Thor Reports Quarterly Results; Improved Margins, Strong Cash Flow

JACKSON CENTER, Ohio, Nov. 26, 2007 -- Thor Industries, Inc. , today reported increased sales, net income, and E.P.S. for the first quarter ended October 31, 2007.

Net income was $38,209,000, up 25% from last year's $30,597,000. E.P.S. were 69¢ versus 55¢ last year. Sales for the quarter were $763.7 million, up 5% from $727.7 million last year.

RV income before tax in the quarter was $57,665,000, up 24% from $46,468,000 last year. Bus income before tax was $4,139,000, up 37% from $3,020,000 last year. RV sales in the quarter were $664.2 million, up 5% from $635.9 million last year. Bus sales were $99.5 million up 8% from $91.8 million last year. Net corporate costs were $1.3 million versus $.5 million last year.

Thor backlog on October 31, 2007, was $476 million, up 17% from $406 million last year. RV backlog was $249.7 million, up 33% from $188.4 million last year and Bus backlog was $226.3 million, up 4% from $217.9 million last year.

"Cash and short term investments increased to $265 million from $207 million last year even after paying a special dividend of $112 million on October 8, 2007. Our financial condition and cash flow continue to be exceptionally strong. In each of our business segments -- towables, motorized, and buses -- we increased sales, net before tax, and margins and we expect continuing improved margins, net income, and growth as the year progresses," said Wade F. B. Thompson, Thor Chairman.

Thor is the world's largest manufacturer of recreation vehicles and a major builder of commercial buses.

This release includes certain statements that are "forward looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934 as amended. These forward looking statements involve uncertainties and risks. There can be no assurance that actual results will not differ from our expectations. Factors which could cause materially different results include, among others, additional issues that may arise in connection with the findings of the completed investigation of the Audit Committee of the Board of Directors of Thor Industries, Inc. (the "Company") and the SEC's requests for additional information, fuel prices, fuel availability, interest rate increases, increased material costs, the success of new product introductions, the pace of acquisitions, cost structure improvements, competition and general economic conditions and the other risks and uncertainties discussed more fully in Item 1A of the Company's Annual Report on Form 10-K for the year ended July 31, 2007. The Company disclaims any obligation or undertaking to disseminate any updates or revisions to any change in expectation of the Company after the date hereof or any change in events, conditions or circumstances on which any statement is based except as required by law.

                              THOR INDUSTRIES, INC.
        STATEMENT OF INCOME FOR THE 3 MONTHS ENDED OCTOBER 31, 2007 & 2006
                        $000 except per share - unaudited

                                        3 MONTHS ENDED OCTOBER 31
                                  2007        %        2006        %
  Net sales                     $763,736             $727,716
  Gross profit                  $101,275    13.3%     $89,168    12.3%
  Selling, general and
   administrative                $45,197     5.9%     $43,208     5.9%
  Amortization of intangibles       $213      -          $237      -
  Interest income (net)           $3,836      .5%      $2,723      .4%
  Other income                      $779      .1%        $550      .1%
  Income before taxes            $60,480     7.9%     $48,996     6.7%
  Taxes                          $22,271     2.9%     $18,399     2.5%
  Net income                     $38,209     5.0%     $30,597     4.2%
  E.P.S. - basic                   $0.69                $0.55
  E.P.S. - diluted                 $0.68                $0.55

  Average common shares
   outstanding-basic          55,757,338           55,613,302
  Average common shares
   outstanding-diluted        55,966,614           55,904,797

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

                                    2007          2006
  Cash and equivalents            $104,451       $95,963
  Investments, short term          160,550       110,815
  Accounts receivable              179,217       159,263
  Inventories                      187,879       207,168
  Deferred income tax and other     31,079        29,570
  Total current assets             663,176       602,779
  Fixed assets                     157,091       158,178
  Investments-joint ventures         3,119         2,917
  Goodwill                         165,663       165,663
  Other assets                      29,022        26,814
  Total                         $1,018,071      $956,351

                                    2007          2006
  Current liabilities             $295,728      $272,182
  Other liabilities                 46,220        13,862
  Stockholders' equity             676,123       670,307

                                $1,018,071      $956,351