Arctic Cat announces earnings increase for second quarter; Declares regular quarterly cash dividend.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)--Oct. 31, 1996-- 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. (ACAT/NASDAQ) today reported results for the second quarter ended September 30, 1996 and its board of directors declared a regular quarterly cash dividend of $0.06 per share, payable on December 3, 1996 to shareholders of record on November 18, 1996. 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 7% to $177,925,000 for the second quarter ended September 30, 1996, from $166,059,000 for the same period last year. Net earnings were $18,587,000, or $0.63 per share, for the second quarter, compared with net earnings of $17,888,000, or $0.60 per share, for the second quarter of fiscal 1996. For the six month period ended September 30, 1996, net sales increased 17% to $267,051,000 from $227,818,000 for the same period last year. Net earnings were $19,589,000, or $0.66 per share, for the first half of fiscal 1997, compared with net earnings of $13,620,000, or $0.46 per share, for the first six months of fiscal 1996. Christopher A. Twomey, President and Chief Executive Officer, commented, "We are pleased with Arctic Arctic area of constant cold. [Geography: WB, A:600] See : Coldness (language, music) Arctic - A real-time functional language, used for music synthesis. ["Arctic: A Functional Language for Real-Time Control", R.B. Cat's second quarter sales increases and results, which are in line with expectations. Dealer reports indicate encouraging early season retail sales and consumer interest for our 1997 model line of Arctic Cat(R) snowmobiles." Twomey added, "Dealer and consumer reception of our Arctic Cat(R) all-terrain vehicle 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. (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. ) continues to be encouraging, and our entry into this $1.2 billion market, as well as our continued penetration in the 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 positions the company for excellent future sales growth." Arctic Cat Inc. designs, engineers, manufactures and markets snowmobiles and all-terrain vehicles (ATVs) under the Arctic Cat(R) brand name, and 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. under the Tigershark(R) brand name, as well as related parts, garments and accessories. -0-
ARCTIC CAT INC.
Financial Highlights
UNAUDITED
(000s omitted, except per share amounts)
Three Months Ended Six Months Ended
June 30 Sept. 30
1996 1995 1996 1995
Net Sales $ 177,925 $ 166,059 $ 267,051 $ 227,818
Cost of Goods Sold 128,536 122,764 199,123 172,717
Gross Profit 49,389 43,295 67,928 55,101
Selling, General and
Administrative Expenses 20,687 15,882 38,015 34,905
Operating Profit 28,702 27,413 29,913 20,196
Other Income (Expense):
Interest Income 222 322 564 922
Interest Expense (107) -- (107) --
115 322 457 922
Earnings Before
Income Taxes 28,817 27,735 30,370 21,118
Income Taxes 10,230 9,847 10,781 7,498
Net Earnings $ 18,587 $ 17,888 $ 19,589 $ 13,620
Net Earnings Per Share $ 0.63 $ 0.60 $ 0.66 $ 0.46
Weighted Average Shares
Outstanding 29,615 29,653 29,609 29,648
-0-
CONTACT: Arctic Cat Inc. Timothy C. Delmore, CFO See Chief Financial Officer. 218/681-9868 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. Steven Gaynes 212/242-0000 |
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