Thor Announces Record Results; E.P.S. Jump 40%; Highest Ever Quarterly Net Income
19 November 1999
Thor Announces Record Results; E.P.S. Jump 40%; 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, 1999 were $221.0 million, up
17% from $189.2 million last year. Net income was $9,660,000 up 38% from
$6,992,000 last year. E.P.S. were $0.80, up 40% from $0.57 last year.
RV sales in the quarter were $162.7 million, up 18% from $138.3 million
last year. Bus sales were $58.3 million, up 15% from $50.9 million last year.
"These results are well in excess of analysts' estimates, reflect
significantly improved operating margins in both our RV and Bus segments, and
bode well for a very strong fiscal 2000. RV income before tax was up 32% to
$11.9 million and Bus income before tax was up 66% to $4.9 million. Backlog
on October 31, 1999 was $219 million, up 32% from last year. RV backlog was
up 42% and Bus backlog was up 26%," 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 filing with the Securities and Exchange Commission.
THOR INDUSTRIES, INC.,
STATEMENT OF INCOME FOR THE 3 MONTHS ENDED OCTOBER 31, 1999 & 1998
$000 except per share - unaudited
3 MONTHS ENDED OCTOBER 31
1999 % 1998 %
Net sales $221,021 $189,177
Gross profit $29,570 13.4% $23,022 12.2%
Sales, general and
administrative 13,420 6.1% 11,339 6.0%
Amortization of intangibles 447 .2% 389 .2%
Interest income (net) 778 .4% 552 .3%
Other 6 -- 115 .1
Income before taxes 16,487 7.5% 11,961 6.3%
Taxes 6,827 3.1% 4,969 2.6%
Net income 9,660 4.4% 6,992 3.7%
E.P.S. $0.80 $0.57
Average common shares
outstanding 12,148,235 12,220,818
SUMMARY BALANCE SHEETS - October 31 ($000) (unaudited)
1999 1998
Cash 54,061 42,682
Accounts receivable 59,018 51,277
Inventories 79,629 71,182
Prepaid, etc. 11,186 5,073
Current assets 203,894 170,214
Fixed assets 24,221 18,050
Investment-joint ventures 3,504 3,622
Other assets 19,417 19,040
Total $251,036 $210,926
1999 1998
Current liabilities $74,677 $66,456
Other liabilities 1,553 1,245
Stockholders equity 174,806 143,225
$251,036 $210,926