10-K annual report · filed Oct 1, 2007

Thor Industries Inc (THO) FY2007 10-K Annual Report

Short answer

Thor Industries Inc (THO) filed its fiscal 2007 10-K annual report with the SEC on Oct 1, 2007.

  • Top risk flagged: SEC investigation of Dutchmen restatement: potential civil penalties, injunctive relief, or administrative remedies

Thor Industries Inc FY2007 10-K analysis

AI summary of each section, grounded in the filing text

Business Overview

  • Business model: North American manufacturer and dealer-distributor of recreation vehicles and small and mid-size buses
  • Three reportable segments: towables, motorized recreation vehicles and buses, with bus sales rising to $400,685
  • Competitive position: 31% travel trailer and fifth-wheel share, 14% motorhome share and 38% small and mid-size bus share
  • Dealer network: approximately 1,532 recreation vehicle dealers and 65 bus dealers across the United States and Canada
  • Notable fiscal 2007 shift: bus backlog reached $228,862, surpassing recreation vehicle backlogs combined at $360,854

Management Discussion & Analysis

  • Revenue $2,856,308, down 6.8% YoY, with RV sales down 10.7% and buses up 26.9%
  • Gross margin 12.7% vs 14.1%, with pretax margin 6.9% vs 8.4%
  • Best segment: buses, revenue $400,685 and pretax income $18,997, up 103.0%
  • Worst segment: towables, revenue $1,890,100, down 13.0%, gross margin 14.5% vs 16.1%
  • Cash $346,464, capex $13,105, dividend $55,716, buybacks $1,630, fiscal 2008 capex planned at $13,000

Risk Factors

  • SEC investigation of Dutchmen restatement: potential civil penalties, injunctive relief, or administrative remedies
  • State and local transportation authorities: approximately 60% of fiscal 2007 bus sales exposed to budget reductions
  • Chassis supply concentration: Ford and General Motors dominant suppliers, with prior industry-wide shortages
  • Entry-level travel-trailer competition: margin pressure from existing and new competitors
  • CEO health and control concentration: Wade Thompson held 29.4% voting control while undergoing cancer treatment

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