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Arctic Cat Reports Fiscal 2012 Results

FINANCIAL TABLES FOLLOW

ARCTIC CAT INC.
Financial Highlights
(000s omitted, except per share amounts)
(Unaudited)
   
Three Months Ended Years Ended
March 31,   March 31,
2012   2011 2012   2011
Net Sales    
Snowmobile & ATV Units $ 68,951 $ 43,530 $ 477,329 $ 363,015
Parts, Garments & Accessories   29,536       29,927     107,939       101,636  
Total Net Sales 98,487 73,457 585,268 464,651
Cost of Goods Sold
Snowmobile & ATV Units 68,010 48,531 388,523 302,783
Parts, Garments & Accessories   19,059       18,166     66,126       60,359  
Total Cost of Goods Sold   87,069       66,697     454,649       363,142  
Gross Profit 11,418 6,760 130,619 101,509
Operating Expenses
Selling & Marketing 8,118 7,760 36,549 33,540
Research & Development 5,266 4,307 17,862 15,029
General & Administrative   7,654       9,251     30,318       34,805  
Total Operating Expenses   21,038       21,318     84,729       83,374  
Operating Profit (9,620 ) (14,558 ) 45,890 18,135

Other Income (Expense)
Interest Income 18 35 86 107
Interest Expense   (1 )     -     (8 )     (11 )

Total Other Income (Expense)
  17       35     78       96  
Earnings (Loss) Before Income Taxes (9,603 ) (14,523 ) 45,968 18,231
Income Taxes (Benefits)   (3,428 )     (4,937 )   16,027       5,224  
Net Earnings (Loss) $ (6,175 )   $ (9,586 ) $ 29,941     $ 13,007  
Net Earnings (Loss) Per Share
Basic $ (0.49 )   $ (0.52 ) $ 1.79     $ 0.71  
Diluted $ (0.49 )   $ (0.52 ) $ 1.72     $ 0.70  
 
Weighted Average Shares Outstanding:
Basic   12,724       18,289     16,721       18,232  
Diluted   12,724       18,289     17,458       18,539  
 
    March 31,    
Selected Balance Sheet Data: 2012     2011
Cash and Short-term Investments $ 62,597 $ 125,113
Accounts Receivable, net 28,073 23,732
Inventories 98,702 61,478
Total Assets 255,416 272,906
Short-term Bank Borrowings 0 0
Total Current Liabilities 114,036 87,444
Long-term Debt 0 0
Shareholders' Equity 138,471 183,036
 
Three Months Ended Years Ended
March 31,       March 31,    
Product Line Data:   2012   2011   Change   2012   2011   Change
Snowmobiles $ (6,820 ) $ (4,487 ) -52 % $ 250,438 $ 181,965 38 %
All-Terrain Vehicles 75,771 48,017 58 % 226,891 181,050 25 %
Parts, Garments & Accessories   29,536       29,927   -1 %   107,939     101,636 6 %
Total Sales $ 98,487     $ 73,457   34 % $ 585,268   $ 464,651 26 %

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