Thor Industries delays 2Q report |
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Mon, 12 Mar 2007 21:26
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JACKSON CENTER, Ohio (AP) - Thor Industries Inc., a maker of recreation vehicles and commercial buses, said Monday it will not file its second-quarter report by its March 12 deadline, due to a continuing internal investigation of accounting practices at its Dutchmen Manufacturing subsidiary.The company said it will file the delayed report as soon as practicable following the conclusion of the investigation, which was announced in January.Thor said it may be required to revise its financial statements for fiscal 2006 and the first quarter of 2007. The company is still determining how periods before 2006 were impacted by issues identified by the investigation.Thor currently estimates that the cumulative problems could reduce net income by about $16 million, with the primary impact occurring in fiscal 2006.Thor also announced Monday that H. Coleman Davis III has been appointed chief operating officer. Davis will take on some of the responsibilities of Chairman, President and Chief Executive Wade F. B. Thompson while Thompson undergoes treatment for cancer.Davis will continue to serve as a director.Additionally, the board elected director Geoffrey A. Thompson to serve as lead director. He is not related to Wade Thompson.Thor's shares dropped 43 cents to close at $41.02 on the New York Stock Exchange.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Thor Industries 2Q sales slide 9 percent 