEarningsTextBlockthofalsenadurationRetained Earningsfalsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1falsefalsefalse00<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged Note 13 - tho:RetainedEarningsTextBlock-->
<div style="font-family: Helvetica,Arial,sans-serif">
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left">13.</td>
<td width="1%"> </td>
<td>Retained Earnings</td>
</tr>
<tr>
<td style="font-size: 6pt"> </td>
</tr>
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>The components of changes in retained earnings are as follows:</td>
</tr>
</table>
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="88%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Balance as of July 31, 2010
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">745,204</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Net Income
</div></td>
<td> </td>
<td> </td>
<td align="right">23,688</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Dividends Paid
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(5,578</td>
<td nowrap="nowrap">)</td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Balance as of October 31, 2010
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">763,314</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
</div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
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17
R12.xml
IDEA: Treasury Stock
2.2.0.25falsefalse0207 - Disclosure - Treasury Stocktruefalsefalse1falsefalseUSDfalsefalse8/1/2010 - 10/31/2010
USD ($)
USD ($) / shares
$ThreeMonthsEnded_31Oct2010http://www.sec.gov/CIK0000730263duration2010-08-01T00:00:002010-10-31T00:00:00USDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170USDEPSDividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0SharesStandardhttp://www.xbrl.org/2003/instancesharesxbrli0USDUSD$2true0us-gaap_TreasuryStockNoteDisclosureAbstractus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemType<
SimpleDataType>stringNo definition available.falsefalse3false0us-gaap_ScheduleOfTreasuryStockByClassTextBlockus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1falsefalsefalse00<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged Note 7 - us-gaap:ScheduleOfTreasuryStockByClassTextBlock-->
<div style="font-family: Helvetica,Arial,sans-serif">
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left">7.</td>
<td width="1%"> </td>
<td>Treasury Stock</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>In the second quarter of fiscal year 2010, the Company purchased 3,980,000 shares of
the Company’s common stock at $29.00 per share and held them as treasury stock at a total
cost of $115,420.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>The shares were repurchased by the Company from the Estate of Wade F. B. Thompson (the
“Estate”) in a private transaction. The late Wade F. B. Thompson was the Company’s former
Chairman, President and Chief Executive Officer. The repurchase transaction was evaluated
and approved by the members of Thor’s Board who are not affiliated with the Estate. At
the time of the repurchase, the shares represented 7.2% of Thor’s common stock
outstanding. The Company used available cash to purchase the shares.</td>
</tr>
</table>
</div>
</div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged NotefalsefalsefalsefalsefalseOtherus-types:textBlockItemTypestringThis element may be used to capture the complete disclosure pertaining to an entity's treasury stock, including the average cost per share, carrying basis for each class of treasury stock, description of share repurchase program authorized by an entity's Board of Directors, the treatment of the purchase price in excess of the current market value, number of shares held for each class of treasury stock, and other information necessary to a fair presentation.No authorita
tive reference available.falsefalse12Treasury StockUnKnownUnKnownUnKnownUnKnownfalsetrueXML
18
R3.xml
IDEA: Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical)
2.2.0.25falsefalse0111 - Statement - Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical)truefalseIn Thousands, except Share datafalse1falsefalseUSDfalsefalse10/31/2010
USD ($)
$BalanceAsOf_31Oct2010http://www.sec.gov/CIK0000730263instant2010-10-31T00:00:000001-01-01T00:00:00USDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170SharesStandardhttp://www.xbrl.org/2003/instancesharesxbrli0USDUSD$2falsefalseUSDfalsefalse7/31/2010
USD ($)
$BalanceAsOf_31Jul2010http://www.sec.gov/CIK0000730263instant2010-07-31T00:00:000001-01-01T00:00:00SharesStandardhttp://www.xbrl.org/2003/instancesharesxbrli0USDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170USDUSD$3true0us-gaap_AccountsReceivableNetCurrentAbstractus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1falsefalsefalse00falsefalsefalsefalsefalse2falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringNo definition available.falsefalse4false0us-gaap_AllowanceForDoubtfulAccountsReceivableCurrentus-gaaptruecreditinstantNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1truefalsefalse689000689falsetruefalsefalsefalse2truefalsefalse422000422falsetruefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryA valuation allowance for trade and other receivables due to an Entity within one year (or the normal operating cycle, whichever is longer) that are expected to be uncollectible.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 4
-Article 5
falsefalse5true0us-gaap_StockholdersEquityAbstractus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1falsefalsefalse00falsefalsefalsefalsefalse2falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringNo definition available.falsefalse6false0us-gaap_PreferredStockSharesAuthorizedus-gaaptruenainstantNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse
verboselabel1truefalsefalse10000001000000falsefalsefalsefalsefalse2truefalsefalse10000001000000falsefalsefalsefalsefalseSharesxbrli:sharesItemTypesharesThe maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 29
-Article 5
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 129
-Paragraph 2, 3, 4, 5, 6, 7, 8
falsefalse7false0us-gaap_PreferredStockSharesOutstandingus-gaaptruenainstantNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1truefal
sefalse00falsefalsefalsefalsefalse2truefalsefalse00falsefalsefalsefalsefalseSharesxbrli:sharesItemTypesharesAggregate share number for all nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) held by stockholders. Does not include preferred shares that have been repurchased.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 29
-Article 5
falsefalse8false0us-gaap_CommonStockParOrStatedValuePerShareus-gaaptruenainstantNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1truefalsefalse0.100.10falsetruefalsefalsefalse2truefalsefalse0.100.10falsetruefalsefalsefalse
EPSus-types:perShareItemTypedecimalFace amount or stated value of common stock per share; generally not indicative of the fair market value per share.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 129
-Paragraph 4
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 30
-Article 5
falsetrue9false0us-gaap_CommonStockSharesAuthorizedus-gaaptruenainstantNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1truefalsefalse250000000250000000falsefalsefalsefalsefalse2truefalsefalse250000000250000000falsefalsefalsefalsefalseSharesxbrli:sharesItemTypesharesThe maximum number of common shares permitted to be issued by an entity's charter and bylaws.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 30
-Article 5
falsefalse10false0us-gaap_CommonStockSharesIssuedus-gaaptruenainstantNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1truefalsefalse6166884961668849falsefalsefalsefalsefalse2truefalsefalse5731884957318849falsefalsefalsefalsefalseSharesxbrli:sharesItemTypesharesTotal number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 30
-Article 5
falsefalse11false0us-gaap_TreasuryStockSharesus-gaaptruenainstantNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1truefalsefalse58573395857339falsefalsefalsefalsefalse2truefalsefalse58573395857339falsefalsefalsefalsefalseSharesxbrli:sharesItemTypesharesNumber of common and preferred shares that were previously issued and that were repurchased by the issuing entity and held in treasury on the financial statement date. This stock has no voting rights and receives no dividends.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 29, 30
-Article 5
falsefalse29Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $)ThousandsNoRoundingNoRoundingUnKnownfalsetrueXML
19
R14.xml
IDEA: Goodwill and Other Intangible Assets
2.2.0.25falsefalse0209 - Disclosure - Goodwill and Other Intangible Assetstruefalsefalse1falsefalseUSDfalsefalse8/1/2010 - 10/31/2010
USD ($)
USD ($) / shares
$ThreeMonthsEnded_31Oct2010http://www.sec.gov/CIK0000730263duration2010-08-01T00:00:002010-10-31T00:00:00USDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170USDEPSDividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0SharesStandardhttp://www.xbrl.org/2003/instancesharesxbrli0USDUSD$2true0tho_GoodwillAndOtherIntangibleAssetsAbstractthofalsenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringNo definition available.falsefalse3false0us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlockus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverbos
elabel1falsefalsefalse00<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged Note 9 - us-gaap:GoodwillAndIntangibleAssetsDisclosureTextBlock-->
<div style="font-family: Helvetica,Arial,sans-serif">
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left">9.</td>
<td width="1%"> </td>
<td>Goodwill and Other Intangible Assets</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>The components of amortizable intangible assets are as follows:</td>
</tr>
</table>
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="52%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>October 31, 2010</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>July 31, 2010</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Accumulated</b></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Accumulated</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Cost</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Amortization</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Cost</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Amortization</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Dealer networks
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">72,230</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">947</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">5,230</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">156</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Non-compete agreements
</div></td>
<td> </td>
<td> </td>
<td align="right">6,851</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2,489</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2,721</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2,315</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Heartland trademarks
</div></td>
<td> </td>
<td> </td>
<td align="right">25,200</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">126</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Technology and other intangibles
</div></td>
<td> </td>
<td> </td>
<td align="right">22,260</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,006</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">270</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">22</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Total amortizable intangible assets
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">126,541</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">4,568</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">8,221</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">2,493</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>Non-compete agreements, finite lived trademarks, technology and other intangibles are amortized
on a straight-line basis. Dealer networks are generally amortized on an accelerated cash flow
basis. The weighted average remaining amortization period at October 31, 2010 is 14.73 years.
The increase in amortizable intangibles since July 31, 2010 is related to the acquisition of
Heartland, which is more fully described in Note 2.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>Estimated Amortization Expense:</td>
</tr>
</table>
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="88%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">For the fiscal year ending July 2011
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">9,942</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">For the fiscal year ending July 2012
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">10,682</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">For the fiscal year ending July 2013
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">10,490</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">For the fiscal year ending July 2014
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">10,222</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">For the fiscal year ending July 2015 and thereafter
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">82,712</td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>Goodwill and indefinite-lived intangible assets are reviewed for impairment by applying a
fair-value based test on an annual basis, or more frequently if circumstances indicate a
potential impairment. During the first quarter of fiscal 2011, management decided to combine
our Damon and Four Winds motorized operations to form Thor Motor Coach to optimize operations
and garner cost efficiencies. As a result, the trademarks associated with one of the former
operating companies will be discontinued and was written off.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>Goodwill and indefinite-lived intangible assets are not subject to amortization.</td>
</tr>
</table>
</div>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: Helvetica,Arial,sans-serif">
<div style="margin-top: 6pt">
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>The change in carrying value in goodwill and indefinite-lived trademarks from July 31, 2010 to
October 31, 2010 is as follows:</td>
</tr>
</table>
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="76%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Goodwill</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Trademarks</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Balance at July 31, 2010
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">150,901</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">14,936</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Impairment of trademark in motorized reportable segment
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(2,036</td>
<td nowrap="nowrap">)</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Heartland acquisition in towables reportable segment
</div></td>
<td> </td>
<td> </td>
<td align="right">94,865</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Balance at October 31, 2010
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">245,766</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">12,900</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>Goodwill and trademarks by reportable segment are as follows:</td>
</tr>
</table>
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="52%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>October 31, 2010</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>July 31, 2010</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Goodwill</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Trademarks</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Goodwill</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Trademarks</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Recreation Vehicles
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Towables
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">238,660</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">34,811</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">143,795</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">9,737</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Motorized
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2,036</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Buses
</div></td>
<td> </td>
<td> </td>
<td align="right">7,106</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3,163</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">7,106</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3,163</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Total
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">245,766</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">37,974</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">150,901</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">14,936</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:30px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
</div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged NotefalsefalsefalsefalsefalseOtherus-types:textBlockItemTypestringDiscloses the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and writte
n off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain or loss on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. Fo
r each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss. This element may be used as a single block of text to incl
ude the entire intangible asset disclosure including data and tables.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 142
-Paragraph 42, 43, 44, 45, 46, 47
falsefalse12Goodwill and Other Intangible AssetsUnKnownUnKnownUnKnownUnKnownfalsetrueXML
20
R15.xml
IDEA: Product Warranties
2.2.0.25falsefalse0210 - Disclosure - Product Warrantiestruefalsefalse1falsefalseUSDfalsefalse8/1/2010 - 10/31/2010
USD ($)
USD ($) / shares
$ThreeMonthsEnded_31Oct2010http://www.sec.gov/CIK0000730263duration2010-08-01T00:00:002010-10-31T00:00:00USDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170USDEPSDividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0SharesStandardhttp://www.xbrl.org/2003/instancesharesxbrli0USDUSD$2true0us-gaap_ProductWarrantiesDisclosuresAbstractus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringNo definition available.falsefalse3false0us-gaap_ProductWarrantyDisclosureTextBlockus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1falsefalsefalse00<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged Note 10 - us-gaap:ProductWarrantyDisclosureTextBlock-->
<div style="font-family: Helvetica,Arial,sans-serif">
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left">10.</td>
<td width="1%"> </td>
<td>Product Warranties</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>The Company generally provides retail customers of its products with a one-year warranty
covering defects in material or workmanship, with longer warranties of up to five years on
certain structural components. The Company records a liability based on its best estimate of
the amounts necessary to settle future and existing claims on products sold as of the balance
sheet date. Factors used in estimating the warranty liability include a history of units sold,
existing dealer inventory, average cost incurred and a profile of the distribution of warranty
expenditures over the warranty period. A significant increase in dealer shop rates, the cost of
parts or the frequency of claims could have a material adverse impact on the Company’s
operating results for the period or periods in which such claims or additional costs
materialize. Management believes that the warranty reserve is adequate. However, actual claims
incurred could differ from estimates, requiring adjustments to the reserves. Warranty reserves
are reviewed and adjusted as necessary on a quarterly basis.</td>
</tr>
</table>
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="76%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Three Months Ended</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Three Months Ended</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>October 31, 2010</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>October 31, 2009</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Beginning Balance
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">51,467</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">41,717</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Provision
</div></td>
<td> </td>
<td> </td>
<td align="right">14,366</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">12,791</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Payments
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(13,538</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(11,998</td>
<td nowrap="nowrap">)</td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Acquisitions
</div></td>
<td> </td>
<td> </td>
<td align="right">10,179</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Ending Balance
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">62,474</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">42,510</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
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<!-- End Table Body -->
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<td width="2%" nowrap="nowrap" align="left">15.</td>
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<td>Concentration of Risk</td>
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<td>One dealer, FreedomRoads, accounted for 17% of the Company’s consolidated recreation vehicle
net sales for the three months ended October 31, 2010 and 14% of its consolidated net sales for
the three months ended October 31, 2010. The loss of this dealer could have a significant
effect on the Company’s business.</td>
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<td width="2%" nowrap="nowrap" align="left">11.</td>
<td width="1%"> </td>
<td>Contingent Liabilities and Commitments</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
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<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>The Company is contingently liable under terms of repurchase agreements with certain financial
institutions providing inventory financing for certain dealers of certain of its products.
These arrangements, which are customary in the industry, provide for the repurchase of products
sold to dealers in the event of default by the dealer. The repurchase price is generally
determined by the original sales price of the product and pre-defined curtailment arrangements
and the Company typically resells the repurchased product at a discount from its repurchase
price. The risk of loss from these agreements is spread over numerous dealers. In addition to
the guarantee under these repurchase agreements, the Company also provides limited guarantees
to certain of its dealers, most of which are currently in the process of being wound down.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>The Company’s principal commercial commitments under repurchase agreements and guarantees at
October 31, 2010 are summarized in the following chart:</td>
</tr>
</table>
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
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<td width="56%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="27%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Total Amount</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td nowrap="nowrap" align="center" style="border-bottom: 1px solid #000000"><b>Commitment</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Committed</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" style="border-bottom: 1px solid #000000"><b>Terms of Commitments</b></td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Guarantee on dealer financing
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">2,935</td>
<td> </td>
<td> </td>
<td align="left" valign="top">Various</td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Standby repurchase obligation on dealer financing
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">708,282</td>
<td> </td>
<td> </td>
<td align="left" valign="top">Up to eighteen months</td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>The repurchase agreement obligations generally extend up to eighteen months from the date of
sale of the related product to the dealer. The repurchase and guarantee reserve balance as of
October 31, 2010, which is included in other current liabilities on the Condensed Consolidated
Balance Sheets, is $3,874 and includes the deferred estimated fair value of the implied
guarantee under outstanding repurchase obligations and the estimated loss upon the eventual
resale of expected repurchased product. These reserves do not include any amounts for direct
guarantees as the Company does not currently expect any losses from such guarantees. The table
below reflects losses incurred under repurchase agreements in the period noted. Management
believes that any future losses under these agreements will not have a significant effect on
the Company’s consolidated financial position or results of operations.</td>
</tr>
</table>
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="76%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Three Months Ended</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Three Months Ended</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>October 31, 2010</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>October 31, 2009</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Cost of units repurchased
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">2,220</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">1,377</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Realization of units resold
</div></td>
<td> </td>
<td> </td>
<td align="right">1,927</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,041</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Losses due to repurchase
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">293</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">336</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
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</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>The Company obtains certain vehicle chassis from automobile manufacturers under converter pool
agreements. These agreements generally provide that the manufacturer will supply chassis at the
Company’s various production facilities under the terms and conditions set forth in the
agreement. The manufacturer does not transfer the certificate of origin to the Company and,
accordingly, the Company accounts for the chassis as consigned, unrecorded inventory. Upon
being put into production, the Company becomes obligated to pay the manufacturer for the
chassis. Chassis are typically converted and delivered to customers within 90 days of delivery.
If the chassis is not converted within 90 days of delivery to the Company, the Company
generally purchases the chassis and records the inventory. At October 31, 2010, chassis on hand
accounted for as consigned, unrecorded inventory was approximately $25,146. In addition to this
consigned inventory, at October 31, 2010, an additional $13,303 of chassis provided by
customers were located at the Company’s production facilities pending further manufacturing.
The Company never purchases these chassis and does not include their cost in its billings to
the customer for the completed unit.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>The Company has been subject to an SEC review regarding the facts and circumstances giving rise
to the restatement of its previously issued financial statements as of July 31, 2006 and 2005,
and for each of the years in the three-year period ended July 31, 2006, and the financial
results in each of the quarterly periods in 2006 and 2005, and its financial statements as of
and for the three months ended October 31, 2006 and related matters. The Company has cooperated
fully with the SEC, including from time to time responding to SEC staff requests for additional
information. The investigation by the SEC staff could result in the SEC seeking various
penalties and relief, including, without limitation, civil injunctive relief and/or civil
monetary penalties or administrative relief. The Company is currently discussing the terms of a
possible settlement of this matter with the SEC staff. However, there can be no assurance that
a settlement will be reached.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>The Company has been named in approximately 800 complaints, some of which were originally
styled as putative class actions (with respect to which class certification was ultimately
denied) and some of which were filed by individual plaintiffs, filed against manufacturers of
travel trailers and manufactured homes supplied to the Federal Emergency Management Agency
(“FEMA”) for use as emergency living accommodations in the wake of Hurricanes
Katrina and Rita. The complaints have been transferred to the Eastern District of
Louisiana by the federal panel on multidistrict litigation for consideration in a matter
captioned In re FEMA Trailer Formaldehyde Products Liability Litigation, Case Number MDL
07-1873, United States District Court for the Eastern District of Louisiana. The complaints
generally assert claims for damages (for health related problems, medical expenses, emotional
distress and lost earnings) and for medical monitoring costs due to the presence of
formaldehyde in the units. Some of the lawsuits also seek punitive and/or exemplary damages.
Thus far, however, none of the lawsuits allege a specific amount of damages sought and instead
make general allegations about the nature of the plaintiffs’ claims without placing a dollar
figure on them. The Company strongly disputes the allegations in these complaints, and intends
to vigorously defend itself in all such matters.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>In addition, the Company is involved in certain litigation arising out of its operations in the
normal course of its business, most of which are based upon state “lemon laws,” warranty
claims, other claims and accidents (for which the Company carries insurance above a specified
deductible amount). In this regard, the Company was a party to two companion lawsuits pending
in Jefferson County, Texas which were brought against it and its affiliates, each of which
arose from a March 29, 2006 crash of a bus manufactured by a subsidiary of the Company. At the
mediation of the cases on June 15, 2010, a complete settlement of both cases was reached.
Formal settlement agreements were executed by each of the plaintiffs in August 2010, and
counsel for all plaintiffs and cross-claimants have signed Notices of Nonsuit which were filed
with both courts. The Company was informed that an Order of Dismissal was signed and entered in
each of the lawsuits, one on September 16, 2010 and the other on September 20, 2010, disposing
of both lawsuits.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>On June 25, 2010, the Company and certain of its officers and directors were sued in the United
States District Court for the Southern District of Ohio — Dayton Division by Teamsters Allied
Benefit Funds, individually and purportedly on behalf of a class of all those who purchased or
acquired Thor common stock between November 30, 2009 to June 10, 2010. The complaint alleged
violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, alleging that
the Company’s SEC filings and press releases were false and misleading due to, among other
things, the Company’s June 10, 2010 announcement that its financial statements might need to be
restated. The Company has since announced that a restatement is not necessary. The Company
believed the lawsuit was without merit, and the plaintiff agreed to voluntarily dismiss the
lawsuit without prejudice on September 7, 2010.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>While it is impossible to estimate with certainty the ultimate legal and financial liability
with respect to the litigation arising out of the Company’s operations in the normal course of
business, including the pending litigation described above, the Company believes that while the
final resolution of any such litigation may have an impact on its consolidated results for a
particular reporting period, the ultimate disposition of such litigation will not have any
material adverse effect on its financial position, results of operations or liquidity.</td>
</tr>
</table>
</div>
</div>
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<!-- Begin Block Tagged NotefalsefalsefalsefalsefalseOtherus-types:textBlockItemTypestringIncludes disclosure of commitments and contingencies. This element may be used as a single block of text to encapsulate the entire disclosure including data and tables.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 14
-Paragraph 3
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 5
-Paragraph 9, 10, 11, 12
falsefalse12Contingent Liabilities and CommitmentsUnKnownUnKnownUnKnownUnKnownfalsetrueXML
24
R9.xml
IDEA: Earnings Per Share
2.2.0.25falsefalse0204 - Disclosure - Earnings Per Sharetruefalsefalse1falsefalseUSDfalsefalse8/1/2010 - 10/31/2010
USD ($)
USD ($) / shares
$ThreeMonthsEnded_31Oct2010http://www.sec.gov/CIK0000730263duration2010-08-01T00:00:002010-10-31T00:00:00USDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170USDEPSDividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0SharesStandardhttp://www.xbrl.org/2003/instancesharesxbrli0USDUSD$2true0us-gaap_EarningsPerShareAbstractus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringNo definition available.falsefalse3false0us-gaap_EarningsPerShareTextBlockus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1falsefalsefalse00<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged Note 4 - us-gaap:EarningsPerShareTextBlock-->
<div style="font-family: Helvetica,Arial,sans-serif">
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left">4.</td>
<td width="1%"> </td>
<td>Earnings Per Share</td>
</tr>
</table>
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="76%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Three Months Ended</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Three Months Ended</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>October 31, 2010</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>October 31, 2009</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Weighted average shares
outstanding for basic earnings
per share
</div></td>
<td> </td>
<td> </td>
<td align="right">53,621,890</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">55,436,924</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Stock options and restricted stock
</div></td>
<td> </td>
<td> </td>
<td align="right">86,214</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">79,848</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Total — For diluted shares
</div></td>
<td> </td>
<td> </td>
<td align="right">53,708,104</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">55,516,772</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>The Company excludes stock options that have an antidilutive effect from its calculation of
weighted average shares outstanding assuming dilution. At October 31, 2010 and 2009, the
Company had stock options outstanding of 909,000 and 239,000, respectively, which were excluded
from this calculation.</td>
</tr>
</table>
</div>
</div>
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<!-- Begin Block Tagged NotefalsefalsefalsefalsefalseOtherus-types:textBlockItemTypestringThis element may be used to capture the complete disclosure pertaining to an entity's earnings per share.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 40
falsefalse12Earnings Per ShareUnKnownUnKnownUnKnownUnKnownfalsetrueXML
25
R6.xml
IDEA: Nature of Operations
2.2.0.25falsefalse0201 - Disclosure - Nature of Operationstruefalsefalse1falsefalseUSDfalsefalse8/1/2010 - 10/31/2010
USD ($)
USD ($) / shares
$ThreeMonthsEnded_31Oct2010http://www.sec.gov/CIK0000730263duration2010-08-01T00:00:002010-10-31T00:00:00USDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170USDEPSDividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0SharesStandardhttp://www.xbrl.org/2003/instancesharesxbrli0USDUSD$2true0tho_NatureOfOperationsAbstractthofalsenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypes
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<div align="left" style="font-family: Helvetica,Arial,sans-serif">
<!-- xbrl,ns -->
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<div align="left" style="font-size: 10pt; margin-top: 0pt"><u><b></b></u>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left">1.</td>
<td width="1%"> </td>
<td><i>Nature of Operations </i>
- Thor Industries, Inc. was founded in 1980 and, together with
its subsidiaries (the “Company”), manufactures a wide range of recreation vehicles and small
and mid-size buses at various manufacturing facilities across the United States. These
products are sold to independent dealers and municipalities primarily throughout the United
States and Canada.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
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<td width="1%"> </td>
<td>The Company’s core business activities are comprised of three distinct operations, which
include the design, manufacture and sale of motorized recreation vehicles, towable recreation
vehicles and buses. Accordingly, the Company has presented segmented financial information for
these three segments in Note 6 to the Company’s Notes to the Condensed Consolidated Financial
Statements.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
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<td>The July 31, 2010 amounts are derived from the annual audited financial statements. The interim
financial statements are unaudited. In the opinion of management, all adjustments (which
consist of normal recurring adjustments) necessary to present fairly the financial position,
results of operations and change in cash flows for the interim periods presented have been
made. These financial statements should be read in conjunction with the Company’s Annual Report
on Form 10-K for the year ended July 31, 2010. The results of operations for the three months
ended October 31, 2010, including Heartland Recreational Vehicles, LLC (“Heartland”) since its
acquisition on September 16, 2010, are not necessarily indicative of the results for the full
year.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td><i>Accounting Pronouncements — </i>In June 2009, the Financial Accounting Standards Board,
(“FASB”), issued SFAS No. 167, “Amendments to FASB Interpretation No. 46(R)” (SFAS 167). SFAS
No. 167 amends ASC 810-10 (formerly FASB Interpretation No. 46(R)) by adding previously
considered qualifying special purpose entities (the concept of these entities was eliminated by
SFAS No. 166). In addition, companies must perform an analysis to determine whether the
Company’s variable interest or interests give it a controlling financial interest in a variable
interest entity. Companies must also reassess on an ongoing basis whether the Company is the
primary beneficiary of a variable interest entity. The amendments to ASC 810-10 are effective
for fiscal years beginning after November 15, 2009. The Company adopted the amendments
effective August 1, 2010. The adoption of the amendments did not have any impact on the
financial statements.</td>
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</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>In July 2010, the FASB issued Accounting Standards Update, or ASU, 2010-20 “Disclosures about
the Credit Quality of Financing Receivables and Allowance for Credit Losses.” The new
disclosure guidance expands the existing requirements. The enhanced disclosures provide
information on the nature of credit risk in a company’s financing of receivables, how that risk
is analyzed in determining the related allowance for credit losses, and changes to the
allowance during the reporting period. The new disclosures will become effective for the
Company’s interim and annual reporting periods ending after December 15, 2010. The Company does
not expect the adoption of this ASU to have a material impact on its financial disclosures, and
it will adopt its provisions when they become effective.</td>
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</table>
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-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 25
truefalse35false0us-gaap_CashAndCashEquivalentsPeriodIncreaseDecreaseus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1truefalsefalse-106004000-106004falsefalsefalsefalsefalse2truefalsefalse15180001518falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe net change between the beginning and ending balance of cash and cash equivalents.Reference 1: http://www.xbrl.org/2003/role/presentationRef
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falsefalse36false0us-gaap_CashAndCashEquivalentsAtCarryingValueus-gaaptruedebitinstantNo definition available.falsefalsefalsefalsefalsefalsefalsetruefalsefalseperiodstartlabel1tr
uefalsefalse247751000247751falsefalsefalsefalsefalse2truefalsefalse221684000221684falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryIncludes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Trea
sury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits should not be reported as cash and cash equivalents.Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Section 02
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-Article 5
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/IsNumeric>falsefalse141747000141747falsefalsefalsefalsefalse2truefalsefalse223202000223202falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryIncludes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasur
y bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits should not be reported as cash and cash equivalents.Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Name Statement of Financial Accounting Standard (FAS)
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-Number 95
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-Footnote 1
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 1
-Article 5
falsefalse38true0us-gaap_SupplementalCashFlowInformationAbstractus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1falsefalsefalse00falsefalsefalsefalsefalse2falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringNo definition available.falsefalse39false0us-gaap_IncomeTaxesPaidus-gaaptruecreditdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1truefalsefalse2831500028315falsefalsefalsefalsefalse2truefalsefalse42030004203falsefalsefa
lsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe amount of cash paid during the current period to foreign, federal, state, and local authorities as taxes on income.Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Name Statement of Financial Accounting Standard (FAS)
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-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 27
-Subparagraph f
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li:monetaryItemTypemonetaryThe amount of cash paid during the current period for interest owed on money borrowed; includes amount of interest capitalizedReference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 29
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Otherxbrli:stringItemTypestringDesignated to encapsulate the entire footnote disclosure that gives information on the supplemental cash flow activities for noncash (or part noncash) transactions for the period. Noncash is defined as information about all investing and financing activities of an enterprise during a period that affect recognized assets or liabilities but that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period.falsefalse42false0us-gaap_CapitalExpendituresIncurredButNotYetPaidus-gaaptruecreditdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1truefalsefalse321000321falsefalsefalsefalsefalse2truefalsefalse2400024falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryFuture cash outflow to pay for purchases of fixed assets that have occurred.No authoritative reference available.falsefalse43false0us-gaap_StockIssuedDuringPeriodValueAcquisitionsus-gaaptruecreditdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1truefalsefalse9053100090531falsetruefalsefalsefalse2falsefalsefalse00falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryValue of stock issued pursuant to acquisitions during the period.Reference 1: http://www.xbrl.org/2003/role/presentationRef
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falsefalse241Statements of Condensed Consolidated Cash Flows (Unaudited) (USD $)ThousandsUnKnownUnKnownUnKnownfalsetrueXML
27
defnref.xml
IDEA: XBRL DOCUMENT
No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.Gain on involuntary conversion of assetsNo authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.OtherNo authoritative reference available.Product/property liability and related liabilitiesNo authoritative reference available.No authoritative reference available.No authoritative reference available.Deferred income taxes and otherNo authoritative reference available.No authoritative reference available.No authoritative reference available.Special dividends declared and paid per common share:No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.Promotions and rebatesNo authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.Deferred income taxes and otherNo authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.Retained EarningsNo authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.XML
28
R21.xml
IDEA: Fire at Bus Production Facility
2.2.0.25falsefalse0216 - Disclosure - Fire at Bus Production Facilitytruefalsefalse1falsefalseUSDfalsefalse8/1/2010 - 10/31/2010
USD ($)
USD ($) / shares
$ThreeMonthsEnded_31Oct2010http://www.sec.gov/CIK0000730263duration2010-08-01T00:00:002010-10-31T00:00:00USDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170USDEPSDividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0SharesStandardhttp://www.xbrl.org/2003/instancesharesxbrli0USDUSD$2true0tho_BusinessInsuranceGainRecoveriesAbstractthofalsenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringNo definition available.falsefalse3false0us-gaap_ScheduleOfBusinessInsuranceRecoveriesTextBlockus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel
1falsefalsefalse00<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged Note 16 - us-gaap:ScheduleOfBusinessInsuranceRecoveriesTextBlock-->
<div style="font-family: Helvetica,Arial,sans-serif">
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left">16.</td>
<td width="1%"> </td>
<td>Fire at Bus Production Facility</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>On February 14, 2010, a fire occurred at the northern production facility (the “Facility”) at
the Company’s manufacturing site located near Imlay City, Michigan. The Facility is one of the
Company’s principal manufacturing locations for its Champion and General Coach America bus
lines. The fire resulted in the destruction of a significant portion of the work in process,
raw materials and equipment contained in the Facility. There were no reported injuries and the
origin of the fire is undetermined. The southern production plant, paint facility and other
buildings at the site were not affected by the fire and remained intact. Shortly after the
fire, the Company resumed limited production activities for its Champion and General Coach
America buses in the southern manufacturing facility, and the Company addressed equipment and
staffing reallocation. Many employees continued to work out of the southern manufacturing
facility and an office building on this site on a temporary basis.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>The Company maintains a property and business interruption insurance policy that it believes
will provide substantial coverage for the currently foreseeable losses arising from this
incident, less up to the first $5,000 representing the Company’s deductible per the policy.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>During the three months ended October 31, 2010, the Company received $5,384 of insurance
proceeds which included $2,323 for business interruption. Recognized insurance recoveries for
the three months ended October 31, 2010 include the $5,384 of insurance proceeds along with $70
of previously unrecognized insurance recoveries. For the three months ended October 31, 2010, a
gain on involuntary conversion of $4,802 was reported in the Company’s Statement of Condensed
Consolidated Operations as follows:</td>
</tr>
</table>
</div>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: Helvetica,Arial,sans-serif">
<div style="margin-top: 6pt">
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>Gain on Involuntary Conversion:</td>
</tr>
</table>
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="64%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2">Three Months Ended</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2">Cumulative Total</td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">FY 2010</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">October 31, 2010</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Since Fire</td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Insurance recoveries recognized
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right" nowrap="nowrap">          18,079</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">5,454</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">23,533</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Deductible
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(5,000</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(5,000</td>
<td nowrap="nowrap">)</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Work in process and raw material destroyed
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(4,305</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(4,305</td>
<td nowrap="nowrap">)</td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Property and equipment destroyed
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(578</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(165</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(743</td>
<td nowrap="nowrap">)</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Clean up and other costs
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(603</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(487</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(1,090</td>
<td nowrap="nowrap">)</td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Gain on Involuntary Conversion
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">7,593</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">4,802</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">12,395</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>The costs incurred to date of reconstructing the Facility and replacing inventory have been
accounted for in the normal course of business. The costs incurred as of October 31, 2010 to
reconstruct the Facility totaled $5,807. The Facility was substantially completed and
operational as of September 28, 2010. The replacement cost of the property and equipment has
substantially exceeded the previous carrying costs and the lost profits covered under business
interruption and future clean-up and related costs are being reimbursed under the policy.
However, an accurate estimate of the remaining potential gain resulting from the involuntary
conversion cannot be made at this time.</td>
</tr>
</table>
</div>
</div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged NotefalsefalsefalsefalsefalseOtherus-types:textBlockItemTypestringA block of text that may be used to disclose all or part of the information related to business interruption insurance recoveries. This may include the nature of the event resulting in business interruption losses, the aggregate amount of business interruption insurance recoveries recognized during the period, and the line item(s) in the statement of operations in which those recoveries are classified (including amounts reported as an extraordinary item).Reference 1: h
ttp://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 01-13
falsefalse12Fire at Bus Production FacilityUnKnownUnKnownUnKnownUnKnownfalsetrueXML
29
R13.xml
IDEA: Investments and Fair Value Measurements
2.2.0.25falsefalse0208 - Disclosure - Investments and Fair Value Measurementstruefalsefalse1falsefalseUSDfalsefalse8/1/2010 - 10/31/2010
USD ($)
USD ($) / shares
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<td width="2%" nowrap="nowrap" align="left">8.</td>
<td width="1%"> </td>
<td>Investments and Fair Value Measurements</td>
</tr>
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<td>ASC-820-10, “<i>Fair Value Measurements and Disclosures”</i>, defines fair value, establishes a
framework for measuring fair value under generally accepted accounting principles and enhances
disclosures about fair value measurements. Fair value is defined as the exchange price that
would be received for an asset or paid to transfer a liability (i.e., an exit price) in the
principal or most advantageous market for the asset or liability in an orderly transaction
between market participants on the measurement date. Valuation techniques used to measure fair
value must maximize the use of observable inputs and minimize the use of unobservable inputs.
The standard describes a fair value hierarchy based on three levels of inputs, of which the
first two are considered observable and the last unobservable, that may be used to measure
fair value, which are the following:</td>
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<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>Level 1 — Quoted prices in active markets for identical assets or liabilities.</td>
</tr>
</table>
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<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>Level 2 — Inputs other than Level 1 that are observable, either directly or indirectly, such
as quoted prices for similar assets or liabilities; quoted prices in markets that are not
active; or other inputs that are observable or can be corroborated by observable market data
for substantially the full term of the assets or liabilities.</td>
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</table>
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<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>Level 3 — Unobservable inputs that are supported by little or no market activity and that are
significant to the fair value of the assets or liabilities.</td>
</tr>
</table>
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<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>The following table represents the Company’s fair value hierarchy for its financial assets
(cash and cash equivalents and investments) measured at fair value on a recurring basis as of
October 31, 2010 and July 31, 2010:</td>
</tr>
</table>
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<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000">October 31, 2010</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000">July 31, 2010</td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2">Cash and Cash</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2">Auction Rate</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2">Cash and Cash</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2">Auction Rate</td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Equivalents</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Securities</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Equivalents</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">Securities</td>
<td> </td>
</tr>
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<td>
<div style="margin-left:15px; text-indent:-15px">Levels of Input:
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Level 1
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">141,747</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">247,751</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Level 2
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Level 3
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3,390</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">5,327</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">141,747</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">3,390</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">247,751</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">5,327</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
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<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>The Company’s cash equivalents are comprised of money market funds traded in an active
market with no restrictions.</td>
</tr>
</table>
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<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>In addition to the above investments, the Company holds non-qualified retirement plan assets of
$7,833 at October 31, 2010 ($7,499 at July 31, 2010). These assets, which are held for the
benefit of certain employees of the Company, represent Level 1 investments primarily in mutual
funds which are valued using observable market prices in active markets. They are included in
other assets on the Condensed Consolidated Balance Sheets.</td>
</tr>
</table>
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<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>Level 3 assets consist of bonds with an auction reset feature (“auction rate securities” or
“ARS”) whose underlying assets are primarily student loans which are substantially backed by
the federal government. Auction rate securities are long-term floating rate bonds tied to
short-term interest rates. After the initial issuance of the securities, the interest rate on
the securities is reset periodically, at intervals established at the time of issuance based on
market demand for a reset period. Auction rate securities are bought and sold in the
marketplace through a competitive bidding process often referred to as a “Dutch auction.” If
there is insufficient interest in the securities at the time of an auction, the auction may not
be completed and the rates may be reset to pre-determined “penalty” or “maximum” rates based on
mathematical formulas in accordance with each security’s prospectus.</td>
</tr>
</table>
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<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>The following table provides a reconciliation of the beginning and ending balances for the
assets measured at fair value using significant unobservable inputs (Level 3 financial assets):</td>
</tr>
</table>
</div>
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<td width="88%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Fair Value Measurements at</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Reporting Date Using</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Significant Unobservable Inputs</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>(Level 3)</b></td>
<td> </td>
</tr>
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<td>
<div style="margin-left:15px; text-indent:-15px">Balances at August 1, 2010
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">5,327</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Net change in other comprehensive income
</div></td>
<td> </td>
<td> </td>
<td align="right">213</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Net loss included in earnings
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Purchases
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Sales/Maturities
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(2,150</td>
<td nowrap="nowrap">)</td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Balances at October 31, 2010
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">3,390</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
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<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td><u><b>Auction Rate Securities</b></u></td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>At October 31, 2010, the Company held $3,700 (par value) of long-term investments comprised of
tax-exempt ARS, which are variable-rate debt securities and have a long-term maturity with the
interest being reset through Dutch auctions that are typically held every 7, 28 or 35 days. The
securities have historically traded at par and are callable at par at the option of the issuer.
Interest is typically paid at the end of each auction period or semi-annually. At October 31,
2010, the majority of the ARS we held were AAA rated or equivalent, and none were below AA
rated or equivalent, with most collateralized by student loans substantially backed by the U.S.
Federal government.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>Since February 12, 2008, most auctions have failed for these securities and there is no
assurance that future auctions on the ARS in our investment portfolio will succeed and, as a
result, our ability to liquidate our investment and fully recover the par value of our
investment in the near term may be limited or not exist. An auction failure means that the
parties wishing to sell securities could not.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
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<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>At October 31, 2010, there was insufficient observable ARS market information available to
determine the fair value of our ARS investments. Therefore, management, assisted by Houlihan,
Smith & Company, Inc., an independent consultant, determined an estimated fair value. In
determining the estimate, consideration was given to credit quality, final stated maturities,
estimates on the probability of the issue being called prior to final maturity, impact due to
extended periods of maximum auction rates and broker quotes. Based on this analysis, we
recognized a total
temporary impairment of $310 ($192 total net of tax in other comprehensive
income which is in the equity section of the balance sheet) as of October 31, 2010 related to
our long-term ARS investments of $3,700 (par value).</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>We have no reason to believe that any of the underlying issuers of our ARS are presently at
risk of default. Through October 31, 2010, we have continued to receive interest payments on
the ARS in accordance with their terms. We believe we will be able to liquidate our investments
without significant loss primarily due to the government guarantee of the underlying
securities; however, it could take until the final maturity of the underlying notes (up to 30
years) to realize our investments’ par value.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>Although there is uncertainty with regard to the short-term liquidity of these securities, the
Company continues to believe that the carrying amount represents the fair value of these
marketable securities because of the overall quality of the underlying investments and the
anticipated future market for such investments.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
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<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>In addition, the Company has the intent and ability to hold these securities until the earlier
of: the market for ARS stabilizes, the issuer refinances the underlying security, a buyer is
found outside of the auction process at acceptable terms, or the underlying securities have
matured.</td>
</tr>
</table>
</div>
</div>
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<!-- Begin Block Tagged NotefalsefalsefalsefalsefalseOtherus-types:textBlockItemTypestringThis item represents the complete disclosure regarding the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value,
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-Name Regulation S-X (SX)
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-Name Regulation S-X (SX)
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-Paragraph 20
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-Name Accounting Research Bulletin (ARB)
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-Name Regulation S-X (SX)
-Number 210
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-Name Regulation S-X (SX)
-Number 210
-Section 02
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-Name Regulation S-X (SX)
-Number 210
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-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 12
-Paragraph 10
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-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 31
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-Number 210
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-Name Accounting Principles Board Opinion (APB)
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-Name Statement of Financial Accounting Standard (FAS)
-Number 130
-Paragraph 14, 17, 26
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-Name Regulation S-X (SX)
-Number 210
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-Name Accounting Research Bulletin (ARB)
-Number 51
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-Section E
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-Name Regulation S-X (SX)
-Number 210
-Section 02
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-Number 210
-Section 02
-Paragraph 32
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-Name Regulation S-X (SX)
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