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Arctic Cat announces $10 mn Share Repurchase Program

05
Jan '08
Arctic Cat Inc revised its sales and earnings outlook for the fiscal 2008 third quarter ended December 31, 2007, due to lower than anticipated sales of all-terrain vehicles (ATVs). As a result, third-quarter net sales are now estimated at $155 million to $160 million compared to a record $228.1 million in the prior-year third quarter, and versus the company's earlier forecast of $170 million to $180 million.

Arctic Cat expects a third-quarter net loss of $0.55 to $0.60 per diluted share. The company had earlier estimated a 2008 third-quarter net loss of between $0.30 and $0.37 per diluted share, primarily due to the previously disclosed reduction in snowmobile production during the current fiscal year. In the third quarter last year, Arctic Cat posted earnings per diluted share of $0.43, which included an income tax benefit of $0.03 per diluted share.

Arctic Cat now anticipates sales for the full year ending March 31, 2008, to be in the range of $645 million to $665 million, compared with record net sales in fiscal 2007 of $782.4 million.

Earnings per diluted share for the 2008 fiscal year are now estimated to be between $0.01 and $0.07 versus year-ago diluted earnings per share of $1.15. The company previously estimated net sales for the current fiscal year to be in the range of $710 million to $736 million, with full-year diluted earnings per share in the range of $0.89 to $0.95.

"After reporting seven consecutive years of record sales, we are disappointed with these results and the sluggish ATV environment," said Christopher A. Twomey, Arctic Cat's chairman and chief executive officer.


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