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, email@example.com
Thor Announces Third Quarter Fiscal 2013 Results
Press spacebar to pause and continue. Press esc to stop.