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RV and transit bus manufacturer Thor Industries Inc. declared today (June 11) a 2 for 1 stock split to “provide additional liquidity to our shareholders.”
A 2 for 1 split means Thor stockholders will receive an additional share for each share they already own.
The new shares will be issued July 8 to shareholders of record as of June 19.
Thor, a New York Stock Exchange-listed company, also will pay a 1 cent a share quarterly cash dividend after July 8.
After the stock split, Thor will have 28.4 million shares outstanding.
The company’s “exceptional growth,” largely as a result of the acquisition last November of towable RV manufacturer Keystone RV Co., was the primary reason why Thor’s Board of Directors decided to declare the stock split, said Wade F.B. Thompson, chairman.
Thompson added that Thor’s revenue during May, including Keystone, was up 72% to $138.5 million, compared with $80.6 million in May 2001. Excluding Keystone, Thor’s RV sales revenue was up 22% in May.
Thor’s stock closed today at $69.15, up 75 cents for the day. For a time during today’s trading session, Thor’s stock climbed as high as $70.95, which is near its 52-week high of $71.30.
Meanwhile, the stock price of small to mid-size Class A motorhome manufacturer Rexhall Industries Inc. gained $2.35 a share, or 29%, today to close at $10.35.
Earlier in today’s session, Rexhall stock set a new 52-week high of $10.60, shattering its previous 52-week high of $9.70.
Rexhall, a Nasdaq Stock Market traded company, did not issue any statements today to explain the sharp stock price increase.