Thor Announces Sales and Earnings for Quarter, Year
Thor Announces Sales and Earnings for Quarter, Year
JACKSON CENTER, Ohio, Sept. 24 Thor Industries, Inc.
announced today sales and net income for the quarter and year
ended July 31, 2001.
Net income in the quarter was $8.4 million versus $9.7 million in the
prior year. EPS in the quarter were 71 cents versus 80 cents last year. Net
income for the year was $26.7 million compared to $36.1 million last year.
EPS for the year were $2.24 versus $2.98 last year.
Sales for the year were $826.9 million versus $916.0 million last year.
Sales in the quarter were $222.9 million versus $241.6 million last year. RV
sales for the year were $534.9 million versus $678.3 million last year and
were $145.9 million in the quarter versus $177.3 million last year. Bus sales
for the year were a record $292.0 million, up 23% from $237.7 million last
year and were $77.0 million in the quarter, up 20% from $64.3 million last
year.
"These results are in excess of analysts' estimates. We completed the
year with $107.2 million cash and short term investments ($9 per share) which
exceeds our total liabilities and we have no debt. This places us in a strong
position to take advantage of future strategic opportunities," said Wade F. B.
Thompson, chairman. "We are also on schedule with the development of our zero
emission, fuel cell hybrid bus which will be in operation within 60 days," he
added.
Thor's regular quarterly dividend of 2 cents per share will be payable on
October 11, 2001 to stockholders of record on October 1, 2001.
This release includes "forward looking statements" that involve
uncertainties and risks. There can be no assurance that actual results will
not differ from the Company's expectations. Factors which could cause
materially different results include, among others, the success of new product
introductions, the pace of acquisitions and cost structure improvements,
competitive and general economic conditions, and the other risks set forth in
the Company's filings with the Securities and Exchange Commission.
THOR INDUSTRIES, INC.,
STATEMENT OF INCOME FOR THE 3 AND 12 MONTHS ENDED JULY 31, 2001 & 2000
$000 except per share - unaudited
3 MONTHS ENDED JULY 31
2001 % 2000 %
Net sales $222,900 $241,603
Gross profit $26,310 11.8% $31,447 13.0%
Selling, general and administrative $14,714 6.6% $15,889 6.6%
Amortization of intangibles $207 .1% $447 .2%
Operating income $11,389 5.1% $15,111 6.3%
Interest income (net) $639 .3% $882 .4%
Other $474 .2% $303 .1%
Loss on divestment $0 -- $(275) (.1%)
Income before taxes $12,502 5.6% $16,021 6.6%
Taxes $4,066 1.8% $6,362 2.6%
Net income $8,436 3.8% $9,659 4.0%
E.P.S. $0.71 $0.80
Average common shares outstanding 11,876,247 12,061,632
12 MONTHS ENDED JULY 31
2001 % 2000 %
Net sales $826,931 $916,042
Gross profit $95,323 11.5% $119,228 13.0%
Selling, general and administrative $54,977 6.6% $57,988 6.3%
Amortization of intangibles $1,346 .2% $1,788 .2%
Operating income $39,000 4.7% $59,452 6.5%
Interest income (net) $3,105 .4% $3,120 .3%
Other $1,182 .1% $625 .1%
Loss on divestment $0 -- $(2,324) (.3%)
Income before taxes $43,287 5.2% $60,873 6.6%
Taxes $16,565 2.0% $24,754 2.7%
Net income $26,722 3.2% $36,119 3.9%
E.P.S. $2.24 $2.98
Average common shares outstanding 11,903,800 12,106,199
SUMMARY BALANCE SHEETS - JULY 31 ($000) (unaudited)
2001 2000
Cash and short term investments $107,193 $77,963
Other current assets 130,772 147,324
Total current assets 237,965 225,287
Fixed assets 46,936 33,305
Other assets 24,166 23,539
Total $309,067 $282,131
2001 2000
Current liabilities $87,268 $86,378
Other liabilities 1,853 549
Stockholder's equity 219,946 195,204
Total $309,067 $282,131
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