8-K

UNITED STATES 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 23, 2006

Thor Industries, Inc.

(Exact Name of Registrant as Specified in Charter)

Delaware	1-9235	93-0768752
(State or Other Jurisdiction of	(Commission File Number)	(IRS Employer Identification
Incorporation)		No.)

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

N/A
(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition.

     On May 23, 2006, Thor Industries, Inc. (the “Company”) issued a press release announcing certain financial results for the quarter and nine months ended April 30, 2006 and certain balance sheet information as of April 30, 2006. 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.2 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 thereunder or under the Securities Act of 1933, as amended.

Item 9.01 Financial Statements and Exhibits.

     (d) Exhibits

Exhibit Number	Description
99.1	Copy of press release, dated May 23, 2006, issued by the Company

1

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 24, 2006	By:	/s/ Walter L. Bennett
	Name:	Walter L. Bennett
	Title:	Executive Vice President, Secretary
		and Chief Financial Officer

2

EXHIBIT INDEX

Exhibit
Number	Description
99.1	Copy of press release, dated May 23, 2006, issued by the Company

3

EX-99.1

Exhibit 99.1

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 23, 2006
Contact:	Wade F. B. Thompson or Peter B. Orthwein

THOR REPORTS RECORD QUARTER AND NINE MONTHS SALES, NET INCOME, AND E.P.S.;
QUARTER E.P.S. OF 90¢ SUBSTANTIALLY EXCEEDS ANALYSTS RECENTLY INCREASED
CONSENSUS ESTIMATES.

Thor Industries, Inc. (NYSE:THO), the largest manufacturer of recreation vehicles and a major builder of commercial buses, announced today record sales, net income, and E.P.S. for the third quarter and nine months ended April 30, 2006.

Net income for the quarter was $51,139,000, the highest in the company’s history and up 55% from $32,950,000 last year. E.P.S. for the quarter were 90¢, up 55% from 58¢ last year. Sales for the quarter were $857,615,000, up 18% from $728,693,000 last year.

Net income for the nine months was a record $126,378,000, up 43% from $88,660,000 last year. E.P.S. for the nine months were $2.23, up 43% from $1.56 last year. Sales for the nine months were $2,260,985,000, up 19% from $1,898,460,000 last year.

RV sales in the quarter were a record $776,636,000, up 17% from $662,790,000 last year. RV sales in the 9 months were $2,030,668,000, up 18% from $1,724,113,000 last year. RV income before tax was $79,644,000 in the quarter, up 55% from $51,540,000 last year and $201,607,000 in the 9 months, up 43% from $140,718,000 last year. Towables income before tax was up 63% and motorized income before tax was up 5% in the quarter.

Bus sales in the quarter were a record $80,979,000, up 23% from $65,903,000 last year. Bus sales in the 9 months were $230,317,000 up 32% from $174,347,000 last year. Bus income before tax in the quarter was $2,034,000, down 23% from $2,641,000 last year and $6,013,000 in the 9 months, up 18% from $5,109,000 last year. Corporate costs in the quarter were $1,536,000 versus $2,027,000 last year and $7,372,000 in the nine months versus $4,749,000 last year.

“These E.P.S. results are well in excess of Wall Street’s recently increased consensus estimates of 78¢ per share for the quarter. Importantly, our gross and net margins are significantly improved over prior years, resulting from increased revenues, lower manufacturing, warranty, selling, general and administration expenses as a

percentage of sales. We continue to outperform the RV industry in both segments, motor homes and towables. Our ongoing capital expenditures, process improvements, and plant expansions are yielding better products and quality, driving increased margins and setting Thor apart from RV competitors. We expect these positve trends to continue,” said Wade F. B. Thompson, Thor Chairman.

“Industry unit retail sales of travel trailers and fifth wheels are even through March according to Statistical Surveys, Inc. Thor’s unit retail sales are up 3% to 15,917 units, larger than its next 3 competitors combined. Thor now has 32.1% of the segment, up from 31.1% last year. Industry unit retail sales of motor homes are down 19% through March while Thor is down only 1%. Thor is now the number 3 manufacturer of motor homes, up from number 5 last year, with 13.1% of the motor home segment, up from 10.8% last year. Statistical Surveys retail sales excludes Canada. The strong Canadian dollar is resulting in increased exports from the U.S. to Canada, which are not reflected in Statistical Survey’s numbers. We began the fourth quarter with a record backlog of $698 million, up 53% from last year, cash and short term investments of $266 million, more than double last year, and $115 million more working capital than last year, all of which bodes well for continuing growth,” Thompson added.

Thor’s quarterly dividend of 7¢ per share will be paid on July 5, 2006 to stockholders of record on June 15, 2006.

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, 2006 and 2005
$000 except per share — unaudited

	3 MONTHS ENDED APRIL 30										9 MONTHS ENDED APRIL 30
	2006		%			2005		%			2006		%			2005		%
Net sales	$	857,615				$	728,693				$	2,260,985				$	1,898,460
Gross profit	$	128,011		14.9	%	$	94,035		12.9	%	$	329,616		14.6	%	$	252,642		13.3	%
Selling, general and administrative	$	50,080		5.8	%	$	42,901		5.9	%	$	135,178		6.0	%	$	114,473		6.0	%
Amortization of intangibles	$	237		—		$	259		—		$	712		—		$	730		—
Interest income (net)	$	2,205		.3	%	$	536		.1	%	$	5,353		.2	%	$	1,771		.1	%
Other income	$	243		—		$	743		.1	%	$	1,169		.1	%	$	1,868		.1	%
Income before taxes	$	80,142		9.3	%	$	52,154		7.2	%	$	200,248		8.9	%	$	141,078		7.4	%
Taxes	$	29,003		3.4	%	$	19,204		2.6	%	$	73,870		3.3	%	$	52,418		2.8	%
Net income	$	51,139		6.0	%	$	32,950		4.5	%	$	126,378		5.6	%	$	88,660		4.7	%
E.P.S. — basic	$	0.90				$	0.58				$	2.23				$	1.56
E.P.S. — diluted	$	0.90				$	0.58				$	2.22				$	1.55
Average common shares outstanding—basic		56,656,684					56,732,473					56,605,615					56,801,528
Average common shares outstanding—diluted		57,087,096					57,129,262					56,994,628					57,195,012

SUMMARY BALANCE SHEETS — APRIL 30 ($000) (unaudited)

	2006		2005
Cash and equivalents	$	141,494	$	85,687
Investments, short term		125,013		41,840
Accounts receivable		223,904		189,622
Inventories		200,159		182,459
Deferred income tax and other		27,711		17,712
Total current assets		718,281		517,320
Fixed assets		149,262		133,814
Investments — joint ventures		2,664		2,482
Goodwill		165,663		161,437
Other assets		26,907		23,986
Total	$	1,062,777	$	839,039
Current liabilities	$	333,154	$	246,907
Other liabilities		13,778		10,960
Stockholders’ equity		715,845		581,172
	$	1,062,777	$	839,039