Thor Announces Third Quarter and Nine Month Results

07 Jun, 2012, 16:15 ET from Thor Industries, Inc.

JACKSON CENTER, Ohio, June 7, 2012 /PRNewswire/ -- Thor Industries, Inc. (NYSE: THO) today announced results for the third quarter and nine months ended April 30, 2012.  Consolidated sales for the quarter ended April 30, 2012 were $926,458,000, up 9% from $852,059,000 in the third quarter last year.  Net income for the quarter was $41,341,000, up 3% from $40,008,000 in the third quarter last year.  E.P.S. for the quarter were 78 cents versus 72 cents in the third quarter last year. 

Consolidated sales for the nine months ended April 30, 2012 were $2,196,428,000, up 11% from $1,984,970,000 in the nine months last year. Net income for the nine months was $77,379,000, up 12% from $69,384,000 in the prior year period.  E.P.S. for the nine months were $1.43 versus $1.26 in the period last year. 

RV sales in the quarter ended April 30, 2012 were $807,196,000, up 9% from $742,797,000 in the quarter last year.  Towable RV sales in the quarter were $680,472,000, up 9% from $624,631,000 in the prior year period. Motorized RV sales in the quarter were $126,724,000, up 7% from $118,166,000 in the quarter last year.  RV sales in the nine months ended April 30, 2012 were $1,869,850,000 up 11% from $1,686,471,000 in the prior year period. Towable RV sales in the nine months were $1,623,782,000, up 15% from $1,411,882,000 in the nine month period last year. Motorized RV sales in the nine months were $246,068,000, compared with $274,589,000 in the prior year period. Bus segment sales in the quarter ended April 30, 2012 were $119,262,000, up 9% from $109,262,000 in the quarter last year.  Bus segment sales in the nine months ended April 30, 2012 were $326,578,000, up 9% from $298,499,000 in the prior year period. 

RV income before tax in the third quarter was $59,162,000, compared with $60,035,000 in the quarter last year.  Towable RV income before tax in the quarter was $51,050,000, compared with $54,131,000 in the prior year period. Motorized RV income before tax in the quarter was $8,112,000, up 37% from $5,904,000 in the quarter last year.  RV income before tax in the nine months was $115,970,000, up 10% from $105,164,000 in the nine month period last year.  Towable RV income before tax in the nine months was $104,810,000, up 9% from $96,039,000 in the prior year period.  Motorized RV income before tax in the nine months was $11,160,000, up 22% from $9,125,000 in the nine months last year. Bus segment income before tax in the quarter ended April 30, 2012 was $2,828,000, compared with $4,472,000 in the quarter last year, and was $10,693,000 in the nine months ended April 30, 2012, versus $17,683,000 in the prior year period. Bus segment income before tax includes a gain on involuntary conversion of $1,818,000 in the quarter ended April 30, 2011, and $8,651,000 in the nine month period ended April 30, 2011. Bus results for the current quarter and nine month period were also impacted by higher product liability costs.

Corporate net costs were $771,000 in the quarter ended April 30, 2012 versus $7,189,000 in the quarter last year, and were $9,300,000 in the nine months ended April 30, 2012 versus $24,362,000 in the prior year period.  Corporate net costs for the current quarter and nine month period were favorably impacted by lower insurance costs, professional fees and compensation expenses.

"Thor has demonstrated solid top line revenue performance in the quarter and nine months ended April 30th, driven by improving RV and bus markets," said Peter B. Orthwein, Thor Chairman & CEO. "The RV market continues to show retail sales improvement through May and the bus industry is also on an upward trajectory from last year.  While Thor's earnings and EPS are somewhat better than last year in both the third quarter and the fiscal year to date, the elevated RV promotional environment has thwarted further margin expansion.  We are working diligently to improve our margins," he added.

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, 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 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 April 30, 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 9 MONTHS ENDED APRIL 30, 2012 AND 2011

($000 except per share - unaudited)

3 MONTHS ENDED APRIL 30,

9 MONTHS ENDED APRIL 30,

2012

% Net Sales

2011

% Net Sales

2012

% Net Sales

2011

% Net Sales

Net sales

$ 926,458

$ 852,059

$ 2,196,428

$ 1,984,970

Gross profit

$ 109,470

11.8%

$ 108,484

12.7%

$    243,828

11.1%

$    232,705

11.7%

Selling, general and administrative

$   46,963

5.1%

$   50,386

5.9%

$    121,668

5.5%

$    136,019

6.9%

Amortization of intangibles

$     2,756

0.3%

$     2,734

0.3%

$        8,380

0.4%

$        7,298

0.4%

Impairment of trademarks

$             -

0.0%

$     1,430

0.2%

$                -

0.0%

$        3,466

0.2%

Interest income (net)

$        835

0.1%

$        904

0.1%

$        2,625

0.1%

$        2,798

0.1%

Gain on involuntary conversion

$             -

0.0%

$     1,818

0.2%

$                -

0.0%

$        8,651

0.4%

Other income

$        633

0.1%

$        662

0.1%

$           958

0.0%

$        1,114

0.1%

Income before income taxes

$   61,219

6.6%

$   57,318

6.7%

$    117,363

5.3%

$      98,485

5.0%

Income taxes

$   19,878

2.1%

$   17,310

2.0%

$      39,984

1.8%

$      29,101

1.5%

Net income

$   41,341

4.5%

$   40,008

4.7%

$      77,379

3.5%

$      69,384

3.5%

    E.P.S. - basic

78 cents  

72 cents  

$1.43

$1.26

    E.P.S. - diluted

78 cents  

72 cents  

$1.43

$1.26

Weighted avg. common shares outstanding-basic

52,879,877

55,829,122

54,162,411

55,079,700

Weighted avg. common shares outstanding-diluted

52,970,357

55,941,389

54,212,663

55,185,181

SUMMARY BALANCE SHEETS - APRIL 30, ($000) (unaudited)

2012

2011

2012

2011

Cash and equivalents

$ 147,986

$ 59,247

Current liabilities

$ 345,006

$ 290,970

Restricted cash

-

1,000

Other liabilities

84,131

83,814

Accounts receivable

286,474

264,892

Stockholders' equity

813,817

804,718

Inventories

200,903

223,990

Deferred income tax and other

47,333

46,958

Total current assets

682,696

596,087

Fixed assets

163,372

166,498

Goodwill

245,209

245,766

Other intangible assets

116,982

128,219

Other assets

34,695

42,932

Total

$ 1,242,954

$ 1,179,502

$ 1,242,954

$ 1,179,502

SOURCE Thor Industries, Inc.