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Arctic Cat's CEO Discusses F1Q 2013 Results - Earnings Call Transcript

Now I’ll turn the call over to Arctic Cat CEO, Claude Jordan. Claude?

Claude Jordan

Thanks, Shawn. Good morning everyone and thanks for joining us today. This morning I will cover the individual performance of our three businesses during the first quarter of fiscal 2013 as well as the progress we have made as we continue to focus on increasing sales, profitability and operational excellence.

Following my comments, Tim Delmore, our CFO will review our financial performance. Overall, we are pleased with our financial performance for the first quarter. As we mentioned in May, we set out the gross sales in all product categories, improved gross margins, increased earnings per share, generate additional cash flow, and strengthen our balance sheet. Through the first quarter, we are on track to accomplish each of these.

In regard to the individual businesses, snowmobile sales were up 4% for the quarter, primarily driven by increased mix in pricing. Additionally, snowmobile dealer inventory for North America was lowered by 10% at the end of the first quarter. With the lower dealer inventory, the increased orders we are seeing on the 23 ProCross and ProClimb snowmobile models. We launched last year in the five new models, we launched in March of this year. We are increasing our original guidance to a revised higher guidance is down 2% to up 1%. This increase will be seen in both the North American and the international markets.

On the retail side, we will not see any significant retails until September and October. However, we are once again targeting to gain market share this fiscal year and continue to expect the overall industry to grow in the low single-digits. On the ATV business, sales increased 93% for the quarter. Key drivers for the sales increase were increased North American sales of our Wildcat 1000 sports side-by-side, our HDX Heavy Duty Prowler and our core ATVs.

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