Arctic Cat Announces First Quarter Results.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)--July 30, 1998--Arctic Cat Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ACAT ACAT See: Automated Customer Account Transfer ) today reported results for the first quarter ended June 30, 1998. 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 were $88,651,000 for the quarter ended June 30, 1998, up from $85,467,000 for the same period last year. Net earnings for the quarter were $1,529,000, or $0.05 per basic and fully diluted share, compared with net earnings of $872,000, or $0.03 per basic and fully diluted share, for the first quarter of fiscal 1998. Christopher A. Twomey, President and Chief Executive Officer, commented, "We are pleased with our first quarter results which are in line with our expectations. While the increase in net sales and earnings during the first quarter is mainly attributable to an increase in snowmobile sales over last year, as we previously announced, we anticipate moderately lower snowmobile revenues for the fiscal year based upon this season's snowmobile orders received from dealers." Mr. Twomey noted that in response to the anticipated decrease in snowmobile revenues the Company has identified operating expense Operating Expense The essential things that a company must purchase in order to maintain business. Notes: For example, the payment of employees wages are an operating expense. Also known as OPEX. and product cost reductions that are expected to soften the earnings impact resulting from the decreasate than the industry as a whole. We expect that by season end both our PWC field inventory and the industryontinues to remain optimistic about the ATV (1) (Advanced TV) An early name for the digital TV standard proposed by the Advisory Committee on Advanced Television Service (ACATS). See ACATS. See also ATV Forum. (2) (Analog TV) Refers to the NTSC, PAL and SECAM analog TV standads. markine in fiscal 1999." 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.. Inc. desig related parts, garments and accessories. Forward-Looking Statements The Private Securities Litigat Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. and future filings with the Securities and Exchange Commission, the Company's press relct the Company's current views with respect to results or those anticipated. The words "aim," differ materially from historical results or those anticipated depending on a variety of factors, including,hich cannot be recouped in product pricing; changes in the sourcing of engines from Suzuki; warranty expense; environmental and product safety regulatory aclights (Unaudited, 000s omitted, except per share amounts) ------------------ 66,700 64,075 ------- ------- Gross P 20,374 Expense (26) (Earnings Before Income Taxes 2,371 1,352 Income Tax Expense ,529 $ 872 ======= ======= Tim Delmore, 218/681-9868 or Padilla Speer Beardsley Inc. Brian James, 612/872-3720 KEYWORD: MINNESOTA INDUSTRY KEYWORD: AUTOMOTIVE SPORTS EARNINGS Today's News On The Net - Business Wire's full file on the Internet with Hyperlinks to your home page. URL URL in full Uniform Resource Locator Address of a resource on the Internet. The resource can be any type of file stored on a server, such as a Web page, a text file, a graphics file, or an application program. : http://www.businesswire.com |
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