Thor Reports Net Income, Sales in Quarter, Half
JACKSON CENTER, Ohio, Feb. 26 Thor Industries, Inc.
announced today results for the second quarter and six months
ended January 31, 2001.
Net income for the quarter was $3,164,000 compared to $6,710,000 last
year. E.P.S. for the quarter were $0.27 versus $0.55 last year. Sales for
the quarter were $169,214,000 compared to $193,709,000 last year.
Net income for the six months was $11,555,000 compared to $16,370,000 last
year. E.P.S. for the six months were $0.97 versus $1.35 last year. Sales for
the six months were $374,397,000 compared to $414,730,000.
RV sales in the quarter were $99,794,000 versus $133,915,000 last year.
Bus sales in the quarter were $69,420,000 versus $59,794,000 last year. RV
sales in the 6 months were $235,734,000 versus $296,669,000 last year. Bus
sales in the 6 months were $138,663,000 versus $118,061,000 last year.
These results primarily reflect continuing softness in the RV industry,
which has been down in each of the last seven months. On January 31, 2001, RV
backlog was down 41% from last year while Bus backlog was up 61% and total
backlog was $274 million, up 11% from last year.
Thor's regular quarterly dividend of $0.02 per share will be paid on
April 2, 2001 to stockholders of record on March 16, 2001.
THOR INDUSTRIES, INC.,
STATEMENT OF INCOME FOR THE 3 AND 6 MONTHS ENDED JANUARY 31, 2001 & 2000
$000 except per share - unaudited
3 MONTHS ENDED JANUARY 31
2001 % 2000 %
Net sales $169,214 $193,709
Gross profit $17,026 10.1% $24,965 12.9%
Selling, general and administrative $12,241 7.2% $13,084 6.8%
Amortization of intangibles $415 0.2% $447 0.2%
Operating income $4,370 2.6% $11,434 5.9%
Interest income (net) $495 0.3% $665 0.4%
Other $209 0.1% $29 --
Loss on divestment of subsidiary -- -- $(707) -0.4%
Income before taxes $5,074 3.0% $11,421 5.9%
Taxes $1,910 1.1% $4,711 2.4%
Net income $3,164 1.9% $6,710 3.5%
E.P.S. $0.27 $0.55
Average common shares outstanding 11,887,495 12,109,647
6 MONTHS ENDED JANUARY 31
2001 % 2000 %
Net sales $374,397 $414,730
Gross profit $43,422 11.6% $54,535 13.1%
Selling, general and administrative $25,691 6.9% $26,504 6.4%
Amortization of intangibles $934 0.2% $894 0.2%
Operating income $16,797 4.5% $27,137 6.5%
Interest income (net) $1,814 0.5% $1,443 0.4%
Other $651 0.2% $256 0.1%
Loss on divestment of subsidiary -- -- $(928) -0.2%
Income before taxes $19,262 5.1% $27,908 6.7%
Taxes $7,707 2.0% $11,538 2.8%
Net income $11,555 3.1% $16,370 3.9%
E.P.S. $0.97 $1.35
Average common shares outstanding 11,936,896 12,128,941
SUMMARY BALANCE SHEETS - JANUARY 31, 2001 AND 2000
($000) (unaudited)
2001 2000
Cash and equivalents $51,471 $51,127
Other current assets 159,320 151,620
Total current assets 210,791 202,747
Fixed assets 39,630 25,457
Investments-joint ventures 2,412 3,460
Other assets 23,494 22,012
Total $276,327 $253,676
2001 2000
Current liabilities $70,197 $71,878
Other liabilities 1,182 1,597
Stockholders equity 204,948 180,201
Total $276,327 $253,676
