EX-99.1 2 l12541aexv99w1.htm EXHIBIT 99.1 PRESS RELEASE Exhibit 99.1
 

Exhibit 99.1

(THOR LOGO)

419 WEST PIKE STREET    •    P.O. BOX 629    •    JACKSON CENTER, OHIO 45334-0629
PHONE 937-596-6849    •    FAX 937-596-6539
N E W S   R E L E A S E

     
Date:
  March 1, 2005
Contact:
  Wade F. B. Thompson or Peter B. Orthwein

THOR REPORTS RECORD E.P.S., NET INCOME, SALES IN QUARTER, SIX MONTHS;
ANNOUNCES RECORD RECREATION VEHICLE ORDER.

Thor Industries, Inc. (NYSE:THO), the largest manufacturer of recreation vehicles and the largest builder of mid-size buses, announced today record results for the second quarter and six months ended January 31, 2005.

Net income for the quarter was a record $20,638,000, up 18% from $17,520,000 last year. E.P.S. for the quarter were 36¢, up 16% from last year’s 31¢. Sales for the quarter were $537,041,000, up 26% from $426,479,000 last year.

Net income for the six months was $55,711,000, up 35% from $41,224,000 last year. E.P.S. for the six months were 98¢, up 36% from 72¢ last year. Sales for the six months were $1,169,767,000, up 28% from $916,907,000 last year. Results include CrossRoads RV since acquisition on November 1, 2004.

RV income before tax in the quarter was $33,584,000, up 35% from $24,881,000 last year and was $89,179,000 in the six months, up 43% from $62,426,000 last year. RV sales in the quarter were $479,027,000, up 28% from $374,222,000 last year and were $1,061,323,000 in the six months, up 31% from $807,194,000 last year. Bus income before tax in the quarter was $1,343,000, down 61% from $3,419,000 last year and was $2,468,000 in the six months, down 60% from $6,151,000 last year. Bus sales were $58,014,000 in the quarter, up 11% from $52,257,000 last year and were $108,444,000 in the six months, down 1% from $109,713,000 last year. Corporate costs were $2,018,000 in the quarter versus $874,000 last year and were $2,722,000 in the six months versus $2,070,000 last year. Corporate costs in the three and six months of last year were reduced by a $1,814,000 gain on sale of equity securities.

Thor received an order from Cruise America, the largest renter of recreation vehicles, for motor homes valued at approximately $59,000,000. Last year, Cruise America purchased motor homes with a sales value of approximately $48,000,000.

Thor’s regular quarterly dividend of 3¢ per share will be paid on April 1, 2005 to stockholders of record on March 18, 2005.

This release includes “forward looking statements” that involve uncertainties and risks. There can be no assurance that actual results will not differ from the Company’s expectations. Factors which could cause materially different results include, among others, the success of new product introductions, the pace of acquisitions and cost structure improvements, competitive and general economic conditions, and the other risks set forth in the Company’s filings with the Securities and Exchange Commission.

 

THOR INDUSTRIES, INC.
STATEMENT OF INCOME FOR THE 3 AND 6 MONTHS ENDED JANUARY 31, 2005 and 2004
$000 except per share — unaudited

                                                                 
    3 MONTHS ENDED JANUARY 31     6 MONTHS ENDED JANUARY 31  
    2005     %     2004     %     2005     %     2004     %  
Net sales
   $ 537,041             $ 426,479             $ 1,169,767             $ 916,907          
Gross profit
   $ 67,832       12.6 %   $ 53,335       12.5 %   $ 158,606       13.6 %   $ 119,543       13.0 %
Selling, general and administrative
   $ 35,493       6.6 %   $ 28,526       6.7 %   $ 71,572       6.1 %   $ 56,541       6.2  
Amortization of intangibles
   $ 269       .1 %   $ 202       —     $ 471       —     $ 396       —  
Gain on equity securities
     —       —     $ 1,814       .4 %     —       —     $ 1,814       .2 %
Interest income (net)
   $ 474       .1 %   $ 380       .1 %   $ 1,236       .1 %   $ 810       .1 %
Other income
   $ 365       .1 %   $ 625       .1 %   $ 1,126       .1 %   $ 1,277       .1 %
 
                                                        
Income before taxes
   $ 32,909       6.1 %   $ 27,426       6.4 %   $ 88,925       7.6 %   $ 66,507       7.3 %
Taxes
   $ 12,271       2.3 %   $ 9,906       2.3 %   $ 33,214       2.8 %   $ 25,283       2.8 %
 
                                                        
Net income
   $ 20,638       3.8 %   $ 17,520       4.1 %   $ 55,711       4.8 %   $ 41,224       4.5 %
 
                                                        
E.P.S. — basic
   $ .36             $ .31             $ .98             $ .72          
E.P.S. — diluted
   $ .36             $ .30             $ .97             $ .71          
Avg. common shares outstanding-basic
     56,712,923               57,327,356               56,834,930               57,276,091          
Avg. common shares outstanding-diluted
     57,141,714               57,701,234               57,210,661               57,668,857          

SUMMARY BALANCE SHEETS — JANUARY 31 ($000) (unaudited)

                                         
    2005     2004             2005     2004  
Cash and equivalents
   $ 70,122     $ 42,338     Current liabilities   $ 213,416     $ 183,860  
Investments, short term
     14,174       43,572     Other liabilities     10,517       7,196  
Accounts receivable
     165,187       134,854     Stockholders’ equity     557,037       455,751  
Inventories
     194,225       156,411                          
Deferred income tax and other
     20,612       16,774                          
 
                                    
Total current assets
     464,320       393,949                          
Fixed assets
     128,842       86,501                          
Investments — joint ventures
     2,342       2,433                          
Goodwill
     161,389       140,857                          
Other assets
     24,077       23,067                          
 
                                
Total
   $ 780,970     $ 646,807             $ 780,970     $ 646,807