Thor Reports Record Quarter, 12 Months Sales, Net Income, E.P.S., Results in Excess of Analysts Increased Consensus Estimates; Declares $1 Per Share Special Dividend
JACKSON CENTER, Ohio, Sept. 18 -- Thor Industries, Inc. , announced record results that are in excess of analysts' increased consensus estimates, for the fourth quarter and 12 months ended July 31, 2006.
Net income for the 12 months was a record $172,464,000 up 42% from $121,767,000 last year. Basic E.P.S. for the 12 months were $3.05, up 42% from $2.15 last year. Sales for the 12 months were a record $3,066,276,000, up 20% from $2,558,351,000 last year.
Net income for the quarter was a record $46,086,000, up 39% from $33,106,000 last year. E.P.S. for the quarter were 82¢, up 39% from 59¢ last year. Sales for the quarter were a record $805,291,000, up 22% from $659,891,000 last year.
RV sales in the quarter were $719,840,000 up 23% from $584,344,000 last year. Bus sales in the quarter were $85,451,000 up 13% from $75,547,000 last year. RV sales in the 12 months were $2,750,508,000, up 19% from $2,308,456,000 last year. Bus sales in the 12 months were a record $315,768,000 up 26% from $249,895,000 last year. RV income before tax was $68,927,000 in the quarter, up 31% from $52,462,000 last year and $270,308,000 in the 12 months, up 40% from $193,181,000 last year. Bus income before tax in the quarter was $3,343,000 up 40% from $2,381,000 last year and $9,356,000 in the 12 months, up 25% from $7,492,000 last year. Corporate net costs were $2,095,000 in the quarter versus $2,311,000 last year and $9,241,000 in the 12 months versus $7,063,000 last year.
Cash and cash equivalents and short term investments on July 31, 2006, were a record $264.3 million, up from $208.8 million last year and we continue to have zero debt. Backlog on July 31, 2006 was $549 million, up 18% from last year's $467 million. RV backlog was $333 million, about even with last year, and Bus backlog was $216 million, up 66% from last year.
Thor's total retail RV sales in the 8 months ended August 2006 were 71,454 units, up 8% from 66,363 units last year, according to our internal daily tracking system. Towable retail sales are up 9% to 64,134 units from 58,618 units last year. Motor home retail sales are 5,798 units, down 6% from 6,167 units last year. Thor's RV retail unit sales were up 6% in May, 11% in June, 5% in July, and 8% in August according to our internal daily tracking system.
"These exceptional results far surpass any other company in our businesses and reflect outstanding performance by all Thor employees. In the six months ended January 31, 2006 of last fiscal year, we had one-time, extraordinary hurricane related sales of approximately $114 million. We estimate that these incremental revenues resulted in E.P.S. of approximately 19¢ in the six month period. Given the current tight market conditions, we anticipate that comparisons with the first half of last year will be difficult. We expect that we will recover these one time revenues by the end of fiscal 2007," said Wade F. B. Thompson, Thor Chairman.
On September 15, 2006, Thor's Board of Directors approved a one time special dividend of $1 per share. This dividend, in addition to our regular quarterly dividend of 7¢ per share, will be paid on October 10, 2006 to stockholders of record on September 27, 2006.
"The special dividend indicates our continuing commitment to provide our shareholders with superior returns. Our cash will continue to build and we will certainly have sufficient resources to continue our internal and external growth plans," said Thompson.
Thor Industries, Inc. is the largest manufacturer of recreation vehicles and a major builder of commercial buses.
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, 2006 and 2005
$000 except per share - unaudited
3 MONTHS ENDED JULY 31
2006 % 2005 %
Net sales $805,291 $659,891
Gross profit $116,154 14.4% $87,125 13.2%
Selling, general
and
administrative $48,748 6.1% $38,028 5.8%
Amortization of
intangibles $237 - $237 -
Interest income
(net) $2,419 .4% $804 .1%
Other income $587 .1% $2,867 .4%
Income before
taxes $70,175 8.7% $52,531 8.0%
Taxes $24,089 3.0% $19,425 2.9%
Net income $46,086 5.7% $33,106 5.0%
E.P.S. - basic $0.82 $0.59
E.P.S. - dilute $0.81 $0.58
Avg. common
shares
outstanding
-basic 56,197,965 56,502,673
Avg. common
shares
outstanding-
diluted 56,576,527 56,879,140
THOR INDUSTRIES, INC.
STATEMENT OF INCOME FOR THE 3 AND 12 MONTHS ENDED JULY 31, 2006 and 2005
$000 except per share - unaudited
12 MONTHS ENDED JULY 31
2006 % 2005 %
Net sales $3,066,276 $2,558,351
Gross profit $445,770 14.5% $339,766 13.3%
Selling,
general and
administrative $183,926 6.0% $152,499 6.0%
Amortization of
intangibles $949 - $967 -
Interest income
(net) $7,772 .3% $2,575 .1%
Other income $1,756 .1% $4,735 .2%
Income before
taxes $270,423 8.8% $193,610 7.6%
Taxes $97,959 3.2% $71,843 2.8%
Net income $172,464 5.6% $121,767 4.8%
E.P.S. -
basic $3.05 $2.15
E.P.S. -
diluted $3.03 $2.13
Avg. common
shares
outstanding
-basic 56,502,865 56,726,200
Avg. common
shares
outstanding-
diluted 56,897,039 57,107,563
SUMMARY BALANCE SHEETS - JULY 31 ($000) (unaudited)
2006 2005 2006 2005
Cash and Current
equivalents $196,136 $163,596 liabilities $285,827 $248,812
Investments, Other
short term 68,237 45,219 liabilities 12,911 11,680
Accounts
receivable 196,939 146,336 Stockholers'
Inventories 187,090 161,770 equity 713,104 597,387
Deferred income
tax and other 11,431 7,119
Total current
assets 659,833 524,040
Fixed assets 157,465 139,789
Investments -
joint ventures 2,737 2,800
Goodwill 165,664 165,662
Other assets 26,143 25,588
Total $1,011,842 $857,879 $1,011,842 $857,879