Thor Reports Record Net Income, Sales, and E.P.S.
27 October 1998
Thor Reports Record Net Income, Sales, and E.P.S. for Year to Divest Thor West
JACKSON CENTER, Ohio, Oct. 26 -- Thor Industries, Inc.
announced today record sales, net income, and E.P.S. for the year
ended July 31, 1998.
Net income for the 12 months was $19,395,000, up 18% from $16,423,000 last
year. E.P.S. for the year were $1.59, up 20% from $1.32 last year. Net
income for the quarter was $4,265,000 or $0.35 per share versus $5,583,000 or
$0.46 per share last year. Net income in the quarter and year is after a
charge of $3,990,000 before tax, for loss on the planned divestment of Thor
West. Without this one-time charge, net income would have been $22,161,000 or
$1.81 per share for the year and $7,031,000 or $0.57 per share for the
quarter.
Sales for the 12 months were $715.6 million, up 15% from $624.4 million
last year. Sales in the quarter were $208.7 million, up 15% from
$181.1 million last year. For the quarter, RV sales were $156.0 million, up
9% from $142.6 million and Bus sales were $52.7 million, up 37% from
$38.5 million last year. For the year, RV sales were $547.5 million up 13%
from $485.0 million last year and Bus sales were $168.1 million, up 21% from
$139.4 million last year.
"Agreement has been reached to sell Thor West to its management team.
Thor is now in the strongest financial condition it has ever been. Cash on
hand on July 31, 1998 was over $43 million, working capital was just under
$100 million, and we will be free of Thor West and ElDorado Michigan
operations that incurred losses of $10 million before taxes in fiscal 1998.
Fiscal 1999 has started well with August and September results up strongly
from last year," said Wade F.B. Thompson, Thor Chairman.
Thor also announced that it paid its regular quarterly dividend of $0.02
per share on October 9, 1998 to stockholders of record on September 28, 1998.
Thor is the largest builder of mid-size buses and the second largest
manufacturer of recreational vehicles.
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, 1998 & 1997
$000 except per share -- unaudited
3 MONTHS ENDED JULY 31 12 MONTHS ENDED JULY 31
1998 1997 1998 1997
Net Sale $208,730 $181,084 $715,600 $624,435
Gross profit $25,697 $20,374 $82,601 $65,768
Sales, general,
administrative $13,729 $10,952 $45,601 $36,381
Amortization of
intangibles $476 $491 $1,904 $2,084
Operating income $11,492 $8,931 $35,096 $27,303
Other income, net $248 $342 $676 $334
Loss on divestment of
subsidiaries $(3,990) -- $(2,721) --
Income before taxes $7,750 $9,273 $33,051 $27,637
Taxes $3,485 $3,690 $13,656 $11,214
Net Income $4,265 $5,583 $19,395 $16,423
E.P.S. -- basic $0.35 $0.46 $1.59 $1.32
-- diluted $0.35 $0.45 $1.58 $1.31
Average common shares
outstanding 12,247,935 12,215,234 12,227,307 12,458,337
SUMMARY BALANCE SHEET ($000) -- July 31, 1998
Cash $43,532
Other current assets $130,173
Fixed assets $17,444
Other assets $22,832
Total $213,981
Current liabilities $74,566
Other liabilities $1,201
Stockholders equity $138,214
Total $213,981