Thor Announces Improved Results For First Quarter; Continued Focus On Long-Term Strategic Goals

    Thor Announces Improved Results For First Quarter; Continued Focus On
                          Long-Term Strategic Goals

PR Newswire

ELKHART, Ind., Dec. 2, 2013

ELKHART, Ind., Dec. 2, 2013 /PRNewswire/ --Thor Industries, Inc. (NYSE: THO)
today announced improved financial results for the first quarter ended October
31, 2013. Highlights of the Company's financial results were as follows:

  oSales from continuing operations for the first quarter of fiscal 2014 were
    $800.0 million, up 5% from $761.4 million in the first quarter last year,
    driven by continued strong growth in motorized recreational vehicle (RV)
    sales, which was partially offset by a small decrease in towable RV
    sales.
  oGross profit margins improved to 13.1% in the first quarter compared to
    12.1% in the prior year period.
  oNet income from continuing operations for the first quarter was $36.4
    million, up 27% from $28.7 million in the prior-year first quarter.
    Including the discontinued operations of Thor's Bus business, net income
    for the first quarter was $41.1 million, up 33% from $31.0 million in the
    first quarter of fiscal 2013. Results of discontinued operations included
    a gain on the sale of the Bus business of approximately $7.8 million.
  oDiluted earnings per share (EPS) from continuing operations for the first
    quarter was $0.68, up 26% from $0.54 in the first quarter last year.
    Including the discontinued operations of Thor's Bus business, diluted EPS
    for the first quarter was $0.77, up 33% from $0.58 in the first quarter of
    fiscal 2013.
  oThor completed the acquisitions of Livin' Lite and Bison Coach during the
    first quarter, expanding its breadth of products in complementary towable
    RV markets.

"Thor made significant progress toward achieving our strategic goals over the
past year and that is evidenced by our improved financial results," said Bob
Martin, Thor President and CEO. "Despite these improvements, we faced a
number of short-term challenges as we transitioned the first motorized
production line to Wakarusa near the end of the first quarter, which created
some start-up costs that may continue as we open a second line this quarter.
We also closed two smaller production facilities on the west coast and are in
the process of consolidating their production into our larger complex in
Oregon. In addition to these events, we completed two acquisitions and built
on our strategic foundation leaving us confident in our ability to meet the
expectations of our dealers and customers while delivering improved results
for our shareholders," he added.

Fiscal First Quarter Segment Highlights:

  oTowable RV sales were $622.9 million for the first quarter, down 3% from
    $639.2 million in the prior year period. Income before tax was $45.6
    million, up 7% from $42.7 million in the first quarter last year,
    primarily as a result of ongoing efforts to improve operating margins and
    efficiencies.
  oMotorized RV sales were $177.1 million for the first quarter, up 45% from
    $122.2 million in the prior year first quarter. Income before tax was
    $13.4 million, up 60% from $8.4 million last year, which was driven
    primarily by increased sales volumes.
  oConsolidated backlog on October 31, 2013 was $733.2 million, up 41.9% from
    $516.7 million at the end of the first quarter last year. Towable RV
    backlog increased 13.5% to $419.8 million, compared to $369.9 million at
    the end of the first quarter of fiscal 2013. Motorized RV backlog
    increased 113.6% to $313.4 million from $146.8 million a year earlier.

"Although our first and second quarters are generally characterized by a more
seasonally competitive environment, Thor generated improved operating results
for the first quarter of fiscal 2014," said Peter B. Orthwein, Thor Executive
Chairman. "As we look ahead to the largest RV trade show of the year being
held in Louisville this week, we have reason for optimism given the strength
of our products and continued improvement in industry retail demand heading
into the early retail show season in January."

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.

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, 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 and Part II, Item 1A of our quarterly report on Form 10-Q for the period
ended October 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. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME FOR THE 3 MONTHS ENDED OCTOBER 31, 2013 and
2012
($000's except share and per share data) (unaudited)
                        3 MONTHS ENDED OCTOBER 31,
                                                          %
                        2013        % Net     2012       Net
                                   Sales (1)              Sales
                                                          (1)
Net sales               $                     $ 
                        799,963                761,424
Gross profit            $         13.1%       $        12.1%
                        105,183                92,303
Selling, general and    48,341     6.0%        46,702     6.1%
administrative expenses
Impairment charges      710        0.1%        -          0.0%
Amortization of         2,838      0.4%        2,634      0.3%
intangible assets
Interest income, net    505        0.1%        773        0.1%
Other income, net       642        0.1%        428        0.1%
Income from continuing
operations before       54,441     6.8%        44,168     5.8%
income taxes
Income taxes           18,047     2.3%        15,419     2.0%
Net income from         36,394     4.5%        28,749     3.8%
continuing operations
Income from
discontinued            4,714      0.6%        2,239      0.3%
operations, net of
income taxes
Net income              $        5.1%        $        4.1%
                        41,108                 30,988
Earnings per common
share from continuing
operations
Basic                 $                  $    
                        0.68                   0.54
Diluted              $                  $    
                        0.68                   0.54
Earnings per common
share
Basic                 $                  $    
                        0.77                   0.59
Diluted              $                  $    
                        0.77                   0.58
Weighted avg. common
shares                  53,205,004             52,928,467
outstanding-basic
Weighted avg. common
shares                  53,299,476             53,035,582
outstanding-diluted
                        SUMMARY BALANCE SHEETS - OCTOBER 31, ($000)
                        (unaudited)
                        2013       2012                           2013       2012
           Cash and     $         $          Current            $         $ 
           cash         294,982    214,498     liabilities        374,298    311,841
           equivalents
           Accounts     239,691    215,768     Long-term          72,343     82,096
           receivable                          liabilities
           Inventories  197,227    225,820     Stockholders'      872,084    873,616
                                               equity
           Deferred
           income taxes 58,523     51,111
           and other
            Total
           current      790,423    707,197
           assets
           Property,
           plant &      146,692    166,647
           equipment,
           net
           Goodwill     253,276    245,977
           Amortizable
           intangible   110,895    113,360
           assets
           Other        17,439     34,372
           assets
           Total        $1,318,725 $1,267,553                     $1,318,725 $1,267,553
(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
 
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