Thor Announces Sales, Net Income, E.P.S. for Quarter, Nine Months

JACKSON CENTER, Ohio, June 3 -- Thor Industries, Inc. announced results for the third quarter and nine months ended April 30, 2008.

Net income for the quarter was $27,854,000, down 22% from $35,569,000 last year. E.P.S. for the quarter were 51¢, down 20% from 64¢ last year. Sales for the quarter were $707,931,000, down 10% from $789,643,000 last year. Income before taxes in the quarter was $44,340,000, down 18% from $53,959,000.

Net income for the nine months was $87,665,000, up 4% from $84,418,000 last year. E.P.S. for the nine months were $1.58, up 4% from $1.52 last year. Sales for the nine months were $2,070,837,000, down 1.5% from $2,101,408,000 last year.

RV sales in the quarter were $600,960,000, down 12% from $683,683,000 last year. Bus sales in the quarter were $106,971,000 compared to $105,960,000 last year. RV sales in the nine months were $1,770,437,000 down 2% from $1,810,195,000 last year. Bus sales in the nine months were a record $300,400,000 up 3% from $291,213,000 last year. RV income before tax was $45,404,000 in the quarter, down 18% from $55,306,000 last year and $137,122,000 in the nine months, up 8% from $127,046,000 last year. Bus income before tax in the quarter was $5,113,000, down 6% from $5,447,000 last year and $12,808,000 in the nine months, up 10% from $11,622,000 last year. Corporate net costs were $6,177,000 in the quarter versus $6,794,000 last year and $9,904,000 in the nine months versus $9,471,000 last year.

"Declining consumer confidence coupled with high fuel prices have resulted in very soft retail recreation vehicle sales," said Wade F. B. Thompson, Thor chairman. "With record fuel prices, transit bus ridership is increasing as motorists change their driving habits. We expect this will be a long term trend benefiting our leadership in the bus business," he added.

Thor is the world's largest manufacturer of recreation vehicles and a major builder of commercial buses.