Thor Reports Quarter E.P.S. of $.78, Highest Ever. Record Quarter, Twelve Months Sales, Net Income, E.P.S.; Increases Dividend for Second Time This Year; RV Retail Strong
JACKSON CENTER, Ohio, Oct. 1, 2003 -- Thor Industries, Inc. announced record results for the fourth quarter and 12 months ended July 31, 2003.
Net income for the quarter was a record $22,260,000, the highest for any quarter in the company's history and up 10% from $20,216,000 last year. E.P.S. for the quarter were 78 cents, up 10% from 71 cents last year. Sales for the quarter were $422,495,000, up 5% from $401,410,000 last year.
Net income for the 12 months was a record $78,631,000 up 54% from $51,182,000 last year. E.P.S. for the 12 months were $2.75, up 46% from $1.88 last year. Sales for the 12 months were a record $1,571,404,000, up 26% from $1,245,300,000 last year.
RV sales in the quarter were $367,085,000 up 6% from $344,936,000 last year. Bus sales in the quarter were $55,410,000 versus $56,474,000 last year. RV sales in the 12 months were $1,354,412,000, up 39% from $973,697,000 last year. Bus sales in the 12 months were $216,992,000 versus $271,603,000 last year. RV income before tax was $33,493,000 in the quarter, versus $34,925,000 last year and $122,729,000 in the 12 months, up 58% from $77,509,000 last year. Bus income before tax in the quarter was $3,854,000, up 10% from $3,519,000 last year and $12,306,000 in the 12 months, versus $15,016,000 last year. Corporate costs in the quarter were $2,609,000 versus $5,693,000 last year and $8,791,000 in the 12 months versus $10,698,000 last year.
The company's RV retail unit sales in August and September were up 25% from last year. Retail sales of Damon, acquired September 2, 2003, are included in September of each year. Backlog was $337 million on September 30, 2003 compared to $301 million last year. Last year's backlog excludes Damon. Cash and equivalents on July 31, 2003, was a record $172.2 million, up from $117.8 million last year and we continue to have zero debt.
Because of these positive results and Thor's strong financial condition, its regular quarterly dividend will be increased to 3 cents per share per quarter, up from 2 cents per share per quarter. The first dividend at the new rate will be paid October 20, 2003 to stockholders of record on October 6, 2003. In July 2003, Thor doubled its quarterly dividend from 1 cent per share to 2 cents per share.
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, 2003 and 2002
$000 except per share
3 MONTHS ENDED JULY 31 (unaudited)
2003 % 2002 %
Net sales $422,495 $401,410
Gross profit $61,486 14.6% $58,399 14.5%
Selling, general and
administrative $27,725 6.6% $24,048 6.0%
Amortization of intangibles $179 -- $179 --
Operating income $33,582 7.9% $34,172 8.5%
Interest income (net) $600 .1% $176 --
Impairment of equity security -- -- $(2,119) ( .5)%
Other income $556 .1% $522 .1%
Income before taxes $34,738 8.2% $32,751 8.2%
Taxes $12,478 3.0% $12,535 3.1%
Net income $22,260 5.3% $20,216 5.0%
E.P.S. $0.78 $0.71
Average common shares
outstanding 28,589,710 28,480,120
12 MONTHS ENDED JULY 31
2003 % 2002 %
Net sales $1,571,404 $1,245,300
Gross profit $222,267 14.1% $157,067 12.6%
Selling, general and
administrative $97,181 6.2% $74,849 6.0%
Amortization of intangibles $715 -- $570 --
Operating income $124,371 7.9% $81,648 6.6%
Interest income (net) $1,695 .1% $1,216 .1%
Impairment of equity security $(1,580) ( .1)% $(2,119) ( .2)%
Other income $1,758 .1% $1,082 .1%
Income before taxes $126,244 8.0% $81,827 6.6%
Taxes $47,613 3.0% $30,645 2.5%
Net income $78,631 5.0% $51,182 4.1%
E.P.S. $2.75 $1.88
Average common shares
outstanding 28,553,792 27,162,358
SUMMARY BALANCE SHEETS - JULY 31 ($000)
2003 2002
Cash and equivalents $172,233 $117,814
Accounts receivable 97,315 75,262
Inventories 96,653 94,665
Other current assets 12,431 3,497
Total current assets $378,632 $291,238
Fixed assets 73,415 51,841
Investments - joint ventures 2,219 2,138
Investments available for sale 2,861 3,921
Goodwill 130,555 130,555
Other assets 21,259 17,810
Total $608,941 $497,503
2003 2002
Current liabilities $187,942 $156,920
Other liabilities 6,177 5,964
Stockholders' equity 414,822 334,619
$608,941 $497,503