Exhibit 99.1
THOR
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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: October 1, 2003 Contact: Wade F. B. Thompson or Peter B. Orthwein
THOR REPORTS QUARTER E.P.S. OF $.78, HIGHEST EVER.
RECORD QUARTER, TWELVE MONTHS SALES, NET INCOME, E.P.S.;
INCREASES DIVIDEND FOR SECOND TIME THIS YEAR; RV RETAIL STRONG
Thor Industries, Inc. (NYSE:THO) announced record results for the fourth quarter
and 12 months ended July 31, 2003.
Net income for the quarter was a record $22,260,000, the highest for any quarter
in the company's history and up 10% from $20,216,000 last year. E.P.S. for the
quarter were 78(cent), up 10% from 71(cent) last year. Sales for the quarter
were $422,495,000, up 5% from $401,410,000 last year.
Net income for the 12 months was a record $78,631,000 up 54% from $51,182,000
last year. E.P.S. for the 12 months were $2.75, up 46% from $1.88 last year.
Sales for the 12 months were a record $1,571,404,000, up 26% from $1,245,300,000
last year.
RV sales in the quarter were $367,085,000 up 6% from $344,936,000 last year. Bus
sales in the quarter were $55,410,000 versus $56,474,000 last year. RV sales in
the 12 months were $1,354,412,000, up 39% from $973,697,000 last year. Bus sales
in the 12 months were $216,992,000 versus $271,603,000 last year. RV income
before tax was $33,493,000 in the quarter, versus $34,925,000 last year and
$122,729,000 in the 12 months, up 58% from $77,509,000 last year. Bus income
before tax in the quarter was $3,854,000, up 10% from $3,519,000 last year and
$12,306,000 in the 12 months, versus $15,016,000 last year. Corporate costs in
the quarter were $2,609,000 versus $5,693,000 last year and $8,791,000 in the 12
months versus $10,698,000 last year.
The company's RV retail unit sales in August and September were up 25% from last
year. Retail sales of Damon, acquired September 2, 2003, are included in
September of each year. Backlog was $337 million on September 30, 2003 compared
to $301 million last year. Last year's backlog excludes Damon. Cash and
equivalents on July 31, 2003, was a record $172.2 million, up from $117.8
million last year and we continue to have zero debt.
Because of these positive results and Thor's strong financial condition, its
regular quarterly dividend will be increased to 3(cent) per share per quarter,
up from 2(cent) per share per quarter. The first dividend at the new rate will
be paid October 20, 2003 to stockholders of record on October 6, 2003. In July
2003, Thor doubled its quarterly dividend from 1(cent) per share to 2(cent) per
share.
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 12 MONTHS ENDED JULY 31, 2003 and 2002
$000 except per share
3 MONTHS ENDED JULY 31 (UNAUDITED) 12 MONTHS ENDED JULY 31
2003 % 2002 % 2003 % 2002 %
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Net sales $ 422,495 $ 401,410 $ 1,571,404 $ 1,245,300
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Gross profit $ 61,486 14.6% $ 58,399 14.5% $ 222,267 14.1% $ 157,067 12.6%
Selling, general and administrative $ 27,725 6.6% $ 24,048 6.0% $ 97,181 6.2% $ 74,849 6.0%
Amortization of intangibles $ 179 -- $ 179 -- $ 715 -- $ 570 --
Operating income $ 33,582 7.9% $ 34,172 8.5% $ 124,371 7.9% $ 81,648 6.6%
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Interest income (net) $ 600 .1% $ 176 -- $ 1,695 .1% $ 1,216 .1%
Impairment of equity security -- -- $ (2,119) (.5)% $ (1,580) (.1)% $ (2,119) (.2)%
Other income $ 556 .1% $ 522 .1% $ 1,758 .1% $ 1,082 .1%
Income before taxes $ 34,738 8.2% $ 32,751 8.2% $ 126,244 8.0% $ 81,827 6.6%
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Taxes $ 12,478 3.0% $ 12,535 3.1% $ 47,613 3.0% $ 30,645 2.5%
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Net income $ 22,260 5.3% $ 20,216 5.0% $ 78,631 5.0% $ 51,182 4.1%
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E.P.S $ 0.78 $ 0.71 $ 2.75 $ 1.88
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Average common shares outstanding 28,589,710 28,480,120 28,553,792 27,162,358
SUMMARY BALANCE SHEETS - JULY 31 ($000)
2003 2002 2003 2002
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Cash and equivalents $172,233 $117,814 Current liabilities $187,942 $156,920
Accounts receivable 97,315 75,262 Other liabilities 6,177 5,964
Inventories 96,653 94,665 Stockholders' equity 414,822 334,619
Other current assets 12,431 3,497
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Total current assets $378,632 $291,238
Fixed assets 73,415 51,841
Investments - joint ventures 2,219 2,138
Investments available for sale 2,861 3,921
Goodwill 130,555 130,555
Other assets 21,259 17,810
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Total $608,941 $497,503 $608,941 $497,503
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