Thor Industries (THO) 8-K Results of Operations and Financial Condition

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

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