UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8K
CURRENT REPORT
Pursuant to Section 13 or 15 (d) of the
Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): November 26, 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) |
Registrants 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 November 26, 2012, Thor Industries, Inc. (the Company) issued a press release announcing certain financial results for its first quarter ended October 31, 2012. A copy of the Companys 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 November 26, 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: November 27, 2012 |
By: | /s/ W. Todd Woelfer | ||||
Name: W. Todd Woelfer | ||||||
Title: Senior Vice President, General Counsel and Secretary |
EXHIBIT INDEX
Exhibit Number |
Description | |
99.1 | Copy of press release, dated November 26, 2012, issued by the Company |
Exhibit 99.1
419 WEST PIKE STREET P.O. BOX 629 JACKSON CENTER, OHIO 45334-0629
PHONE (574) 970-7912
N E W S R E L E A S E
Date: | November 26, 2012 |
Contact: | Peter B. Orthwein or Jeffery A. Tryka, CFA |
THOR ANNOUNCES FIRST QUARTER FISCAL 2013 RESULTS
Thor Industries, Inc. (NYSE:THO) today announced results for its first quarter ended October 31, 2012. Consolidated sales for the first quarter of fiscal 2013 were $875.6 million, up 30% from $673.0 million in the first quarter last year. Net income for the first quarter was $31.0 million, up 38% from $22.4 million in the first quarter last year. Basic earnings per share (EPS) for the first quarter were 59¢, up 44% from 41¢ in the first quarter last year.
We are pleased with the strength of our revenue growth and profitability demonstrated in the first quarter. Despite this strength, our results were affected by an ongoing competitive environment, along with certain expenses that we do not expect to repeat, said Bob Martin, Thor President and Chief Operating Officer. The RV and bus markets remain very competitive, with heightened discounting and aggressive bidding affecting sales and margins. Bus margins were also affected by a shift in product mix toward lower-margin units. During the quarter, we incurred separation costs related to management transitions and a legal settlement that, combined, were approximately $1.6 million, which we do not anticipate will recur. These expenses reduced our EPS by approximately 2¢ for the quarter.
Total RV sales for the first quarter ended October 31, 2012 were $761.4 million, up 36% from $561.7 million in the first quarter last year. Towable RV sales for the first quarter were $639.2 million, up 28% from $499.1 million in the first quarter last year. Motorized RV sales for the first quarter were $122.2 million, up 95% from $62.6 million in the first quarter last year. Bus segment sales for the first quarter were $114.2 million, up 3% from $111.3 million in the first quarter last year.
Total RV income before tax for the first quarter ended October 31, 2012 was $51.1 million, up 51% from $33.9 million in the prior year period. Towable RV income before tax for the first quarter was $42.7 million, up 31% from $32.6 million in the first quarter last year. Motorized RV income before tax for the first quarter was $8.4 million, up more than six fold from $1.3 million last year. Bus segment income before tax for the first quarter was $3.7 million, compared to $5.3 million in the first quarter last year.
Thor delivered revenue that was a record for the fiscal first quarter and improved bottom-line results, driven by solid growth in the RV market and a stable bus market, said Peter B. Orthwein, Thor Chairman. Our first-quarter results were supported by dealer optimism and strong orders at our Elkhart Open House held in September, and the strength we experienced provides reason for optimism in the first half of the fiscal year. As we open the largest RV tradeshow of the year in Louisville this week, we will assess the level of dealer confidence as we head into the early retail show season beginning in January. Although we have seen a recent upturn, we remain cautious given the overall economic uncertainty. In addition, both the RV and bus markets remain very competitive, with elevated levels of discounting, he added.
Thor is the sole owner of operating subsidiaries that, combined, represent the worlds 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, 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 increases, restrictive lending practices, 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 our Annual Report on Form 10-K for the year ended July 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 MONTHS
ENDED OCTOBER 31, 2012 and 2011
($000 except per shareunaudited)
3 MONTHS ENDED OCTOBER 31, | ||||||||||||||||
2012 | % Net Sales (1) |
2011 | % Net Sales (1) |
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Net sales |
$ | 875,612 | $ | 673,000 | ||||||||||||
Gross profit |
$ | 100,592 | 11.5 | % | $ | 74,978 | 11.1 | % | ||||||||
Selling, general and administrative |
$ | 51,465 | 5.9 | % | $ | 38,460 | 5.7 | % | ||||||||
Amortization of intangibles |
$ | 2,768 | 0.3 | % | $ | 2,847 | 0.4 | % | ||||||||
Interest income, net |
$ | 699 | 0.1 | % | $ | 926 | 0.1 | % | ||||||||
Other income, net |
$ | 553 | 0.1 | % | $ | 51 | 0.0 | % | ||||||||
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Income before taxes |
$ | 47,611 | 5.4 | % | $ | 34,648 | 5.1 | % | ||||||||
Taxes |
$ | 16,623 | 1.9 | % | $ | 12,290 | 1.8 | % | ||||||||
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Net income |
$ | 30,988 | 3.5 | % | $ | 22,358 | 3.3 | % | ||||||||
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E.P.S. - basic |
$ | 0.59 | $ | 0.41 | ||||||||||||
E.P.S. - diluted |
$ | 0.58 | $ | 0.41 | ||||||||||||
Avg. common shares outstanding-basic |
52,928,467 | 54,992,184 | ||||||||||||||
Avg. common shares outstanding-diluted |
53,035,582 | 55,014,007 |
SUMMARY BALANCE SHEETSOCTOBER 31, ($000) (unaudited)
2012 | 2011 | 2012 | 2011 | |||||||||||||||
Cash and equivalents |
$ | 214,498 | $ | 207,538 | Current liabilities | $ | 311,841 | $ | 268,550 | |||||||||
Accounts receivable |
215,768 | 165,248 | Other liabilities | 82,096 | 83,284 | |||||||||||||
Inventories |
225,820 | 183,125 | Stockholders equity | 873,616 | 830,535 | |||||||||||||
Deferred income tax and other |
51,111 | 55,780 | ||||||||||||||||
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Total current assets |
707,197 | 611,691 | ||||||||||||||||
Fixed assets, net |
166,647 | 166,411 | ||||||||||||||||
Goodwill |
245,977 | 245,209 | ||||||||||||||||
Amortizable intangible assets |
113,360 | 122,408 | ||||||||||||||||
Other assets |
34,372 | 36,650 | ||||||||||||||||
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Total |
$ | 1,267,553 | $ | 1,182,369 | $ | 1,267,553 | $ | 1,182,369 | ||||||||||
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(1) | Percentages may not add due to rounding differences |
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