EXHIBIT 99.1
[THOR INDUSTRIES 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: May 24, 2004 Contact: Wade F. B. Thompson or Peter B. Orthwein
THOR REPORTS RECORD QUARTER AND NINE MONTHS SALES, NET INCOME, AND E.P.S.;
WALL STREET ESTIMATES SUBSTANTIALLY EXCEEDED;
RECORD BACKLOG AND ORDER INPUT; RECORD RV RETAIL REGISTRATIONS.
Thor Industries, Inc. (NYSE:THO) announced today record sales, net income, and
E.P.S. for the third quarter and nine months ended April 30, 2004.
Net income for the quarter was a record $32,784,000, up 63% from $20,154,000
last year and the highest for any quarter in the company's history. E.P.S. for
the quarter were 57cents, up 63% from 35cents last year, significantly in excess
of Wall Street consensus estimates of 48cents. Sales for the quarter were
$645,690,000, up 56% from $412,750,000 last year.
Net income for the nine months was a record $74,007,000 up 31% from $56,371,000
last year. E.P.S. for the nine months were $1.29, up 30% from .99cents last
year. Sales for the nine months were $1,562,597,000, up 36% from $1,148,909,000
last year.
RV sales in the quarter were a record $594,157,000, up 65% from $359,181,000
last year, making Thor the largest RV builder in both revenue and units. Bus
sales in the quarter were $51,533,000, down 4% from $53,569,000 last year. RV
sales in the 9 months were $1,401,350,000, up 42% from $987,328,000 last year.
Bus sales in the 9 months were $161,247,000 versus $161,581,000 last year. RV
income before tax was $55,440,000 in the quarter, up 72% from $32,299,000 last
year and $117,866,000 in the 9 months, up 32% from $89,236,000 last year. Bus
income before tax in the quarter was $1,389,000 versus $2,514,000 last year and
$7,540,000 in the 9 months, down from $8,453,000 last year. Corporate costs in
the quarter were $3,084,000 versus $1,501,000 last year and $5,155,000 in the
nine months versus $6,183,000 last year. This year's results include Damon since
its acquisition on September 2, 2003. Damon had sales of $67,622,000 for the
quarter and $157,367,000 for the nine-month period. Damon's income before tax
was $4,580,000 for the quarter and $8,980,000 for the nine-month period.
RV retail registrations in the quarter were up 26% over last year to 20,719
units versus 16,489 last year, easily the highest for any quarter in the
company's history. According to Statistical Surveys, Thor has 30.2% of the
retail travel trailer and fifth wheel market, up from 29.5% last year. In
motorhomes, Thor has 10.2% of the retail market, up slightly from 10.1% last
year. RV backlog on 4/30/04 was a record $479 million despite price increases
averaging about 3% taken in March and April and up 177% from $173 million last
year. Bus backlog on 4/30/04 was $121 million, up 25% from $97 million last
year.
Thor's quarterly dividend of 3cents per share will be paid on July 2, 2004 to
stockholders of record on June 15, 2004.
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 9 MONTHS ENDED APRIL 30, 2004 and 2003
$000 except per share - unaudited
3 MONTHS ENDED APRIL 30 9 MONTHS ENDED APRIL 30
2004 % 2003 % 2004 % 2003 %
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Net sales $ 645,690 $ 412,750 $ 1,562,597 $ 1,148,909
Gross profit $ 90,121 14.0% $ 57,035 13.8% $ 209,665 13.4% $ 160,781 14.0%
Selling, general and administrative $ 37,210 5.8% $ 24,376 5.9% $ 93,751 6.0% $ 69,456 6.0%
Amortization of intangibles $ 201 - $ 180 - $ 597 - $ 536 -
Impairment of equity securities $ - - $ - - $ - - $ 1,580 .1%
Gains (losses) on equity securities $ (13) - $ - - $ 1,801 .1% $ - -
Interest income (net) $ 321 - $ 299 .1% $ 1,129 .1% $ 1,095 .1%
Other income $ 727 .1% $ 534 .1% $ 2,004 .1% $ 1,202 .1%
--------- --------- ----------- -----------
Income before taxes $ 53,745 8.3% $ 33,312 8.1% $ 120,251 7.7% $ 91,506 8.0%
Taxes $ 20,961 3.2% $ 13,158 3.2% $ 46,244 3.0% $ 35,135 3.1%
--------- --------- ----------- -----------
Net income $ 32,784 5.1% $ 20,154 4.9% $ 74,007 4.7% $ 56,371 4.9%
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E.P.S. $ 0.57 $ 0.35 $ 1.29 $ 0.99
Average common shares outstanding 57,245,068 57,167,290 57,265,901 57,083,376
SUMMARY BALANCE SHEETS - APRIL 30 ($000) (UNAUDITED)
2004 2003 2004 2003
----------- ----------- ----------- -----------
Cash and equivalents $ 65,541 $ 91,371 Current liabilities $ 236,629 $ 162,661
Investments, short term 43,949 29,517 Other liabilities 7,601 6,431
Accounts receivable 181,605 105,771 Stockholders' equity 479,610 391,642
Inventories 159,578 102,726
Deferred income tax and other 14,112 9,568
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Total current assets 464,785 338,953
Fixed assets 93,191 66,494
Investments - joint ventures 2,492 2,140
Investments available for sale - 1,598
Goodwill 140,857 130,555
Other assets 22,515 20,994
----------- ----------- ----------- -----------
Total $ 723,840 $ 560,734 $ 723,840 $ 560,734
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