Thor Reports Record Quarter and Nine Months Sales, Net Income, and E.P.S.; Retails 11,171 RV Units in May, Up 18% From Last Year; Highest Month Ever.
JACKSON CENTER, Ohio, June 2 -- Thor Industries, Inc. announced today record sales, net income, and E.P.S. for the third quarter and nine months ended April 30, 2005 and record RV unit retail sales in May.
Net income for the quarter was $32,950,000, compared with $32,784,000 last year. E.P.S. for the quarter were $0.58, up from $0.57 last year. Sales for the quarter were $728,693,000, up 13% from $645,690,000 last year.
Net income for the nine months was a record $88,660,000 up 20% from $74,007,000 last year. E.P.S. for the nine months were $1.56, up 21% from $1.29 last year. Sales for the nine months were $1,898,460,000, up 21% from $1,562,597,000 last year.
RV sales in the quarter were a record $662,790,000, up 12% from $594,157,000 last year. Bus sales in the quarter were $65,903,000, the highest in 3 years and up 28% from $51,533,000 last year. RV sales in the 9 months were $1,724,113,000, up 23% from $1,401,350,000 last year. Bus sales in the 9 months were $174,347,000 up 8% from $161,247,000 last year. RV income before tax was $51,540,000 in the quarter, down 7% from $55,440,000 last year and $140,718,000 in the 9 months, up 19% from $117,866,000 last year. Bus income before tax in the quarter was the highest in nearly 2 years at $2,641,000 up 90% from $1,389,000 last year and $5,109,000 in the 9 months, down from $7,540,000 last year. Corporate costs in the quarter were $2,027,000 versus $3,084,000 last year and $4,749,000 in the nine months versus $5,155,000 last year. This year's results include CrossRoads since its acquisition on November 1, 2004. CrossRoads had sales of $29,721,000 for the quarter and $44,156,000 since acquisition. CrossRoads income before tax was $2,913,000 for the quarter and $3,736,000 since acquisition.
Thor's RV retail sales in the 5 months ended May 31, 2005 were up 8% over last year, to a record 36,038 units versus 33,507 last year. In May, Thor RV retail unit sales surged 18%, to 11,171 easily the highest for any month in the company's history and up from 9,511 last year. CrossRoads retail sales are included in both years. In April and May our RV dealer inventories declined by over 6,000 units, from 51,000 units on March 31, 2005. U.S. industry retail RV registrations were up 7%, a record, with travel trailers and fifth wheels, our largest segment up 9%, and motor homes up 2% for the 3 months ended March 31, 2005, according to Statistical Surveys. Industry shipments of mid-size buses are up 16% for the 3 months ended March 31, 2005.
Thor's quarterly dividend of $0.03 per share will be paid on July 1, 2005 to stockholders of record on June 15, 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 9 MONTHS ENDED APRIL 30, 2005 and 2004
$000 except per share - unaudited
3 MONTHS ENDED APRIL 30
2005 % 2004 %
Net sales $ 728,693 $ 645,690
Gross profit $ 94,035 12.9% 90,121 14.0%
Selling, general and
administrative $ 42,901 5.9% $ 37,210 5.8%
Amortization of intangibles $ 259 -- $ 201 --
Gains (losses) on equity $ -- -- $ (13) --
securities
Interest income(net) $ 536 .1% $ 321 --
Other income $ 743 .1% $ 727 .1%
Income before taxes $ 52,154 7.2% $ 53,745 8.3%
Taxes $ 19,204 2.6% $ 20,961 3.2%
Net income $ 32,950 4.5% $ 32,784 5.1%
E.P.S. - basic $ 0.58 $ 0.57
E.P.S. - diluted $ 0.58 $ 0.57
Avg. common shares
outstanding-basic 56,732,473 57,245,068
Avg. common shares
outstanding-diluted 57,129,262 57,587,458
9 MONTHS ENDED APRIL 30
2005 % 2004 %
Net sales $ 1,898,460 $ 1,562,597
Gross profit $ 252,642 13.3% $ 209,665 13.4%
Selling, general and
administrative $ 114,473 6.0% $ 93,751 6.0%
Amortization of intangibles $ 730 -- $ 597 --
Gains (losses) on equity
securities $ -- -- $ 1,801 .1%
Interest income(net) $ 1,771 .1% $ 1,129 .1%
Other income $ 1,868 .1% $ 2,004 .1%
Income before taxes $ 141,078 7.4% $ 120,251 7.7%
Taxes $ 52,418 2.8% $ 46,244 3.0%
Net income $ 88,660 4.7% $ 74,007 4.7%
E.P.S. - basic $ 1.56 $ 1.29
E.P.S. - diluted $ 1.55 $ 1.28
Avg. common shares
outstanding-basic 56,801,528 57,265,901
Avg. common shares
outstanding-diluted 57,195,012 57,641,688
SUMMARY BALANCE SHEETS - APRIL 30 ($000) (unaudited)
2005 2004
Cash and equivalents $ 85,687 $ 65,541
Investments, short term 41,840 43,949
Accounts receivable 189,622 181,605
Inventories 182,459 159,578
Deferred income tax and other 17,712 14,112
Total current assets 517,320 464,785
Fixed assets 133,814 93,191
Investments - joint ventures 2,482 2,492
Goodwill 161,437 140,857
Other assets 23,986 22,515
Total $ 839,039 $ 723,840
2005 2004
Current liabilities $ 246,907 $ 236,629
Other liabilities 10,960 7,601
Stockholders' equity 581,172 479,610
$ 839,039 $ 723,840