[COMPANY LOGO]
THOR
INDUSTRIES, INC.
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: November 1, 2004
Contact: Wade F. B. Thompson or Peter Orthwein
THOR ACQUIRES CROSSROADS RV;
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REPURCHASED 323,200 SHARES IN QUARTER.
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Thor Industries, Inc. (NYSE:THO) announced today that it acquired CrossRoads RV,
a Topeka, IN, builder of fifth wheels and travel trailers for approximately $27
million cash. CrossRoads will have sales this year of over $60 million, about
double last year, and is highly profitable. Its acquisition is expected to add
approximately 5(cent) per share to Thor's fiscal 2005 net income.
We welcome the CrossRoads team, which will continue to operate the company as a
Thor subsidiary. CrossRoads is the eighth largest fifth wheel builder. Its
retail fifth wheel sales were 1,272 units through August 2004, up 104% from 622
units last year, according to Statistical Surveys, Inc. Its acquisition gives
Thor 35.8% market share in fifth wheels, larger than its next four competitors
combined.
Thor also announced that it repurchased 323,200 shares of its stock in the
quarter ended October 31, 2004 as part of its 2,000,000 share buy back
authorized by its Board of Directors. "In our view, Thor stock represents
exceptional value at these levels," said Wade F. B. Thompson, Thor chairman.
Thor will announce its sales for the quarter ended October 31, 2004, tomorrow.
Thor is the largest manufacturer of recreation vehicles and the largest builder
of mid-size buses.
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.