Thor Reports Much Improved First Quarter 2010 Results

Share Name	Share Symbol	Market	Type	Share ISIN	Share Description
Thistle Hotels	LSE:THO	London	Ordinary Share	GB0006075203	ORD 25 13/20P

Industry Sector	Turnover	Profit	EPS - Basic	PE Ratio	Market Cap
	0	0		N/A	0

Thistle Hotels (LSE:THO)
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JACKSON CENTER, Ohio, Nov. 30 /PRNewswire-FirstCall/ -- Thor Industries, Inc. (NYSE:THO) today reported increased sales, net income and E.P.S. for the first quarter ended October 31, 2009. Net income was $23,429,000, more than quadruple last year's $5,120,000. E.P.S. were 42 cents versus 9 cents last year. Sales for the quarter were $502.6 million, up 15% from $438.8 million. RV income before tax in the quarter was $31,642,000, up more than five-fold from $5,772,000 last year. Bus income before tax was $8,380,000, up 58% from $5,297,000 last year. RV sales in the quarter were $389.9 million, up 18% from $330.4 million last year. Bus sales in the quarter were $112.6 million, up 4% from $108.4 million last year. Net corporate costs were $2.8 million, the same as the prior year. "Thor's financial condition remains excellent. Cash, cash equivalents and investments were $329 million, even after distributing a special dividend of 50 cents per share or $27.7 million to Thor shareholders in the quarter. Results are much improved, driven by aggressive cost cutting, strong towable and modest motorized RV sales increases, and greater efficiencies in Bus. We were profitable in all business segments in the quarter, including motor homes, and our backlog remains at record levels for this time of year," said Peter B. Orthwein, Thor chairman, CEO, & president. Thor is the world's largest manufacturer of recreation vehicles and a major builder of commercial buses. This release includes certain statements that are "forward looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward looking statements involve uncertainties and risks. There can be no assurance that actual results will not differ from our expectations. Factors which could cause materially different results include, among others, additional issues that may arise in connection with the findings of the completed investigation by the Audit Committee of the Board of Directors of Thor Industries, Inc. (the "Company") and the SEC's requests for additional information, fuel prices, fuel availability, lower consumer confidence, interest rate increases, tight lending practices, increased material costs, the success of new product introductions, the pace of acquisitions, cost structure improvements, the impact of auction market failures on our liquidity, competition and general economic conditions and the other risks and uncertainties discussed more fully in Item 1A of the Company's Annual Report on Form 10-K for the year ended July 31, 2009. The Company disclaims any obligation or undertaking to disseminate any updates or revisions to any forward looking statements contained in this release or to reflect any change in the Company's expectations after the date of this release or any change in events, conditions or circumstances on which any statement is based except as required by law. THOR INDUSTRIES, INC. STATEMENT OF INCOME FOR THE 3 MONTHS ENDED OCTOBER 31, 2009 and 2008 $000 except per share - unaudited 3 MONTHS ENDED OCTOBER 31, 2009 2008 ---- ---- Net sales $502,552 $438,817 --------- Gross profit $69,771 $40,063 Selling, general and administrative $34,858 $34,466 Operating income $34,913 $5,597 Interest income (net) $1,571 $1,887 Other income $769 $766 ---- ---- Income before taxes $37,253 $8,250 ------------------- Taxes $13,824 $3,130 ------- ------ Net income $23,429 $5,120 ---------- ======= ====== E.P.S. - basic 42 cents 9 cents E.P.S. - diluted 42 cents 9 cents ----------------- Avg. common shares outstanding-basic 55,436,924 55,408,576 Avg. common shares outstanding-diluted 55,516,772 55,472,773 SUMMARY BALANCE SHEETS - OCTOBER 31, ($000) (unaudited) 2009 2008 2009 2008 ---- ---- ---- ---- Cash and Current equivalents $223,202 $177,731 liabilities $219,599 $211,688 Investments, Other short term 92,200 - liabilities 62,561 50,074 Accounts Stockholders' receivable 134,706 118,633 equity 696,960 699,201 Inventories 134,029 166,563 Deferred income tax and other 48,897 39,504 ------ ------ Total current assets 633,034 502,431 Fixed assets 139,949 150,312 Long term investments 13,334 121,392 Goodwill 148,411 158,128 Other assets 44,392 28,700 ------ $979,120 $960,963 $979,120 $960,963 -------- -------- -------- -------- DATASOURCE: Thor Industries, Inc. CONTACT: Peter B. Orthwein or Richard E. Riegel III, Thor Industries, Inc., +1-937-596-6849

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THO Thistle Hotels