Thor Reports Quarter E.P.S. Double Last Year; Six Month E.P.S. Up 127%; Results Easily Exceed Analysts' Estimates
JACKSON CENTER, Ohio, Feb. 27 -- Thor Industries, Inc. announced today record results for the second quarter and six months ended January 31, 2003.
Net income for the quarter was a record $15,369,000, up 100% from $7,678,000 last year. E.P.S. for the quarter were $0.54, double last year's $0.27. Sales for the quarter were $329.9 million, up 23% from $267.9 million last year.
Net income for the six months was $36,218,000, up 152% from $14,371,000 last year. E.P.S. for the six months were $1.27, up 127% from $0.56 last year. Sales for the six months were $736.2 million, up 55% from $476.5 million last year. RV results include Keystone RV since acquisition on November 9, 2001.
RV income before tax in the quarter was $22.4 million, up 108% from $10.8 million last year. RV sales in the quarter were $276.0 million, up 37% from $201.4 million last year and were $628.2 million in the six months, up 91% from $328.3 million last year. Bus income before tax in the quarter was $3,329,000 compared to $3,276,000 last year and was $5,939,000 in the six months, down 33% from $8,810,000 last year. Bus sales were $53.9 million in the quarter, down 19% from $66.5 million last year and were $108.0 million in the six months, down 27% from $148.1 million last year. Corporate costs were $1,966,000 in the quarter versus $1,989,000 last year and were $4,700,000 in the six months versus $2,627,000 last year. Corporate costs in the six months of this year include a $1,580,000 charge for impairment of an equity security.
"We are very pleased with these results which are well in excess of analysts' consensus estimates. Cash and equivalents were $75.7 million, more than double last year and we continue to have no debt," said Wade F. B. Thompson, Thor Chairman.
Thor's regular quarterly dividend of $0.01 per share will be paid on April 2, 2003 to stockholders of record on March 14, 2003.
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 6 MONTHS ENDED JANUARY 31, 2003 and 2002
$000 except per share - unaudited
3 MONTHS ENDED JANUARY 31
2003 % 2002 %
Net sales $329,898 $267,906
Gross profit $45,152 13.7% $29,146 10.9%
Selling, general
and administrative $21,954 6.7% $17,105 6.4%
Amortization of
intangibles $178 .1% $179 .1%
Impairment of equity
security $- - $- -
Interest income (net) $317 .1% $141 .1%
Other income $396 .1% $62 -
Income before taxes $23,733 7.2% $12,065 4.5%
Taxes $8,364 2.5% $ 4,387 1.6%
Net income $15,369 4.7% $ 7,678 2.9%
E.P.S. $0.54 $0.27
Average common shares
outstanding 28,556,802 27,937,616
6 MONTHS ENDED JANUARY 31
2003 % 2002 %
Net sales $736,160 $476,450
Gross profit $103,746 14.1% $51,259 10.8%
Selling, general
and administrative $45,078 6.1% $29,861 6.3%
Amortization of
intangibles $ 357 -- $213 --
Impairment of
equity security $1,580 .2% $- -
Interest income (net) $ 796 .1% $922 .2%
Other income $ 667 .1% $343 .1%
Income before taxes $58,194 7.9% $22,450 4.7%
Taxes $21,976 3.0% $ 8,079 1.7%
Net income $36,218 4.9% $14,371 3.0%
E.P.S. $1.27 $0.56
Average common shares
outstanding 28,521,394 25,884,266
SUMMARY BALANCE SHEETS - JANUARY 31 ($000) (unaudited)
2003 2002 2003 2002
Cash and Current
equivalents $75,705 $31,091 liabilities $137,945 $124,394
Accounts Other
receivable 100,536 89,098 liabilities 6,234 6,920
Inventories 113,586 88,113 Stockholders'
equity 371,936 295,176
Other assets 9,904 11,525
Total current
assets 299,731 219,827
Fixed assets 63,257 51,641
Investments -
joint ventures 2,125 2,201
Investments available
for sale 2,653 4,124
Goodwill 130,555 130,539
Other assets 17,794 18,158
Total $516,115 $426,490 $516,115 $426,490