Exhibit 99.1
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
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| Date: | | September 28, 2010 |
| Contact: | | Peter B. Orthwein or Richard E. Riegel |
THOR ANNOUNCES SALES, NET INCOME, E.P.S. FOR FOURTH QUARTER, YEAR
Thor Industries, Inc. (NYSE:THO) announced results for the fourth quarter and year ended July 31, 2010. Sales for the quarter were $663,788,000, up 51% from $440,924,000 last year. Net income for the quarter was $40,600,000, up 64% from $24,781,000 last year. Basic earnings per share (E.P.S.) for the quarter were 78¢ versus 45¢ last year.
Sales for the year were $2,276,557,000 up 50% from $1,521,896,000 last year. Net income for the year was $110,064,000, more than six times the $17,143,000 of net income last year. Basic E.P.S. for the year were $2.08 versus 31¢ last year.
Total RV segment sales for the quarter were $563,658,000, up 67% from $337,990,000 last year. Towable RV sales for the quarter were $465,749,000, up 61% from $288,762,000 last year. Motorized RV sales for the quarter were $97,909,000, up 99% from $49,228,000 last year. Total RV segment sales for the year were $1,848,549,000, up 66% from $1,115,006,000 last year. Towable RV sales for the year were $1,556,591,000, up 63% from $953,279,000 last year. Motorized RV sales for the year were $291,958,000, up 81% from $161,727,000 last year. Bus segment sales for the quarter, including buses and ambulances, were $100,130,000, compared with $102,934,000 last year. Bus segment sales for the year were a record $428,008,000, up 5% from $406,890,000 last year.
Total RV segment income before tax for the fourth quarter was $57,779,000, more than double $24,827,000 last year. Towable RV income before tax for the quarter was $52,207,000, double the $26,150,000 of income before tax last year. Motorized RV income before tax for the quarter was $5,572,000, compared with a loss of $1,323,000 last year. Total RV segment income before tax for the year was $156,232,000, up dramatically from $17,619,000 last year. Towable RV income before tax for the year was $145,604,000, more than triple the $47,347,000 of income before tax last year. Motorized RV income before tax for the year was $10,628,000, versus a loss of $29,728,000 last year. Bus segment income before tax for the quarter was $6,149,000, compared with $7,159,000 last year and was $29,904,000 for the year, up 72% from $17,422,000 last year.
“I am particularly proud of our improved margins which reflect Thor’s cost-cutting and process efficiency efforts and have resulted in our quarterly and annual earnings being well in excess of analyst consensus estimates,” said Peter B. Orthwein, Thor chairman. “Our bus segment continues to be performing well amidst tenuous market conditions. Thor’s September 2010 acquisition of Heartland RV, coupled with our strong cash position and no outstanding debt, will help fuel additional growth and shareholder value in 2011 and beyond.”
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, 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 and the discussion of possible settlement with the SEC relating to the matters raised by the Audit Committee’s investigation, 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 and Part II, Item 1A of the Company’s Quarterly Report on Form 10-Q for the period ended April 30, 2010. 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.
