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

JACKSON CENTER, Ohio, June 8, 2011 /PRNewswire/ -- Thor Industries, Inc. (NYSE: THO) announced results for the third quarter and nine months ended April 30, 2011.  Consolidated sales for the quarter were $852,059,000, up 25% from $680,192,000 last year.  Net income for the quarter was $40,008,000 up 17% from $34,111,000 last year.  E.P.S. for the quarter were 72 cents versus 66 cents last year.  

Consolidated sales for the nine months were $1,984,970,000, up 23% from $1,612,769,000 last year. Net income for the nine months was $69,384,000 versus $69,464,000 last year.  E.P.S. for the nine months were $1.26 versus $1.30 last year.  

RV sales in the quarter were $742,797,000, up 33% from $559,166,000 last year.  Towable RV sales in the quarter were $624,631,000, up 33% from $468,002,000 last year. Motorized RV sales in the quarter were $118,166,000, up 30% from $91,164,000 last year.  RV sales in the nine months were $1,686,471,000, up 31% from $1,284,891,000 last year. Towable RV sales in the nine months were $1,411,882,000, up 29% from $1,090,842,000 last year. Motorized RV sales in the nine months were $274,589,000, up 42% from $194,049,000 last year.  Consolidated sales, RV sales, and Towable RV sales in the third quarter and nine months of Thor's 2011 fiscal year include Heartland RV, acquired September 16, 2010. Bus segment sales in the quarter were $109,262,000, compared with $121,026,000 last year.  Bus segment sales in the nine months were $298,499,000 versus $327,878,000 last year.  

RV income before tax in the third quarter was $60,035,000, up 23% from $48,754,000 last year.  Towable RV income before tax in the quarter was $54,131,000, up 20% from $45,114,000 last year.  Motorized RV income before tax in the quarter was $5,904,000, up 62% from $3,640,000 last year.  RV income before tax in the nine months was $105,164,000, up 7% from $98,453,000 last year.  Towable RV income before tax in the nine months was $96,039,000, up 3% from $93,397,000 last year.  Motorized RV income before tax in the nine months was $9,125,000, up 80% from $5,056,000 last year. Bus segment income before tax in the quarter was $4,472,000, compared with $9,142,000 last year and was $17,683,000 in the nine months, versus $23,755,000 last year.  Corporate net costs were $7,189,000 in the quarter versus $5,691,000 last year and $24,362,000 in the nine months versus $13,497,000 last year.  

"Thor's improving margins in the third quarter demonstrate the effect of increased revenue in a better RV promotional environment," said Peter B. Orthwein, Thor chairman & CEO. "In our bus segment, the public transit market remains challenging due to tight municipal budgets," he added.

Thor is the world's largest manufacturer of recreation vehicles and a major builder of commercial buses & 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, additional issues that may arise in connection with the review by the independent consultant required under our recent settlement with the Securities and Exchange Commission, fuel prices, fuel availability, lower consumer confidence, interest rate increases, restrictive lending practices, increased material and component 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 our Annual Report on Form 10-K for the year ended July 31, 2010 and Part II, Item 1A of our Quarterly Report on Form 10-Q for the period ended April 30, 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 9 MONTHS ENDED APRIL 30, 2011 and 2010

($000 except per share - unaudited)



3 MONTHS ENDED APRIL 30,


9 MONTHS ENDED APRIL 30,


2011

% Net Sales


2010

% Net Sales


2011

% Net Sales


2010

% Net Sales













Net sales

$        852,059



$        680,192



$ 1,984,970



$ 1,612,769














Gross profit

$        108,484

12.7%


$          92,499

13.6%


$    232,705

11.7%


$    212,266

13.2%













Selling, general and administrative

$          50,386

5.9%


$          42,824

6.3%


$    136,019

6.9%


$    108,678

6.7%













Amortization of intangibles

$            2,734

0.3%


$               152

0.0%


$        7,298

0.4%


$           320

0.0%













Impairment of trademarks

$            1,430

0.2%


$               500

0.1%


$        3,466

0.2%


$           500

0.0%













Interest income (net)

$               904

0.1%


$            1,250

0.2%


$        2,798

0.1%


$        3,922

0.2%













Gain on involuntary conversion

$            1,818

0.2%


$            2,283

0.3%


$        8,651

0.4%


$        2,283

0.1%













Other income (expense)

$               662

0.1%


$             (351)

-0.1%


$        1,114

0.1%


$         (262)

0.0%













Income before taxes

$          57,318

6.7%


$          52,205

7.7%


$      98,485

5.0%


$    108,711

6.7%













Taxes

$          17,310

2.0%


$          18,094

2.7%


$      29,101

1.5%


$      39,247

2.4%













Net income

$          40,008

4.7%


$          34,111

5.0%


$      69,384

3.5%


$      69,464

4.3%













 E.P.S. - basic

72¢



66¢



$          1.26



$          1.30


 E.P.S. - diluted

72¢



66¢



$          1.26



$          1.30














Avg. common shares outstanding-basic

55,829,122



51,461,181



55,079,700



53,521,242


Avg. common shares outstanding-diluted

55,941,389



51,585,450



55,185,181



53,621,854




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











2011

2010





2011

2010

Cash and equivalents

$          59,247

$      80,638


       Current liabilities



$    290,970

$    258,403

Investments, short term

-

63,350


       Other liabilities



83,814

60,887

Restricted Cash

1,000

-


       Stockholders' equity



804,718

619,120

Accounts receivable

264,892

207,268







Inventories

223,990

170,044







Deferred income tax and other

46,958

43,811







Total current assets

596,087

565,111







Fixed assets

166,498

137,924







Long term investments

2,982

13,010







Goodwill

245,766

150,576







Other intangible assets

128,219

20,853







Other assets

39,950

50,936







Total

$      1,179,502

$    938,410





$ 1,179,502

$    938,410



SOURCE Thor Industries, Inc.

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