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Thor’s Net Income Doubles for quarter

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February 27, 2003 by   Comments Off on Thor’s Net Income Doubles for quarter

Thor Industries Inc., the leading producer of travel trailers and fifth-wheels, reports its net income during the three months ended Jan. 31 doubled to $15.4 million, compared with $7.7 million a year earlier.
Thor’s results for the recently completed November-through-January is comparable with the same period a year earlier, because Thor finalized its acquisition of Keystone RV Co. on Nov. 9, 2001.
The New York Stock Exchange-listed company’s second-fiscal-quarter sales revenue increased 23% to $329.9 million, compared with $267.9 million a year earlier.
During the six months ended Jan. 31, Thor’s net income increased 152% to $36.2 million, compared with $14.4 million a year earlier. The company’s sales during the first half of fiscal 2003 increased 55% to $736.2 million, compared with $476.5 million a year earlier.
Thor’s RV-related pre-tax earnings climbed 108% for the November-through-January period to $22.4 million, compared with $10.8 million a year earlier. Its RV-related sales revenue increased 37% during the same period to $276 million, compared with $201.4 million a year earlier.
For the six months ended Jan. 31, Thor’s RV-related sales revenue increased 91% to $628.2 million, up 91% from $328.3 million a year earlier.
Wade F.B. Thompson, Thor’s chairman, said the company’s performance exceeded investment analysts’ consensus estimates, and, he added, “Cash and equivalents were $75.7 million, more than double last year and we continue to have no debt.”
Additionally, Thompson announced that Thor will pay a regular quarterly cash dividend of 1 cent per share on April 2 to shareholders of record as of March 14.

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