Thor Announces Increased Sales, Net Income, E.P.S. for Quarter, Six Months

Mar 10, 2008, 01:00 ET from Thor Industries, Inc.

    JACKSON CENTER, Ohio, March 10 /PRNewswire-FirstCall/ -- Thor
 Industries, Inc. (NYSE:   THO) announced results for the second quarter and
 six months ended January 31, 2008.
 
     Net income for the quarter was $21,602,000, up 18% from $18,252,000
 last year. E.P.S. for the quarter were $.39, up 18% from $.33 last year.
 Sales for the quarter were $599,170,000, up 3% from $584,049,000 last year.
 Income before taxes in the quarter was $35,206,000, up 34% from
 $26,242,000.
 
     Net income for the six months was $59,811,000, up 22% from $48,849,000
 last year. Diluted E.P.S. for the six months were $1.07, up 23% from $.87
 last year. Sales for the six months were $1,362,906,000, up 4% from
 $1,311,765,000 last year.
 
     RV sales in the quarter were $505,266,000, up 3% from $490,634,000 last
 year. Bus sales in the quarter were $93,904,000 compared to $93,415,000
 last year. RV sales in the six months were $1,169,477,000 up 4% from
 $1,126,512,000 last year. Bus sales in the six months were a record
 $193,429,000 up 4% from $185,253,000 last year. RV income before tax was
 $34,053,000 in the quarter, up 35% from $25,272,000 last year and
 $91,718,000 in the six months, up 28% from $71,740,000 last year. Bus
 income before tax in the quarter was $3,556,000 up 13% from $3,154,000 last
 year and $7,695,000 in the six months, up 25% from $6,174,000 last year.
 Corporate net costs were $2,403,000 in the quarter versus $2,184,000 last
 year and $3,727,000 in the six months versus $2,676,000 last year.
 
     Cash, cash equivalents and short term investments on January 31, 2008,
 were $234.3 million, up from $210.0 million last year and the company
 continues to have zero debt.
 
     "Gross and net margins increased in both the quarter and six months in
 each segment-towables, motorized, and buses-due to improved manufacturing
 efficiencies, lower warranty costs, higher interest income, and a gain on
 sale of real estate," said Wade F. B. Thompson, Thor Chairman. "We are
 pleased with these results to date and expect to continue to outperform the
 competition in the difficult RV market," he added.
 
     Thor is the world's largest manufacturer of recreation vehicles and a
 major builder of commercial buses.
 
     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,
 interest rate increases, increased material costs, 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 Company's
 Annual Report on Form 10-K for the year ended July 31, 2007. The Company
 disclaims any obligation or undertaking to disseminate any updates or
 revisions to any change in expectation of the Company after the date hereof
 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 6 MONTHS ENDED JANUARY 31, 2008 and 2007 $000 except per share - unaudited 3 MONTHS ENDED JANUARY 31 2008 % 2007 % Net sales $599,170 $584,049 Gross profit $69,717 11.6% $61,169 10.5% Selling, general and administrative $39,619 6.6% $37,208 6.4% Amortization of intangibles $200 - $216 - Operating income $29,898 5.0% $23,745 4.1% Interest income (net) $2,808 .5% $2,182 .4% Gain on sale of property $2,308 .4% - - Other income $192 - $315 .1% Income before taxes $35,206 5.9% $26,242 4.5% Taxes $13,604 2.3% $7,990 1.4% Net income $21,602 3.6% $18,252 3.1% E.P.S. - basic $0.39 $0.33 E.P.S. - diluted $0.39 $0.33 Avg. common shares outstanding-basic 55,758,534 55,654,744 Avg. common shares outstanding-diluted 55,910,429 55,927,479 6 MONTHS ENDED JANUARY 31 2008 % 2007 % Net sales $1,362,906 $1,311,765 Gross profit $170,992 12.5% $150,337 11.5% Selling, general and administrative $84,816 6.2% $80,415 6.1% Amortization of intangibles $413 - $454 - Operating income $85,763 6.3% $69,468 5.3% Interest income (net) $6,644 .5% $4,905 .4% Gain on sale of property $2,308 .2% - - Other income $971 .1% $865 .1% Income before taxes $95,686 7.0% $75,238 5.7% Taxes $35,875 2.6% $26,389 2.0% Net income $59,811 4.4% $48,849 3.7% E.P.S. - basic $1.07 $0.88 E.P.S. - diluted $1.07 $0.87 Avg. common shares outstanding-basic 55,757,936 55,634,023 Avg. common shares outstanding-diluted 55,937,211 55,909,970 SUMMARY BALANCE SHEETS - JANUARY 31 ($000) (unaudited) 2008 2007 2008 2007 Cash and Current equivalents $87,935 $91,335 liabilities $278,043 $270,062 Investments, Other short term 146,350 118,712 liabilities 47,707 14,725 Accounts Stockholders' receivable 187,676 186,309 equity 681,104 685,556 Inventories 200,975 189,514 Deferred income tax and other 30,165 30,678 Total current assets 653,101 616,548 Fixed assets 157,366 158,005 Investments - joint ventures 2,912 2,657 Goodwill 165,663 165,663 Other assets 27,812 27,470 Total $1,006,854 $970,343 $1,006,854 $970,343

SOURCE Thor Industries, Inc.
    JACKSON CENTER, Ohio, March 10 /PRNewswire-FirstCall/ -- Thor
 Industries, Inc. (NYSE:   THO) announced results for the second quarter and
 six months ended January 31, 2008.
 
     Net income for the quarter was $21,602,000, up 18% from $18,252,000
 last year. E.P.S. for the quarter were $.39, up 18% from $.33 last year.
 Sales for the quarter were $599,170,000, up 3% from $584,049,000 last year.
 Income before taxes in the quarter was $35,206,000, up 34% from
 $26,242,000.
 
     Net income for the six months was $59,811,000, up 22% from $48,849,000
 last year. Diluted E.P.S. for the six months were $1.07, up 23% from $.87
 last year. Sales for the six months were $1,362,906,000, up 4% from
 $1,311,765,000 last year.
 
     RV sales in the quarter were $505,266,000, up 3% from $490,634,000 last
 year. Bus sales in the quarter were $93,904,000 compared to $93,415,000
 last year. RV sales in the six months were $1,169,477,000 up 4% from
 $1,126,512,000 last year. Bus sales in the six months were a record
 $193,429,000 up 4% from $185,253,000 last year. RV income before tax was
 $34,053,000 in the quarter, up 35% from $25,272,000 last year and
 $91,718,000 in the six months, up 28% from $71,740,000 last year. Bus
 income before tax in the quarter was $3,556,000 up 13% from $3,154,000 last
 year and $7,695,000 in the six months, up 25% from $6,174,000 last year.
 Corporate net costs were $2,403,000 in the quarter versus $2,184,000 last
 year and $3,727,000 in the six months versus $2,676,000 last year.
 
     Cash, cash equivalents and short term investments on January 31, 2008,
 were $234.3 million, up from $210.0 million last year and the company
 continues to have zero debt.
 
     "Gross and net margins increased in both the quarter and six months in
 each segment-towables, motorized, and buses-due to improved manufacturing
 efficiencies, lower warranty costs, higher interest income, and a gain on
 sale of real estate," said Wade F. B. Thompson, Thor Chairman. "We are
 pleased with these results to date and expect to continue to outperform the
 competition in the difficult RV market," he added.
 
     Thor is the world's largest manufacturer of recreation vehicles and a
 major builder of commercial buses.
 
     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,
 interest rate increases, increased material costs, 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 Company's
 Annual Report on Form 10-K for the year ended July 31, 2007. The Company
 disclaims any obligation or undertaking to disseminate any updates or
 revisions to any change in expectation of the Company after the date hereof
 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 6 MONTHS ENDED JANUARY 31, 2008 and 2007 $000 except per share - unaudited 3 MONTHS ENDED JANUARY 31 2008 % 2007 % Net sales $599,170 $584,049 Gross profit $69,717 11.6% $61,169 10.5% Selling, general and administrative $39,619 6.6% $37,208 6.4% Amortization of intangibles $200 - $216 - Operating income $29,898 5.0% $23,745 4.1% Interest income (net) $2,808 .5% $2,182 .4% Gain on sale of property $2,308 .4% - - Other income $192 - $315 .1% Income before taxes $35,206 5.9% $26,242 4.5% Taxes $13,604 2.3% $7,990 1.4% Net income $21,602 3.6% $18,252 3.1% E.P.S. - basic $0.39 $0.33 E.P.S. - diluted $0.39 $0.33 Avg. common shares outstanding-basic 55,758,534 55,654,744 Avg. common shares outstanding-diluted 55,910,429 55,927,479 6 MONTHS ENDED JANUARY 31 2008 % 2007 % Net sales $1,362,906 $1,311,765 Gross profit $170,992 12.5% $150,337 11.5% Selling, general and administrative $84,816 6.2% $80,415 6.1% Amortization of intangibles $413 - $454 - Operating income $85,763 6.3% $69,468 5.3% Interest income (net) $6,644 .5% $4,905 .4% Gain on sale of property $2,308 .2% - - Other income $971 .1% $865 .1% Income before taxes $95,686 7.0% $75,238 5.7% Taxes $35,875 2.6% $26,389 2.0% Net income $59,811 4.4% $48,849 3.7% E.P.S. - basic $1.07 $0.88 E.P.S. - diluted $1.07 $0.87 Avg. common shares outstanding-basic 55,757,936 55,634,023 Avg. common shares outstanding-diluted 55,937,211 55,909,970 SUMMARY BALANCE SHEETS - JANUARY 31 ($000) (unaudited) 2008 2007 2008 2007 Cash and Current equivalents $87,935 $91,335 liabilities $278,043 $270,062 Investments, Other short term 146,350 118,712 liabilities 47,707 14,725 Accounts Stockholders' receivable 187,676 186,309 equity 681,104 685,556 Inventories 200,975 189,514 Deferred income tax and other 30,165 30,678 Total current assets 653,101 616,548 Fixed assets 157,366 158,005 Investments - joint ventures 2,912 2,657 Goodwill 165,663 165,663 Other assets 27,812 27,470 Total $1,006,854 $970,343 $1,006,854 $970,343 SOURCE Thor Industries, Inc.