Thor Reports Best Sales, Earnings Quarter Ever
26 May 1998
Thor Reports Best Sales, Earnings Quarter Ever: E.P.S. Up 39% in Quarter, 44% in 9 Months
JACKSON CENTER, Ohio, May 26 -- Thor Industries, Inc.
announced today record results for the third quarter and nine
months ended April 30, 1998.
Sales for the third quarter were $206.9 million, up 22% from
$169.3 million last year. Net income for the quarter was a record
$6,135,000, up 41% from $4,358,000 last year. E.P.S. for the quarter were a
record 50 cents, up 39% from 36 cents last year.
Sales for the nine months were a record $506.9 million, up 14% from
$443.3 million last year. Net income for the nine months was a record
$15,145,000, up 40% from $10,840,000 last year. E.P.S. for the nine months
were a record $1.24, up 44% from 86 cents last year. E.P.S. for the 9 months
without a one time gain on sale of a subsidiary were $1.16, up 35% from last
year.
Per share amounts in each year have been adjusted for the company's 3 for
2 stock split effective April 6, 1998. Last year's net income has been
reduced by $252,000 (2 cents per share) in the quarter and $905,000
(7 cents per share) in the 9 months for previously announced improper entries
made at a Thor subsidiary.
Wade F. B. Thompson, Thor Chairman, said, "These results are the highest
the company has ever achieved in any quarter. On May 1, 1998, backlog was
about $165 million, a record, and up 27% from last year. RV sales in the
quarter were a record $163.6 million, up 20% from $136.1 million last year and
$391.5 million in the 9 months, up 14% from $342.4 million last year. Bus
sales in the quarter were $43.3 million up 30% from $33.2 million last year
and $115.3 million in the 9 months, up 14% from $100.9 million last year.
Thor's quarterly dividend of 2 cents per share will be paid on
July 2, 1998 to stockholders of record on June 17, 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 9 MONTHS ENDED APRIL 30, 1998 & 1997
$000 except per share - unaudited
3 MONTHS ENDED APRIL 30 9 MONTHS ENDED APRIL 30
1998 1997 1998 1997
Net Sales $206,902 $169,329 $506,870 $443,351
Gross profit $23,427 $17,795 $56,905 $45,393
Sales, general,
administrative $12,391 $9,789 $31,872 $25,425
Amortization of
Intangibles $477 $523 $1,429 $1,593
Interest income (net) $20 $87 $413 --
Other $(148) $(180) $15 $(11)
Gain on sale of
subsidiary -- -- $1,269 --
Income before taxes $10,431 $7,390 $25,301 $18,364
Taxes $4,296 $3,032 $10,156 $7,524
Net income $6,135 $4,358 $15,145 $10,840
E.P.S. $0.50 $0.36 $1.24 $0.86
Average common shares
outstanding 12,223,108 12,215,233 12,220,356 12,540,261
SUMMARY BALANCE SHEET ($000) -- April 30, 1998
Cash $11,221 Current Liabilities $60,645
Other current assets $142,674 Other liabilities $1,946
Fixed assets $17,411 Stockholders equity $134,023
Other assets $25,308
Total $196,614 $196,614