Exhibit 99.1
419 WEST PIKE STREET• P.O. BOX 629• JACKSON CENTER, OHIO 45334-0629
PHONE 937-596-6849• FAX 937-596-6539
NEWS RELEASE
| | | |
| Date: | | March 8, 2010 |
| Contact: | | Peter B. Orthwein or Richard Riegel |
THOR ANNOUNCES RESULTS FOR QUARTER, SIX MONTHS;
IMPROVING RV MARKET CONDITIONS, BUS EFFICIENCIES DRIVE GAINS.
Thor Industries, Inc. (NYSE:THO) today reported increased sales, net income and E.P.S. for the second quarter and six months ended January 31, 2010. Net income for the second quarter was $11,924,000 versus a loss of $14,860,000 last year. E.P.S. were 22¢ versus a loss of 27¢ last year. Sales for the second quarter were $430.0 million, up 90% from $226.7 million last year. Net income for the six months was $35,353,000, compared to a loss of $9,740,000 last year. E.P.S. for the six months were 65¢ versus a loss of 18¢ last year. Sales for the six months were $932.6 million, up 40% from $665.5 million last year.
RV income before tax in the quarter was $18,057,000 compared to a loss of $19,840,000 last year. Bus income before tax in the quarter was $6,233,000, up 67% from $3,723,000 last year. RV sales in the quarter were $335.8 million, up 150% from $134.6 million last year. Bus sales in the quarter were $94.2 million, up 2% from $92.1 million last year. Net corporate costs in the quarter were $5.0 million vs. $6.8 million last year.
RV income before tax for the six months ended January 31, 2010 was $49,699,000 compared to a loss of $14,068,000 last year, a $64 million turnaround. Bus income before tax for the six months was $14,613,000, up 62% from $9,020,000 last year. RV sales for the six months ended January 31, 2010 were $725.7 million, up 56% from $465.0 million last year. Bus sales for the six months ended January 31, 2010 were $206.9 million, up 3% from $200.5 million last year. Net corporate costs for the six months ended January 31, 2010 were $7.8 million versus $9.7 million last year.
“Thor’s results continue to progress, propelled by improving RV market conditions and strong bus efficiencies. We continue to be profitable in all segments of our businesses, including motor homes, reflecting the permanent cost reductions we have made,” said Peter B. Orthwein, Thor chairman.
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 by 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, lower consumer confidence, interest rate increases, tight lending practices, increased material costs, the success of new product introductions, the pace of acquisitions, cost structure improvements, the impact of auction market failures on our liquidity, 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, 2009. The Company disclaims 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 the Company’s 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.
