Thor Reports Record E.P.S., Net Income, Sales in Quarter, Six Months; Announces Record Recreation Vehicle Order

JACKSON CENTER, Ohio, March 1 -- Thor Industries, Inc. , the largest manufacturer of recreation vehicles and the largest builder of mid-size buses, announced today record results for the second quarter and six months ended January 31, 2005.

Net income for the quarter was a record $20,638,000, up 18% from $17,520,000 last year. E.P.S. for the quarter were 36 cents, up 16% from last year's 31 cents. Sales for the quarter were $537,041,000, up 26% from $426,479,000 last year.

Net income for the six months was $55,711,000, up 35% from $41,224,000 last year. E.P.S. for the six months were 98 cents, up 36% from 72 cents last year. Sales for the six months were $1,169,767,000, up 28% from $916,907,000 last year. Results include CrossRoads RV since acquisition on November 1, 2004.

RV income before tax in the quarter was $33,584,000, up 35% from $24,881,000 last year and was $89,179,000 in the six months, up 43% from $62,426,000 last year. RV sales in the quarter were $479,027,000, up 28% from $374,222,000 last year and were $1,061,323,000 in the six months, up 31% from $807,194,000 last year. Bus income before tax in the quarter was $1,343,000, down 61% from $3,419,000 last year and was $2,468,000 in the six months, down 60% from $6,151,000 last year. Bus sales were $58,014,000 in the quarter, up 11% from $52,257,000 last year and were $108,444,000 in the six months, down 1% from $109,713,000 last year. Corporate costs were $2,018,000 in the quarter versus $874,000 last year and were $2,722,000 in the six months versus $2,070,000 last year. Corporate costs in the three and six months of last year were reduced by a $1,814,000 gain on sale of equity securities.

Thor received an order from Cruise America, the largest renter of recreation vehicles, for motor homes valued at approximately $59,000,000. Last year, Cruise America purchased motor homes with a sales value of approximately $48,000,000.

Thor's regular quarterly dividend of 3 cents per share will be paid on April 1, 2005 to stockholders of record on March 18, 2005.

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, 2005 and 2004
                    $000 except per share - unaudited

                3 MONTHS ENDED JANUARY 31        6 MONTHS ENDED JANUARY 31
                2005     %      2004    %        2005     %      2004    %

  Net
   sales    $537,041        $426,479       $1,169,767        $916,907

  Gross
   profit    $67,832  12.6%  $53,335 12.5%   $158,606  13.6% $119,543 13.0%
  Selling,
   general
   and admin-
   istrative $35,493   6.6%  $28,526  6.7%    $71,572   6.1%  $56,541  6.2
  Amortiza-
   tion of
   intangibles  $269    .1%     $202    -        $471     -      $396    -
  Gain on
   equity
   securities      -     -    $1,814   .4%          -     -    $1,814   .2%
  Interest
   income
   (net)        $474    .1%     $380   .1%     $1,236    .1%     $810   .1%
  Other income  $365    .1%     $625   .1%     $1,126    .1%   $1,277   .1%
  Income
   before
   taxes     $32,909   6.1%  $27,426  6.4%    $88,925   7.6%  $66,507  7.3%

  Taxes      $12,271   2.3%   $9,906  2.3%    $33,214   2.8%  $25,283  2.8%
  Net income $20,638   3.8%  $17,520  4.1%    $55,711   4.8%  $41,224  4.5%

  E.P.S. -
   basic        $.36            $.31             $.98            $.72
  E.P.S. -
   diluted      $.36            $.30             $.97            $.71

  Avg.
   common
   shares
   out-
   standing-
   basic   56,712,923     57,327,356       56,834,930      57,276,091
  Avg.
   common
   shares
   out-
   standing-
   diluted 57,141,714     57,701,234       57,210,661      57,668,857

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

                         2005      2004                    2005       2004

  Cash and                                Current
   equivalents        $70,122   $42,338   liabilities  $213,416   $183,860

  Investments,                            Other
   short term          14,174    43,572   liabilities    10,517      7,196

  Accounts receivable                     Stockholders'
                      165,187   134,854   equity        557,037    455,751
  Inventories         194,225   156,411
  Deferred income
   tax and other       20,612    16,774
  Total current
   assets             464,320   393,949
  Fixed assets        128,842    86,501
  Investments - joint
   ventures             2,342     2,433
  Goodwill            161,389   140,857
  Other assets         24,077    23,067
  Total              $780,970  $646,807                $780,970   $646,807