Thor Reports E.P.S. Jump 96% in Quarter, 44% in Half; Both Records
17 February 1998
Thor Reports E.P.S. Jump 96% in Quarter, 44% in Half; Both Records
JACKSON CENTER, Ohio, Feb. 17 -- Thor Industries, Inc.
announced today record results for the second quarter and six
months ended January 31, 1998.
Net income for the quarter was a record $3,807,000, up 89% from
$2,019,000 last year. E.P.S. for the quarter surged 96% to $0.47 versus
$0.24 last year. Included in E.P.S. this quarter is a one time gain of
$0.11 per share on the sale of a subsidiary. Without this gain E.P.S. would
have been up 50%. Sales for the quarter were a record $134,510,000, up
9% from $123,525,000 last year.
Net income for the six months was a record $9,818,000, up 38% from
$7,134,000 last year. E.P.S. for the six months were up 44% to $1.21 versus
$0.84 last year. Sales for the six months ended January 31, 1998 were a
record $299,968,000, up 10% from $274,022,000 last year.
"Improved margins in both RV and Bus contributed to these record results
which are well in excess of analysts' estimates. RV industry strength and the
just-completed acquisition of Champion Bus bode well for strong continuing
profitable growth," said Wade F. B. Thompson, Thor Chairman.
Thor's regular quarterly dividend of $0.03 per share will be paid on
April 3, 1998 to stockholders of record on March 20, 1998.
Thor is the second largest manufacturer of recreational vehicles and the
largest builder of mid size buses.
THOR INDUSTRIES, INC.
Statement of Income for the 3 and 6 Months Ended January 31, 1998 & 1997
$000 except per share - unaudited
3 Months Ended 6 Months Ended
January 31 January 31
1998 1997 1998 1997
Net sales $134,510 $123,525 $299,968 $274,022
Gross profit $15,304 $12,007 $34,838 $28,697
Selling, general,
administrative $9,878 $7,661 $19,481 $15,637
Amortization of intangibles $476 $529 $952 $1,070
Interest income (expense), net $202 $(112) $393 $(87)
Other income, (expense) $986 $(216) $1,432 $169
Income before taxes $6,138 $3,489 $16,230 $12,072
Taxes $2,331 $1,470 $6,412 $4,938
Net income $3,807 $2,019 $9,818 $7,134
E.P.S. $0.47 $0.24 $1.21 $0.84
Average common shares
outstanding 8,148,330 8,258,377 8,146,016 8,464,984
Summary Balance Sheet - January 31, 1998 ($000) (unaudited)
Cash $18,745 Current liabilities $45,166
Other current assets $118,813 Other liabilities $1,887
Total current assets $137,558 Stockholders equity $131,450
Fixed assets $15,253
Other assets $25,692
$178,503 $178,503
SOURCE Thor Industries, Inc.