Thor Reports Best Sales, Earnings Quarter Ever
14 May 1999
Thor Reports Best Sales, Earnings Quarter Ever; E.P.S. Up 46% in Quarter, 41% in 9 Months
JACKSON CENTER, Ohio, May 13 -- Thor Industries, Inc.
announced today record results for the third quarter and nine
months ended April 30, 1999.
Sales for the third quarter were $223.7 million, up 8% from $206.9 million
last year. Net income for the quarter was a record $8,951,000, up 46% from
$6,135,000 last year. E.P.S. for the quarter were a record $0.73, up 46% from
$0.50 last year.
Sales for the nine months were a record $578.4 million, up 14% from
$506.9 million last year. Net income for the nine months was a record
$21,394,000, up 41% from $15,145,000 last year. E.P.S. for the nine months
were a record $1.75, up 41% from $1.24 last year. E.P.S. for the 9 months
without a one-time gain on sale of a subsidiary last year, were up 51%.
Wade F. B. Thompson, Thor Chairman said, "These results are well in excess
of analysts' estimates and are the highest the company has achieved in any
quarter. On May 1, 1999, backlog was a record $260 million, up 57% from last
year. Bus sales in the quarter were $55.9 million, up 29% from $43.3 million
last year and $159.9 million in the 9 months, up 39% from $115.3 million last
year. RV sales in the quarter were a record $167.8 million, up 3% from
$163.6 million last year and $418.5 million in the 9 months, up 7% from
$391.6 million last year.
"Improved operating margins in both RV and Bus resulted from increased
revenues and cost controls. The quarterly results are especially gratifying
because we absorbed the start-up costs of Dutchmen's new state-of-the-art
137,000-sq. ft. facility which is now operating well, and the shut down costs
of two leased plants. Construction of Four Winds' new 165,000-sq. ft. motor
home plant is under way and a 50,000-sq. ft. expansion for ElDorado National's
Salina, KS, facilities will be ready for expanded production next month. Our
financial condition is the strongest ever, with no debt and $42 million cash,"
Mr. Thompson added.
Thor's regular quarterly dividend of $0.02 per share will be paid on
July 2, 1999 to stockholders of record on June 17, 1999.
This release includes "forward-looking statements" that involve
uncertainties and risks. There can be no assurances 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 9 MONTHS ENDED APRIL 30, 1999 & 1998
$000 except per share - unaudited
3 MONTHS ENDED APRIL 30 9 MONTHS ENDED APRIL 30
1999 % 1998 % 1999 % 1998 %
Net sale $223,708 $206,902 $578,418 $506,870
Gross profit $29,819 13.3% $23,427 11.3% $73,825 12.8% $56,905 11.2%
Selling, general
and admini
-strative $13,972 6.2% $12,391 6.0% $36,599 6.3% $31,872 6.3%
Amortization
of intangibles $363 .2% $477 .2% $1,114 .2% $1,429 .3%
Operating
income $15,484 6.9% $10,559 5.1% $36,112 6.2% $23,604 4.7%
Interest
income (net) $352 .2% $20 -- $1,340 .2% $413 .1%
Other income
(expense) $(560) (.3)% $(148) (.1)% $(1,017) (.2)% $15 --
Gain on sale
of subsidiary -- -- -- -- -- -- $1,269 .3%
Income before
taxes $15,276 6.8% $10,431 5.0% $36,435 6.3% $25,301 5.0%
Taxes $6,325 2.8% $4,296 2.1% $15,041 2.6% $10,156 2.0%
Net income 8,951 4.0% 6,135 3.0% $21,394 3.7% $15,145 3.0%
E.P.S. $0.73 $0.50 $1.75 $1.24
E.P.S. excluding
gain on sale $0.73 $0.50 $1.75 $1.16
Average common
shares out-
standing 12,166,608 12,223,108 12,191,195 12,220,356
SUMMARY BALANCE SHEETS - APRIL 30 ($000) (unaudited)
1999 1998 1999 1998
Cash $42,074 $11,221 Current liabilities $76,967 $60,645
Other current
assets 148,548 142,674 Other liabilities 1,334 1,946
Total current
assets 190,622 153,895 Stockholders' equity 155,214 134,023
Fixed assets 20,813 17,411
Other assets 22,080 25,308
Total $233,515 $196,614 $233,515 $196,614