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Old 10-04-2008, 08:14 AM   #1
Dean A Van Peursem
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Latest Thor Financial report

Thor announces huge drop in earnings
September 30, 2008

RV maker Thor Industries Inc. said late Monday its fourth-quarter earnings plummeted nearly 90 percent. In a regulatory filing, the company said earnings for the quarter ended July 31 slumped to $5 million, or nine cents per share, from $50.3 million, or 90 cents per share, in the same quarter last year.

Thor manufactures many of the most popular brands of RVs including Damon, Airstream (pictured below), Komfort, Dutchmen, Four Winds, Keystone and others.

Excluding the cost of a write-down of intangible assets, the earnings came to 23 cents per share, according to RBC Capital Markets analyst Edward Aaron. Net sales declined 25 percent to $569.8 million from $754.9 million.

Analysts polled by Thomson Reuters expected fourth-quarter earnings of 30 cents per share on $568.5 million in revenue.

For the full year, Thor said earnings fell to $92.7 million, or $1.66 per share, from $134.7 million, or $2.41 per share, in 2007. Sales slipped to $2.64 billion from $2.86 billion.

Shares of Thor closed Monday at $25.15. The stock is down 34 percent for the year to date.

Thor Industries, Inc., was founded on August 29, 1980, when Wade F. B. Thompson and Peter B. Orthwein acquired Airstream, the most recognized name in the industry. By 1982 Thor was strong enough to purchase the Canadian company General Coach, which manufactures travel trailers and fifth wheels in Canada. In 1991 it acquired Dutchmen Manufacturing and in the following years acquired other companies
 
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Old 10-04-2008, 08:27 AM   #2
richfaa
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The decline in the RV industry was very evident at the fall rally around Elkhart and Goshen. The Montana plant that has only built Montana's was now building Montana's, Mountaineers and Big Sky's on the same line but the line was well populated. It would appear that Keystone is holding its own. That report is horrible..I would not think that even Thor can suffer another year like that.
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Old 10-04-2008, 08:58 AM   #3
bsmeaton
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Hopefully it is just reaction so far. I have a feeling the same numbers will be found in most all markets. Pocketbooks are zipped shut till the dust settles, at least mine is.
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Old 10-05-2008, 04:31 AM   #4
rames14
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Note that they said "earnings" were down. That is "profit". In other words, they did not make as much money as last year but they did not lose money as most of the auto industry did. According to the folks at Montana - Keystone has two plants completely idled right now. The mountaineer they are building on the Montana line would normally not be built there but with reduction in volume they are building "one" Mountineer model at the Montana plant - the one similar to the 3400 because in the Montana plant it can stay straight - in the Mountaineer plant it has to go down the line at an angle because the plant is not as wide. It is clear that we have a tough economy right now, but people are still buying RV's. It is, however, a buyers market.
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