EX-99.1 2 l09815aexv99w1.txt EXHIBIT 99.1 Exhibit 99.1 Thor Industries, Inc. logo 419 WEST PIKE STREET O P.O. BOX 629 O JACKSON CENTER, OHIO 45334-0629 PHONE 937-596-6849 O FAX 937-596-6539 N E W S R E L E A S E Date: October 4, 2004 Contact: Wade F. B. Thompson or Peter B. Orthwein THOR REPORTS QUARTER E.P.S. OF $.56; RECORD QUARTER, 12 MONTHS SALES, NET INCOME, E.P.S., EXCEED ANALYSTS' ESTIMATES FISCAL 2005 STARTS STRONGLY Thor Industries, Inc. (NYSE:THO), the largest manufacturer of recreation vehicles and mid-size buses, announced record results which exceed analysts' estimates, for the fourth quarter and 12 months ended July 31, 2004. Net income for the quarter was a record $32,078,000, up 44% from $22,260,000 last year. E.P.S. for the quarter were 56 cents, up 44% from 39 cents last year. Included in net income and EPS in the quarter was a charge relating to product liability and property insurance of approximately $6.5 million pre tax which amounted to approximately 7 cents per share after tax. Sales for the quarter were $625,142,000, up 48% from $422,495,000 last year. Net income for the 12 months was a record $106,085,000 up 35% from $78,631,000 last year. E.P.S. for the 12 months were $1.85, up 34% from $1.38 last year. Sales for the 12 months were a record $2,187,739,000, up 39% from $1,571,404,000 last year. RV sales in the quarter were $571,657,000 up 56% from $367,085,000 last year. Bus sales in the quarter were $53,485,000 versus $55,410,000 last year. RV sales in the 12 months were $1,973,007,000, up 46% from $1,354,412,000 last year. Bus sales in the 12 months were $214,732,000 versus $216,992,000 last year. RV income before tax was $55,105,000 in the quarter up 65% from $33,493,000 last year and $172,971,000 in the 12 months, up 41% from $122,729,000 last year. Bus income before tax in the quarter was $2,037,000 versus $3,854,000 last year and $9,577,000 in the 12 months, versus $12,306,000 last year. Corporate costs were $9,174,000 in the quarter versus $2,609,000 last year and $14,329,000 in the 12 months versus $8,791,000 last year. The increase in corporate costs results from the product liability and insurance charge discussed above. This year's results include Damon since its acquisition on September 2, 2003. Damon had sales of $52,740,000 in the quarter and $210,106,000 for the year. Damon's income before tax was $1,949,000 for the quarter and $10,929,000 for the year. Cash and equivalents on July 31, 2004, was a record $199.2 million, up from $172.2 million last year and we continue to have zero debt. "This record performance far surpasses any other company in our businesses. Our E.P.S. increases have averaged nearly 50% for each of the past 3 years," said Wade F. B. Thompson, Thor Chairman. "With sales up 52% and net income up 80% in August 2004, we anticipate another record-breaking year in fiscal 2005, our 25th year," he added. 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 12 MONTHS ENDED JULY 31, 2004 and 2003 $000 except per share - unaudited
3 MONTHS ENDED JULY 31 12 MONTHS ENDED JULY 31 2004 % 2003 % 2004 % 2003 % ------------------------------------ --------------------------------------------- Net sales $625,142 $422,495 $2,187,739 $1,571,404 Gross profit $ 90,872 14.5% $ 61,486 14.6% $ 300,537 13.7% $ 222,267 14.1% Selling, general and administrative $ 43,910 7.0% $ 27,725 6.6% $ 137,661 6.3% $ 97,181 6.2% Amortization of intangibles $ 202 -- $ 179 -- $ 799 -- $ 715 -- Impairment of equity securities $ -- -- $ -- -- $ -- -- $ 1,580 .1% Gains on equity securities $ -- -- $ -- -- $ 1,801 .1% $ -- -- Interest income (net) $ 504 .1% $ 600 .1% $ 1,633 .1% $ 1,695 .1% Other income $ 704 .1% $ 556 .1% $ 2,708 .1% $ 1,758 .1% -------- -------- ---------- ---------- Income before taxes $ 47,968 7.7% $ 34,738 8.2% $ 168,219 7.7% $ 126,244 8.0% Taxes $ 15,890 2.5% $ 12,478 2.9% $ 62,134 2.8% $ 47,613 3.0% -------- -------- ---------- ---------- Net income $ 32,078 5.1% $ 22,260 5.3% $ 106,085 4.8% $ 78,631 5.0% ======== ======== ========== ========== E.P.S $ 0.56 $ 0.39 $ 1.85 $ 1.38 Average common shares outstanding 57,100,814 57,179,420 57,224,404 57,107,584
SUMMARY BALANCE SHEETS - JULY 31 ($000) (UNAUDITED)
2004 2003 2004 2003 -------- -------- --------- --------- Cash and equivalents $136,121 $132,124 Current liabilities $ 241,768 $ 187,943 Investments, short term 63,045 40,109 Other liabilities 9,215 6,177 Accounts receivable 136,921 97,315 Stockholders' equity 511,604 414,821 Inventories 147,588 96,652 Deferred income tax and other 14,291 12,432 -------- -------- Total current assets 497,966 378,632 Fixed assets 98,763 73,415 Investments - joint ventures 2,514 2,219 Investments available for sale -- 2,860 Goodwill 140,857 130,555 Other assets 22,487 21,260 -------- -------- --------- --------- Total $762,587 $608,941 $ 762,587 $ 608,941 ======== ======== ========= =========