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 5, 2014
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 June 5, 2014, Thor Industries, Inc. (the “Company”) issued a press release announcing certain financial results for the third quarter and nine months ended April 30, 2014. 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 5, 2014, 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 5, 2014 | By: | /s/ Colleen A. Zuhl | |
Name: | Colleen A. Zuhl | ||
Title: | Vice President and Chief Financial Officer |
Thor Announces Financial Results for Third Quarter and Nine Months, Continued Strong Backlog
ELKHART, Ind., June 5, 2014 /PRNewswire/ -- Thor Industries, Inc. (NYSE:THO) today announced financial results for the third quarter and nine months ended April 30, 2014. Highlights of the Company's financial results follow:
"As we emerged from the tough conditions of the past winter, we were able to post improvements in sales and bottom-line results for the third quarter," said Bob Martin, Thor President and CEO. "We are in the process of addressing production capacity challenges as we are in the early stages of ramping up our newest motorized production facility in Elkhart, resulting in some short-term costs and inefficiencies which we expect will result in long-term gains in our operations. The industry is also facing tight labor markets in northern Indiana, as well as a shortage of capacity at transport companies, both of which will continue to affect our business in the fourth quarter. Despite these challenges, the continuing strength of our dealers and consumers, as well as the actions we've taken to secure the long-term health of our business, give us reason for optimism," he added.
Third Quarter Segment Highlights:
"With the improvement in our sales to record levels in the third quarter, we were able to continue improving our operating efficiencies resulting in further increases in margins beyond the strong gains we achieved in the third quarter last year," said Peter B. Orthwein, Thor Executive Chairman. "As we continue into the seasonally stronger months of our fiscal year, we remain focused on gaining operating efficiencies while seeking additional avenues for growth. We've made a number of acquisitions throughout fiscal 2014 of both companies and production facilities that should pay future dividends. As we begin to see the impact of our acquisition of K-Z in the fourth quarter, Thor will continue to identify opportunities to build on its strong history and position as the acquirer of choice in our industry."
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 obtaining and producing at new production facilities, the pace of acquisitions, the integration of new acquisitions, the impact of the divestiture of the Company's bus businesses, asset impairment charges, cost structure changes, 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 April 30, 2014. 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 INCOME FOR THE 3 AND 9 MONTHS ENDED APRIL 30, 2014 and 2013 | ||||||||||||||||
($000's except share and per share data) (unaudited) | ||||||||||||||||
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| 3 MONTHS ENDED APRIL 30, (unaudited) |
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| 9 MONTHS ENDED APRIL 30, (unaudited) | |||||||||
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| 2014 | % Net Sales (1) |
| 2013 | % Net Sales (1) |
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| 2014 | % Net Sales (1) |
| 2013 | % Net Sales (1) |
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Net sales |
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| $1,046,823 |
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| $ 929,765 |
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| $2,482,116 |
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| $2,327,794 |
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Gross profit |
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| $ 142,080 | 13.6% |
| $ 124,559 | 13.4% |
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| $ 317,590 | 12.8% |
| $ 284,380 | 12.2% |
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Selling, general and administrative expenses | 56,953 | 5.4% |
| 52,571 | 5.7% |
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| 149,060 | 6.0% |
| 140,907 | 6.1% |
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Impairment charges |
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| - | 0.0% |
| - | 0.0% |
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| 710 | 0.0% |
| - | 0.0% |
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Amortization of intangible assets | 3,102 | 0.3% |
| 2,601 | 0.3% |
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| 9,166 | 0.4% |
| 7,858 | 0.3% |
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Interest income, net |
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| 314 | 0.0% |
| 570 | 0.1% |
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| 1,208 | 0.0% |
| 2,074 | 0.1% |
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Other income, net |
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| 409 | 0.0% |
| 606 | 0.1% |
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| 1,229 | 0.0% |
| 1,500 | 0.1% |
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Income from continuing operations before income taxes | 82,748 | 7.9% |
| 70,563 | 7.6% |
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| 161,091 | 6.5% |
| 139,189 | 6.0% |
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Income taxes |
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| 27,623 | 2.6% |
| 21,850 | 2.4% |
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| 52,354 | 2.1% |
| 42,708 | 1.8% |
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Net income from continuing operations | 55,125 | 5.3% |
| 48,713 | 5.2% |
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| 108,737 | 4.4% |
| 96,481 | 4.1% |
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Income (loss) from discontinued operations, net of income taxes | (3) | 0.0% |
| (4,956) | (0.5%) |
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| 3,685 | 0.1% |
| (1,840) | (0.1%) |
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Net income |
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| $ 55,122 | 5.3% |
| $ 43,757 | 4.7% |
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| $ 112,422 | 4.5% |
| $ 94,641 | 4.1% |
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Earnings per common share from continuing operations |
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Basic |
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| $ 1.03 |
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| $ 0.92 |
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| $ 2.04 |
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| $ 1.82 |
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Diluted |
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| $ 1.03 |
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| $ 0.92 |
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| $ 2.04 |
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| $ 1.82 |
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Earnings per common share |
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Basic |
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| $ 1.03 |
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| $ 0.83 |
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| $ 2.11 |
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| $ 1.79 |
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Diluted |
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| $ 1.03 |
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| $ 0.82 |
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| $ 2.11 |
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| $ 1.78 |
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Weighted avg. common shares outstanding-basic | 53,289,864 |
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| 53,023,277 |
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| 53,261,186 |
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| 52,984,192 |
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Weighted avg. common shares outstanding-diluted | 53,385,364 |
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| 53,114,475 |
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| 53,345,644 |
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| 53,088,391 |
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| SUMMARY BALANCE SHEETS - APRIL 30, ($000) (unaudited) |
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| 2014 | 2013 (2) |
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| 2014 | 2013 (2) |
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| Cash and cash equivalents | $ 120,936 | $ 137,494 |
| Current liabilities |
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| $ 379,596 | $ 375,418 |
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| Restricted cash |
| 53,405 | - |
| Long-term liabilities |
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| 71,404 | 75,254 |
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| Accounts receivable | 378,438 | 322,588 |
| Stockholders' equity |
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| 921,403 | 838,688 |
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| Inventories |
| 234,388 | 236,180 |
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| Deferred income tax and other | 61,113 | 55,276 |
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| Total current assets | 848,280 | 751,538 |
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| Property, plant & equipment, net | 148,969 | 168,596 |
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| Goodwill |
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| 253,876 | 243,662 |
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| Amortizable intangible assets | 103,968 | 104,176 |
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| Other assets |
| 17,310 | 21,388 |
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| Total |
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| $1,372,403 | $1,289,360 |
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| $1,372,403 | $1,289,360 |
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(1) Percentages may not add due to rounding differences |
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(2) April 30, 2013 Balance Sheet includes discontinued operations |
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CONTACT: Jeffery A. Tryka, CFA, Director of Corporate Development and Investor Relations, (574) 970-7912, jtryka@thorindustries.com