Thor Announces Record Preliminary Sales For First Quarter; Backlog And Cash,
Cash Equivalents And Investments All Improve
JACKSON CENTER, Ohio, Nov. 5, 2012
JACKSON CENTER, Ohio, Nov. 5, 2012 /PRNewswire/ -- Thor Industries, Inc.
(NYSE:THO) today announced preliminary sales, backlog and cash, cash
equivalents and investments for the first quarter ended October 31, 2012.
Preliminary consolidated sales in the first quarter were $876.8 million, up
30% from $673.0 million in the first quarter last year. RV sales were $763.0
million, up 36% from $561.7 million in last year's first quarter. Towable RV
sales for the quarter were $640.8 million, up 28% from $499.1 million in the
first quarter of fiscal 2012. Motorized RV sales in the first quarter nearly
doubled to $122.2 million from $62.6 million in the same quarter a year ago.
Bus Group sales were $113.8 million, up 2% from $111.3 million in the first
quarter last year.
Cash, cash equivalents and investments on October 31, 2012 were $215.6 million
versus $209.5 million on October 31, 2011. Backlog on October 31, 2012 was
$720.4 million, up 41% from $509.7 million last year. RV backlog was $516.7
million, up 73% from $299.5 million at the end of the first quarter of fiscal
2012. Towable RV backlog increased 44% to $369.9 million from $256.9 million
at the end of the first quarter of fiscal 2012. Motorized RV backlog more
than tripled to $146.8 million from $42.6 million at the end of the first
quarter of fiscal 2012. Bus Group backlog was $203.7 million, compared to
$210.2 million at the end of the first quarter of fiscal 2012.
"Thor achieved a first-quarter record for revenue in the quarter ending
October 31, 2012 as the strength of our products met with considerable success
among dealers at the Open House held in Elkhart, Ind. in September. While we
are pleased with the favorable reception our products received, the overall
environment is still very competitive and industry incentives remain
elevated. Our higher backlogs provide us with a clearer view into sales
expectations through the first half of fiscal 2013," said Peter B. Orthwein,
Thor Chairman & CEO. "Given the view of our business through the January
quarter, we believe Thor will be well positioned to enter the important spring
retail show season. The success of our products in those early spring shows
will help shape our outlook for the second half of the fiscal year," he added.
This release includes certain statements that are "forward looking" statements
within the meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended. These
forward looking statements involve uncertainties and risks. There can be no
assurance that actual results will not differ from our expectations. Factors
which could cause materially different results include, among others, fuel
prices, lower consumer confidence and the level of discretionary consumer
spending, interest rate increases, restrictive lending practices, increased
material and component costs, recent management changes, the success of new
product introductions, the pace of acquisitions, cost structure improvements,
competition and general economic conditions and the other risks and
uncertainties discussed more fully in Item 1A of our Annual Report on Form
10-K for the year ended July 31, 2012. We disclaim any obligation or
undertaking to disseminate any updates or revisions to any forward looking
statements contained in this release or to reflect any change in our
expectations after the date of this release or any change in events,
conditions or circumstances on which any statement is based except as required
SOURCE Thor Industries, Inc.
Contact: Peter B. Orthwein or Jeffery Tryka, CFA, +1-574-970-7912
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