Thor Reports Sales, Earnings
23 May 2000
Thor Reports Highest Sales, Earnings Quarter Ever; E.P.S. Up 14% In Quarter, 25% In 9 Months
JACKSON CENTER, Ohio, May 22 Thor Industries, Inc.
announced today record results for the third quarter and nine
months ended April 30, 2000.
Sales for the third quarter were $243.9 million, up 9% from $223.7 million
last year. Net income for the quarter was a record $10,090,000 up 13% from
$8,950,000 last year. E.P.S. for the quarter were a record 83c, up 14% from
73 cents last year.
Sales for the nine months were a record $658.7 million, up 14% from
$578.4 million last year. Net income for the nine months was a record
$26,460,000 up 24% from $21,394,000 last year. E.P.S. for the nine months
were a record $2.18, up 25% from $1.75 last year.
Wade F. B. Thompson, Thor chairman said, "These results are the highest
the company has achieved in any quarter despite a shortage of chassis which
significantly impacted Bus sales and net income. Chassis supply has now
improved. In addition, in the quarter we incurred start-up costs of Four
Winds' new state-of-the-art 165,000 sq. ft. facility which is now operating
well."
RV sales in the quarter were a record $190.8 million, up 14% from
$167.8 million last year and $487.5 million in the 9 months, up 16% from
$418.5 million last year. Bus sales in the quarter were $53.1 million, versus
$55.9 million last year and $171.2 million in the 9 months, up 7% from
$159.9 million last year. On May 1, 2000, backlog was $306 million, up 18%
from last year. In the quarter, Thor accrued $1,120,000 for costs it
anticipates incurring related to the dissolution of a former operation sold in
1998.
"Although Coachmen Industries, Inc. rejected our merger offer of April 17,
2000, which is now withdrawn, it is interesting to note that not one of
Coachmen's ten directors received a majority of the common shares outstanding
at its recent annual meeting," Mr. Thompson said.
Thor's regular quarterly dividend of 2 cents per share will be paid on
July 5, 2000 to stockholders of record on June 16, 2000.
THOR INDUSTRIES, INC.,
STATEMENT OF INCOME FOR THE 3 AND 9 MONTHS ENDED APRIL 30, 2000 and 1999
$000 except per share - unaudited
3 MONTHS ENDED APRIL 30
2000 % 1999 %
Net sales $243,943 $223,708
Gross profit $32,401 13.3% $29,818 13.3%
Selling, general and
administrative $14,750 6.0% $13,972 6.2%
Amortization of
intangibles $447 .2% $363 .2%
Operating income $17,204 7.1% $15,483 6.9%
Interest income (net) $795 .3% $352 .2%
Other income
(expense) $(1,055) (.4)% $(560) (.3)%
Income before taxes $16,944 6.9% $15,275 6.8%
Taxes $6,854 2.8% $6,325 2.8%
Net income $10,090 4.1% $8,950 4.0%
E.P.S. 0.83 0.73
Average common shares
outstanding 12,105,260 12,166,608
9 MONTHS ENDED APRIL 30
2000 % 1999 %
Net sales $658,673 $578,418
Gross profit $86,936 13.2% $73,825 12.8%
Selling, general and
administrative $41,254 6.3% $36,599 6.3%
Amortization of
intangibles $1,341 .2% $1,114 .2%
Operating income $44,341 6.7% $36,112 6.2%
Interest income (net) $2,238 .3% $1,340 .2%
Other income
(expense) $(1,727) (.3)% $(1,017) (.2)%
Income before taxes $44,852 6.8% $36,435 6.3%
Taxes $18,392 2.8% $15,041 2.6%
Net income $26,460 4.0% $21,394 3.7%
E.P.S. $2.18 $1.75
Average common shares
outstanding 12,121,163 12,191,195
SUMMARY BALANCE SHEETS - APRIL 30 ($000) (unaudited)
2000 1999
Cash $49,395 $42,074
Other current assets 172,025 148,548
Total current assets 221,420 190,622
Fixed assets 29,498 20,813
Investments 13,648 3,350
Other assets 17,028 18,730
Total $281,594 $233,515
2000 1999
Current liabilities $87,071 $76,967
Other liabilities 4,341 1,334
Stockholders equity 190,182 155,214
Total $281,594 $233,515