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): August 4, 2014
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 August 4, 2014, Thor Industries, Inc. (the “Company”) issued a press release announcing certain preliminary financial results for the fourth quarter and full year ended July 31, 2014. A copy of the Company’s press release is attached hereto as Exhibit 99.1 and is incorporated by reference herein.
On August 4, 2014, the Company also published an investor slide presentation to its website updating preliminary financial results. A copy of the Company’s presentation slides is attached hereto as Exhibit 99.2 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 Exhibits 99.1 and 99.2) 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 7.01 | Regulation FD Disclosure. |
The slide presentation attached hereto as Exhibit 99.2, and incorporated by reference herein, also provides an update on the Company’s three-year strategic plan. As noted above, the presentation slides are furnished and not filed pursuant to general instruction B.2 to Form 8-K.
| Item 9.01 | Financial Statements and Exhibits. |
| (d) | Exhibits |
| Exhibit Number | Description | ||
|
99.1 99.2 |
Copy of press release, dated August 4, 2014, issued by the Company Copy of slide presentation posted on the Company’s website on August 4, 2014 |
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: August 4, 2014 | By: | /s/ Colleen Zuhl | |
| Name: | Colleen Zuhl | ||
| Title: | Vice President and Chief Financial Officer | ||
Thor Announces Preliminary Sales for Fourth Quarter and Full Year; Continued Backlog Growth
ELKHART, Ind., Aug. 4, 2014 /PRNewswire/ -- Thor Industries, Inc. (NYSE: THO) today announced preliminary sales from continuing operations, as well as continued strong year-over-year growth in the Company's backlog, for the fourth quarter and full year ended July 31, 2014.
Preliminary consolidated sales from continuing operations in the fourth quarter were $1.04 billion, up 14% from $914.0 million in the fourth quarter last year. Towable RV sales for the fourth quarter were $825.5 million, up 11% from $745.8 million in the fourth quarter of fiscal 2013. Motorized RV sales in the fourth quarter increased 29% to $217.5 million from $168.2 million in the same quarter a year ago.
For the full year ended July 31, 2014, preliminary consolidated sales from continuing operations were $3.53 billion, up 9% from $3.24 billion last year. Towable RV sales for the year were $2.72 billion, which was up 3% compared to $2.65 billion last year. Motorized RV sales rose 36% to $803.5 million from $591.5 million last year.
Consolidated backlog on July 31, 2014 was $538.1 million, up 22% from $441.5 million at July 31, 2013. Towable RV backlog increased 30% to $296.9 million, compared to $228.4 million at the end of fiscal 2013. Motorized RV backlog increased 13% to $241.2 million from $213.1 million a year earlier.
Thor's preliminary sales results and backlog for the fourth quarter of fiscal 2014 included a full quarter impact of the acquisition of K-Z, which was completed on May 1, 2014. Thor's fourth-quarter results will include the required purchase price accounting for the K-Z transaction.
"We are pleased with the progress we've made in the fourth quarter and fiscal year as we've continued to execute our operational plans, consolidated facilities and began to integrate our acquisition of K-Z, resulting in another strong quarter of sales for Thor," said Bob Martin, Thor President and CEO. "With the actions we have taken in the past year, we have incurred some short term financial costs, but the result is a strong base on which to build our long-term success. As we begin fiscal 2015, we are excited to showcase our new model year products at our upcoming Dealer Open House to be held in Elkhart next month, which we expect will provide a positive start to the fiscal year," he added.
Thor expects to report its fourth-quarter operating results on September 25, 2014.
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.
CONTACT: Jeffery A. Tryka, CFA, Investor Relations, (574) 970-7912, jtryka@thorindustries.com