Thor Announces Record Results
19 November 1998
Thor Announces Record Results; E.P.S. Jump 27% Highest Ever Quarterly Net Income
JACKSON CENTER, Ohio, Nov. 18 -- Thor Industries, Inc.,
reported today record sales and the highest net income for any
quarter in the company's history.
Sales for the quarter ended October 31, 1998 were $189.2 million, up
14% from $165.5 million last year. Net income was $6,992,000 up 26% from
$5,553,000 last year. E.P.S. were $0.57, up 27% from $0.45 last year.
RV sales in the quarter were $138.3 million, up 10% from $125.7 million
last year. Bus sales were $50.9 million, up 28% from $39.8 million last year.
"These results are well in excess of analysts' estimates and reflect
significantly improved operating margins in both our RV and Bus segments. RV
income before taxes was up 18% to $9.0 million and Bus income before taxes was
up 72% to $2.9 million. Backlog on October 31, 1998 was $160 million, up 52%
from last year. RV backlog was up 27% and Bus backlog was up 73%," said Wade
F. B. Thompson, Thor Chairman.
Thor Industries, Inc. is the largest builder of mid-size buses and the
second largest manufacturer of recreation 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 MONTHS ENDED OCTOBER 31, 1998 & 1997
$000 except per share -- Unaudited
3 MONTHS ENDED OCTOBER 31
1998 1997
Net Sales $189,177 $165,458
Gross profit $23,022 $18,776
Sales, general,
administrative $11,339 $9,603
Amortization of intangibles $389 $476
Interest, other income (net) $667 $638
Income before taxes $11,961 $9,335
Taxes 4,969 3,782
Net Income 6,992 5,553
Earnings per share $0.57 $0.45
Average common shares
outstanding 12,220,818 12,215,555
SUMMARY BALANCE SHEETS ($000) - October 31 - Unaudited
1998 1997
Cash $42,682 $19,738
Accounts receivable 51,277 48,834
Inventories 71,182 58,045
Prepaid, etc. 5,073 3,360
Current assets 170,214 129,977
Fixed assets 18,050 15,919
Investment-joint ventures 3,622 3,765
Other assets 19,040 22,298
Total $210,926 $171,959
Current Liabilities $66,456 $45,127
Other liabilities 1,245 1,847
Stockholders' equity 143,225 124,985
Total $210,926 $171,959