Thor Announces Fourth Quarter Fiscal 2013 Results

              Thor Announces Fourth Quarter Fiscal 2013 Results

Company achieves strong quarterly sales of $914 million, up 19%

Quarterly EPS from continuing operations of $1.04, up 35%

PR Newswire

ELKHART, Ind., Sept. 26, 2013

ELKHART, Ind., Sept. 26, 2013 /PRNewswire/ --Thor Industries, Inc. (NYSE:
THO) today announced results for its fourth quarter and full year ended July
31, 2013. Highlights of financial results were as follows:

  oSales from continuing operations for the fourth quarter of fiscal 2013
    were $914.0 million, up 19% from $769.9 million in the fourth quarter last
    year, based on continued strong growth in motorized recreational vehicle
    (RV) sales and more modest growth in towable RV sales.
  oNet income from continuing operations for the fourth quarter was $55.2
    million, up 35% from $40.9 million in the prior-year fourth quarter.
    Including the discontinued operations of Thor's Bus business, the pending
    sale of which was announced at the end of the fiscal year, net income for
    the fourth quarter was $58.2 million, up 31% from $44.4 million in the
    fourth quarter of fiscal 2012.
  oDiluted earnings per share (EPS) from continuing operations for the fourth
    quarter was $1.04, up 35% from $0.77 in the fourth quarter last year.
    Including the discontinued operations of Thor's Bus business, diluted EPS
    for the fourth quarter was $1.09, up 30% from $0.84 in the fourth quarter
    of fiscal 2012.
  oSales from continuing operations for the fiscal year ended July 31, 2013
    were $3.24 billion, up 23% from $2.64 billion in the prior year.
  oNet income from continuing operations for the fiscal year ended July 31,
    2013 was $151.7 million, up 36% compared to $111.4 million in fiscal
    2012. Including discontinued operations, net income for fiscal 2013 was
    $152.9 million, up 26% from $121.7 million in fiscal 2012.
  oDiluted EPS from continuing operations for the fiscal year ended July 31,
    2013 was $2.86, up 38% from $2.07 in the prior-year. Including
    discontinued operations, diluted EPS for the fiscal year was $2.88, up 27%
    from $2.26 in fiscal 2012.

"We are pleased to end fiscal 2013 on a positive note with continued momentum
in sales and earnings," said Bob Martin, Thor President and Chief Executive
Officer. "The recent actions we've taken to divest non-core businesses and
expand our RV business through acquisition leave us optimistic about the
future of Thor. At the recently completed Open House in Elkhart, we were able
to showcase a number of new products from all of our RV subsidiaries as well
as new products from our recently acquired Livin' Lite subsidiary, reinforcing
our leadership in innovation in the RV industry."

Fiscal Fourth Quarter and Full Year Segment Highlights

  oTowable RV sales were $745.8 million for the fourth quarter, up 13% from
    $662.1 million in the prior year period. Income before tax was $76.4
    million, up 41% from $54.2 million in the fourth quarter last year,
    primarily as a result of higher sales volumes and ongoing efforts to
    improve operating efficiencies.
  oMotorized RV sales were $168.2 million for the fourth quarter, up 56% from
    $107.8 million in the prior year fourth quarter. Income before tax was
    $13.5 million, up 85% from $7.3 million last year, which was driven
    primarily by improved product mix and increased sales volumes.
  oFor the full year ended July 31, 2013, towable RV sales were $2.65
    billion, up 16% from $2.29 billion in the prior year period. Income before
    tax was $205.7 million, up 29% from $159.0 million in fiscal 2012.
  oFull year motorized RV sales were $591.5 million, up 67% from $353.9
    million in the prior year. Income before tax was $43.9 million, up 137%
    from $18.5 million last year.

"Our results for the fourth quarter reflect positive outlooks on the part of
dealers and consumers about our industry that form a solid foundation for Thor
in the new fiscal year," said Peter B. Orthwein, Thor Executive Chairman. "On
this foundation, we will continue to build our business, through new product
innovation, improved operating performance and opportunistic additions to our
core RV business. We are focused on generating growth in sales and earnings
over the coming fiscal year and believe the current industry conditions will
support our efforts."

About Thor Industries, Inc.
Thor is the sole owner of operating subsidiaries that, combined, represent one
of the world's largest manufacturers of recreational 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, interest rate
fluctuations, restrictive lending practices, recent management changes, the
success of new product introductions, the pace of acquisitions, the impact of
the divestiture of the Company's bus businesses, asset impairment charges,
cost structure improvements, competition and general economic, market and
political 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,
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 INCOME FOR THE 3 AND 12 MONTHS ENDED July 31, 2013 and 2012
($000's except share and per share data)
                        3 MONTHS ENDED JULY 31, (unaudited)       12 MONTHS ENDED JULY 31,
                                                          %                                        %
                                    % Net                Net                 % Net              Net
                        2013       Sales (1)   2012               2013       Sales (1)   2012
                                                          Sales                                     Sales
                                                          (1)                                       (1)
Net sales               $                     $                 $3,241,975             $2,639,798
                        914,001                769,948
Gross profit            $         15.3%       $         13.3%   $         13.1%       $         12.1%
                        140,159                102,342            424,539                319,530
Selling, general and    53,743     5.9%        42,354     5.5%    194,650    6.0%        148,260    5.6%
administrative expenses
Impairment charges      2,000      0.2%        -          0.0%    2,000      0.1%        -          0.0%
Amortization of         2,602      0.3%        2,634      0.3%    10,460     0.3%        10,651     0.4%
intangible assets
Interest income, net    548        0.1%        757        0.1%    2,622      0.1%        3,697      0.1%
Other income, net       421        0.0%        70         0.0%    1,921      0.1%        1,072      0.0%
Income from continuing
operations before       82,783     9.1%        58,181     7.6%    221,972    6.8%        165,388    6.3%
income taxes
Income taxes           27,588     3.0%        17,296     2.2%    70,296     2.2%        53,953     2.0%
Net income from         55,195     6.0%        40,885     5.3%    151,676    4.7%        111,435    4.2%
continuing operations
Income from
discontinued            3,026      0.3%        3,475      0.5%    1,186      0.0%        10,304     0.4%
operations, net of
income taxes
Net income              $        6.4%        $        5.8%    $         4.7%        $         4.6%
                        58,221                 44,360             152,862                121,739
Earnings per common
share from continuing
operations
Basic                 $                  $              $                  $    
                        1.04                   0.77               2.86                   2.07
Diluted              $                  $              $                  $    
                        1.04                   0.77               2.86                   2.07
Earnings per common
share
Basic                 $                  $              $                  $    
                        1.10                   0.84               2.88                   2.26
Diluted              $                  $              $                  $    
                        1.09                   0.84               2.88                   2.26
Weighted avg. common
shares                  53,069,033             52,902,439         53,005,576             53,845,697
outstanding-basic
Weighted avg. common
shares                  53,196,326             52,966,657         53,115,548             53,899,848
outstanding-diluted
                        SUMMARY BALANCE SHEETS - July 31,
                        ($000)
                        2013       2012                           2013       2012
           Cash and     $         $          Current            $         $ 
           equivalents  236,601    218,642     liabilities        326,565    311,090
           Accounts                            Liabilities of
           receivable   246,379    232,085     discontinued       35,107     -
                                               operations
           Inventories  153,036    186,083     Long-term          73,982     81,137
                                               liabilities
           Deferred                            Stockholders'
           income tax   58,182     48,076      equity             892,614    850,827
           and other
           Assets of
           discontinued 136,506    -
           operations
            Total
           current      830,704    684,886
           assets
           Property,
           plant &      143,809    164,394
           equipment,
           net
           Goodwill     238,103    245,209
           Amortizable
           intangible   97,753     114,227
           assets
           Other        17,899     34,338
           assets
           Total        $1,328,268 $1,243,054                     $1,328,268 $1,243,054
(1) Percentages may not add due to rounding
differences



SOURCE Thor Industries, Inc.

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