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 ============ ============= =============== ==============