- Net sales grew 49 percent, chiefly driven by increased Wildcat and Prowler recreational off-highway vehicle (ROV) sales;
- Gross margins improved 114 basis points, due to higher volumes;
- Operating expenses as a percent of sales declined to 17 percent compared to 24 percent;
- The company reported operating profit of $3.1 million versus a loss of $3.6 million;
- The company had no long-term debt.
Arctic Cat Inc. (NASDAQ: ACAT) today reported the company swung to net earnings of $2.0 million, or $0.14 per diluted share, for the fiscal first quarter ended June 30, 2012, up from a prior-year net loss of $2.3 million, or a loss of $0.13 per diluted share. Arctic Cat’s net sales for the fiscal 2013 first quarter grew 49 percent to $111.3 million versus net sales of $74.9 million in the same quarter last year. “We are very pleased to start our new fiscal year with another quarter of outstanding sales and earnings,” said Claude Jordan, Arctic Cat’s president and chief executive officer. “Sales rose across all product lines in the first quarter, led by strong contributions from our new Wildcat pure sport and Prowler side-by-side vehicles, and core ATVs. We continued to leverage higher sales volumes and a lower cost structure to deliver improved profitability in the first quarter.” Among the highlights of Arctic Cat’s fiscal 2013 first-quarter financial results versus the prior-year quarter: