Arctic Cat Sales Up, Earnings Slip
May 12, 2005
Filed under Uncategorized
Arctic Cat Inc., Thief River Falls, Minn., says net earnings for its fourth quarter ended March 31, 2005, were $2.7 million, or $0.13 per diluted share, compared to a net loss of $1.0 million, or $0.05 per diluted share, in the prior-year fourth quarter. Sales for the quarter were $157.0 million, up 12% from $140.2 million in the same period last year.
Arctic Cat net sales for the fiscal year ending March 31 were $689.1 million, up 6% from sales of $649.6 million last fiscal year. Net earnings totaled $28.3 million, or $1.36 per diluted share, compared to net earnings of $30.4 million, or $1.40 per diluted share, for fiscal 2004.
Sales of ATVs grew 12% in the 2005 fourth quarter to $117.1 million versus $104.2 million in the same period last year. During the quarter, Arctic Cat shipped its first 1,000 ATVs featuring the new 650 H1 engine. The H1 is the first ATV engine designed and assembled by Arctic Cat. For fiscal 2005, the company’s ATV sales rose to $341.0 million, up 16% compared to last year.
Arctic Cat’s snowmobile sales in the 2005 fourth quarter rose to $10.9 million versus $5.1 million in the prior-year quarter. However, full-year snowmobile sales were $252.5 million, down 2% from $258.4 million in the prior year.
Sales of parts, garments and accessories in the 2005 fourth quarter were $29.0 million versus $30.8 million in the year-ago period. For the fiscal year, sales of parts, garments and accessories were $95.7 million, down 1% from $96.8 million last year. Arctic says fourth quarter and full-year parts, garments and accessories sales were lower than anticipated due to the mild winter season in key regions across the United States.