ARCTCO announces record year-end results; reports twelfth consecutive year of increased retail sales of Arctic Cat Snowmobiles.THIEF RIVER The Thief River is a tributary of the Red Lake River in northwestern Minnesota in the United States. Via the Red Lake River, the Red River of the North, Lake Winnipeg and the Nelson River, it is part of the watershed of Hudson Bay. FALLS, Minn.--(BUSINESS WIRE)--May 16, 1995--Arctco Inc. (ACAT/NASDAQ) today announced record results for the fiscal year ended March 31, 1995. The Board of Directors also declared a regular quarterly cash dividend of $0.06 per share, payable on June June: see month. 9, 1995 to shareholders of record as of May 30, 1995. For the fiscal year ended March 31, 1995, net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight increased 37% to $367,144,000 from $268,057,000 for the same period last year. Net earnings were up 21% to $33,385,000, or $1.13 per share, for fiscal 1995, compared with $27,506,000 or $0.94 per share earned in fiscal 1994. Net sales increased 38% to $49,089,000 for the fourth quarter ended March 31, 1995 from $35,579,000 for the same period last year. Net earnings were $82,000, or $0.00 per share, compared with $1,298,000 or $0.04 per share, earned in the fourth quarter of fiscal 1994. Christopher A. Twomey, president and chief executive officer, commented, "We are pleased with Arctco's financial performance in fiscal 1995, which reflects continued growth in our snowmobile snowmobile, vehicle designed to travel over snow, ice, and similar surfaces that offer limited traction and weight-supporting capability. As the performance of the vehicle depends to a large extent on keeping its weight as low as possible, there is no enclosure for market segment, as well as the expansion of our Tigershark(R) personal watercraft personal watercraft n. 1. A motorized recreational water vehicle normally ridden by straddling a seat. 2. (used with a pl. verb) Such water vehicles considered as a group. line to six models. The snowmobile industry also showed strong growth at the retail level--marking the twelfth consecutive year of increased retail sales of Arctic Cat Arctic Cat is a producer of all-terrain vehicles and snowmobiles in the United States. Located in Thief River Falls, Minnesota, they are a top competitor with other snowmobile companies such as Polaris, Ski-Doo by Bombardier, and Yamaha Motor Company Ltd.. snowmobiles--and dealer inventories ended the year at favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. levels. Looking ahead to fiscal 1996, we anticipate higher revenues based on the increased snowmobile orders already received from dealers and distributors. We also continue to be optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about growth of the personal watercraft market, which grew more than 32% at retail last year." Arctco Inc. designs, engineers, manufactures and markets snowmobiles and personal watercraft under the Arctic Cat(R) brand name, and personal watercraft under the Tigershark(R) brand name, as well as related parts, garments and accessories. The company expects to begin marketing its all-terrain vehicles all-ter·rain vehicle n. Abbr. ATV A small, open motor vehicle having one seat and three or more wheels fitted with large tires. It is designed chiefly for recreational use over roadless, rugged terrain. (ATVs) in the summer of 1995, with initial production scheduled for later in the year. -0-
ARCTCO, INC.
Financial Highlights
Unaudited
(000s omitted, except per share amounts)
Three Months Ended Year Ended
March 31, March 31,
1995 1994 1995 1994
Net sales $49,089 $35,579 $367,144 $268,057
Cost of goods sold 37,681 25,312 267,210 190,972
Gross profit 11,408 10,267 99,934 77,085
Selling, general
& administrative
expenses 12,111 8,868 50,939 36,906
Operating profit (loss) (703) 1,399 48,995 40,179
Other income (expense):
Interest income 829 523 2,383 1,595
Interest expense -- (16) (17) (98)
829 507 2,366 1,497
Earnings before income taxes 126 1,906 51,361 41,676 Income taxes 44 608 17,976 14,170 Net earnings $ 82 $1,298 $33,385 $27,506 Net earnings per share $ 0.00 $ 0.04 $ 1.13 $ 0.94 Weighted average shares outstanding 29,590 29,328 29,495 29,267 CONTACT: Arctco Inc., Thief River Falls Timothy C. Delmore, 218/681-8558 or Mallory Factor Mallory Factor is Chairman of the Free Enterprise Fund ("FEF") and is often called "The George Soros of the right" by people who don't mean it as a compliment. FEF has listed five "take action" campaigns on their website (https://www.myfef.org/bin/action.center.election). Inc. Mandana Chaffa, 212/242-0000 |
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