Thor Reports Highest Ever Quarterly Sales, Net Income, E.P.S.

JACKSON CENTER, Ohio, Dec. 1, 2003 -- Thor Industries, Inc. reported today record sales, net income, and E.P.S., each of which were the highest in any quarter for the company, for the first quarter ended October 31, 2003.

Sales for the quarter ended October 31, 2003 were $490.4 million, up 21% from $406.3 million last year. Net income was $23,704,000, up 14% from last year's $20,849,000. E.P.S. were 83¢ up 14% from 73¢ last year. RV sales in the quarter were $433.0 million, up 23% from $352.2 million last year. Bus sales were $57.4 million, up 6% from $54.1 million last year.

RV income before tax was $37,544,000, up 9% from $34,585,000 last year. Bus income before tax was $2,733,000, up 5% from $2,610,000 last year. Corporate costs were $1,196,000 compared to $2,734,000 last year which included impairment of an equity security of $1,580,000.

Thor backlog on October 31, 2003, was a record for this time of the year at $319 million, up 24% from $257 million last year. RV backlog including recently acquired Damon was $219 million. Bus backlog of $100 million was up 2% from last year.

Results in the quarter were impacted by increased warranty costs, discounts, and one time costs for a plant reorganization. "Our record backlog, our strong retail RV sales, the highest consumer confidence level in 14 months, and exceptional RV industry retail strength (industry travel trailers and fifth wheels, by far our largest segment, were up 14% in September; industry motor home sales were up 6%) bodes well for very positive Thor results for the remainder of the fiscal year," said Wade F. B. Thompson, Thor chairman. "Further, mid-size bus industry shipments were up 7% in the quarter ended September 2003 versus last year," he added.

Thor is the largest manufacturer of recreation vehicles and the largest builder of mid-size buses.

                            THOR INDUSTRIES, INC.
      STATEMENT OF INCOME FOR THE 3 MONTHS ENDED OCTOBER 31, 2003 & 2002
                      $000 except per share - unaudited

                        3 MONTHS ENDED OCTOBER 31

                            2003       %          2002       %
  Net sales             $490,427              $406,262
  Gross profit           $66,209     13.5%     $58,594     14.4%
  Selling, general
   and administrative    $28,015      5.7%     $23,124      5.7%
  Amortization of
   intangibles              $194       -          $179       -
  Impairment of
   equity security          $-         -        $1,580      0.4%
  Interest income
   (net)                    $429      0.1%        $479      0.1%
  Other income              $652      0.1%        $271      0.1%
  Income before taxes    $39,081      8.0%     $34,461      8.5%
  Taxes                  $15,377      3.1%     $13,612      3.4%
  Net income             $23,704      4.8%     $20,849      5.1%
  E.P.S.                   $0.83                 $0.73
  Average common
   shares outstanding 28,612,425            28,485,986

          SUMMARY BALANCE SHEETS - October 31 ($000) (unaudited)

                            2003      2002                   2003       2002
  Cash and                                 Current
   equivalents          $113,848   $88,400  liabilities  $200,966   $150,977
  Accounts receivable    125,261    93,009 Other
                                            liabilities     6,713      6,192
  Inventories            132,218   108,593 Stockholders'
                                            equity        439,882    355,406
  Prepaid, etc.           19,303    12,477
  Current assets         390,630   302,479
  Fixed assets            83,533    57,013
  Investments-joint
   ventures                2,485     2,195
  Investments-
   available for sale      4,417     2,338
  Goodwill               140,565   130,555
  Other assets            25,931    17,995
  Total                 $647,561  $512,575               $647,561   $512,575