Thor Announces First Quarter Fiscal 2013 Results

               Thor Announces First Quarter Fiscal 2013 Results

PR Newswire

JACKSON CENTER, Ohio, Nov. 26, 2012

JACKSON CENTER, Ohio, Nov. 26, 2012 /PRNewswire/ --Thor Industries, Inc.
(NYSE: THO) today announced results for its first quarter ended October 31,
2012. Consolidated sales for the first quarter of fiscal 2013 were $875.6
million, up 30% from $673.0 million in the first quarter last year. Net
income for the first quarter was $31.0 million, up 38% from $22.4 million in
the first quarter last year. Basic earnings per share (EPS) for the first
quarter were 59¢, up 44% from 41¢ in the first quarter last year.

"We are pleased with the strength of our revenue growth and profitability
demonstrated in the first quarter. Despite this strength, our results were
affected by an ongoing competitive environment, along with certain expenses
that we do not expect to repeat," said Bob Martin, Thor President and Chief
Operating Officer. "The RV and bus markets remain very competitive, with
heightened discounting and aggressive bidding affecting sales and margins.
Bus margins were also affected by a shift in product mix toward lower-margin
units.During the quarter, we incurred separation costs related to management
transitions and a legal settlement that, combined, were approximately $1.6
million, which we do not anticipate will recur. These expenses reduced our
EPS by approximately 2¢ for the quarter."

Total RV sales for the first quarter ended October 31, 2012 were $761.4
million, up 36% from $561.7 million in the first quarter last year. Towable
RV sales for the first quarter were $639.2 million, up 28% from $499.1 million
in the first quarter last year. Motorized RV sales for the first quarter were
$122.2 million, up 95% from $62.6 million in the first quarter last year. Bus
segment sales for the first quarter were $114.2 million, up 3% from $111.3
million in the first quarter last year. 

Total RV income before tax for the first quarter ended October 31, 2012 was
$51.1 million, up 51% from $33.9 million in the prior year period. Towable RV
income before tax for the first quarter was $42.7 million, up 31% from $32.6
million in the first quarter last year. Motorized RV income before tax for
the first quarter was $8.4 million, up more than six fold from $1.3 million
last year. Bus segment income before tax for the first quarter was $3.7
million, compared to $5.3 million in the first quarter last year.

"Thor delivered revenue that was a record for the fiscal first quarter and
improved bottom-line results, driven by solid growth in the RV market and a
stable bus market," said Peter B. Orthwein, Thor Chairman. "Our first-quarter
results were supported by dealer optimism and strong orders at our Elkhart
Open House held in September, and the strength we experienced provides reason
for optimism in the first half of the fiscal year. As we open the largest RV
tradeshow of the year in Louisville this week, we will assess the level of
dealer confidence as we head into the early retail show season beginning in
January. Although we have seen a recent upturn, we remain cautious given the
overall economic uncertainty. In addition, both the RV and bus markets remain
very competitive, with elevated levels of discounting," he added.

Thor is the sole owner of operating subsidiaries that, combined, represent the
world's largest manufacturer of recreation vehicles and a major builder of
commercial buses and ambulances.

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, price
fluctuations, material or chassis supply restrictions, legislative and
regulatory developments, the costs of compliance with increased governmental
regulation, legal issues, the potential impact of increased tax burdens on our
dealers and retail consumers, lower consumer confidence and the level of
discretionary consumer spending, interest rate increases, restrictive lending
practices, 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
by law.

THOR INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE 3 MONTHS
ENDED OCTOBER 31, 2012 and 2011
($000 except per share - unaudited)
                               3 MONTHS ENDED OCTOBER 31,
                                              % Net                  % Net
                               2012           Sales    2011          Sales
                                              (1)                    (1)
Net sales                      $   875,612           $  673,000
Gross profit                   $   100,592  11.5%    $   74,978 11.1%
Selling, general and           $           5.9%     $   38,460 5.7%
administrative                 51,465
Amortization of intangibles    $          0.3%     $          0.4%
                               2,768                   2,847
Interest income, net           $         0.1%     $        0.1%
                               699                    926
Other income, net              $         0.1%     $       0.0%
                               553                    51
Income before taxes            $           5.4%     $   34,648 5.1%
                               47,611
Taxes                          $           1.9%     $   12,290 1.8%
                               16,623
Net income                     $           3.5%     $   22,358  3.3%
                               30,988
 E.P.S. - basic              $                  $    
                               0.59                    0.41
 E.P.S. - diluted            $                  $    
                               0.58                    0.41
Avg. common shares             52,928,467              54,992,184
outstanding-basic
Avg. common shares             53,035,582              55,014,007
outstanding-diluted



                SUMMARY BALANCE SHEETS - OCTOBER 31, ($000) (unaudited)
                2012       2011                          2012       2011
Cash and        $         $  207,538   Current  $         $ 
equivalents     214,498                liabilities      311,841   268,550
Accounts        215,768    165,248       Other    82,096     83,284
receivable                              liabilities
                                        
Inventories     225,820    183,125      Stockholders'    873,616    830,535
                                        equity
Deferred income 51,111     55,780
tax and other
Total current   707,197    611,691
assets
Fixed assets,   166,647    166,411
net
Goodwill        245,977    245,209
Amortizable
intangible      113,360    122,408
assets
Other assets    34,372     36,650
Total           $          $1,182,369                    $          $1,182,369
                1,267,553                                1,267,553
(1) Percentages may not add due to rounding differences

SOURCE Thor Industries, Inc.

Contact: Peter B. Orthwein or Jeffery A. Tryka, CFA, +1-574-970-7912
 
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