Thor Announces 120% Jump In Quarter Net Income
17 September 1999
Thor Announces 120% Jump In Quarter Net Income; 59% Increase For Year. Record Sales In Quarter, Year. Strong Start To F2000. Two New Directors Appointed
JACKSON CENTER, Ohio, Sept. 16 -- Thor Industries, Inc.
announced today record sales and net income for the quarter and
year ended July 31, 1999.
Net income in the quarter surged 120% to $9.4 million, up from
$4.3 million in the prior year. Net income for the year increased 59%, to
$30.8 million compared to $19.4 million last year. EPS in the quarter jumped
to a record 77c, up 120% from 35c last year. EPS for the year were $2.53 up
59% from $1.59 last year.
Sales for the year were a record $805.8 million up 13% from $715.6 million
last year. Sales in the quarter were $227.4 million, up 9% from
$208.7 million last year. RV sales for the year were $588.9 million, up 8%
from $547.5 million last year. Bus sales for the year were $216.9 million, up
29% from $168.1 million last year.
"These results are in excess of analysts' estimates and reflect the
continuing strength of both our RV and Bus segments," said Wade F. B.
Thompson, Thor Chairman. "The most satisfying trends are the annual
improvements in gross and net margins which accelerated further in the last
quarter. Cash on July 31, 1999 was $68.9 million, the highest ever, and we
have no debt. Fiscal 2000 has started very strongly with August sales up 18%
and net income up 48%. Backlog on September 1, 1999, was a record for this
time of the year at $230 million, up 29% from last year," added Mr. Thompson.
Jan H. Suwinski, Professor of Business Operations at the Samuel Curtis
Johnson Graduate School of Management, Cornell University, and former Chairman
of Siecor, a Siemens/Corning joint venture and Neil D. Chrisman, a Managing
Director (retired) of J.P. Morgan & Co., were appointed directors of the
company.
THOR IDUSTRIES, INC.,
STATEMENT OF INCOME FOR THE 3 AND 12 MONTHS ENDED JULY 31, 199 & 1998
$000 except per share - unaudited
3 MONTHS ENDED JULY 31
1999 % 1998 %
Net sales $227,388 $208,730
Gross Profit $31,080 13.7% $25,696 12.3%
Selling, general and
administrative $15,071 6.6% $13,729 6.6%
Amortization of
intangibles $362 .2% $476 .2%
Operating income $15,648 6.9% $11,492 5.5%
Interest income (net) $728 .3% $209 .1%
Other $(376) (.2%) $(3,950) (1.9%)
Income before taxes $16,000 7.0% $7,750 3.7%
Taxes $6,628 2.9% $3,500 1.7%
Net income $9,372 4.1% $4,250 2.0%
E.P.S. $.77 $.35
Average common shares
outstanding 12,146,630 12,247,935
12 MONTHS ENDED JULY 31
1999 % 1998 %
Net sales $805,806 $715,600
Gross Profit $104,906 13.0% $82,601 11.5%
Selling, general and
administrative $51,864 6.4% $45,601 6.4%
Amortization of
intangibles $1,475 .2% $1,904 .3%
Operating income $51,567 6.4% $35,096 4.9%
Interest income (net) $2,067 .3% $622 .1%
Other $(1,199) (.1%) $(2,667) (1.4%)
Income before taxes $52,436 6.5% $33,051 4.6%
Taxes $21,669 2.7% $13,656 1.9%
Net income $30,766 3.8% $19,395 2.7%
E.P.S. $2.53 $1.59
Average common shares
outstanding 12,179,962 12,227,307
SUMMARY BALANCE SHEETS - JULY 31 ($000) (unaudited)
1999 1998 1999 1998
Cash $68,866 $43,532 Current liabilities $79,030 $74,566
Other current
assets 133,258 130,173 Other liabilities 1,509 1,201
Total current
assets 202,124 173,705 Stockholders equity 165,373 138,214
Fixed assets 22,316 17,444
Other assets 21,472 22,832
Total $245,912 $213,981 $245,912 $213,981