Thor Announces Sales, Net Income, E.P.S. for Quarter, Nine Months Increases Market Share in Both RV and Bus
Posted on: Wednesday, 10 June 2009, 09:32 CDT
JACKSON CENTER, Ohio, June 10 /PRNewswire-FirstCall/ -- Thor Industries, Inc. (NYSE: THO) announced results for the third quarter and nine months ended April 30, 2009.
Sales for the quarter were $415,472,000, down from $707,931,000 last year. Net income for the quarter was $2,102,000, versus $27,854,000 last year. E.P.S. for the quarter were 4 cents versus 51 cents last year.
Sales for the nine months were $1,080,972 versus $2,070,837 last year. Net loss for the nine months was $7,638,000 versus net income of $87,665,000 last year. E.P.S. for the nine months were (14 cents) versus $1.58 last year.
RV sales in the quarter were $312,041,000 down from $600,960,000 last year. RV sales in the nine months were $777,016,000 down from $1,770,437,000 last year. Bus sales in the quarter were $103,431,000 compared to $106,971,000 last year. Bus sales in the nine months were a record $303,956,000 up from $300,400,000 last year.
RV income before tax was $6,860,000 in the quarter versus $45,404,000 last year. RV loss before tax in the 9 months was $7,208,000 versus $137,122,000 income last year. Bus income before tax in the quarter was $1,243,000 down from $5,113,000 last year and $10,263,000 in the nine months versus $12,808,000 last year. Corporate net costs were $3,531,000 in the quarter versus $6,177,000 last year and $13,184,000 in the nine months versus $9,904,000 last year.
"We incurred a $9.7 million RV non-cash goodwill impairment charge and a one time $4.7 million increase in Bus self insurance and other reserves in the quarter," said Wade F. B. Thompson, Thor chairman. "We continue to substantially increase our market share in both towable and motorized RVs. For the 3 months ended March, our travel trailer and fifth wheel share increased to 32.6% from 30.2% last year and our motor home share increased to 16.7% from 13.3% last year. We also increased our market share in the first quarter in the small and mid-size bus industry to 41% from 37%. Our operating cash flow is positive, we continue to have zero debt, and we believe our cash and working capital is the strongest in our industries," he added.
Thor is the world's largest manufacturer of recreation vehicles and a major builder of commercial buses.
This release includes certain statements that are "forward looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward looking statements involve uncertainties and risks. There can be no assurance that actual results will not differ from our expectations. Factors which could cause materially different results include, among others, additional issues that may arise in connection with the findings of the completed investigation of the Audit Committee of the Board of Directors of Thor Industries, Inc. (the "Company") and the SEC's requests for additional information, fuel prices, fuel availability, lower consumer confidence, interest rate increases, tight lending practices, increased material costs, the success of new product introductions, the pace of acquisitions, cost structure improvements, the impact of auction market failures on our liquidity, competition and general economic conditions and the other risks and uncertainties discussed more fully in Item 1A of the Company's Annual Report on Form 10-K for the year ended July 31, 2008 and Part II, Item 1A of the Company's Quarterly Report on Form 10-Q for the quarter ended April 30, 2009. The Company disclaims any obligation or undertaking to disseminate any updates or revisions to any forward looking statements contained in this release or to reflect any change in the Company's expectations after the date of this release or any change in events, conditions or circumstances on which any statement is based except as required by law.
THOR INDUSTRIES, INC.
STATEMENT OF INCOME FOR THE 3 AND 9 MONTHS ENDED APRIL 30, 2009 and 2008
($000 except per share) - (unaudited)
3 MONTHS ENDED APRIL 30 9 MONTHS ENDED APRIL 30
2009 2008 2009 2008
---- ---- ---- ----
Net sales $415,472 $707,931 $1,080,972 $2,070,837
---------
Gross profit $46,447 $89,999 $94,667 $260,991
Selling, general
and administrative $33,971 $47,903 $98,636 $133,132
Operating income $12,476 $42,096 $(3,969) $127,859
Impairment of
goodwill &
trademarks $9,717 $- $10,281 $-
Interest income (net) $1,025 $1,983 $4,284 $8,627
Gain on sale
of property $- $- $373 $2,308
Net (appreciation)
impairment of auction
rate securities $(728) $- $1,125 $-
Other income $60 $261 $589 $1,232
--- ---- ---- ------
Income before taxes $4,572 $44,340 $(10,129) $140,026
-------------
Taxes $2,470 $16,486 $(2,491) $52,361
------ ------- ------- -------
Net income $2,102 $27,854 $(7,638) $87,665
---------- ====== ======= ======= =======
E.P.S. - basic 4 cents 51 cents (14) cents $1.58
E.P.S. - diluted 4 cents 50 cents (14) cents $1.57
-----------
Avg. common shares
outstanding-
basic 55,436,924 55,447,313 55,426,829 55,655,907
Avg. common shares
outstanding-
diluted 55,468,620 55,562,644 55,426,829 55,815,770
SUMMARY BALANCE SHEETS - APRIL 30, 2009 and 2008
($000) (unaudited)
2009 2008 2009 2008
---- ---- ---- ----
Cash and Current
equivalents $177,878 $119,680 liabilities $194,975 $273,531
Accounts Other
receivable 120,768 186,336 liabilities 46,332 51,551
Inventories 131,969 199,234 Stockholders'
equity 682,260 698,526
Deferred income
tax and other 47,796 34,178
------ ------
Total current
assets 478,411 539,428
Fixed assets 145,475 156,917
Long term
investments 119,951 127,928
Goodwill 148,411 165,663
Other assets 31,319 33,672
------ ------ -------- ----------
Total $923,567 $1,023,608 $923,567 $1,023,608
======== ========== ======== ==========
SOURCE Thor Industries, Inc.
Source: PR Newswire
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