419 WEST PIKE STREET • P.O. BOX 629 • JACKSON CENTER, OHIO 45334-0629
PHONE 937-596-6849 • FAX 937-596-6539
NEWS RELEASE
Date: | November 29, 2004 | |
Contact: | Wade F. B. Thompson or Peter B. Orthwein |
THOR REPORTS RECORD QUARTERLY SALES, NET INCOME, E.P.S.
E.P.S. UP 49%, EASILY EXCEEDING ANALYSTS’ ESTIMATES
RV RETAIL SALES STRONG IN NOVEMBER
Thor Industries, Inc. (NYSE:THO), the largest manufacturer of recreation vehicles and mid-size buses, reported today record sales, net income, and E.P.S., for the first quarter ended October 31, 2004. Net income and E.P.S. were a record for any quarter in the company’s history and easily exceeded Wall Street analysts’ consensus estimates.
Net income was $35,073,000, up 48% from last year’s $23,704,000. E.P.S. were 61¢, up 49% from 41¢ last year. Sales for the quarter ended October 31, 2004 were $632.7 million, up 29% from $490.4 million last year.
RV income before tax in the quarter was $55,594,000, up 48% from $37,544,000 last year. Bus income before tax was $1,126,000 versus $2,733,000 last year. RV sales in the quarter were $582.3 million, up 34% from $433.0 million last year. Bus sales were $50.4 million versus $57.4 million last year. Corporate costs were $704,000 compared to $1,196,000 last year.
Thor backlog on October 31, 2004, as previously reported, was a record for this time of the year at $344.0 million, up 8% from $319.3 million last year.
Thor recently announced the repurchase of 323,200 of its shares and the acquisition on November 1, 2004 of CrossRoads RV, Topeka, IN, for approximately $27 million cash. “Our retail RV sales continue to exceed last year and will be well up in November this year over November 2003. The improvement in gross and net margins versus last year are especially gratifying and bode well for a record fiscal 2005, our 25th year,” said Wade F. B. Thompson, Thor chairman.
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 MONTHS ENDED OCTOBER 31, 2004 & 2003
$000 except per share — unaudited
3 MONTHS ENDED OCTOBER 31 | ||||||||||||||||
2004 | % | 2003 | % | |||||||||||||
Net sales | $ | 632,726 | $ | 490,427 | ||||||||||||
Gross profit | $ | 90,774 | 14.3 | % | $ | 66,209 | 13.5 | % | ||||||||
Selling, general and administrative | $ | 36,079 | 5.7 | % | $ | 28,015 | 5.7 | % | ||||||||
Amortization of intangibles | $ | 202 | — | $ | 194 | — | ||||||||||
Interest income (net) | $ | 762 | 0.1 | % | $ | 429 | 0.1 | % | ||||||||
Other income | $ | 761 | 0.1 | % | $ | 652 | 0.1 | % | ||||||||
Income before taxes | $ | 56,016 | 8.9 | % | $ | 39,081 | 8.0 | % | ||||||||
Taxes | $ | 20,943 | 3.3 | % | $ | 15,377 | 3.1 | % | ||||||||
Net income | $ | 35,073 | 5.5 | % | $ | 23,704 | 4.8 | % | ||||||||
E.P.S. — basic | 61¢ | 41¢ | ||||||||||||||
E.P.S. — diluted | 61¢ | 41¢ | ||||||||||||||
Average common shares outstanding-basic | 57,096,044 | 57,224,850 | ||||||||||||||
Average common shares outstanding-diluted | 57,356,181 | 57,641,876 |
SUMMARY BALANCE SHEETS - October 31 ($000) (unaudited) | ||||||||
2004 | 2003 | |||||||
Cash, cash equivalents, short term investments | $ | 153,039 | $ | 113,848 | ||||
Accounts receivable | 159,937 | 125,261 | ||||||
Inventories | 161,272 | 132,218 | ||||||
Prepaid, etc. | 24,294 | 19,303 | ||||||
Current assets | 498,542 | 390,630 | ||||||
Fixed assets | 115,083 | 83,533 | ||||||
Investments-joint ventures | 2,708 | 2,485 | ||||||
Investments-available for sale | — | 4,417 | ||||||
Goodwill | 140,857 | 140,565 | ||||||
Other assets | 22,396 | 25,931 | ||||||
Total | $ | 779,586 | $ | 647,561 | ||||
Current liabilities | $ | 232,367 | $ | 200,966 | ||||
Other liabilities | 9,766 | 6,713 | ||||||
Stockholders’ equity | 537,453 | 439,882 | ||||||
$ | 779,586 | $ | 647,561 | |||||