Exhibit 99.1
Press Release Source: Thor Industries
THOR REPORTS QUARTER E.P.S. DOUBLE LAST YEAR; SIX
MONTH E.P.S. UP 127%. RESULTS EASILY EXCEED
ANALYSTS' ESTIMATES.
Thursday February 27, 11:26 am ET
Thor Industries, Inc. (NYSE:THO) announced today record results for the second
quarter and six months ended January 31, 2003.
Net income for the quarter was a record $15,369,000, up 100% from $7,678,000
last year. E.P.S. for the quarter were 54(cent), double last year's 27(cent).
Sales for the quarter were $329.9 million, up 23% from $267.9 million last year.
Net income for the six months was $36,218,000, up 152% from $14,371,000 last
year. E.P.S. for the six months were $1.27, up 127% from 56(cent) last year.
Sales for the six months were $736.2 million, up 55% from $476.5 million last
year. RV results include Keystone RV since acquisition on November 9, 2001.
RV income before tax in the quarter was $22.4 million, up 108% from $10.8
million last year. RV sales in the quarter were $276.0 million, up 37% from
$201.4 million last year and were $628.2 million in the six months, up 91% from
$328.3 million last year. Bus income before tax in the quarter was $3,329,000
compared to $3,276,000 last year and was $5,939,000 in the six months, down 33%
from $8,810,000 last year. Bus sales were $53.9 million in the quarter, down 19%
from $66.5 million last year and were $108.0 million in the six months, down 27%
from $148.1 million last year. Corporate costs were $1,966,000 in the quarter
versus $1,989,000 last year and were $4,700,000 in the six months versus
$2,627,000 last year. Corporate costs in the six months of this year include a
$1,580,000 charge for impairment of an equity security.
"We are very pleased with these results which are well in excess of analysts'
consensus estimates. Cash and equivalents were $75.7 million, more than double
last year and we continue to have no debt," said Wade F. B. Thompson, Thor
Chairman.
Thor's regular quarterly dividend of 1(cent) per share will be paid on April 2,
2003 to stockholders of record on March 14, 2003.
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, 2003 AND 2002
$000 except per share - unaudited
3 MONTHS ENDED JANUARY 31
2003 % 2002 %
Net sales $329,898 $267,906
Gross profit $45,152 13.7% $29,146 10.9%
Selling, general and $21,954 6.7% $17,105 6.4%
administrative
Amortization of $178 .1% $179 .1%
intangibles
Impairment of equity $- - $- -
security
Interest income (net) $317 .1% $141 .1%
Other income $396 .1% $62 -
Income before taxes $23,733 7.2% $12,065 4.5%
Taxes $8,364 2.5% $4,387 1.6%
Net income $15,369 4.7% $7,678 2.9%
E.P.S. $0.54 $0.27
Average common shares 28,556,802 27,937,616
outstanding
6 MONTHS ENDED JANUARY 31
2003 % 2002 %
Net sales $736,160 $476,450
Gross profit $103,746 14.1% $51,259 10.8%
Selling, general and $45,078 6.1% $29,861 6.3%
administrative
Amortization of $357 - $213 -
intangibles
Impairment of equity $1,580 .2% $- -
security
Interest income (net) $796 .1% $922 .2%
Other income $667 .1% $343 .1%
Income before taxes $58,194 7.9% $22,450 4.7%
Taxes $21,976 3.0% $8,079 1.7%
Net income $36,218 4.9% $14,371 3.0%
E.P.S. $1.27 $0.56
Average common shares 28,521,394 25,884,266
outstanding
SUMMARY BALANCE SHEETS - JANUARY 31 ($000) (unaudited)
2003 2002 2003 2002
Cash and
equivalents $75,705 $31,091 Current
Accounts liabilities $137,945 $124,394
receivable 100,536 89,098 Other
Inventories 113,586 88,113 liabilities 6,234 6,920
Other assets 9,904 11,525 Stockholders' 371,936 295,176
Total current equity
assets 299,731 219,827
Fixed assets 63,257 51,641
Investments -
joint ventures 2,125 2,201
Investments
available
for sale 2,653 4,124
Goodwill 130,555 130,539
Other assets 17,794 18,158
Total $516,115 $426,490 $516,115 $426,490