Arctic Cat Reports 2002 First-Quarter Results.Business Editors 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 26, 2001 8 Cent EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. Beats Street Expectations; Company Continues to Expect Record-Breaking Year 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. (Nasdaq:ACAT ACAT See: Automated Customer Account Transfer ) today reported results for the fiscal 2002 first quarter ended June 30, 2001. Net earnings for the 2002 first quarter were $1,957,000, or 8 cents per diluted share, versus $2,052,000, or 8 cents per diluted share, for the first quarter of fiscal 2001. 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 for the quarter were $79,234,000 compared to $87,965,000 for the same period last year. Commented Christopher A. Twomey, Arctic Cat's president and chief executive officer: "Net sales and earnings slightly declined in the first quarter due to the timing of shipments of ATVs. As planned, we moved some first-quarter shipments into our second quarter to better match the retail selling season for 2002 models. Based on orders already received from our dealers, we expect full-year 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. sales to increase 5 to 10 percent and surpass last year's record sales." In the first quarter, Arctic Cat 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 revenues continued to grow, posting a 4 percent net sales increase over the same period last year. Based on orders already received from dealers, the company expects full-year snowmobile sales to increase 10 to 15 percent. Arctic Cat also received recognition for its development of cleaner, quieter four-stroke engine technology, earning the BLIZZ'OR environmental award from the Quebec Federation of Snowmobile Clubs, which presents the annual award to a snowmobile manufacturer that undertakes extraordinary environmental activity. Arctic Cat is the first snowmobile manufacturer to offer a commercially available four-stroke product in the 2001-2002 season. Commenting on the ATV product line, Twomey said: "We are particularly optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op following our 2002 model-year dealer show in June, where we unveiled eight new ATVs including our 375cc automatic model." As part of its ATV marketing efforts, Arctic Cat announced during the quarter an exclusive NASCAR NASCAR (National Association for Stock Car Auto Racing), organization that sanctions American stock-car races, est. 1948. It held its first race in Daytona Beach, Fla. sponsorship and multiple Winston Cup Series driver endorsements of the company's ATV line. The sponsorship agreement extends through 2004. A line of NASCAR ATV clothing and accessories also is being introduced through dealers nationwide. Outlook Commenting on the outlook for fiscal 2002, Twomey stated: "We continue to expect that ATV revenues will increase during this fiscal year and that our retail sales will again outpace out·pace tr.v. out·paced, out·pac·ing, out·pac·es To surpass or outdo (another), as in speed, growth, or performance. outpace Verb [-pacing, the industry. We also anticipate that fiscal 2002 snowmobile revenues will increase 10 to 15 percent based on orders already received and low dealer inventories. As a result, we expect to report continued record-breaking revenues and increased earnings in the year ahead." Conference Call Arctic Cat will host a conference call to discuss the first quarter results at 10:30 a.m. CDT CDT abbr. Central Daylight Time CDT Central Daylight Time CDT n abbr (US) (= Central Daylight Time) → hora de verano del centro; (BRIT (11:30 a.m. EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT ) on Thursday, July 26. A replay of the call will be available from 12:30 p.m. CDT on Thursday, July 26, until midnight CDT on Friday, July 27. To access the replay, dial (800) 633-8284, conference ID No. 19406789. The conference call also will be Webcast. To access this Webcast, go to the corporate portion of the company's Web site at www.arctic-cat.com, and click on the conference call icon. A replay of the Webcast will be archived on Arctic Cat's Web site following the call. Arctic Cat Inc. designs, engineers, manufactures and markets snowmobiles and 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) under the Arctic Cat(R) brand name, as well as related parts, garments and accessories. For more information on Arctic Cat, visit the company's Web site at www.arctic-cat.com. Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. The Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 provides a safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. for certain forward-looking statements. The Company's Annual Report, as well as the 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 releases and oral statements made with the approval of an authorized executive officer, contain forward-looking statements that reflect the Company's current views with respect to future events and financial performance. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical results or those anticipated. The words "aim," "believe," "expect," "anticipate," "intend," "estimate" and other expressions that indicate future events and trends identify forward-looking statements. Actual future results and trends may differ materially from historical results or those anticipated depending on a variety of factors, including, but not limited to: product mix and volume; competitive pressure on sales and pricing; increase in material or production cost which cannot be recouped in product pricing; changes in the sourcing of engines from Suzuki; warranty expenses; foreign currency exchange rate fluctuations; product liability claims and other legal proceedings All actions that are authorized or sanctioned by law and instituted in a court or a tribunal for the acquisition of rights or the enforcement of remedies. in excess of insured amounts; environmental and product safety regulatory activity; effects of the weather; overall economic conditions; and consumer demand and confidence.
ARCTIC CAT INC.
Financial Highlights
(Unaudited, 000s omitted, except per share amounts)
Three Months Ended
June 30,
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2001 2000
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Net Sales $79,234 $87,965
Cost of Goods Sold 58,822 66,391
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Gross Profit 20,412 21,574
Selling, General And
Administrative Expenses 18,268 19,619
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Operating Profit 2,144 1,955
Other Income:
Interest Income 726 1,107
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Earnings Before Income Taxes 2,870 3,062
Income Tax Expense 913 1,010
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Net Earnings $ 1,957 $ 2,052
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Net Earnings Per Share
Basic $ 0.08 $ 0.08
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Diluted $ 0.08 $ 0.08
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Weighted Average Shares
Outstanding
Basic 23,823 24,807
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Diluted 24,188 24,903
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