-----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, R70o+K9DgbnKGGx+2vAV2Sl8N5UYdCPnbcYsR5NfZwlSApbOg3T6lo7mXzwTrC/b UTPOHYKTsHQHj4hICG7CjQ== 0000950152-04-004289.txt : 20040525 0000950152-04-004289.hdr.sgml : 20040525 20040525165322 ACCESSION NUMBER: 0000950152-04-004289 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040524 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040525 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: 04830365 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 l07822ae8vk.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): May 24, 2004 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 May 24, 2004, issued by Thor Industries, Inc. ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION. On May 24, 2004, Thor Industries, Inc. (the "Company") issued a press release announcing certain financial results for the third quarter and nine months ended April 30, 2004. 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: May 25, 2004 By: /s/ Walter Bennett ------------------ Name: Walter Bennett Title: Executive Vice President EXHIBIT INDEX EXHIBIT NUMBER DESCRIPTION - ------ --------------------------------------------------- 99.1 Copy of press release, dated May 24, 2004, issued by the Company EX-99.1 2 l07822aexv99w1.txt EX-99.1 PRESS RELEASE EXHIBIT 99.1 [THOR INDUSTRIES 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: May 24, 2004 Contact: Wade F. B. Thompson or Peter B. Orthwein THOR REPORTS RECORD QUARTER AND NINE MONTHS SALES, NET INCOME, AND E.P.S.; WALL STREET ESTIMATES SUBSTANTIALLY EXCEEDED; RECORD BACKLOG AND ORDER INPUT; RECORD RV RETAIL REGISTRATIONS. Thor Industries, Inc. (NYSE:THO) announced today record sales, net income, and E.P.S. for the third quarter and nine months ended April 30, 2004. Net income for the quarter was a record $32,784,000, up 63% from $20,154,000 last year and the highest for any quarter in the company's history. E.P.S. for the quarter were 57cents, up 63% from 35cents last year, significantly in excess of Wall Street consensus estimates of 48cents. Sales for the quarter were $645,690,000, up 56% from $412,750,000 last year. Net income for the nine months was a record $74,007,000 up 31% from $56,371,000 last year. E.P.S. for the nine months were $1.29, up 30% from .99cents last year. Sales for the nine months were $1,562,597,000, up 36% from $1,148,909,000 last year. RV sales in the quarter were a record $594,157,000, up 65% from $359,181,000 last year, making Thor the largest RV builder in both revenue and units. Bus sales in the quarter were $51,533,000, down 4% from $53,569,000 last year. RV sales in the 9 months were $1,401,350,000, up 42% from $987,328,000 last year. Bus sales in the 9 months were $161,247,000 versus $161,581,000 last year. RV income before tax was $55,440,000 in the quarter, up 72% from $32,299,000 last year and $117,866,000 in the 9 months, up 32% from $89,236,000 last year. Bus income before tax in the quarter was $1,389,000 versus $2,514,000 last year and $7,540,000 in the 9 months, down from $8,453,000 last year. Corporate costs in the quarter were $3,084,000 versus $1,501,000 last year and $5,155,000 in the nine months versus $6,183,000 last year. This year's results include Damon since its acquisition on September 2, 2003. Damon had sales of $67,622,000 for the quarter and $157,367,000 for the nine-month period. Damon's income before tax was $4,580,000 for the quarter and $8,980,000 for the nine-month period. RV retail registrations in the quarter were up 26% over last year to 20,719 units versus 16,489 last year, easily the highest for any quarter in the company's history. According to Statistical Surveys, Thor has 30.2% of the retail travel trailer and fifth wheel market, up from 29.5% last year. In motorhomes, Thor has 10.2% of the retail market, up slightly from 10.1% last year. RV backlog on 4/30/04 was a record $479 million despite price increases averaging about 3% taken in March and April and up 177% from $173 million last year. Bus backlog on 4/30/04 was $121 million, up 25% from $97 million last year. Thor's quarterly dividend of 3cents per share will be paid on July 2, 2004 to stockholders of record on June 15, 2004. 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 AND 9 MONTHS ENDED APRIL 30, 2004 and 2003 $000 except per share - unaudited
3 MONTHS ENDED APRIL 30 9 MONTHS ENDED APRIL 30 2004 % 2003 % 2004 % 2003 % ----------------------------------------------------------------------------------------------- Net sales $ 645,690 $ 412,750 $ 1,562,597 $ 1,148,909 Gross profit $ 90,121 14.0% $ 57,035 13.8% $ 209,665 13.4% $ 160,781 14.0% Selling, general and administrative $ 37,210 5.8% $ 24,376 5.9% $ 93,751 6.0% $ 69,456 6.0% Amortization of intangibles $ 201 - $ 180 - $ 597 - $ 536 - Impairment of equity securities $ - - $ - - $ - - $ 1,580 .1% Gains (losses) on equity securities $ (13) - $ - - $ 1,801 .1% $ - - Interest income (net) $ 321 - $ 299 .1% $ 1,129 .1% $ 1,095 .1% Other income $ 727 .1% $ 534 .1% $ 2,004 .1% $ 1,202 .1% --------- --------- ----------- ----------- Income before taxes $ 53,745 8.3% $ 33,312 8.1% $ 120,251 7.7% $ 91,506 8.0% Taxes $ 20,961 3.2% $ 13,158 3.2% $ 46,244 3.0% $ 35,135 3.1% --------- --------- ----------- ----------- Net income $ 32,784 5.1% $ 20,154 4.9% $ 74,007 4.7% $ 56,371 4.9% ========= ========= =========== =========== E.P.S. $ 0.57 $ 0.35 $ 1.29 $ 0.99 Average common shares outstanding 57,245,068 57,167,290 57,265,901 57,083,376
SUMMARY BALANCE SHEETS - APRIL 30 ($000) (UNAUDITED)
2004 2003 2004 2003 ----------- ----------- ----------- ----------- Cash and equivalents $ 65,541 $ 91,371 Current liabilities $ 236,629 $ 162,661 Investments, short term 43,949 29,517 Other liabilities 7,601 6,431 Accounts receivable 181,605 105,771 Stockholders' equity 479,610 391,642 Inventories 159,578 102,726 Deferred income tax and other 14,112 9,568 ----------- ----------- Total current assets 464,785 338,953 Fixed assets 93,191 66,494 Investments - joint ventures 2,492 2,140 Investments available for sale - 1,598 Goodwill 140,857 130,555 Other assets 22,515 20,994 ----------- ----------- ----------- ----------- Total $ 723,840 $ 560,734 $ 723,840 $ 560,734 ========= ========= ========= =========
-----END PRIVACY-ENHANCED MESSAGE-----