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): June 6, 2013
Thor Industries, Inc.
(Exact Name of Registrant as Specified in Charter)
Delaware (State or Other Jurisdiction of Incorporation) |
1-9235 (Commission File Number) |
93-0768752 (IRS Employer Identification No.) |
601 East Beardsley Avenue, Elkhart, Indiana (Address of Principal Executive Offices) |
46514-3305 (Zip Code) |
Registrant’s telephone number, including area code: (574) 970-7460
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:
¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨ 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 June 6, 2013, Thor Industries, Inc. (the “Company”) issued a press release announcing certain financial results for the third quarter and nine months ended April 30, 2013. 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 Item 2.02 of this Form 8-K (including Exhibit 99.1) shall be deemed “furnished” and not “filed” with the Securities and Exchange Commission for 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 June 6, 2013, issued by the Company |
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: June 6, 2013 | By: | /s/ W. Todd Woelfer | |
Name: | W. Todd Woelfer | ||
Title: | Senior Vice President, General Counsel and Secretary |
Thor Announces Third Quarter Fiscal 2013 Results
ELKHART, Ind., June 6, 2013 /PRNewswire/ -- Thor Industries, Inc. (NYSE: THO) today announced results for its third quarter and nine months ended April 30, 2013. Highlights of financial results were as follows:
"We are pleased with the continued growth in revenues and earnings we were able to achieve in the third quarter, as a number of the actions we've taken to improve our operations began to gain traction," said Bob Martin, Thor President and Chief Operating Officer. "While our markets remain competitive, we are now in the middle of the peak selling season for the RV industry, when demand improves and discounting tends to stabilize, leaving us in a strong position to finish out the year."
Fiscal Third Quarter Highlights
"Thor generated strong gains in both revenues and net income during the third quarter, based on continuing strength in our RV business and stability in our bus business," said Peter B. Orthwein, Thor Chairman and CEO. "Our results for the third quarter reflect the dealer optimism and improved retail consumer demand that has been building since the beginning of the year, which is now entering peak seasonal demand for our RV products. Based on the current positive momentum we see in our markets, we are confident in our ability to generate growth in sales and earnings for the remainder of the year."
About Thor Industries, Inc.
Thor is the sole owner of operating subsidiaries that, combined, represent the world's largest manufacturer of recreation vehicles and a major builder of commercial buses.
This release includes certain statements that are "forward looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). These forward looking statements involve uncertainties and risks. There can be no assurance that actual results will not differ from our expectations. Factors which could cause materially different results include, among others, price fluctuations, material or chassis supply restrictions, legislative and regulatory developments, the costs of compliance with increased governmental regulation, legal issues, the potential impact of increased tax burdens on our dealers and retail consumers, lower consumer confidence and the level of discretionary consumer spending, the level of state and federal funding available for transportation, interest rate increases, restrictive lending practices, recent management changes, the success of new product introductions, the pace of acquisitions, asset impairment charges, cost structure improvements, competition and general economic conditions and the other risks and uncertainties discussed more fully in Item 1A of our Annual Report on Form 10-K for the year ended July 31, 2012 and Part II, Item 1A of our Quarterly Report on Form 10-Q for the period ended April 30, 2013. We disclaim any obligation or undertaking to disseminate any updates or revisions to any forward looking statements contained in this release or to reflect any change in our expectations after the date of this release or any change in events, conditions or circumstances on which any statement is based, except as required by law.
THOR INDUSTRIES, INC. | |||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE 3 AND 9 MONTHS ENDED APRIL 30, 2013 and 2012 | |||||||||||||||
($000 except per share - unaudited) | |||||||||||||||
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| 3 MONTHS ENDED APRIL 30, |
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| 9 MONTHS ENDED APRIL 30, | ||||||||
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| 2013 | % Net Sales (1) |
| 2012 | % Net Sales (1) |
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| 2013 | % Net Sales (1) |
| 2012 | % Net Sales (1) |
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Net sales |
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| $ 1,049,201 |
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| $ 926,458 |
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| $ 2,666,413 |
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| $ 2,196,428 |
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Gross profit |
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| 133,799 | 12.8% |
| 109,470 | 11.8% |
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| 307,787 | 11.5% |
| 243,828 | 11.1% | |
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Selling, general and administrative expenses | 57,846 | 5.5% |
| 46,963 | 5.1% |
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| 155,498 | 5.8% |
| 121,668 | 5.5% | |||
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Impairment of goodwill and intangible assets | 11,525 | 1.1% |
| - | 0.0% |
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| 11,525 | 0.4% |
| - | 0.0% | |||
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Amortization of intangible assets | 2,795 | 0.3% |
| 2,756 | 0.3% |
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| 8,357 | 0.3% |
| 8,380 | 0.4% | |||
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Interest income, net |
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| 476 | 0.0% |
| 835 | 0.1% |
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| 1,823 | 0.1% |
| 2,625 | 0.1% | |
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Other income, net |
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| 516 | 0.0% |
| 633 | 0.1% |
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| 1,537 | 0.1% |
| 958 | 0.0% | |
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Income before income taxes |
| 62,625 | 6.0% |
| 61,219 | 6.6% |
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| 135,767 | 5.1% |
| 117,363 | 5.3% | ||
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Income taxes |
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| 18,868 | 1.8% |
| 19,878 | 2.1% |
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| 41,126 | 1.5% |
| 39,984 | 1.8% | |
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Net income |
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| $ 43,757 | 4.2% |
| $ 41,341 | 4.5% |
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| $ 94,641 | 3.5% |
| $ 77,379 | 3.5% |
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E.P.S. - basic |
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| $ 0.83 |
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| $ 0.78 |
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| $ 1.79 |
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| $ 1.43 |
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E.P.S. - diluted |
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| $ 0.82 |
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| $ 0.78 |
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| $ 1.78 |
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| $ 1.43 |
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Weighted avg. common shares outstanding-basic | 53,023,277 |
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| 52,879,877 |
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| 52,984,192 |
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| 54,162,411 |
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Weighted avg. common shares outstanding-diluted | 53,114,475 |
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| 52,970,357 |
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| 53,088,391 |
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| 54,212,663 |
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| SUMMARY BALANCE SHEETS - APRIL 30, ($000) (unaudited) |
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| 2013 | 2012 |
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| 2013 | 2012 |
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| Cash and equivalents | $ 137,494 | $ 147,986 |
| Current liabilities |
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| $ 375,418 | $ 345,006 |
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| Accounts receivable | 322,588 | 286,474 |
| Long-term liabilities |
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| 75,254 | 84,131 |
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| Inventories |
| 236,180 | 200,903 |
| Stockholders' equity |
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| 838,688 | 813,817 |
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| Deferred income tax and other | 55,276 | 47,333 |
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| Total current assets | 751,538 | 682,696 |
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| Property, plant & equipment, net | 168,596 | 163,372 |
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| Goodwill |
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| 243,662 | 245,209 |
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| Amortizable intangible assets | 104,176 | 116,982 |
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| Other assets |
| 21,388 | 34,695 |
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| Total |
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| $ 1,289,360 | $1,242,954 |
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| $ 1,289,360 | $1,242,954 |
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(1) Percentages may not add due to rounding differences |
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CONTACT: Jeffery A. Tryka, CFA, Investor Relations, (574) 970-7912, jtryka@thorindustries.com