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Thor Announces Q1 Results

17 November 1997

Thor Announces Record Quarter Results; E.P.S. Jump 25%

    JACKSON CENTER, Ohio, Nov. 17 -- Thor Industries, Inc.
reported today record sales and record net income for the first
quarter ended October 31, 1997.
    Sales for the quarter were $165.5 million, up 1O% from $150.5 million last
year.  Net income was $6,011,000, up 18% from $5,115,000 last year.  E.P.S.
were $.74, up 25% from $.59 last year.
    RV sales in the quarter were $125.7 million, up 7% from $117.6 million
last year.  Bus sales were $39.8 million, up 21% from $32.9 million last year.
    "These results are well in excess of analysts estimates and reflect
strength in both our RV and Bus segments.  RV operating profits were up 15%
from last year and Bus operating profits were up 25%.  RV industry shipments
have been up for each of the past 4 months after several declining months and
mid-size bus industry shipments are up about 20% this year," said Wade F.B.
Thompson, Thor Chairman.
    Thor is the Second-largest manufacturer of recreational vehicles and the
largest builder of mid-size buses.

                            THOR INDUSTRIES, INC.
                       Statement of Consolidated Income
              For the Three Months Ended October 31, 1997 & 1996
                      $000 Except Per Share - Unaudited

                                         Three Months Ended October, 31
                                            1997                1996

    Net sales                         $165,458           $150,497
    Gross profit                       $19,534            $16,690
    Selling, general, administrative    $9,603             $7,976
    Amortization of intangibles           $476               $541
    Interest, other income (net)          $637               $410
    Income before taxes                $10,092             $8,583
    Taxes                               $4,081             $3,468
    Net income                          $6,011             $5,l15
    Earnings Per Share                    $.74               $.59
    Average common shares outstanding8,143,703          8,671,591

            SUMMARY BALANCE SHEET ($000) -- OCTOBER 31 - Unaudited

                               1997           1996
    Cash                     $20,378        $ 6,842
    Accounts receivable       51,152         52,249
    Inventories               60,284         66,425
    Prepaid, etc.              3,360          3,302
    Current assets          $135,174       $128,818
    Fixed assets              15,919         17,181
    Investment-joint ventures  3,765          3,751
    Other assets              22,298         24,518
    Total                   $177,156       $174,268

                               1997           1996
    Line of credit          $    -0-       $ 14,000
    Other current
      liabilities            47,237          35,915
    Other liabilities         1,847           1,003
    Stockholders' equity    128,072         123,350
    Total                  $177,156        $174,268

SOURCE  Thor Industries, Inc.