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Arctic Cat will continue to grow PG&A sales
24
Jul '08
Arctic Cat Inc reported net sales increased 7 percent to $93.9 million for the fiscal 2009 first quarter ended June 30, 2008, from net sales of $87.9 million for the same period last year. The net loss for the quarter was $7.0 million, or $0.39 per diluted share, versus a net loss of $7.2 million, or $0.39 per diluted share, in the prior-year period.

"Our first-quarter results benefited from the timing of shipments to dealers for snowmobiles and parts, garments and accessories," said Christopher A. Twomey, chairman and chief executive officer of Arctic Cat. "We continue to expect the company to return to profitability this fiscal year. While our markets will remain challenging, due to persistent weakness in the economy, and higher commodity prices pose some risk to our outlook, we are better positioned to attain modest growth and profitability in the year ahead, due to the strategic actions we took last fiscal year."

Arctic Cat's all-terrain vehicle (ATV) sales were down 10 percent to $53.8 million in the 2009 first quarter versus $59.7 million in the same period last year. In the current fiscal year, Arctic Cat anticipates that its ATV revenues will be flat. The company does not expect core ATV retail sales to pick up until the overall economy strengthens.

"The growth segments of the ATV market are two-passenger utility ATVs and UTVs, as well as those with the large-displacement engines," said Twomey. "We are confident that our new Prowler XTZ 1000, Thundercat 1000 and Thundercat TRV fit nicely in this growth niche and are very competitive products."

During the first quarter, Arctic Cat unveiled its new 2009 model ATVs to dealers, including an extension of the Prowler UTV line. The company's new high-performance Prowler XTZ 1000 combines a side-by-side with an Arctic Cat-engineered 1000cc engine, making it the most powerful UTV available in the industry. New 2009 model Prowlers also are available in different engine sizes and with options such as a flatbed or big cargo box, a fully enclosed cab and customizable accessories.

Snowmobile sales increased 80 percent to $21.4 million, up from $11.9 million in the prior-year first quarter, due to the timing of shipments. "We are encouraged to see the generally high level of enthusiasm for our snowmobile business from dealers and customers," Twomey said.

Among the highlights of Arctic Cat's new 2009 model line-up is a 177 horsepower turbocharged four-stroke engine, which is offered in several 2009 models. This is the largest horsepower engine in the snowmobile industry and currently exceeds 2012 EPA emissions standards. In addition, the company's mountain machines continue to be among the lightest and most powerful, and its utility line of snowmobiles, particularly important in the Canadian market, has been completely redesigned on the F3 chassis.

"Consolidating the number of chassis platforms is a result of our lean initiative to reduce design and manufacturing costs and improve margins, while offering customers exciting new, best-in-class products," said Twomey.

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