- Net sales grew 26 percent, chiefly driven by increased snowmobile, Wildcat™ side-by-side, and international all-terrain vehicle (ATV) and recreational off-road vehicle (ROV) sales;
- Gross margins improved 47 basis points, due to higher volumes, selling prices and improved product mix;
- Operating expenses as a percent of sales declined to 14.5 percent compared to 17.9 percent;
- Operating profit rose 153 percent to $45.9 million, up from $18.1 million;
- The company ended the fiscal 2012 year with cash and short-term investments totaling $62.6 million versus $125.1 million at the end of fiscal 2011. During the fiscal 2012 third quarter, Arctic Cat used $79.3 million in cash to purchase all of Suzuki Motor Corporation’s 6.1 million shares of Arctic Cat Class B common stock;
- The company had no short- or long-term debt.
Arctic Cat Inc. (NASDAQ:ACAT) today reported net earnings for the fiscal year ended March 31, 2012, rose 130 percent to $29.9 million, or $1.72 per diluted share, up from prior-year net earnings of $13.0 million, or $0.70 per diluted share. Arctic Cat’s net sales for the fiscal 2012 full year grew 26 percent to $585.3 million versus net sales of $464.7 million last fiscal year. “We are very pleased with the company’s continued strong sales and earnings performance in fiscal 2012,” said Claude Jordan, Arctic Cat’s president and chief executive officer. “Sales rose across all product lines for the full year. Double-digit gains in our snowmobile and all-terrain vehicle segments were fueled by the introduction of innovative products and technologies, such as our extensive new snowmobile line-up and the Wildcat sport side-by-side. Higher sales volumes, coupled with our focus on operational excellence and cost control, led to another year of outstanding financial results.” Among the highlights of Arctic Cat’s fiscal 2012 full-year financial results versus last fiscal year: