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TheStreet Open House

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

Stock quotes in this article: ACAT

International sales were also higher due to increased Wildcat sales. Dealer inventory was again a key focus and we were successful in reducing our North American dealer inventory in 18 of ATVs and Prowlers by 16%, excluding the Wildcat. Including the Wildcat, overall dealer inventory was lower by 9%. As we move forward, we will continue to focus on matching wholesale sales with retail sales. We do not expect any further significant decreases in overall dealer inventory.

For the quarter, North American ATV industry retail sales grew by 5.5%, which was the second straight quarter of growth for the industry. Although, we were down versus our prior year quarter, this was primarily due to the strong quarter last year. Our North American ROV retail sales experienced strong growth and sales increased 84%, driven by both the Wildcat and Prowler HDX heavy duty utility vehicles.

Wildcat retail sales continue to be strong and match our expectations. In the latest issue of their tracks, one of the leading power sports magazine the Wildcat won the recent shootout as the top pure sport side-by-side vehicle in the industry. As we look forward, product development will continue to be an area of focus for our ATV business. We’ve launched our model year 2013 models and we’ll begin shipping them next month. In total we will launch five new core ATVs and one Wildcat. The new Wildcat will be Wildcat limited, which will provide our customers a Wildcat with upgraded features consistent of multi-colored seats, upgrade paint, expanded decal package, inflected accessories.

With the lower dealer inventory and the increased orders, we are seeing for our ATV business, we are increasing our original guidance to revised higher guidance of 36% to 41%. In addition to both of our ATV and snowmobile businesses being up, our parts garment and accessory business also showed a sales increase of 3% for the quarter. Increased sales were driven by accessories with the largest driver being Wildcat accessories.

Read the rest of this transcript for free on seekingalpha.com

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