Accounting & Tax

Thor Probes Accounting Issues

The maker of recreational vehicles and buses is looking into inventory, accounts receivable, accounts payable, and cost of goods sold at its Dutchm...
Stephen TaubJanuary 30, 2007

Thor Industries — which manufactures recreational vehicles and buses under numerous brand names, including Airstream — disclosed that it may need to restate prior results due to accounting issues at one of its subsidiaries.

The company’s audit committee, assisted by independent outside advisors, is looking into certain accounting issues at its Dutchmen Manufacturing subsidiary, primarily involving inventory, accounts receivable, accounts payable, and cost of goods sold.

Thor, which stressed that the audit committee’s probe is in its early stages, added that it voluntarily informed the Securities and Exchange Commission of the investigation.

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The company estimated that it will reduce income before taxes by $25 million, or about $16 million in net income, for the three fiscal years ended in 2006 and the first five months of fiscal 2007. The primary impact will be felt in fiscal 2006, Thor noted.