0001193125-12-107221.txt : 20120309 0001193125-12-107221.hdr.sgml : 20120309 20120309170700 ACCESSION NUMBER: 0001193125-12-107221 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20120308 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20120309 DATE AS OF CHANGE: 20120309 FILER: COMPANY DATA: COMPANY CONFORMED NAME: THOR INDUSTRIES INC CENTRAL INDEX KEY: 0000730263 STANDARD INDUSTRIAL CLASSIFICATION: MOTOR HOMES [3716] IRS NUMBER: 930768752 STATE OF INCORPORATION: DE FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-09235 FILM NUMBER: 12681451 BUSINESS ADDRESS: STREET 1: 419 W PIKE ST CITY: JACKSON CENTER STATE: OH ZIP: 45334 BUSINESS PHONE: 9375966849 MAIL ADDRESS: STREET 1: 419 W PIKE STREET CITY: JACKSON CENTER STATE: OH ZIP: 45334 8-K 1 d316011d8k.htm FORM 8-K Form 8-K

 

 

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): March 8, 2012

 

 

Thor Industries, Inc.

(Exact Name of Registrant as Specified in Charter)

 

 

 

Delaware   1-9235   93-0768752

(State or Other Jurisdiction

of Incorporation)

 

(Commission

File Number)

 

(IRS Employer

Identification No.)

419 West Pike Street,

Jackson Center, Ohio

  45334-0629
(Address of Principal Executive Offices)   (Zip Code)

Registrant’s telephone number, including area code: (937) 596-6849

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 March 8, 2012, Thor Industries, Inc. (the “Company”) issued a press release announcing certain financial results for the second quarter and six months ended January 31, 2012. 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 March 8, 2012, 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: March 9, 2012     By:   /s/ Christian G. Farman
    Name:   Christian G. Farman
    Title:  

Senior Vice President, Treasurer and Chief

Financial Officer


EXHIBIT INDEX

 

Exhibit
Number

  

Description

99.1    Copy of press release, dated March 8, 2012, issued by the Company
EX-99.1 2 d316011dex991.htm COPY OF PRESS RELEASE, DATED MARCH 8, 2012 Copy of Press Release, dated March 8, 2012

Exhibit 99.1

 

LOGO

419 W E S T  P I K E  S T R E E T • P . O . B O X 629 • J A C K S O N  C E N T E R , O H I O  4 5 3 3 4-0629

P H O N E 937-596-6849 • F A X 937-596-7937

N E W S  R E L E A S E

Date:                     March 8, 2012

Contact:                Peter B. Orthwein or Richard E. Riegel III

THOR ANNOUNCES SECOND QUARTER AND SIX MONTH RESULTS.

Thor Industries, Inc. (NYSE:THO) today announced results for its second quarter and six months ended January 31, 2012. Sales for the second quarter were $596,970,000, up 13% from $526,227,000 in the second quarter last year. Net income for the quarter was $13,680,000, up 141% from $5,688,000 in the second quarter of 2011. E.P.S. for the quarter were $0.25 versus $0.10 in the second quarter last year. Sales for the six months ended January 31, 2012 were $1,269,970,000 up 12% from $1,132,911,000 in the prior year period. Net income for the six months ended January 31, 2012 was $36,038,000, up 23% compared to $29,376,000 in the prior year period. E.P.S. for the six months ended January 31, 2012 were $0.66 versus $0.54 in the prior year period.

RV sales in the quarter ended January 31, 2012 were $500,994,000, up 15% from $437,111,000 in the second quarter last year. Towable RV sales in the quarter were $444,206,000, up 22% from $364,802,000 in the second quarter of 2011. Motorized RV sales in the quarter were $56,788,000, down 21% from $72,309,000 in the second quarter last year. Bus segment sales in the quarter were $95,976,000, up 8% from $89,116,000 in the second quarter of 2011.

RV income before tax in the quarter ended January 31, 2012 was $22,924,000, compared with $11,025,000 in the second quarter last year. Towable RV income before tax in the quarter was $21,169,000, up from $8,808,000 in the second quarter of 2011. Motorized RV income before tax in the quarter was $1,755,000, down from $2,217,000 in the second quarter of 2011. Bus segment income before tax in the quarter was $2,599,000, compared with $3,792,000 in the second quarter last year. Corporate net costs were $4,027,000 in the quarter versus $7,436,000 in the second quarter last year. The change in Corporate costs is primarily attributable to a decrease in professional fees, insurance costs and stock option expense.

“We are pleased to report improved earnings during the seasonally most difficult quarter of our fiscal year,” said Peter B. Orthwein, Thor Chairman & CEO. “The Recreation Vehicle Industry Association recently revised its 2012 wholesale RV shipments forecast upward to a 5% improvement over 2011. We are also pleased with the strong retail activity we have seen over the first two months of 2012. However, factors tempering our optimism include continuing escalations in fuel prices as well as lingering discounting activity. We continue to see improvement in Thor’s bus segment, with increased activity among transit and private bus customers driving increasing order backlogs.”

Thor is the world’s largest manufacturer of recreation vehicles and a major builder of commercial buses and ambulances.

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. 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, fuel prices, lower consumer confidence, and the level of discretionary consumer spending, interest rate increases, restrictive lending practices, increased material and component costs, recent management changes, the success of new product introductions, the pace of acquisitions, cost structure improvements, competition and general economic conditions and the other risks and uncertainties discussed more fully in Item 1A of the our Annual Report on Form 10-K for the year ended July 31, 2011 and Part II, Item 1A of our Quarterly Report on Form 10-Q for the period ended January 31, 2012. 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 OPERATIONS FOR THE 3 AND 6 MONTHS ENDED JANUARY 31, 2012 and 2011

($000 except per share—unaudited)

 

    3 MONTHS ENDED JANUARY 31,     6 MONTHS ENDED JANUARY 31,  
    2012     % Net Sales     2011     % Net Sales     2012     % Net Sales     2011     % Net Sales  

Net sales

  $ 596,970        $ 526,227        $ 1,269,970        $ 1,132,911     

Gross profit

  $ 59,380        9.9   $ 47,643        9.1   $ 134,358        10.6   $ 124,221        11.0

Selling, general and administrative

  $ 36,245        6.1   $ 40,742        7.7   $ 74,705        5.9   $ 85,633        7.6

Amortization of intangibles

  $ 2,777        0.5   $ 2,489        0.5   $ 5,624        0.4   $ 4,564        0.4

Impairment of trademarks

  $ —          0.0   $ —          0.0   $ —          0.0   $ 2,036        0.2

Interest income (net)

  $ 864        0.1   $ 941        0.2   $ 1,790        0.1   $ 1,894        0.2

Gain on involuntary conversion

  $ —          0.0   $ 2,031        0.4   $ —          0.0   $ 6,833        0.6

Other income (expense)

  $ 274        0.0   $ (3     0.0   $ 325        0.0   $ 452        0.0
 

 

 

     

 

 

     

 

 

     

 

 

   

Income before income taxes

  $ 21,496        3.6   $ 7,381        1.4   $ 56,144        4.4   $ 41,167        3.6

Income taxes

  $ 7,816        1.3   $ 1,693        0.3   $ 20,106        1.6   $ 11,791        1.0
 

 

 

     

 

 

     

 

 

     

 

 

   

Net income

  $ 13,680        2.3   $ 5,688        1.1   $ 36,038        2.8   $ 29,376        2.6
 

 

 

     

 

 

     

 

 

     

 

 

   

E.P.S.—basic

    25 ¢        10 ¢        66 ¢        54 ¢   

E.P.S.—diluted

    25 ¢        10 ¢        66 ¢        54 ¢   

Avg. common shares outstanding-basic

    54,587,293          55,812,526          54,789,738          54,717,208     

Avg. common shares outstanding-diluted

    54,625,747          55,930,489          54,819,877          54,819,297     

SUMMARY BALANCE SHEETS—JANUARY 31, ($000) (unaudited)

 

     2012      2011           2012      2011  

Cash and equivalents

   $ 156,206       $ 96,613       Current liabilities    $ 279,991       $ 275,939   

Accounts receivable

     174,690         176,679       Other liabilities      83,174         82,365   

Inventories

     192,225         211,977       Stockholders’ equity      779,466         768,816   

Deferred income tax and other

     55,379         54,434            
  

 

 

    

 

 

          

Total current assets

     578,500         539,703            

Fixed assets

     164,373         166,947            

Goodwill

     245,209         245,766            

Other intangible assets

     119,631         132,383            

Other assets

     34,918         42,321            
  

 

 

    

 

 

       

 

 

    

 

 

 

Total

   $ 1,142,631       $ 1,127,120          $ 1,142,631       $ 1,127,120   
  

 

 

    

 

 

       

 

 

    

 

 

 
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