Exhibit 99.1
Thor Industries, Inc.
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419 WEST PIKE STREET O P.O. BOX 629 O JACKSON CENTER, OHIO 45334-0629
PHONE 937-596-6849 O FAX 937-596-6539
N E W S R E L E A S E
Date: October 4, 2004 Contact: Wade F. B. Thompson or Peter B. Orthwein
THOR REPORTS QUARTER E.P.S. OF $.56;
RECORD QUARTER, 12 MONTHS SALES, NET INCOME, E.P.S., EXCEED ANALYSTS' ESTIMATES
FISCAL 2005 STARTS STRONGLY
Thor Industries, Inc. (NYSE:THO), the largest manufacturer of recreation
vehicles and mid-size buses, announced record results which exceed analysts'
estimates, for the fourth quarter and 12 months ended July 31, 2004.
Net income for the quarter was a record $32,078,000, up 44% from $22,260,000
last year. E.P.S. for the quarter were 56 cents, up 44% from 39 cents last year.
Included in net income and EPS in the quarter was a charge relating to product
liability and property insurance of approximately $6.5 million pre tax which
amounted to approximately 7 cents per share after tax. Sales for the quarter
were $625,142,000, up 48% from $422,495,000 last year.
Net income for the 12 months was a record $106,085,000 up 35% from $78,631,000
last year. E.P.S. for the 12 months were $1.85, up 34% from $1.38 last year.
Sales for the 12 months were a record $2,187,739,000, up 39% from $1,571,404,000
last year.
RV sales in the quarter were $571,657,000 up 56% from $367,085,000 last year.
Bus sales in the quarter were $53,485,000 versus $55,410,000 last year. RV sales
in the 12 months were $1,973,007,000, up 46% from $1,354,412,000 last year. Bus
sales in the 12 months were $214,732,000 versus $216,992,000 last year. RV
income before tax was $55,105,000 in the quarter up 65% from $33,493,000 last
year and $172,971,000 in the 12 months, up 41% from $122,729,000 last year. Bus
income before tax in the quarter was $2,037,000 versus $3,854,000 last year and
$9,577,000 in the 12 months, versus $12,306,000 last year. Corporate costs were
$9,174,000 in the quarter versus $2,609,000 last year and $14,329,000 in the 12
months versus $8,791,000 last year. The increase in corporate costs results from
the product liability and insurance charge discussed above. This year's results
include Damon since its acquisition on September 2, 2003. Damon had sales of
$52,740,000 in the quarter and $210,106,000 for the year. Damon's income before
tax was $1,949,000 for the quarter and $10,929,000 for the year.
Cash and equivalents on July 31, 2004, was a record $199.2 million, up from
$172.2 million last year and we continue to have zero debt.
"This record performance far surpasses any other company in our businesses. Our
E.P.S. increases have averaged nearly 50% for each of the past 3 years," said
Wade F. B. Thompson, Thor Chairman. "With sales up 52% and net income up 80% in
August 2004, we anticipate another record-breaking year in fiscal 2005, our 25th
year," he added.
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, 2004 and 2003
$000 except per share - unaudited
3 MONTHS ENDED JULY 31 12 MONTHS ENDED JULY 31
2004 % 2003 % 2004 % 2003 %
------------------------------------ ---------------------------------------------
Net sales $625,142 $422,495 $2,187,739 $1,571,404
Gross profit $ 90,872 14.5% $ 61,486 14.6% $ 300,537 13.7% $ 222,267 14.1%
Selling, general and administrative $ 43,910 7.0% $ 27,725 6.6% $ 137,661 6.3% $ 97,181 6.2%
Amortization of intangibles $ 202 -- $ 179 -- $ 799 -- $ 715 --
Impairment of equity securities $ -- -- $ -- -- $ -- -- $ 1,580 .1%
Gains on equity securities $ -- -- $ -- -- $ 1,801 .1% $ -- --
Interest income (net) $ 504 .1% $ 600 .1% $ 1,633 .1% $ 1,695 .1%
Other income $ 704 .1% $ 556 .1% $ 2,708 .1% $ 1,758 .1%
-------- -------- ---------- ----------
Income before taxes $ 47,968 7.7% $ 34,738 8.2% $ 168,219 7.7% $ 126,244 8.0%
Taxes $ 15,890 2.5% $ 12,478 2.9% $ 62,134 2.8% $ 47,613 3.0%
-------- -------- ---------- ----------
Net income $ 32,078 5.1% $ 22,260 5.3% $ 106,085 4.8% $ 78,631 5.0%
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E.P.S $ 0.56 $ 0.39 $ 1.85 $ 1.38
Average common shares outstanding 57,100,814 57,179,420 57,224,404 57,107,584
SUMMARY BALANCE SHEETS - JULY 31 ($000) (UNAUDITED)
2004 2003 2004 2003
-------- -------- --------- ---------
Cash and equivalents $136,121 $132,124 Current liabilities $ 241,768 $ 187,943
Investments, short term 63,045 40,109 Other liabilities 9,215 6,177
Accounts receivable 136,921 97,315 Stockholders' equity 511,604 414,821
Inventories 147,588 96,652
Deferred income tax and other 14,291 12,432
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Total current assets 497,966 378,632
Fixed assets 98,763 73,415
Investments - joint ventures 2,514 2,219
Investments available for sale -- 2,860
Goodwill 140,857 130,555
Other assets 22,487 21,260
-------- -------- --------- ---------
Total $762,587 $608,941 $ 762,587 $ 608,941
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