Thor Reports Net Income, Sales In Quarter, Nine Months
JACKSON CENTER, Ohio, May 29 Thor Industries, Inc.
announced today results for the third quarter and nine months
ended April 30, 2001.
Net income for the quarter was $6,731,000 compared to $10,090,000 last
year. E.P.S. for the quarter were 57 cents versus 83 cents last year. Sales
for the quarter were $221,029,000 compared to $250,120,000 last year.
Net income for the nine months was $18,286,000 compared to $26,460,000
last year. E.P.S. for the nine months were $1.54 versus $2.18 last year.
Sales for the nine months were $604,031,000 compared to $674,439,000 last
year.
RV sales in the quarter were $146,706,000 versus $196,327,000 last year.
Bus sales in the quarter were a record $74,323,000 versus $53,793,000 last
year. RV sales in the 9 months were $388,998,000 versus $500,996,000 last
year. Bus sales in the 9 months were a record $215,033,000 versus
$173,443,000 last year. RV income before tax was down 47% in the quarter and
down 50% in the 9 months. In contrast, Bus income before tax was up 29% in
the quarter and up 12% in the 9 months.
"RV industry unit sales have been down in each of the past eleven months
but the rate of decline has decreased each month since the beginning of 2001.
Our Bus business continues strong and record Bus results are expected for
fiscal 2001. Importantly, on May 24, we decisively defeated an attempt to
unionize our Champion Bus operations in Imlay City, Michigan," said Wade F. B.
Thompson, Thor Chairman.
Thor's regular quarterly dividend of 2 cents per share will be paid on
July 5, 2001 to stockholders of record on June 15, 2001.
THOR INDUSTRIES, INC.,
STATEMENT OF INCOME FOR THE 3 AND 9 MONTHS ENDED APRIL 30, 2001 and 2000
$000 except per share -- unaudited
3 MONTHS ENDED APRIL 30
2001 % 2000 %
Net sales $221,029 $250,120
Gross profit $25,202 11.4% $32,794 13.1%
Selling, general and administrative $14,183 6.4% $15,143 6.1%
Amortization of intangibles $205 .1% $447 .2%
Operating income $10,814 4.9% $17,204 6.9%
Interest income (net) $651 .3% $795 .3%
Other income $57 -- $66 --
Loss on divestment of subsidiary -- -- $(1,121) (.4)%
Income before taxes $11,522 5.2% $16,944 6.9%
Taxes $4,791 2.2% $6,854 2.8%
Net income $6,731 3.0% $10,090 4.1%
E.P.S. $.57 $.83
Average common shares outstanding 11,853,442 12,105,260
9 MONTHS ENDED APRIL 30
2001 % 2000 %
Net sales $604,031 $674,439
Gross profit $69,013 11.4% $87,781 13.0%
Selling, general and administrative $40,263 6.7% $42,099 6.2%
Amortization of intangibles $1,139 .2% $1,341 .2%
Operating income $27,611 4.6% $44,341 6.7%
Interest income (net) $2,466 .4% $2,238 .3%
Other income $707 .1% $322 --
Loss on divestment of subsidiary -- -- $(2,049) (.3)%
Income before taxes $30,784 5.1% $44,852 6.8%
Taxes $12,498 2.1% $18,392 2.8%
Net income $18,286 3.0% $26,460 4.0%
E.P.S. $1.54 $2.18
Average common shares outstanding 11,909,689 12,121,163
SUMMARY BALANCE SHEETS - APRIL 30 ($000)
(unaudited)
2001 2000
Cash and equivalents $56,500 $49,395
Other current assets 169,042 172,025
Total current assets 225,542 221,420
Fixed assets 45,267 29,498
Investments - joint ventures 2,159 3,214
Other assets 21,635 27,462
Total $294,603 $281,594
Current Liabilities $83,256 $87,071
Other Liabilities 1,394 4,341
Stockholders' equity 209,953 190,182
Total $294,603 $281,594
