-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, QT0LEiLAt4xHS892UuqROiajOtdTccAy5DPOIqmT2Y5enGpxPEpxVItevBSwHJ35 njnHDm682Mb8lx8uUDDxvQ== 0000950152-03-010086.txt : 20031203 0000950152-03-010086.hdr.sgml : 20031203 20031203171419 ACCESSION NUMBER: 0000950152-03-010086 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20031201 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20031203 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: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-09235 FILM NUMBER: 031035842 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 8-K 1 l04396ae8vk.txt THOR INDUSTRIES, INC. =============================================================================== 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): December 1, 2003 THOR INDUSTRIES, INC. (Exact name of registrant as specified in its charter) DELAWARE 1-9235 93-0768752 (State or other jurisdiction of (Commission File Number) (IRS Employer Identification No.) incorporation)
419 WEST PIKE STREET, 45334-0629 JACKSON CENTER, OHIO (Zip Code) (Address of Principal Executive Offices)
Registrant's telephone number, including area code: (937) 596-6849 (Former name or address, if changed since last report) N/A =============================================================================== ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS. (c) Exhibits
Exhibit Number Description -------------- ----------- 99.1 Copy of press release, dated December 1, 2003, issued by Thor Industries, Inc.
ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION On December 1, 2003, Thor Industries, Inc. (the "Company") issued a press release announcing sales, net income, earnings per share and other financial information for the first quarter ended October 31, 2003. 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.6 to Form 8-K, the information set forth in this Form 8-K (including Exhibit 99.1) shall be deemed "furnished" and not "filed" with the Securities and Exchange Commission for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended. 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: December 2, 2003 By: /s/ Walter Bennett ---------------------- Name: Walter Bennett Title: Senior Vice President EXHIBIT INDEX
EXHIBIT NUMBER DESCRIPTION ------ ----------------------------------------------------- 99.1 Copy of press release, dated December 1, 2003, issued by the Company
EX-99.1 3 l04396aexv99w1.txt EX-99.1 PRESS RELEASE [THOR LOGO] 419 WEST PIKE STREET - P.O. BOX 629 - JACKSON CENTER, OHIO 45334-0629 PHONE 937-596-6849 - FAX 937-596-6539 N E W S R E L E A S E Date: December 1, 2003 Contact: Wade F. B. Thompson or Peter B. Orthwein THOR REPORTS HIGHEST EVER QUARTERLY SALES, NET INCOME, E.P.S. Thor Industries, Inc. (NYSE:THO) reported today record sales, net income, and E.P.S., each of which were the highest in any quarter for the company, for the first quarter ended October 31, 2003. Sales for the quarter ended October 31, 2003 were $490.4 million, up 21% from $406.3 million last year. Net income was $23,704,000, up 14% from last year's $20,849,000. E.P.S. were 83cents up 14% from 73cents last year. RV sales in the quarter were $433.0 million, up 23% from $352.2 million last year. Bus sales were $57.4 million, up 6% from $54.1 million last year. RV income before tax was $37,544,000, up 9% from $34,585,000 last year. Bus income before tax was $2,733,000, up 5% from $2,610,000 last year. Corporate costs were $1,196,000 compared to $2,734,000 last year which included impairment of an equity security of $1,580,000. Thor backlog on October 31, 2003, was a record for this time of the year at $319 million, up 24% from $257 million last year. RV backlog including recently acquired Damon was $219 million. Bus backlog of $100 million was up 2% from last year. Results in the quarter were impacted by increased warranty costs, discounts, and one time costs for a plant reorganization. "Our record backlog, our strong retail RV sales, the highest consumer confidence level in 14 months, and exceptional RV industry retail strength (industry travel trailers and fifth wheels, by far our largest segment, were up 14% in September; industry motor home sales were up 6%) bodes well for very positive Thor results for the remainder of the fiscal year," said Wade F. B. Thompson, Thor chairman. "Further, mid-size bus industry shipments were up 7% in the quarter ended September 2003 versus last year," he added. Thor is the largest manufacturer of recreation vehicles and the largest builder of mid-size buses. This release includes "forward looking statements" that involve uncertainties and risks. There can be no assurance that actual results will not differ from the Company's expectations. Factors which could cause materially different results include, among others, the success of new product introductions, the pace of acquisitions and cost structure improvements, competitive and general economic conditions, and the other risks set forth in the Company's filings with the Securities and Exchange Commission. THOR INDUSTRIES, INC. STATEMENT OF INCOME FOR THE 3 MONTHS ENDED OCTOBER 31, 2003 & 2002 $000 EXCEPT PER SHARE - UNAUDITED
3 MONTHS ENDED OCTOBER 31 2003 % 2002 % ------------------------------------------------------------------------------- Net sales $ 490,427 $ 406,262 Gross profit $ 66,209 13.5% $ 58,594 14.4% Selling, general and administrative $ 28,015 5.7% $ 23,124 5.7% Amortization of intangibles $ 194 - $ 179 - Impairment of equity security $ - - $ 1,580 0.4% Interest income (net) $ 429 0.1% $ 479 0.1% Other income $ 652 0.1% $ 271 0.1% Income before taxes $ 39,081 8.0% $ 34,461 8.5% Taxes $ 15,377 3.1% $ 13,612 3.4% Net income $ 23,704 4.8% $ 20,849 5.1% E.P.S. $ 0.83 $ 0.73 Average common shares outstanding 28,612,425 28,485,986
SUMMARY BALANCE SHEETS - OCTOBER 31 ($000) (UNAUDITED)
2003 2002 2003 2002 ------------ ------------- --------------- -------------- Cash and equivalents $ 113,848 $ 88,400 Current liabilities $ 200,966 $ 150,977 Accounts receivable 125,261 93,009 Other liabilities 6,713 6,192 Inventories 132,218 108,593 Stockholders' equity 439,882 355,406 Prepaid, etc. 19,303 12,477 Current assets 390,630 302,479 Fixed assets 83,533 57,013 Investments-joint ventures 2,485 2,195 Investments-available for sale 4,417 2,338 Goodwill 140,565 130,555 Other assets 25,931 17,995 ------------ ------------- --------------- -------------- Total $ 647,561 $ 512,575 $ 647,561 $ 512,575 ============ ============= =============== ==============
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