Thor Announces Second Quarter Fiscal 2013 Results

              Thor Announces Second Quarter Fiscal 2013 Results

PR Newswire

JACKSON CENTER, Ohio, March 7, 2013

JACKSON CENTER, Ohio, March 7, 2013 /PRNewswire/ -- Thor Industries, Inc.
(NYSE: THO) today announced results for its second quarter and six months
ended January 31, 2013. Consolidated sales for the second quarter of fiscal
2013 were $741.6 million, up 24% from $597.0 million in the second quarter
last year. Net income for the second quarter was $19.9 million, up 45% from
$13.7 million in the prior-year second quarter. Diluted earnings per share
(EPS) for the second quarter were $0.37, up 48% from $0.25 in the second
quarter last year. Sales for the six months ended January 31, 2013 were
$1.617 billion, up 27% from $1.270 billion in the prior-year period. Net
income for the six months ended January 31, 2013 was $50.9 million, up 41%
compared to $36.0 million in the first six months of fiscal 2012. Diluted EPS
for the six months ended January 31, 2013 were $0.96 versus $0.66 in the
prior-year period. The overall effective tax rate for the second quarter of
fiscal 2013 was 22.1% compared to 36.4% for the second quarter last year and
was favorably impacted by the settlement of certain state uncertain tax
benefits and the retroactive reinstatement of various tax credits.

"We are pleased with the continued growth in revenues we were able to achieve
in the second quarter," said Bob Martin, Thor President and Chief Operating
Officer. "As we have said in our recent press releases, the RV and bus
markets remain very competitive, with elevated levels of discounting on
certain products. In the first and second quarters, we made the decision to
defend our RV shelf space on dealer lots and maintain momentum with our
dealers. Similarly, in our bus business we decided to strategically pursue and
win certain bus contracts which required more aggressive pricing, including
contracts for entry into new markets."

Fiscal Second Quarter Highlights

  oTotal RV segment sales were $636.6 million, up 27% from $501.0 million in
    the second quarter last year. RV segment income before tax was $31.0
    million, up 35% from $22.9 million in the prior-year period. As a percent
    of revenues, total RV income before tax rose to 4.9% from 4.6% in the
    prior year as an increase in sales of higher priced units was partially
    offset by increased discounts and incentives.
  oTowable RV sales were $522.8 million, up 18% from $444.2 million in the
    prior-year period. Income before tax was $24.1 million, up 14% from $21.2
    million in the second quarter last year. Towable RV income before tax fell
    to 4.6% of revenues from 4.8% a year ago, as increasing unit volumes were
    more than offset by increased discounts and incentives.
  oMotorized RV sales were $113.8 million, more than double the $56.8 million
    in the prior-year second quarter. Income before tax was $6.9 million, up
    from $1.7 million last year. As a percent of revenues, motorized RV income
    before tax rose to 6.1% of revenues from 3.1% a year ago, as increased
    unit volumes resulted in improved operating leverage.
  oBus segment sales were $105.0 million, up 9% from $96.0 million in the
    second quarter last year. Income before tax was $1.3 million, compared to
    $2.6 million in the second quarter last year. Bus segment income before
    tax fell to 1.3% of revenues from 2.7% a year ago as a result of more
    aggressive pricing on certain contracts.

"Thor generated strong gains in both revenues and net income during the second
quarter, driven primarily by continued strength in the RV market," said Peter
B. Orthwein, Thor Chairman and CEO. "Our results for the second quarter
reflect the dealer optimism that has been building over the past several
months, which is now supported by improving retail traffic and sales at the
early spring shows. Based on current market trends, we expect continued sales
growth and second half operating margins consistent with the second half of
fiscal 2012."

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

THOR INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE 3 AND 6 MONTHS ENDED JANUARY 31,
2013 and 2012
($000 except per share - unaudited)
                    3 MONTHS ENDED JANUARY 31,           6 MONTHS ENDED JANUARY 31,
                                %               %                  %               %
                    2013       Net    2012       Net     2013       Net  2012       Net
                               Sales             Sales              Sales             Sales
                               (1)               (1)                (1)               (1)
Net sales           $                $                 $                 $
                    741,600          596,970           1,617,212         1,269,970
Gross profit        $        9.9%   $       9.9%    $         10.8%  $        10.6%
                    73,396           59,380             173,988          134,358
Selling, general    $               $               $               $   
and administrative  46,187    6.2%   36,245     6.1%    97,652    6.0%   74,705     5.9%
expenses
Amortization of     $      0.4%   $      0.5%    $      0.3%   $      0.4%
intangible assets   2,794             2,777              5,562             5,624
Interest income,    $      0.1%   $      0.1%    $      0.1%   $      0.1%
net                  648             864             1,347             1,790
Other income, net   $      0.1%   $      0.0%    $      0.1%   $      0.0%
                     468             274             1,021              325
Income before       $        3.4%   $       3.6%    $        4.5%   $       4.4%
income taxes        25,531           21,496             73,142           56,144
Income taxes       $      0.8%   $      1.3%    $        1.4%   $       1.6%
                    5,635             7,816              22,258           20,106
Net income          $       2.7%   $       2.3%    $        3.1%   $       2.8%
                    19,896            13,680             50,884           36,038
 E.P.S. - basic   38¢             25¢              96¢             66¢
 E.P.S. - diluted 37¢             25¢              96¢             66¢
Weighted avg.
common shares       53,002,106        54,587,293         52,965,286        54,789,738
outstanding-basic
Weighted avg.
common shares       53,116,389        54,625,747         53,075,985        54,819,877
outstanding-diluted

SUMMARY BALANCE SHEETS - JANUARY 31, ($000) (unaudited)
                    2013       2012                     2013      2012
  Cash and          $         $         Current       $        $  
  equivalents       108,140   156,206   liabilities   324,321  279,991
  Accounts          250,315    174,690    Long-term     80,761    83,174
  receivable                              liabilities
  Inventories       235,116    192,225    Stockholders' 803,912   779,466
                                          equity
  Deferred income   63,961     55,379
  tax and other
   Total current  657,532    578,500
  assets
  Property, plant & 167,991    164,373
  equipment, net
  Goodwill          250,472    245,209
  Amortizable       111,665    119,631
  intangible assets
  Other assets      21,334     34,918
  Total             $          $                        $         $ 1,142,631
                    1,208,994  1,142,631                1,208,994
(1) Percentages may not add due to rounding differences



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 (the
"Exchange Act"). 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, the level of
state and federal funding available for transportation, interest rate
increases, restrictive lending practices, recent management changes, the
success of new product introductions, the pace of acquisitions, asset
impairment charges, 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
and Part II, Item 1A of our Quarterly Report on Form 10-Q for the period ended
January 31, 2013. 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.

SOURCE Thor Industries, Inc.

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