8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8—K

CURRENT REPORT

Pursuant to Section 13 or 15 (d) of the
Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): March 10, 2011

Thor Industries, Inc.

(Exact Name of Registrant as Specified in Charter)

Delaware
(State or Other Jurisdiction of
Incorporation) 1-9235
(Commission File Number) 93-0768752
(IRS Employer Identification
No.)

419 West Pike Street,
Jackson Center, Ohio
(Address of Principal Executive Offices) 45334-0629
(Zip Code)

Registrant’s telephone number, including area code: (937) 596-6849

N/A
(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

TABLE OF CONTENTS

EX-99.1

Item 2.02 Results of Operations and Financial Condition.

     On March 10, 2011, Thor Industries, Inc. (the “Company”) issued a press release announcing certain financial results for the second quarter and six months ended January 31, 2011. A copy of the Company’s press release is attached hereto as Exhibit 99.1 and is incorporated by reference herein.

     In accordance with general instruction B.2 to Form 8-K, the information set forth in Item 2.02 of this Form 8-K (including Exhibit 99.1) shall be deemed “furnished” and not “filed” with the Securities and Exchange Commission for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and shall not be incorporated by reference into any filing thereunder or under the Securities Act of 1933, as amended.

Item 9.01 Financial Statements and Exhibits.

     (d) Exhibits

Exhibit Number	Description
99.1	Copy of press release, dated March 10, 2011, issued by the Company

SIGNATURES

     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 hereunto duly authorized.

	Thor Industries, Inc.
Date: March 14, 2011	By:	/s/ Christian G. Farman
		Name:	Christian G. Farman
		Title:	Senior Vice President, Treasurer and Chief Financial Officer

EXHIBIT INDEX

Exhibit
Number	Description
99.1	Copy of press release, dated March 10, 2011, issued by the Company

EX-99.1

Exhibit 99.1

419 WEST PIKE STREET • P.O. BOX 629 • JACKSON CENTER, OHIO 45334-0629
PHONE 937-596-6849 • FAX 937-596-6539
N E W S    R E L E A S E

Date:	March 10, 2011
Contact:	Peter B. Orthwein or Richard E. Riegel III

THOR ANNOUNCES SECOND QUARTER AND SIX MONTH RESULTS.

Thor Industries, Inc. (NYSE:THO) today announced results for the second quarter and six months ended January 31, 2011. Sales for the second quarter were $526,227,000, up 22% from $430,025,000 last year. Net income for the quarter was $5,688,000, down from $11,924,000 last year. E.P.S. for the quarter were $0.10 versus $0.22 last year. Sales for the six months were $1,132,911,000, up 21% from $932,577,000 last year. Net income for the six months was $29,376,000 compared to $35,353,000 last year. E.P.S. for the six months were $0.54 versus $0.65 last year.

“Aided by its acquisition of Heartland RV in September, 2010, Thor delivered solid revenue growth in the seasonally slower second quarter that was offset by discounting due to market pricing pressures and increases in raw material costs,” said Peter B. Orthwein, Thor chairman. “We are well positioned to capitalize on what we believe will be a much more robust second half of the fiscal year. Order backlogs are healthy, we continue to gain market share, our RV companies enacted product price increases in February to cover higher material input costs, and importantly, the discounting that we have seen thus far this year is now abating and we expect a normalized RV promotional environment in our prime spring and summer selling season.”

Other costs impacting Thor’s second quarter profits included start-up costs for the new Redwood RV operation and amortization expense related to Thor’s acquisition of Heartland RV in the first quarter. Corporate costs were also higher in the quarter due to costs related to an ongoing SEC review, along with higher stock option compensation and group insurance expenses.

Thor anticipates that conditions in its bus segment will remain challenging in 2011 due to tight state and municipal budgets, but believes that its bus segment is well positioned for longer term growth.

RV sales in the quarter were $437,111,000, up 30% from $335,796,000 last year. Towable RV sales in the quarter were $364,802,000, up 30% from $280,704,000 last year. These towable RV sales include $83,912,000 of sales in the quarter from Heartland RV, acquired September 16, 2010. Motorized RV sales in the quarter

were $72,309,000, up 31% from $55,092,000 last year. Bus segment sales in the quarter were $89,116,000, down 5% from $94,229,000 last year.

RV income before tax in the quarter was $11,025,000, compared with $18,057,000 last year. Towable RV income before tax in the quarter was $8,808,000, down from $16,743,000 last year. Motorized RV income before tax in the quarter was $2,217,000, up significantly from $1,314,000 last year. Bus segment income before tax in the quarter was $3,792,000, compared with $6,233,000 last year. Corporate net costs were $7,436,000 in the quarter versus $5,037,000 last year.

Thor is the world’s largest manufacturer of recreation vehicles and a major builder of commercial buses and ambulances.

This release includes certain statements that are “forward looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward looking statements involve uncertainties and risks. There can be no assurance that actual results will not differ from our expectations. Factors which could cause materially different results include, among others, additional issues that may arise in connection with the findings of the completed investigation by the Audit Committee of the Board of Directors of Thor Industries, Inc. (the “Company”) and the SEC’s requests for additional information and the discussion of possible settlement with the SEC relating to the matters raised by the Audit Committee’s investigation, 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, competition and general economic conditions and the other risks and uncertainties discussed more fully in Item 1A of the Company’s Annual Report on Form 10-K for the year ended July 31, 2010 and Part II, Item 1A of the Company’s Quarterly Report on Form 10-Q for the period ended January 31, 2011. The Company disclaims any obligation or undertaking to disseminate any updates or revisions to any forward looking statements contained in this release or to reflect any change in the Company’s expectations after the date of this release or any change in events, conditions or circumstances on which any statement is based except as required by law.

THOR INDUSTRIES, INC.
STATEMENT OF INCOME FOR THE 3 AND 6 MONTHS ENDED JANUARY 31, 2011 and 2010
($000 except per share — unaudited)

	3 MONTHS ENDED JANUARY 31,												6 MONTHS ENDED JANUARY 31,
	2011			% Net Sales			2010			% Net Sales			2011		% Net Sales			2010		% Net Sales
Net sales	$	526,227					$	430,025					$	1,132,911				$	932,577
Gross profit	$	47,643			9.1	%	$	49,996			11.6	%	$	124,221		11.0	%	$	119,767		12.8	%
Selling, general and administrative	$	40,742			7.7	%	$	31,087			7.2	%	$	85,633		7.6	%	$	65,854		7.1	%
Amortization of intangibles	$	2,489			0.5	%	$	77			0.0	%	$	4,564		0.4	%	$	168		0.0	%
Impairment of trademarks	$	—			0.0	%	$	—			0.0	%	$	2,036		0.2	%	$	—		0.0	%
Interest income (net)	$	941			0.2	%	$	1,101			0.3	%	$	1,894		0.2	%	$	2,672		0.3	%
Gain on involuntary conversion	$	2,031			0.4	%	$	—			0.0	%	$	6,833		0.6	%	$	—		0.0	%
Other income (expense)	$	(3	)		0.0	%	$	(680	)		-0.2	%	$	452		0.0	%	$	89		0.0	%
Income before taxes	$	7,381			1.4	%	$	19,253			4.5	%	$	41,167		3.6	%	$	56,506		6.1	%
Taxes	$	1,693			0.3	%	$	7,329			1.7	%	$	11,791		1.0	%	$	21,153		2.3	%
Net income	$	5,688			1.1	%	$	11,924			2.8	%	$	29,376		2.6	%	$	35,353		3.8	%
E.P.S. — basic		10¢						22¢						54¢					65¢
E.P.S. — diluted		10¢						22¢						54¢					65¢
Avg. common shares outstanding-basic		55,812,526						53,665,620						54,717,208					54,551,272
Avg. common shares outstanding-diluted		55,930,489						53,762,528						54,819,297					54,639,650

SUMMARY BALANCE SHEETS — JANUARY 31, ($000) (unaudited)

	2011		2010
Cash and equivalents	$	96,613	$	67,563
Investments, short term		—		76,300
Accounts receivable		176,679		147,345
Inventories		211,977		162,165
Deferred income tax and other		54,434		43,415
Total current assets		539,703		496,788
Fixed assets		166,947		141,806
Long term investments		2,977		12,983
Goodwill		245,766		148,411
Other intangible assets		132,383		13,785
Other assets		39,344		49,139
Total	$	1,127,120	$	862,912
Current liabilities	$	275,939	$	208,864
Other liabilities		82,635		63,866
Stockholders’ equity		768,816		590,182
	$	1,127,120	$	862,912