Thor Reports Record Net Income, Sales in Quarter, Half
23 February 2000
Thor Reports Record Net Income, Sales in Quarter, Half
JACKSON CENTER, Ohio, Feb. 22 -- Thor Industries, Inc.
announced today record results for the second quarter and six
months ended January 31, 2000.
Net income for the quarter was a record $6,710,000, up 23% from
$5,452,000 last year. E.P.S. for the quarter were 55 cents versus 45 cents
last year. Sales for the quarter were a record $193,709,000, up 17% from
$165,533,000 last year.
Net income for the six months was a record $16,370,000, up 32% from
$12,444,000 last year. E.P.S. for the six months were up 32% to $1.35 versus
$1.02 last year. Sales for the six months were a record $414,730,000, up 17%
from $354,710,000 last year.
RV income before tax was $20.0 million in the six months, up 37% from
$14.6 million last year on an 18% sales increase to $297 million versus
$251 million last year. Bus income before tax was $9.2 million in the six
months, up 25% from $7.3 million last year on a 14% sales increase to
$118 million versus $104 million last year.
In the quarter Thor reserved $707,000 for losses it believes it may incur
due to the serious financial difficulties being encountered by a former
operation it sold in 1998.
Thor's regular quarterly dividend of 2 cents per share will be paid on
April 3, 2000 to stockholders of record on March 17, 2000.
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, 2000 & 1999
$000 except per share - unaudited
3 Months Ended January 31
2000 % 1999 %
Net Sales $193,709 $165,533
Gross profit $24,965 12.9% $20,985 12.7%
Selling, general and
administrative $13,084 6.8% $11,288 6.8%
Amortization of
intangibles $447 0.2% $362 0.2%
Operating income $11,434 5.9% $9,335 5.6%
Interest income (net) $665 0.4% $436 0.3%
Other income (expense) $(678) -0.4% $(572) -0.3%
Income before taxes $11,421 5.9% $9,199 5.6%
Taxes $4,711 2.4% $3,747 2.3%
Net Income $6,710 3.5% $5,452 3.3%
E.P.S. $0.55 $0.45
Average common
shares
outstanding 12,109,647 12,185,359
6 Months Ended January 31
2000 % 1999 %
Net Sales $414,730 $354,710
Gross profit $54,535 13.1% $44,007 12.4%
Selling, general and
administrative $26,504 6.4% $22,627 6.4%
Amortization of
intangibles $894 0.2% $751 0.2%
Operating income $27,137 6.5% $20,629 5.8%
Interest income (net) $1,443 0.4% $988 0.3%
Other income (expense) $(672) -0.2% $(457) -0.1%
Income before taxes $27,908 6.7% $21,160 6.0%
Taxes $11,538 2.8% $8,716 2.5%
Net Income $16,370 3.9% $12,444 3.5%
E.P.S. $1.35 $1.02
Average common
shares
outstanding 12,128,941 12,203,088
SUMMARY BALANCE SHEETS - JANUARY 31, 2000 and 1999 ($000) (unaudited)
2000 1999
Cash and investments $51,127 $28,492
Other current assets $151,620 $139,025
Total current assets $202,747 $167,517
Stockholders equity $180,201 $148,517
Fixed assets $25,457 $19,602
Investment - joint ventures $3,460 $ 3,441
Other assets $22,012 $19,195
$253,676 $209,755
2000 1999
Current liabilities $71,878 $59,948
Other liabilities $1,597 $ 1,290
$253,676 $209,755