Home / Knowledge / News / Apparel/Garments / Arctic Cat garments sales essentially flat for Q3

Arctic Cat garments sales essentially flat for Q3

23
Jan '08
Arctic Cat Inc reported net sales of $159.6 million for the fiscal 2008 third quarter ended December 31, 2007, compared to a record $228.1 million in the same period last year. The net loss for the quarter was $10.5 million, or $0.58 per diluted share, versus prior-year third quarter net earnings of $8.2 million, or $0.43 per diluted share, which included an income tax benefit of $0.03 per diluted share.

For the first nine months of fiscal 2008, Arctic Cat's net sales were $452.7 million compared to $609.9 million in the same period last year. The company reported a net loss of $3.7 million, or $0.20 per diluted share, versus net earnings of $23.6 million, or $1.22 per diluted share, in the nine-month period last year.

Commented Christopher A. Twomey, Arctic Cat's chairman and chief executive officer: "We are disappointed in the company's performance. After seven years of record growth, we anticipated that fiscal 2008 would be a difficult year when we took strategic action to reduce dealers' snowmobile inventories.

Compounding this was an industry wide challenging retail ATV market, which continued to deteriorate through the third quarter. We remain committed to aligning inventories with demand, leveraging our efficiency and strategic sourcing initiative, and maintaining our competitiveness and technology leadership through innovative new products and features."

During the quarter, Arctic Cat repurchased approximately 166,000 shares under its stock repurchase program. In addition, the company announced on January 4, 2008, that its board of directors authorized a new share repurchase program of up to $10 million of its common stock. Arctic Cat has approximately 17.9 million common and Class B common shares outstanding.

Product Line Results:
Sales of Arctic Cat's snowmobiles were $60.0 million in the 2008 third quarter versus $106.4 million in the same period last year, reflecting the company's planned reduction in snowmobile production during the current fiscal year.

Early season snowfall in key regions during December generated strong retail snowmobile sales and, combined with the company's planned lower snowmobile production in its current fiscal year, helped reduce dealer inventories. Arctic Cat's year-to-date snowmobile sales totaled $168.9 million compared to $248.8 million in the prior-year period.


Must ReadView All

Pic: Shutterstock

Textiles | On 22nd Feb 2020

Pharr sells Pharr High Performance to Coats Group

Pharr, a provider of differentiated textile products and assorted...

Pic: Shutterstock

Textiles | On 22nd Feb 2020

TOAI highlights importance of textiles in auto industry

The first edition of the conference 'Textile Opportunities in a...

Pic: Shutterstock

Textiles | On 22nd Feb 2020

Cocona's 37.5 fibres to have new biodegradable additive

All of the 37.5 staple fibres and filament yarns by Cocona, will now...

Interviews View All

Anshul Sood, Oceedee

Anshul Sood
Oceedee

‘Indian footwear market is nascent and largely a trend follower’

Darshan Mehta, Infinium Polychem

Darshan Mehta
Infinium Polychem

We are spending double digit figures on R&D

Luke Otten, Wigwam Mills Inc

Luke Otten
Wigwam Mills Inc

Wigwam aims to recycle discarded yarn that doesn’t make it through the...

Vikas Banduke,

Vikas Banduke

Softech Controls Private Limited (SCPL) is a part of the Cotmac Group, an...

Nitesh Mittal,

Nitesh Mittal

Kusumgar Corporates is a leading manufacturer of technical textiles and...

Rushiraj Mulani,

Rushiraj Mulani

The Shradhdha Group of companies was established in 2010 and is based out...

Marten Alkhagen, Swerea IVF AB

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Prof Seokheun (Sean) Choi, Binghamton University, State University of New York (SUNY)

Prof Seokheun (Sean) Choi
Binghamton University, State University of New York (SUNY)

A team of researchers from the State University of New York (SUNY),...

Sachin Pendharkar, Dieffenbacher India Pvt Ltd

Sachin Pendharkar
Dieffenbacher India Pvt Ltd

Germany-based Dieffenbacher Group is a producer of high-quality composites ...

Adriano Goldschmied, AG Jeans

Adriano Goldschmied
AG Jeans

The hype around 'designer jeans' was created by him. And the new wave of...

Tony Ward, Tony Ward

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Madhu Jain, Madhu Jain

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


February 2020

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search