Thor Reports Record Net Income, Sales in Quarter, Half
17 February 1999
Thor Reports Record Net Income, Sales in Quarter, Half
JACKSON CENTER, Ohio, Feb. 16 -- Thor Industries, Inc.
announced today record results for the second quarter and six
months ended January 31, 1999.
Net income for the quarter was a record $5,452,000, up 58% from
$3,442,000 last year, which included a one-time gain on sale of a subsidiary
of $1,269,000, or $.08 per share. E.P.S. for the quarter surged 61% to $.45,
versus $.28 last year. Excluding last year's one-time gain, E.P.S. were up
125% in the quarter. Sales for the quarter were a record $165,533,000, up
23% from $134,510,000 last year.
Net income for the six months was a record $12,444,000, up 38% from
$8,995,000 last year. E.P.S. for the six months were up 38% to $1.02 versus
$.74 last year. Excluding last year's one-time gain, E.P.S. were up 55% in
the six months. Sales for the six months were a record $354,710,000, up
18% from $299,968,000 last year.
These record results reflect significantly improved margins in both RV and
Bus. RV income before tax was $14.0 million in the six months, up 36% from
last year on a 10% sales increase to $251 million. Bus income before tax was
$7.1 million in the six months, up 118% from last year on a 44% sales increase
to $104 million.
"These results, the underlying strength of our two industries and record
backlog bode well for a very strong 1999. Further, Thor's Airstream
subsidiary was recently named by I.D., the renowned international design
magazine, as "one of North America's most design-driven companies," said Wade
F.B. Thompson, Thor Chairman.
Thor's regular quarterly dividend of $.02 per share will be paid on
April 2, 1999 to stockholders of record on March 19, 1999.
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 6 MONTHS ENDED JANUARY 31, 1999 & 1998
$000 except per share - unaudited
3 MONTHS ENDED JANUARY 31, 1999
1999 % 1998 %
Net Sales $165,533 -- $134,510 --
Gross profit $20,985 12.7% $14,701 10.9%
Selling, general
and administrative $11,288 6.8% $ 9,878 7.3%
Amortization of
intangibles $362 0.2% $476 0.4%
Operating income $ 9,335 5.6% $ 4,347 3.2%
Interest income (net) $436 0.3% $202 0.2%
Other income (expense) $(572) -0.3% $(283) -0.2%
Gain on sale of subsidiary $-- -- $ 1,269 0.9%
Income before taxes $ 9,199 5.6% $ 5,535 4.1%
Taxes $ 3,747 2.3% $ 2,093 1.6%
Net Income $ 5,452 3.3% $ 3,442 2.6%
E.P.S. $0.45 -- $0.28 --
E.P.S. excluding
gain on sale $0.45 -- $0.20 --
Average common shares
outstanding 12,185,359 -- 12,222,495 --
6 MONTHS ENDED JANUARY 31, 1999
1999 % 1998 %
Net Sales $354,710 -- $299,968 --
Gross profit $44,007 12.4% $33,478 11.2%
Selling, general and
administrative $22,627 6.4% $19,481 6.5%
Amortization of
intangibles $751 0.2% $952 0.3%
Operating income $20,629 5.8% $13,044 4.3%
Interest income (net) $988 0.3% $393 0.1%
Other income (expense) $ (457) -0.1% $164 0.1%
Gain on sale of
subsidiary $ -- -- $ 1,269 0.4%
Income before taxes $21,160 6.0% $14,870 5.0%
Taxes $8,716 2.5% $ 5,875 2.0%
Net Income $12,444 3.5% $ 8,995 3.0%
E.P.S. $1.02 -- $0.74 --
E.P.S. excluding
gain on sale $1.02 -- $0.66 --
Average common shares
outstanding 12,203,088 -- 12,219,024 --
SUMMARY BALANCE SHEETS - JANUARY 31, 1999 and 1998 ($000) (unaudited)
1999 1998
Cash $28,492 $17,845
Other current assets $139,025 $113,931
Total current assets $167,517 $131,776
Fixed assets $19,602 $15,228
Investment - Joint ventures $3,441 $ 3,505
Other assets $19,195 $22,182
$209,755 $172,691
1999 1998
Current liabilities $59,948 $42,806
Other liabilities $1,290 $ 1,886
Stockholders equity $148,517 $127,999
$209,755 $172,691