[THOR LOGO]
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: December 1, 2003
Contact: Wade F. B. Thompson or Peter B. Orthwein
THOR REPORTS HIGHEST EVER QUARTERLY SALES, NET INCOME, E.P.S.
Thor Industries, Inc. (NYSE:THO) reported today record sales, net income, and
E.P.S., each of which were the highest in any quarter for the company, for the
first quarter ended October 31, 2003.
Sales for the quarter ended October 31, 2003 were $490.4 million, up 21% from
$406.3 million last year. Net income was $23,704,000, up 14% from last year's
$20,849,000. E.P.S. were 83cents up 14% from 73cents last year. RV sales in the
quarter were $433.0 million, up 23% from $352.2 million last year. Bus sales
were $57.4 million, up 6% from $54.1 million last year.
RV income before tax was $37,544,000, up 9% from $34,585,000 last year. Bus
income before tax was $2,733,000, up 5% from $2,610,000 last year. Corporate
costs were $1,196,000 compared to $2,734,000 last year which included impairment
of an equity security of $1,580,000.
Thor backlog on October 31, 2003, was a record for this time of the year at $319
million, up 24% from $257 million last year. RV backlog including recently
acquired Damon was $219 million. Bus backlog of $100 million was up 2% from last
year.
Results in the quarter were impacted by increased warranty costs, discounts, and
one time costs for a plant reorganization. "Our record backlog, our strong
retail RV sales, the highest consumer confidence level in 14 months, and
exceptional RV industry retail strength (industry travel trailers and fifth
wheels, by far our largest segment, were up 14% in September; industry motor
home sales were up 6%) bodes well for very positive Thor results for the
remainder of the fiscal year," said Wade F. B. Thompson, Thor chairman.
"Further, mid-size bus industry shipments were up 7% in the quarter ended
September 2003 versus last year," he added.
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.
THOR INDUSTRIES, INC.
STATEMENT OF INCOME FOR THE 3 MONTHS ENDED OCTOBER 31, 2003 & 2002
$000 EXCEPT PER SHARE - UNAUDITED
3 MONTHS ENDED OCTOBER 31
2003 % 2002 %
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Net sales $ 490,427 $ 406,262
Gross profit $ 66,209 13.5% $ 58,594 14.4%
Selling, general and administrative $ 28,015 5.7% $ 23,124 5.7%
Amortization of intangibles $ 194 - $ 179 -
Impairment of equity security $ - - $ 1,580 0.4%
Interest income (net) $ 429 0.1% $ 479 0.1%
Other income $ 652 0.1% $ 271 0.1%
Income before taxes $ 39,081 8.0% $ 34,461 8.5%
Taxes $ 15,377 3.1% $ 13,612 3.4%
Net income $ 23,704 4.8% $ 20,849 5.1%
E.P.S. $ 0.83 $ 0.73
Average common shares outstanding 28,612,425 28,485,986
SUMMARY BALANCE SHEETS - OCTOBER 31 ($000) (UNAUDITED)
2003 2002 2003 2002
------------ ------------- --------------- --------------
Cash and equivalents $ 113,848 $ 88,400 Current liabilities $ 200,966 $ 150,977
Accounts receivable 125,261 93,009 Other liabilities 6,713 6,192
Inventories 132,218 108,593 Stockholders' equity 439,882 355,406
Prepaid, etc. 19,303 12,477
Current assets 390,630 302,479
Fixed assets 83,533 57,013
Investments-joint ventures 2,485 2,195
Investments-available for sale 4,417 2,338
Goodwill 140,565 130,555
Other assets 25,931 17,995
------------ ------------- --------------- --------------
Total $ 647,561 $ 512,575 $ 647,561 $ 512,575
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