Business Segments

12 Months Ended

Jul. 31, 2011

Business Segments

Business Segments

L.  BUSINESS SEGMENTS

The Company has three reportable segments: 1) towable recreation vehicles, 2) motorized recreation vehicles and 3) buses. The towable recreation vehicle segment consists of product lines from the following operating companies that have been aggregated: Airstream, CrossRoads, Dutchmen, Keystone and Heartland. The motorized recreation vehicle segment consists of product lines from the following operating companies that have been aggregated: Airstream and Thor Motor Coach. The bus segment consists of the following operating companies that have been aggregated: Champion Bus, General Coach, ElDorado California, ElDorado Kansas and Goshen Coach. The operations of SJC are aggregated in the buses reportable segment because SJC has similar economic characteristics to the Company's bus businesses and the nature of its products, production processes, types of customers, distribution channels and regulatory environment are also similar to those within the Company's bus businesses.

Manufacturing and sales are conducted in the United States and, to a much lesser extent through fiscal 2010, in Canada. Identifiable assets are those assets used in the operation of each reportable segment. Corporate assets primarily consist of cash and cash equivalents, investments and deferred income tax assets.

Net sales:	2011		2010		2009
Recreation vehicles
Towables	$	1,977,416	$	1,556,591	$	953,279
Motorized		363,026		291,958		161,727
Total recreation vehicles		2,340,442		1,848,549		1,115,006
Buses		415,066		428,008		406,890
Total	$	2,755,508	$	2,276,557	$	1,521,896
Income (loss) before income taxes:
Recreation vehicles
Towables	$	146,361	$	145,604	$	47,347
Motorized		12,777		10,628		(29,728)
Total recreation vehicles		159,138		156,232		17,619
Buses		21,951		29,904		17,422
Corporate		(28,462)		(14,743)		(11,646)
Total	$	152,627	$	171,393	$	23,395
Identifiable assets:
Recreation vehicles
Towables	$	696,059	$	413,112	$	358,562
Motorized		93,586		86,726		73,969
Total recreation vehicles		789,645		499,838		432,531
Buses		126,224		124,374		106,823
Corporate		282,201		339,861		411,770
Total	$	1,198,070	$	964,073	$	951,124
Depreciation and amortization expense:
Recreation vehicles
Towables	$	18,506	$	7,735	$	8,371
Motorized		2,474		3,058		2,979
Total recreation vehicles		20,980		10,793		11,350
Buses		2,716		1,981		1,864
Corporate		313		455		269
Total	$	24,009	$	13,229	$	13,483

	2011		2010		2009
Capital acquisitions:
Recreation vehicles
Towables	$	22,835	$	8,971	$	2,297
Motorized		1,393		706		1,847
Total recreation vehicles		24,228		9,677		4,144
Buses		9,417		2,888		512
Corporate		53		202		479
Total	$	33,698	$	12,767	$	5,135

Export sales to Canada from the Company's U.S. operations were $444,364, $364,105 and $237,584 in fiscal 2011, 2010 and 2009, respectively.