Thor Announces Sales, Net Income, E.P.S. For Fourth Quarter, Year

Sep 28, 2011, 16:15 ET from Thor Industries, Inc.

JACKSON CENTER, Ohio, Sept. 28, 2011 /PRNewswire/ -- Thor Industries, Inc. (NYSE: THO) announced results for the fourth quarter and year ended July 31, 2011.  Sales for the quarter were $770,538,000, up 16% from $663,788,000 last year.  Net income for the quarter was $36,889,000, compared with $40,600,000 last year.  Basic earnings per share (E.P.S.) for the quarter were 66 cents versus 78 cents last year.  

Sales for the year were $2,755,508,000, up 21% from $2,276,557,000 last year. Net income for the year was $106,273,000, compared with $110,064,000 last year.  Basic E.P.S. for the year were $1.92 versus $2.08 last year.  

Total RV sales for the quarter were $653,971,000, up 16% from $563,658,000 last year.  Towable RV sales for the quarter were $565,534,000, up 21% from $465,749,000 last year. Motorized RV sales for the quarter were $88,437,000, down 10% from $97,909,000 last year.  Total RV sales for the year were $2,340,442,000, up 27% from $1,848,549,000 last year. Towable RV sales for the year were $1,977,416,000, up 27% from $1,556,591,000 last year. Towable RV sales in both the quarter and the year include Heartland RV, since its acquisition on September 16, 2010.  Motorized RV sales for the year were $363,026,000, up 24% from $291,958,000 last year.   Bus segment sales for the quarter, including buses and ambulances, were $116,567,000, up 16% from $100,130,000 last year.  Bus segment sales for the year were $415,066,000, compared with $428,008,000 last year.  

Total RV income before tax for the quarter was $53,974,000, compared with $57,779,000 last year.  Towable RV income before tax for the quarter was $50,322,000, down 4% from $52,207,000 last year.  Motorized RV income before tax for the quarter was $3,652,000, compared with $5,572,000 last year.  Total RV income before tax for the year was $159,138,000, up 2% from $156,232,000 last year.  Towable RV income before tax for the year was $146,361,000, up 1% from $145,604,000 last year.  Motorized RV income before tax for the year was $12,777,000, up 20% from $10,628,000 last year. Bus segment income before tax for the quarter was $4,268,000, compared with $6,149,000 last year and was $21,951,000 for the year, compared with $29,904,000 last year.  

"Thor delivered solid results in both the fourth quarter and its fiscal year amidst challenging market conditions in both the RV and Bus businesses," said Peter B. Orthwein, Thor Chairman.  "We look to RV retail sales to pull through wholesale shipments in the year ahead, and to improving conditions in the 2012 public transportation market to fuel better bus sales ahead for Thor.  Thor's RV open house in Elkhart, Indiana last week was a success, with dealers optimistic and ordering.  Dealer response to our new RV product lines is very positive.  Likewise, Thor's new low-floor cutaway bus products received favorable reviews at the recent BusCon convention in Chicago.  I believe that Thor is well positioned to perform in both of our businesses this fiscal year," Mr. Orthwein 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 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 our Annual Report on Form 10-K for the year ended July 31, 2011. 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.

STATEMENT OF INCOME FOR THE 3 AND 12 MONTHS ENDED JULY 31, 2011 and 2010

($000 except per share)

3 MONTHS ENDED JULY 31, (unaudited)

12 MONTHS ENDED JULY 31,

2011

% Net Sales

2010

% Net Sales

2011

% Net Sales

2010

% Net Sales

Net sales

$                770,538

$                  663,788

$ 2,755,508

$ 2,276,557

Gross profit

$                100,430

13.0%

$                    94,820

14.3%

$    333,135

12.1%

$    307,086

13.5%

Selling, general and administrative

$                  44,839

5.8%

$                    38,729

5.8%

$    180,858

6.6%

$    147,407

6.5%

Amortization of intangibles

$                    2,964

0.4%

$                         190

0.0%

$      10,262

0.4%

$           510

0.0%

Impairment of trademarks

$                           -

0.0%

$                             -

0.0%

$        3,466

0.1%

$           500

0.0%

Interest income (net)

$                       900

0.1%

$                      1,198

0.2%

$        3,698

0.1%

$        5,120

0.2%

Gain on involuntary conversion

$                       766

0.1%

$                      5,310

0.8%

$        9,417

0.3%

$        7,593

0.3%

Other income (expense)

$                     (151)

0.0%

$                         273

0.0%

$           963

0.0%

$             11

0.0%

Income before taxes

$                  54,142

7.0%

$                    62,682

9.4%

$    152,627

5.5%

$    171,393

7.5%

Taxes

$                  17,253

2.2%

$                    22,082

3.3%

$      46,354

1.7%

$      61,329

2.7%

Net income

$                  36,889

4.8%

$                    40,600

6.1%

$    106,273

3.9%

$    110,064

4.8%

 E.P.S. - basic

$                      0.66

$                        0.78

$          1.92

$          2.08

 E.P.S. - diluted

$                      0.66

$                        0.77

$          1.92

$          2.07

Avg. common shares outstanding-basic

55,840,010

51,461,510

55,271,340

53,019,008

Avg. common shares outstanding-diluted

55,932,770

51,561,910

55,373,641

53,119,364

SUMMARY BALANCE SHEETS - JULY 31, ($000)

2011

2010

2011

2010

Cash and cash equivalents

$          215,435

$    247,751

       Current liabilities

$    278,598

$    256,764

Accounts receivable

169,493

165,399

       Other liabilities

83,198

50,031

Inventories

184,498

142,680

       Stockholders' equity

836,274

657,278

Deferred income tax and other

54,341

45,940

Total current assets

623,767

601,770

Fixed assets

168,214

139,180

Long term investments

2,042

5,327

Goodwill

244,452

150,901

Other intangible assets

125,255

20,664

Other assets

34,340

46,231

Total

$       1,198,070

$    964,073

        Total

$ 1,198,070

$    964,073

SOURCE Thor Industries, Inc.