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): December 2, 2013
Thor Industries, Inc.
(Exact Name of Registrant as Specified in Charter)
Delaware (State or Other Jurisdiction of Incorporation) |
1-9235 (Commission File Number)
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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 December 2, 2013, Thor Industries, Inc. (the “Company”) issued a press release announcing certain financial results for the first quarter ended October 31, 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 December 2, 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: December 2, 2013 | By: | /s/ Colleen A. Zuhl | |
Name: | Colleen A. Zuhl | ||
Title: | Vice President and Chief Financial Officer |
Thor Announces Improved Results For First Quarter; Continued Focus On Long-Term Strategic Goals
ELKHART, Ind., Dec. 2, 2013 /PRNewswire/ -- Thor Industries, Inc. (NYSE: THO) today announced improved financial results for the first quarter ended October 31, 2013. Highlights of the Company's financial results were as follows:
"Thor made significant progress toward achieving our strategic goals over the past year and that is evidenced by our improved financial results," said Bob Martin, Thor President and CEO. "Despite these improvements, we faced a number of short-term challenges as we transitioned the first motorized production line to Wakarusa near the end of the first quarter, which created some start-up costs that may continue as we open a second line this quarter. We also closed two smaller production facilities on the west coast and are in the process of consolidating their production into our larger complex in Oregon. In addition to these events, we completed two acquisitions and built on our strategic foundation leaving us confident in our ability to meet the expectations of our dealers and customers while delivering improved results for our shareholders," he added.
Fiscal First Quarter Segment Highlights:
"Although our first and second quarters are generally characterized by a more seasonally competitive environment, Thor generated improved operating results for the first quarter of fiscal 2014," said Peter B. Orthwein, Thor Executive Chairman. "As we look ahead to the largest RV trade show of the year being held in Louisville this week, we have reason for optimism given the strength of our products and continued improvement in industry retail demand heading into the early retail show season in January."
About Thor Industries, Inc.
Thor is the sole owner of operating subsidiaries that, combined, represent one of the world's largest manufacturers of recreational vehicles.
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, interest rate fluctuations, restrictive lending practices, recent management changes, the success of new product introductions, the pace of acquisitions, the impact of the divestiture of the Company's bus businesses, asset impairment charges, cost structure improvements, competition, general economic, market and political 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, 2013 and Part II, Item 1A of our quarterly report on Form 10-Q for the period ended October 31, 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. AND SUBSIDIARIES | |||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME FOR THE 3 MONTHS ENDED OCTOBER 31, 2013 and 2012 | |||||||||||||
($000's except share and per share data) (unaudited) | |||||||||||||
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| 3 MONTHS ENDED OCTOBER 31, |
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| 2013 | % Net
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| 2012 | % Net
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Net sales |
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| $ 799,963 |
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| $ 761,424 |
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Gross profit |
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| $ 105,183 | 13.1% |
| $ 92,303 | 12.1% |
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Selling, general and administrative expenses | 48,341 | 6.0% |
| 46,702 | 6.1% |
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Impairment charges |
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| 710 | 0.1% |
| - | 0.0% |
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Amortization of intangible assets | 2,838 | 0.4% |
| 2,634 | 0.3% |
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Interest income, net |
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| 505 | 0.1% |
| 773 | 0.1% |
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Other income, net |
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| 642 | 0.1% |
| 428 | 0.1% |
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Income from continuing operations before income taxes | 54,441 | 6.8% |
| 44,168 | 5.8% |
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Income taxes |
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| 18,047 | 2.3% |
| 15,419 | 2.0% |
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Net income from continuing operations | 36,394 | 4.5% |
| 28,749 | 3.8% |
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Income from discontinued operations, net of income taxes | 4,714 | 0.6% |
| 2,239 | 0.3% |
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Net income |
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| $ 41,108 | 5.1% |
| $ 30,988 | 4.1% |
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Earnings per common share from continuing operations |
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Basic |
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| $ 0.68 |
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| $ 0.54 |
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Diluted |
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| $ 0.68 |
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| $ 0.54 |
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Earnings per common share |
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Basic |
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| $ 0.77 |
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| $ 0.59 |
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Diluted |
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| $ 0.77 |
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| $ 0.58 |
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Weighted avg. common shares outstanding-basic | 53,205,004 |
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| 52,928,467 |
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Weighted avg. common shares outstanding-diluted | 53,299,476 |
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| 53,035,582 |
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| SUMMARY BALANCE SHEETS - OCTOBER 31, ($000) (unaudited) |
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| 2013 | 2012 |
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| 2013 | 2012 |
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| Cash and cash equivalents | $ 294,982 | $ 214,498 |
| Current liabilities |
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| $ 374,298 | $ 311,841 |
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| Accounts receivable | 239,691 | 215,768 |
| Long-term liabilities |
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| 72,343 | 82,096 |
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| Inventories |
| 197,227 | 225,820 |
| Stockholders' equity |
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| 872,084 | 873,616 |
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| Deferred income taxes and other | 58,523 | 51,111 |
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| Total current assets | 790,423 | 707,197 |
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| Property, plant & equipment, net | 146,692 | 166,647 |
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| Goodwill |
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| 253,276 | 245,977 |
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| Amortizable intangible assets | 110,895 | 113,360 |
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| Other assets |
| 17,439 | 34,372 |
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| Total |
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| $1,318,725 | $1,267,553 |
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| $1,318,725 | $1,267,553 |
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(1) Percentages may not add due to rounding differences |
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CONTACT: Jeffery A. Tryka, CFA, Director of Corporate Development and Investor Relations, (574) 970-7912, jtryka@thorindustries.com