THOR ONLY RV COMPANY TO INCREASE MARKET SHARE IN TOWABLES AND MOTOR
HOMES. JACKSON CENTER, Ohio, Sept. 29 /PRNewswire-FirstCall/ --
Thor Industries, Inc. (NYSE:THO) announced results for the fourth
quarter and 12 months ended July 31, 2009. Net income for the
quarter was $24,781,000 up from $5,041,000 last year. E.P.S. for
the quarter were 45 cents up from 9 cents last year. Sales for the
quarter were $440,924,000 versus $569,843,000 last year. Net income
for the 12 months was $17,143,000 compared to $92,706,000 last
year. E.P.S. for the 12 months were 31 cents versus $1.67 last
year. Sales for the 12 months were $1,521,896,000 compared to
$2,640,680,000 last year. E.P.S. of 45 cents in the quarter is
nearly double analysts' consensus estimates of 23 cents. E.P.S of
31 cents for the year compares with analysts' consensus estimates
of 11 cents. Operating margins significantly improved in the
quarter as a result primarily of cost cutting initiatives. "We
achieved profits in both RV and Bus in the quarter and year, a
notable accomplishment. Further, we maintained our record of 'never
a loss' in the 29 years since our founding, a performance that we
believe is unique in our industries. The RV business is improving
after having been in a depression for over a year, with industry
shipments down over 50%. The Bus business was also affected by the
recession. Recently, bus order input has benefited from the federal
stimulus package. These orders will be reflected in F2010 results.
In August, for the first time in 2 years, industry towable RV sales
increased (up 14%) while motorized sales continue to be very soft,"
said Wade F. B. Thompson, Thor chairman. RV sales in the quarter
were $337,990,000 versus $454,518,000 last year. Bus sales in the
quarter were $102,934,000 versus $115,325,000 last year. RV sales
in the 12 months were $1,115,006,000 compared to $2,224,955,000
last year. Bus sales in the 12 months were $406,890,000 versus
$415,725,000 last year. RV income before tax was $24,827,000 in the
quarter, almost triple $8,662,000 last year and $17,619,000 in the
12 months versus $145,784,000 last year. Bus income before tax in
the quarter was $7,159,000 versus $8,324,000 last year and
$17,422,000 in the 12 months versus $21,132,000 last year. "Thor is
the only company to show an increase in market share in both
towables and motorized recreation vehicles. For the 7 months ended
July 31, 2009, Stat Surveys reported that Thor increased its
towable share to 31.1%, up from 30.4% last year and increased its
motorized share to 17.7% versus 15.1% last year. Thor's market
share of the mid-size bus market is also up, at approximately 40%,
according to industry statistics," Thompson said. 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, additional issues that may
arise in connection with the findings of the completed
investigation of the Audit Committee of the Board of Directors of
Thor Industries, Inc. (the "Company") and the SEC's requests for
additional information, fuel prices, fuel availability, lower
consumer confidence, interest rate increases, tight lending
practices, increased material costs, the success of new product
introductions, the pace of acquisitions, cost structure
improvements, the impact of auction market failures on our
liquidity, competition and general economic conditions and the
other risks and uncertainties discussed more fully in Item 1A of
the Company's Annual Report on Form 10-K for the year ended July
31, 2009. The Company disclaims 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
the Company's 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.
STATEMENT OF INCOME FOR THE 3 AND 12 MONTHS ENDED JULY 31, 2009 and
2008 $000 except per share - unaudited 3 MONTHS ENDED JULY 31 12
MONTHS ENDED JULY 31 2009 2008 2009 2008 ---- ---- ---- ---- Net
sales $440,924 $569,843 $1,521,896 $2,640,680 --------- Gross
profit $57,870 $61,435 $152,537 $322,426 Selling, general and
administrative $26,418 $44,749 $125,054 $177,881 Operating income
$31,452 $16,686 $27,483 $144,545 Impairment of goodwill &
trademarks $- $7,535 $10,281 $7,535 Interest income (net) $721
$1,569 $5,005 $10,196 Gain on sale of property $- $- $373 $2,308
Net appreciation of auction rate securities $(1,125) $- $- $- Other
income $226 $1,661 $815 $2,893 ---- ------ ---- ------ Income
before taxes $33,524 $12,381 $23,395 $152,407 -------------------
Taxes $8,743 $7,340 $6,252 $59,701 ------ ------ ------ ------- Net
income $24,781 $5,041 $17,143 $92,706 ---------- ======= ======
======= ======= E.P.S. - basic 45 cents 9 cents 31 cents $1.67
E.P.S. - diluted 45 cents 9 cents 31 cents $1.66 ----------------
Avg. common shares outstanding-basic 55,436,924 55,407,924
55,429,373 55,593,572 Avg. common shares outstanding-diluted
55,491,667 55,490,566 55,476,470 55,731,707 SUMMARY BALANCE SHEETS
- JULY 31 ($000) (unaudited) 2009 2008 2009 2008 ---- ---- ----
---- Cash and equivalents $221,684 $189,620 Current liabilities
$184,474 $248,416 Investments, short term 107,150 - Other
liabilities 61,617 48,450 Accounts receivable 115,616 146,355
Stockholders' equity 705,033 699,696 Inventories 105,278 152,582
Deferred income tax and other 54,290 39,363 ------ ------ Total
current assets 604,018 527,920 Fixed assets 142,861 153,230 Long
term investments 13,428 126,403 Goodwill 148,411 158,128 -------
------- Other assets 42,406 30,881 $951,124 $996,562 ------ ------
======== ======== Total $951,124 $996,562 ======== ========
DATASOURCE: Thor Industries, Inc. CONTACT: Wade F. B. Thompson or
Peter B. Orthwein, +1-937-596-6849, or Fax: +1-937-596-6539
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