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): September 21, 2015
Thor Industries, Inc.
(Exact Name of Registrant as Specified in Charter)
Delaware (State or Other Jurisdiction of |
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 September 21, 2015, Thor Industries, Inc. (the “Company”) issued a press release announcing certain financial results for the fourth quarter and full year ended July 31, 2015. 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 September 21, 2015, 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: September 21, 2015 | By: | /s/ Colleen A. Zuhl | ||
Name: | Colleen Zuhl | |||
Title: | Vice President and Chief Financial Officer |
Thor Announces Record Financial Results For Fourth Quarter And Full Year Ended July 31, 2015
ELKHART, Ind., Sept. 21, 2015 /PRNewswire/ -- Thor Industries, Inc. (NYSE: THO) today announced record consolidated sales and net income from continuing operations for the fourth quarter and full year ended July 31, 2015.
Fourth-Quarter Highlights:
Full-Year Highlights:
"Fiscal 2015 marks the first year Thor has exceeded $4 billion in annual sales, an accomplishment in which we all take great pride. Our entire team has worked relentlessly to achieve record results on both the top and bottom lines," said Bob Martin, Thor President and CEO. "Over the coming year, we see many opportunities for growing our markets and Thor, particularly with the ongoing strength of retail RV sales. With the continued entry of baby boomers into the prime RV buying years, along with increasing levels of outreach and effort to engage younger, more diverse consumers, we are optimistic about the years ahead. In the near term, dealers are optimistic as we head into our Open House this week, while existing dealer inventory levels are relatively low ahead of our largest wholesale show of the year," he added.
Fourth-Quarter Segment Highlights:
"From Thor's founding in 1980, it took 22 years to reach $1 billion in annual sales, and now just 13 years later, we have reached $4 billion in annual sales," said Peter B. Orthwein, Thor Executive Chairman. "As we expected last quarter, the fourth quarter presented some challenges when considering the shift in dealer orders and deliveries earlier in the fiscal year, but we were still able to show an increase in total sales and net income compared to a very strong fourth quarter last year. As we look to fiscal 2016, we see a number of macro uncertainties that may impact our results, from the recent volatility of financial and commodity markets to the inherent uncertainty surrounding the actions of the Federal Reserve and presidential elections, which may weigh on consumer behavior. In addition, the health of the Canadian market could be a significant factor in the coming year, as the ongoing weakness of the Canadian economy, as well as the relative strength of the U.S. dollar, could continue to have a negative impact on retail demand in a geography that has historically represented a significant portion of our overall sales. As these challenges are eclipsed by the opportunities we see in our industry, we feel confident in the future of Thor."
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 the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward looking statements are made based on management's current expectations and beliefs regarding future and anticipated developments and their effects upon Thor Industries, Inc., and inherently involve uncertainties and risks. These forward looking statements are not a guarantee of future performance. We cannot assure you that actual results will not differ from our expectations. Factors which could cause materially different results include, among others, raw material and commodity 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 and the potential economic impact of rising interest rates, restrictive lending practices, management changes, the success of new product introductions, the pace of obtaining and producing at new production facilities, the pace of acquisitions, the potential loss of existing customers of acquisitions, the integration of new acquisitions, the impact of the divestiture of the Company's bus business, the availability of delivery personnel, asset impairment charges, cost structure changes, competition, the potential impact of the strengthening of the U.S. dollar on international demand, 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, 2015. 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 12 MONTHS ENDED July 31, 2015 and 2014 | |||||||||||||
($000's except share and per share data) | |||||||||||||
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| 3 MONTHS ENDED JULY 31, (unaudited) |
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| 12 MONTHS ENDED JULY 31, | ||||||||
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| 2015 | % Net
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| 2014 | % Net
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| 2015 | % Net
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| 2014 | % Net
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Net sales | $1,058,156 |
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| $1,043,340 |
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| $4,006,819 |
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| $3,525,456 |
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Gross profit | $ 171,279 | 16.2% |
| $ 152,806 | 14.6% |
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| $ 557,545 | 13.9% |
| $ 470,396 | 13.3% | |
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Selling, general and administrative expenses | 69,660 | 6.6% |
| 59,652 | 5.7% |
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| 250,891 | 6.3% |
| 208,712 | 5.9% | |
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Impairment charges | - | 0.0% |
| - | 0.0% |
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| - | 0.0% |
| 710 | 0.0% | |
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Amortization of intangible assets | 4,409 | 0.4% |
| 3,754 | 0.4% |
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| 16,015 | 0.4% |
| 12,920 | 0.4% | |
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Interest income, net | 119 | 0.0% |
| 359 | 0.0% |
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| 1,112 | 0.0% |
| 1,567 | 0.0% | |
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Other income, net | 162 | 0.0% |
| 1,969 | 0.2% |
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| 1,144 | 0.0% |
| 3,198 | 0.1% | |
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Income from continuing operations before income taxes | 97,491 | 9.2% |
| 91,728 | 8.8% |
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| 292,895 | 7.3% |
| 252,819 | 7.2% | |
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Income taxes | 28,502 | 2.7% |
| 24,949 | 2.4% |
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| 90,886 | 2.3% |
| 77,303 | 2.2% | |
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Net income from continuing operations | 68,989 | 6.5% |
| 66,779 | 6.4% |
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| 202,009 | 5.0% |
| 175,516 | 5.0% | |
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Income (loss) from discontinued operations, net of income taxes | (22) | 0.0% |
| (199) | 0.0% |
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| (2,624) | -0.1% |
| 3,486 | 0.1% | |
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Net income | $ 68,967 | 6.5% |
| $ 66,580 | 6.4% |
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| $ 199,385 | 5.0% |
| $ 179,002 | 5.1% | |
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Earnings per common share from continuing operations |
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Basic | $ 1.31 |
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| $ 1.25 |
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| $ 3.80 |
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| $ 3.29 |
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Diluted | $ 1.31 |
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| $ 1.25 |
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| $ 3.79 |
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| $ 3.29 |
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Earnings per common share |
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Basic | $ 1.31 |
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| $ 1.25 |
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| $ 3.75 |
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| $ 3.36 |
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Diluted | $ 1.31 |
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| $ 1.25 |
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| $ 3.74 |
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| $ 3.35 |
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Weighted avg. common shares outstanding-basic | 52,579,651 |
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| 53,296,458 |
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| 53,166,206 |
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| 53,270,076 |
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Weighted avg. common shares outstanding-diluted | 52,724,070 |
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| 53,409,543 |
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| 53,275,510 |
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| 53,361,690 |
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| SUMMARY BALANCE SHEETS - July 31, ($000) |
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| 2015 | 2014 |
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| 2015 | 2014 |
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| Cash and equivalents | $ 183,478 | $ 289,336 |
| Current liabilities |
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| $ 378,335 | $ 370,715 |
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| Accounts receivable, trade and other | 269,694 | 279,793 |
| Long-term liabilities |
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| 59,726 | 60,306 |
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| Inventories | 246,115 | 216,354 |
| Stockholders' equity |
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| 1,065,187 | 977,697 |
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| Deferred income taxes and other, net | 76,554 | 58,566 |
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| Total current assets | 775,841 | 844,049 |
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| Property, plant & equipment, net | 234,045 | 169,862 |
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| Goodwill | 312,622 | 256,579 |
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| Amortizable intangible assets, net | 169,018 | 119,783 |
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| Other assets | 11,722 | 18,445 |
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| Total | $1,503,248 | $1,408,718 |
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| $1,503,248 | $1,408,718 |
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(1) Percentages may not add due to rounding differences |
CONTACT: Jeffery A. Tryka, CFA, Director of Corporate Development and Investor Relations, (574) 970-7912, jtryka@thorindustries.com