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HARLEY-DAVIDSON ANNOUNCES FIRST QUARTER SALES AND EARNINGS

 HARLEY-DAVIDSON ANNOUNCES FIRST QUARTER SALES AND EARNINGS
 MILWAUKEE, Wis., April 21 /PRNewswire/ -- Harley-Davidson, Inc. (NYSE: HDI) today announced its sales and earnings for its first quarter ended March 29, 1992.
 Net sales totaled $247.4 million, a $51.2 million, or 26.1 percent, increase over the comparable year-ago quarter. Net income totaled $8.7 million, a $4.2 million, or 93.5 percent, increase over the year-ago quarter. Earnings per share were $.48 on 18.1 million shares outstanding, versus $.25 on 17.8 million shares outstanding in the year ago quarter.
 The Motorcycles and Related Products and Transportation Vehicles segments reported sales of $179.0 million and $68.4 million, respectively, compared to $145.4 million and $50.8 million, respectively, in the year-ago quarter.
 These sales increases represent a 23.1 percent increase in the company's Motorcycles and Related Products segment and a 34.7 percent increase in its Transportation Vehicles (Holiday Rambler Corporation) segment. The Defense and Other Business segment, which has become less significant to the company following completion of its major Defense Department contracts, is no longer being reported separately. Its results are now included in the Motorcycle and Related Products segment, and all historical data has been restated to reflect this change.
 According to Richard F. Teerlink, president and chief executive officer, Harley-Davidson, Inc., "Worldwide demand for our motorcycles continues to outweigh supply." Motorcycle shipments increased 2,852 units over the year-ago quarter.
 Teerlink cautioned about making direct comparisons to the year-ago quarter, which was hampered by a two-week work stoppage. He also noted that the 1992 first quarter motorcycle shipments were negatively impacted by the shipment of approximately 3,000 units in the fourth quarter of 1991, which normally would have been held in inventory until the first quarter. The 3,000 units from year-end factory inventory were shipped in December in response to dealer demand, he said.
 In reference to the new paint system at the company's York, Pa., motorcycle manufacturing facility, Teerlink said, "We are now painting more than 50 percent of our motorcycle parts sets on the new system and we currently expect to complete the transition from our old to new systems by the end of the second quarter." The company's normal shift production plan remained at 300 units per day at the end of the quarter. Production increases will be considered as further progress is made in utilizing the new system, he said.
 "Our motorcycle retail demand remains strong," Teerlink said. "In the United States, retail sales are 15 percent higher than the year-ago quarter, but this will not be sustainable, as dealer inventories are being quickly depleted and our current production rate is only 9 percent over last year's rate."
 Harley-Davidson's Parts and Accessories division reported first quarter sales of $30.0 million, a $4.8 million, or 19.2 percent, increase over the year-ago quarter.
 Holiday Rambler's Recreational Vehicle division posted sales of $47.5 million, up 36.9 percent over the year-ago quarter. Its Commercial Vehicle (Utilimaster Corporation) division reported first quarter sales of $17.7 million, a 36.3 percent increase. For the quarter, Holiday Rambler reported an operating profit of $.1 million, compared to a loss of $3.3 million in the year-ago quarter.
 "Holiday Rambler's improved profitability is largely the result of the strengthening recreational vehicle market and our restructuring efforts in the fourth quarter of 1991 and early 1992," Teerlink said. "The recreational vehicle market appears to be improving," Teerlink said, "however it's too early to determine if the upward sales momentum will continue." In March, Holiday Rambler resumed five day work weeks, up from four, in both its motorized and towable operations, in response to improved markets, he said.
 Teerlink reported the opening of two company-owned Holiday World recreational vehicle dealerships and the addition of two independently owned dealerships in California, the nation's top market. "We expect our dealer recruitment program will help Holiday Rambler sign more top quality dealerships in major markets in coming months," he said.
 Because the company's newest recreational vehicle product offerings, introduced to dealers in December, are just beginning to enter the market, Teerlink said it's too early to determine market acceptance. "Our new bus-style Navigator, which has garnered tremendous attention and dealer enthusiasm, should be available for retail purchase late in the second quarter," he said.
 Utilimaster Corporation reported a $4.7 million revenue over the year-ago quarter, based primarily on 1991 orders received from Ford Motor Company, under contract with the U.S. Postal Service, and Ryder Truck Rental. "The commercial vehicle market, like the automobile and truck markets, remains very soft," Teerlink said.
 Harley-Davidson, Inc., the only major American motorcycle manufacturer, produces heavyweight motorcycles and a complete line of motorcycle parts and accessories. Its Holiday Rambler Corporation subsidiary is a leading manufacturer of premium recreational vehicles, specialized commercial vehicles and a diverse range of related products. Harley-Davidson, Inc. is also a manufacturing contractor for a variety of industries.
 HARLEY-DAVIDSON, INC.
 Condensed Consolidated Statements of Income
 (In Thousands, Except Per Share Amounts)
 Three Months Ended
 March 29, 1992 March 31, 1991
 Net sales $247,422 $196,201
 Operating expense 16,711 9,830
 Interest expense 1,446 2,036
 Other expense 884 374
 Income before provision for
 taxes 14,381 7,420
 Provision for income taxes 5,637 2,900
 Net income 8,744 4,520
 Earnings per share:
 Primary $.48 $.25
 Fully diluted .48 .25
 Shares outstanding:
 Primary 18,091 17,811
 Fully diluted 19,040 17,811
 SEGMENT DATA
 UNITS
 Motorcycle shipments:
 United States 11,111 9,342
 Export 6,075 4,992
 Total 17,186 14,334
 REVENUE (000's)
 Motorcycles and Related
 Products $179,101 $145,429
 Transportation Vehicles 68,412 50,772
 Total $247,422 $196,201
 OPERATING PROFITS (000's)
 Motorcycles and Related
 Products $18,292 $14,756
 Transportation Vehicles 138 (3,267)
 Corporate Expenses (1,719) (1,659)
 Total $16,711 $ 9,830
 -0- 4/21/92
 /CONTACT: Steve Piehl, 414-935-4524, or Jim Ziemer (financial community), 414-935-4750, both Harley-Davidson/
 (HDI) CO: Harley-Davidson, Inc. ST: Wisconsin IN: SU: ERN


PS -- NY118 -- 0993 04/21/92 21:41 EDT
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