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Thor Announces Sales, Net Income, E.P.S. for Quarter, Nine Months Increases Market Share in Both RV and Bus

JACKSON CENTER, Ohio, June 10 -- Thor Industries, Inc. 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.