October 25, 2006
THIEF RIVER FALLS, Minn. — Arctic Cat Inc., a maker of snowmobiles and ATVs, said Wednesday its second-quarter earnings rose 4 percent on rising snowmobile sales and higher ATV part and accessories sales.
Net income climbed to $20 million, or $1.03 per share, from $19.2 million, or 96 cents per share, a year ago. The latest quarter includes 2 cents per share of stock option costs.
Sales grew to $285.3 million from $276.3 million last year.
Arctic Cat had predicted quarterly earnings of $1.03 to $1.08 per share, prompting analysts to revise their estimate from $1.12 per share to $1.06 on sales of $299.3 million, according to a poll by Thomson Financial.
"Our record sales and increased earnings for the second quarter were driven primarily by a 9 percent increase in snowmobile sales, continued strong demand for our Prowler utility ATV, and higher ATV parts and accessories sales," said Christopher A. Twomey, chairman and chief executive officer. "We are confident that we remain on track to post sales gains across all of our product lines for the fiscal year."
Sales of Arctic Cat's ATVs slipped to $133.8 million from $135.8 million last year, but sales of snowmobiles totaled $121.5, up from $111.4 million in the same period last year. Contributing to the increase was the shift of Arctic Cat's new model snowmobile production, and related revenue and earnings, into the company's fiscal 2007 second and third quarters.
[full article]
THIEF RIVER FALLS, Minn. — Arctic Cat Inc., a maker of snowmobiles and ATVs, said Wednesday its second-quarter earnings rose 4 percent on rising snowmobile sales and higher ATV part and accessories sales.
Net income climbed to $20 million, or $1.03 per share, from $19.2 million, or 96 cents per share, a year ago. The latest quarter includes 2 cents per share of stock option costs.
Sales grew to $285.3 million from $276.3 million last year.
Arctic Cat had predicted quarterly earnings of $1.03 to $1.08 per share, prompting analysts to revise their estimate from $1.12 per share to $1.06 on sales of $299.3 million, according to a poll by Thomson Financial.
"Our record sales and increased earnings for the second quarter were driven primarily by a 9 percent increase in snowmobile sales, continued strong demand for our Prowler utility ATV, and higher ATV parts and accessories sales," said Christopher A. Twomey, chairman and chief executive officer. "We are confident that we remain on track to post sales gains across all of our product lines for the fiscal year."
Sales of Arctic Cat's ATVs slipped to $133.8 million from $135.8 million last year, but sales of snowmobiles totaled $121.5, up from $111.4 million in the same period last year. Contributing to the increase was the shift of Arctic Cat's new model snowmobile production, and related revenue and earnings, into the company's fiscal 2007 second and third quarters.
[full article]
