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POLARIS REPORTS SECOND QUARTER, SIX-MONTH RESULTS; CITES CONTINUED STRONG DEMAND FOR ALL PRODUCTS

 MINNEAPOLIS, July 29 /PRNewswire/ -- Polaris Industries Partners, L.P. (AMEX: SNO) today announced increased sales and earnings for the second quarter and record results for the first six months of 1993. The partnership said the results are attributed to continued strong demand for all of its products: snowmobiles, all-terrain vehicles (ATV) and personal watercraft (PWC).
 Sales for the first six months of 1993 were a record $218,350,000, up 40 percent over the same period last year, and earnings increased 53 percent to a record $12,680,000 or $.62 per unit compared with $8,314,000 or $.42 per unit in 1992. The net income-per-unit calculations reflect the recently approved two-for-one split of Polaris units.
 For the second quarter ended June 30, 1993, Polaris recorded sales of $111,235,000, up 30 percent over sales of $85,467,000 for the same quarter last year. Net income for the quarter was $6,542,000 or $.32 per unit, compared with $6,181,000 or $.31 for the second quarter of 1992.
 The record results reflect continued strength in demand for Polaris snowmobile and ATV models, as well as significant growth in PWC sales.
 Gross margins for 1993 reflect the partnership's broadened product lines and successful entry into the personal watercraft market. Historically, in the second quarter Polaris has built and shipped higher margin snowmobile products exclusively. This year's results reflect increased shipments of lower margin PWC and ATV products as well as an increase in snowmobile sales volume.
 The financial condition of the partnership is strong, with cash and cash equivalents of $9,300,000 and no long-term debt. Cash flow for the first six months of 1993 was $22,338,000, compared with $1,997,000 for the same period last year.
 Two-for-one split approved
 Holders of interests representing approximately 84 percent of Polaris Beneficial Assignment Certificates (BACs) voted to approve the proposed two-for-one split of partnership BACs. The record date for the split is Aug. 2, 1993, and the effective date is Aug. 18, 1993.
 Polaris also intends to increase its regular quarterly distributions to $.63 from $.625 per unit on an adjusted basis. The increase will be effective with the third quarter 1993 distribution expected to be declared in September.
 Polaris Industries Partners L.P. is a master limited partnership which owns and operates Polaris Industries L.P. Polaris designs, engineers, manufactures and markets snowmobiles, all-terrain vehicles and personal watercraft for recreational and utility use. Polaris is the world's largest snowmobile manufacturer, and the largest U.S. manufacturer of ATVs and personal watercraft. Polaris Industries Partners L.P. trades on the American Stock Exchange and Pacific Stock Exchange under the symbol "SNO."
 POLARIS INDUSTRIES PARTNERS L.P.
 STATEMENTS OF OPERATIONS
 (in thousands, except per-unit data)
 Second Quarter Ended Year-to-Date
 6/30/93 6/30/92 6/30/93 6/30/92
 Sales $111,235 $85,467 $218,350 $155,694
 Cost of sales 82,846 61,179 164,213 114,618
 Gross profit 28,389 24,288 54,137 41,076
 Operating expenses 19,166 15,527 35,964 28,645
 Operating income 9,223 8,761 18,173 12,431
 Non-operating
 expense, net 2,681 2,580 5,493 4,117
 Net income $6,542 $6,181 $12,680 $8,314
 Allocation of net income to:
 General Partner $1,361 $1,286 $2,637 $1,729
 Limited Partners $5,181 $4,895 $10,043 $6,585
 Net income per unit data:
 (Restated to show effect
 of the approved two-for-
 one split)
 Net income per unit $.32 $.31 $.62 $.42
 Weighted average number
 of BACs, Class B BACs
 and BAC Equivalents 16,126 16,013 16,126 15,800
 Cash distributions
 declared per unit $.625 $.625 $1.25 $1.25
 -0- 7/29/93
 /CONTACT: Hall Wendel, Jr. of Polaris Industries, L.P., 612-542-0500; Dave Mona or John Shaughnessy, both of Mona, Meyer, McGrath & Gavin, 612-832-5000, for Polaris/
 (SNO)


CO: Polaris Industries L.P. ST: Minnesota IN: LEI SU: ERN

DS -- MN010 -- 7415 07/29/93 10:46 EDT
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Publication:PR Newswire
Date:Jul 29, 1993
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