Thor Industries Reports Year-End/Quarter Results

September 23, 2001 by Jeff Shepard

Thor Industries Inc. (Jackson Center, OH) announced sales and net income for the quarter and year ended July 31, 2001. Net income in the quarter was $8.4 million versus $9.7 million in the prior year. EPS in the quarter were $0.71 versus $0.80 last year. Net income for the year was $26.7 million compared to $36.1 million last year. EPS for the year were $2.24 versus $2.98 last year.

Sales for the year were $826.9 million versus $916.0 million last year. Sales in the quarter were $222.9 million versus $241.6 million last year. Bus sales for the year were a record $292.0 million, up 23 percent from $237.7 million last year, and were $77.0 million in the quarter, up 20 percent from $64.3 million last year.

"These results are in excess of analysts' estimates. We completed the year with $107.2 million in cash and short-term investments ($9 per share), which exceeds our total liabilities and we have no debt. This places us in a strong position to take advantage of future strategic opportunities," said Wade Thompson, chairman. "We are also on schedule with the development of our zero-emission, fuel cell hybrid bus, which will be in operation within 60 days."

Thor's regular quarterly dividend of $0.02 per share will be payable on October 11, 2001, to stockholders of record on October 1, 2001.