Thor Probes Dutchmen Accounting Issues
Jackson Center, Ohio-based Thor Industries Inc. said late Monday (Jan. 29) it may need to restate financial statements going back to 2004, as it probes accounting at a subsidiary.
The company said its board’s audit committee and independent outside advisors are looking at its Goshen, Ind.-based Dutchmen Manufacturing Inc. subsidiary’s inventory, accounts receivable, accounts payable and cost of goods sold. It has voluntarily informed the Securities and Exchange Commission (SEC) of the internal investigation.
Based on preliminary information, Thor Industries said it estimates the cumulative issues could reduce net income by about $16 million for the period between fiscal 2004 and the first five months of fiscal 2007, with much of the impact occurring in fiscal 2006. The company’s fiscal year ends July 31.
The company said it is in a strong financial condition, with more than $200 million in cash and short-term investments.
Thor Industries fell 54 cents Monday to close at $45.17 on the New York Stock Exchange.