10-K annual report · filed Sep 29, 2010

Thor Industries Inc (THO) FY2010 10-K Annual Report

Short answer

Thor Industries Inc (THO) filed its fiscal 2010 10-K annual report with the SEC on Sep 29, 2010.

  • Top risk flagged: SEC review of Dutchmen restatement, potential civil injunctions and monetary penalties

Thor Industries Inc FY2010 10-K analysis

AI summary of each section, grounded in the filing text

Business Overview

  • Manufactures and sells recreation vehicles and small-to-mid-size buses through independent dealer networks in the U.S. and Canada
  • New SJC ambulance acquisition, $20,081 purchase price, added to the Buses segment
  • Heartland acquisition, $99,562 cash plus 4,300,000 shares, expanded Towables with a major manufacturer
  • Motorized operations combined as Thor Motor Coach, emphasizing Thor-backed value-oriented brands
  • Fiscal 2010 market position: 34% travel trailer and fifth-wheel share, 18% motorhome share, 36% small-to-mid-size bus share

Management Discussion & Analysis

  • Revenue $2,276,557, up $754,661 or 49.6% YoY, driven by Recreation Vehicles
  • Pre-tax margin 7.5% vs 1.5%, with gross margin 13.5% vs 10.0%
  • Best segment Towables: revenue $1,556,591, pre-tax margin 9.4% vs 5.0%; worst Motorized: margin 3.6% vs negative 18.4%
  • Operating cash flow $100,652, capex $12,767, buybacks $115,420, dividends $42,408
  • Outlook: fiscal 2011 capex approximately $23,000; risks from credit constraints, raw-material inflation, slowing stimulus funding and dealer restocking

Risk Factors

  • SEC review of Dutchmen restatement, potential civil injunctions and monetary penalties
  • FreedomRoads: 18% of recreation vehicle sales and 15% of consolidated sales
  • Bus exposure to state and local authorities: 73% of fiscal 2010 bus sales
  • Chassis concentration: Ford Motor Company and General Motors as dominant suppliers
  • FEMA trailer litigation: approximately 616 formaldehyde-related complaints in MDL 07-1873

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