Thor Announces Third Quarter Fiscal 2013 Results

               Thor Announces Third Quarter Fiscal 2013 Results

Company achieves record quarterly sales of $1.05 billion, up 13%

EPS excluding $0.15 of non-cash impairment charges was $0.97, up 24%

PR Newswire

ELKHART, Ind., June 6, 2013

ELKHART, Ind., June 6, 2013 /PRNewswire/ -- Thor Industries, Inc. (NYSE: THO)
today announced results for its third quarter and nine months ended April 30,
2013. Highlights of financial results were as follows:

  oConsolidated sales for the third quarter of fiscal 2013 were $1.05
    billion, up 13% from $926.5 million in the third quarter last year, based
    on strength in recreational vehicle (RV) sales.
  oNet income for the third quarter was $43.8 million, up 6% from $41.3
    million in the prior-year third quarter. The overall effective tax rate
    for the third quarter of fiscal 2013 was 30.1% compared to 32.5% for the
    third quarter last year and was favorably impacted by the settlement of
    certain uncertain state tax benefits.
  oDiluted earnings per share (EPS) for the third quarter was $0.82, up 5%
    from $0.78 in the third quarter last year. Included in net income and EPS
    for the third quarter of fiscal 2013 were non-cash goodwill and intangible
    asset impairment charges of approximately $11.5 million. This included a
    $4.7 million intangible asset impairment charge triggered by the expected
    sale of the net assets associated with Company's ambulance product line
    and a $6.8 million goodwill impairment charge relating to the bus segment
    reporting unit which historically included the ambulance product line.
    These charges reduced EPS by $0.15 for the quarter. Excluding these
    items, EPS would have been $0.97 for the quarter.
  oSales for the nine months ended April 30, 2013 were $2.67 billion, up 21%
    from $2.20 billion in the prior-year period.
  oNet income for the nine months ended April 30, 2013 was $94.6 million, up
    22% compared to $77.4 million in the first nine months of fiscal 2012.
    The overall effective tax rate for the first nine months of fiscal 2013
    was 30.3% compared to 34.1% for the first nine months of last year and was
    favorably impacted by the settlement of certain uncertain state tax
    benefits and the retroactive reinstatement of certain tax credits on
    January 2, 2013. 
  oEPS for the nine months ended April 30, 2013 was $1.78 versus $1.43 in the
    prior-year period. Excluding the non-cash goodwill and intangible asset
    impairment charges, EPS for the first nine months would have been $1.93.

"We are pleased with the continued growth in revenues and earnings we were
able to achieve in the third quarter, as a number of the actions we've taken
to improve our operations began to gain traction," said Bob Martin, Thor
President and Chief Operating Officer. "While our markets remain competitive,
we are now in the middle of the peak selling season for the RV industry, when
demand improves and discounting tends to stabilize, leaving us in a strong
position to finish out the year."

Fiscal Third Quarter Highlights

  oTotal RV sales were $929.8 million, up 15% from $807.2 million in the
    third quarter last year. RV segment income before tax was $77.6 million,
    up 31% from $59.2 million in the prior-year period. As a percent of
    revenues, total RV income before tax rose to 8.3% from 7.3% in the prior
    year supported by continued strong performance of towable RVs and
    continued momentum in motorized RVs.
  oTowable RV sales were $742.5 million, up 9% from $680.5 million in the
    prior-year period. Income before tax was $62.5 million, up 22% from $51.1
    million in the third quarter last year. Towable RV income before tax
    increased to 8.4% of revenues from 7.5% a year ago, as a result of
    increased volumes and specific actions taken to improve operating
    efficiencies.
  oMotorized RV sales were $187.3 million, up 48% from $126.7 million in the
    prior-year third quarter. Income before tax was $15.1 million, up 86% from
    $8.1 million last year. As a percent of revenues, motorized RV income
    before tax rose to 8.1% of revenues from 6.4% a year ago, driven by
    improved product mix, volumes and enhanced operating efficiencies.
  oBus segment sales were $119.4 million, up slightly from $119.3 million in
    the third quarter last year. Income before tax was a loss of $7.7
    million, compared to income of $2.8 million in the third quarter last
    year. Bus segment income before tax was unfavorably impacted by the
    non-cash impairment charges relating to goodwill and intangible assets of
    approximately $11.5 million.

"Thor generated strong gains in both revenues and net income during the third
quarter, based on continuing strength in our RV business and stability in our
bus business," said Peter B. Orthwein, Thor Chairman and CEO. "Our results
for the third quarter reflect the dealer optimism and improved retail consumer
demand that has been building since the beginning of the year, which is now
entering peak seasonal demand for our RV products. Based on the current
positive momentum we see in our markets, we are confident in our ability to
generate growth in sales and earnings for the remainder of the year."

About Thor Industries, Inc.

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.

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
April 30, 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.



THOR INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE 3 AND 9 MONTHS ENDED APRIL 30, 2013 and 2012
($000 except per share - unaudited)
                    3 MONTHS ENDED APRIL 30,                      9 MONTHS ENDED APRIL 30,
                                % Net                % Net                  % Net              %Net
                    2013       Sales (1)   2012                   2013                   2012       Sales(1)
                                                      Sales(1)              Sales(1)
Net                 $                     $                    $                     $  
sales               1,049,201              926,458                2,666,413              2,196,428
Gross profit        133,799    12.8%       109,470    11.8%       307,787    11.5%       243,828    11.1%
Selling, general
and administrative  57,846     5.5%        46,963     5.1%        155,498    5.8%        121,668    5.5%
expenses
Impairment of
goodwill and        11,525     1.1%        -          0.0%        11,525     0.4%        -          0.0%
intangible assets
Amortization of     2,795      0.3%        2,756      0.3%        8,357      0.3%        8,380      0.4%
intangible assets
Interest income,    476        0.0%        835        0.1%        1,823      0.1%        2,625      0.1%
net
Other income,       516        0.0%        633        0.1%        1,537      0.1%        958        0.0%
net
Income before       62,625     6.0%        61,219     6.6%        135,767    5.1%        117,363    5.3%
income taxes
Income taxes       18,868     1.8%        19,878     2.1%        41,126     1.5%        39,984     1.8%
Net                 $       4.2%        $       4.5%        $       3.5%        $      3.5%
income              43,757                41,341                 94,641                77,379
 E.P.S. -          $                  $                  $                  $    
basic               0.83                 0.78                  1.79                  1.43
 E.P.S. -          $                  $                  $                  $    
diluted             0.82                 0.78                  1.78                  1.43
Weighted avg.
common shares       53,023,277             52,879,877             52,984,192             54,162,411
outstanding-basic
Weighted avg.
common shares       53,114,475             52,970,357             53,088,391             54,212,663
outstanding-diluted
                    SUMMARY BALANCE SHEETS - APRIL 30, ($000) (unaudited)
                    2013       2012                               2013       2012
       Cash and     $        $ 147,986   Current        $        $ 
       equivalents  137,494               liabilities            375,418   345,006
       Accounts     322,588    286,474      Long-term      75,254     84,131
       receivable                          liabilities
       Inventories  236,180    200,903                     838,688    813,817
                                           Stockholders' equity
       Deferred
       income tax   55,276     47,333
       and other
        Total
       current      751,538    682,696
       assets
       Property,
       plant &      168,596    163,372
       equipment,
       net
       Goodwill     243,662    245,209
       Amortizable
       intangible   104,176    116,982
       assets
       Other        21,388     34,695
       assets
       Total        $         $1,242,954                         $         $1,242,954
                    1,289,360                                     1,289,360
(1) Percentages may not add due to rounding differences





SOURCE Thor Industries, Inc.

Contact: Jeffery A. Tryka, CFA, Investor Relations, (574) 970-7912,
jtryka@thorindustries.com