Exhibit 99.1
419 WEST PIKE STREET • P.O. BOX 629 • JACKSON CENTER, OHIO 45334-0629
PHONE 937-596-6849 • FAX 937-596-6539
NEWS RELEASE
| Date: Contact: |
June 8, 2011 Peter B. Orthwein or Richard E. Riegel |
THOR ANNOUNCES SALES, NET INCOME, E.P.S. FOR QUARTER, NINE MONTHS
Thor Industries, Inc. (NYSE:THO) announced results for the third quarter and nine months ended
April 30, 2011. Consolidated sales for the quarter were $852,059,000, up 25% from $680,192,000
last year. Net income for the quarter was $40,008,000 up 17% from $34,111,000 last year. E.P.S.
for the quarter were 72¢ versus 66¢ last year.
Consolidated sales for the nine months were $1,984,970,000, up 23% from $1,612,769,000 last year.
Net income for the nine months was $69,384,000 versus $69,464,000 last year. E.P.S. for the nine
months were $1.26 versus $1.30 last year.
RV sales in the quarter were $742,797,000, up 33% from $559,166,000 last year. Towable RV sales in
the quarter were $624,631,000, up 33% from $468,002,000 last year. Motorized RV sales in the
quarter were $118,166,000, up 30% from $91,164,000 last year. RV sales in the nine months were
$1,686,471,000, up 31% from $1,284,891,000 last year. Towable RV sales in the nine months were
$1,411,882,000, up 29% from $1,090,842,000 last year. Motorized RV sales in the nine months were
$274,589,000, up 42% from $194,049,000 last year. Consolidated sales, RV sales, and Towable RV
sales in the third quarter and nine months of Thor’s 2011 fiscal year include Heartland RV,
acquired September 16, 2010. Bus segment sales in the quarter were $109,262,000, compared with
$121,026,000 last year. Bus segment sales in the nine months were $298,499,000 versus $327,878,000
last year.
RV income before tax in the third quarter was $60,035,000, up 23% from $48,754,000 last year.
Towable RV income before tax in the quarter was $54,131,000, up 20% from $45,114,000 last year.
Motorized RV income before tax in the quarter was $5,904,000, up 62% from $3,640,000 last year. RV
income before tax in the nine months was $105,164,000, up 7% from $98,453,000 last year. Towable
RV income before tax in the nine months was $96,039,000, up 3% from $93,397,000 last year.
Motorized RV income before tax in the nine months was $9,125,000, up 80% from $5,056,000 last year.
Bus segment income before tax in the quarter was $4,472,000, compared with $9,142,000 last year and
was $17,683,000 in the nine months, versus $23,755,000
last year. Corporate net costs were $7,189,000 in the quarter versus $5,691,000 last year and
$24,362,000 in the nine months versus $13,497,000 last year.
“Thor’s improving margins in the third quarter demonstrate the effect of increased revenue in a
better RV promotional environment,” said Peter B. Orthwein, Thor chairman & CEO. “In our bus
segment, the public transit market remains challenging due to tight municipal budgets,” he added.
Thor is the world’s largest manufacturer of recreation vehicles and a major builder of commercial
buses & 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 review by the independent consultant required under our recent settlement with
the Securities and Exchange Commission, fuel prices, fuel availability, lower consumer confidence,
interest rate increases, restrictive lending practices, increased material and component 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 our Annual Report on Form 10-K for the year ended July 31, 2010 and Part II,
Item 1A of our Quarterly Report on Form 10-Q for the period ended April 30, 2011. We disclaim 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 our 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 9 MONTHS ENDED APRIL 30, 2011 and 2010
($000 except per share — unaudited)
STATEMENT OF INCOME FOR THE 3 AND 9 MONTHS ENDED APRIL 30, 2011 and 2010
($000 except per share — unaudited)
| 3 MONTHS ENDED APRIL 30, | 9 MONTHS ENDED APRIL 30, | |||||||||||||||||||||||||||||||
| 2011 | % Net Sales | 2010 | % Net Sales | 2011 | % Net Sales | 2010 | % Net Sales | |||||||||||||||||||||||||
Net sales |
$ | 852,059 | $ | 680,192 | $ | 1,984,970 | $ | 1,612,769 | ||||||||||||||||||||||||
Gross profit |
$ | 108,484 | 12.7 | % | $ | 92,499 | 13.6 | % | $ | 232,705 | 11.7 | % | $ | 212,266 | 13.2 | % | ||||||||||||||||
Selling, general and administrative |
$ | 50,386 | 5.9 | % | $ | 42,824 | 6.3 | % | $ | 136,019 | 6.9 | % | $ | 108,678 | 6.7 | % | ||||||||||||||||
Amortization of intangibles |
$ | 2,734 | 0.3 | % | $ | 152 | 0.0 | % | $ | 7,298 | 0.4 | % | $ | 320 | 0.0 | % | ||||||||||||||||
Impairment of trademarks |
$ | 1,430 | 0.2 | % | $ | 500 | 0.1 | % | $ | 3,466 | 0.2 | % | $ | 500 | 0.0 | % | ||||||||||||||||
Interest income (net) |
$ | 904 | 0.1 | % | $ | 1,250 | 0.2 | % | $ | 2,798 | 0.1 | % | $ | 3,922 | 0.2 | % | ||||||||||||||||
Gain on involuntary conversion |
$ | 1,818 | 0.2 | % | $ | 2,283 | 0.3 | % | $ | 8,651 | 0.4 | % | $ | 2,283 | 0.1 | % | ||||||||||||||||
Other income (expense) |
$ | 662 | 0.1 | % | $ | (351 | ) | -0.1 | % | $ | 1,114 | 0.1 | % | $ | (262 | ) | 0.0 | % | ||||||||||||||
Income before taxes |
$ | 57,318 | 6.7 | % | $ | 52,205 | 7.7 | % | $ | 98,485 | 5.0 | % | $ | 108,711 | 6.7 | % | ||||||||||||||||
Taxes |
$ | 17,310 | 2.0 | % | $ | 18,094 | 2.7 | % | $ | 29,101 | 1.5 | % | $ | 39,247 | 2.4 | % | ||||||||||||||||
Net income |
$ | 40,008 | 4.7 | % | $ | 34,111 | 5.0 | % | $ | 69,384 | 3.5 | % | $ | 69,464 | 4.3 | % | ||||||||||||||||
E.P.S. — basic |
72¢ | 66¢ | $ | 1.26 | $ | 1.30 | ||||||||||||||||||||||||||
E.P.S. — diluted |
72¢ | 66¢ | $ | 1.26 | $ | 1.30 | ||||||||||||||||||||||||||
Avg. common shares outstanding-basic |
55,829,122 | 51,461,181 | 55,079,700 | 53,521,242 | ||||||||||||||||||||||||||||
Avg. common shares outstanding-diluted |
55,941,389 | 51,585,450 | 55,185,181 | 53,621,854 | ||||||||||||||||||||||||||||
SUMMARY BALANCE SHEETS — APRIL 30, ($000) (unaudited)
| 2011 | 2010 | 2011 | 2010 | |||||||||||||||||
Cash and equivalents |
$ | 59,247 | $ | 80,638 | Current liabilities | $ | 290,970 | $ | 258,403 | |||||||||||
Investments, short term |
— | 63,350 | Other liabilities | 83,814 | 60,887 | |||||||||||||||
Restricted Cash |
1,000 | — | Stockholders’ equity | 804,718 | 619,120 | |||||||||||||||
Accounts receivable |
264,892 | 207,268 | ||||||||||||||||||
Inventories |
223,990 | 170,044 | ||||||||||||||||||
Deferred income tax and other |
46,958 | 43,811 | ||||||||||||||||||
Total current assets |
596,087 | 565,111 | ||||||||||||||||||
Fixed assets |
166,498 | 137,924 | ||||||||||||||||||
Long term investments |
2,982 | 13,010 | ||||||||||||||||||
Goodwill |
245,766 | 150,576 | ||||||||||||||||||
Other intangible assets |
128,219 | 20,853 | ||||||||||||||||||
Other assets |
39,950 | 50,936 | ||||||||||||||||||
Total |
$ | 1,179,502 | $ | 938,410 | $ | 1,179,502 | $ | 938,410 | ||||||||||||