Arctic Cat Reports Fiscal 2010 Second Quarter Results

Press Release –

Increased second quarter operating profit 7% on lower sales;
Continued to lower cost structure, improve gross margin percentage and strengthen balance sheet;
Company maintains annual revenue guidance, remains focused on achieving continued operational efficiencies

MINNEAPOLIS–(BUSINESS WIRE)–Oct. 29, 2009– Arctic Cat Inc. (NASDAQ: ACAT) today reported net earnings of $14.8 million, or $0.81 per diluted share, on net sales of $166.3 million for the second quarter ended September 30, 2009. Arctic Cat reported net earnings in the fiscal 2008 second quarter of $16.9 million, or $0.93 per diluted share, on net sales of $204.3 million.

For the six months ended September 30, 2009, Arctic Cat’s net earnings were $8.8 million, or $0.48 per diluted share, on net sales of $235.7 million. In the first six months of last year, the company reported net earnings of $10.0 million, or $0.55 per diluted share, on net sales of $298.2 million.

Commented Arctic Cat’s chairman and chief executive officer Christopher A. Twomey: “We continued to face difficult selling conditions during the second quarter, given the global economic environment. Despite this, we are pleased with the company’s continued progress on our goals to reduce the company’s cost structure and strengthen the balance sheet.”

Among the highlights of Arctic Cat’s 2010 second quarter financial results versus the same quarter last year:

Gross margins increased 410 basis points in the quarter and 230 basis points year to date;
Operating expenses declined 12 percent to $23.3 million from $26.6 million, and fell 17 percent year-to-date;
Operating profit rose 7 percent to $21.9 million from $20.5 million;
Inventories were reduced 23 percent to $133.6 million from $172.3 million;
Total cash and short-term investments at quarter end rose to $11.2 million from $3.7 million; and
The company had no short-term debt at quarter end compared to $14.8 million a year ago.

“Through strong inventory management, expense controls and a rescaled business, we continue to remain on track to deliver improved operating results this fiscal year on lower sales,” said Twomey.

Arctic Cat announced on October 20, 2009 that the company has entered into an agreement for GE Capital, Commercial Distribution Finance to become the exclusive provider of floorplan financing for Arctic Cat’s U.S. dealers. The new multi-year financing program will replace Arctic Cat’s current financing agreement with Textron Financial Corporation, which had previously announced its intent to exit the dealer floorplan business. The new financing program is expected to begin December 1, 2009.

“We are very pleased to partner with GE Capital, and we expect that this agreement will continue to provide our ATV and snowmobile dealers with innovative financing programs and superior service,” said Twomey.

Business Line Results
“Our continued focus on achieving our operating efficiency initiatives has enabled Arctic Cat to increase our gross margin percentage, despite lower demand for recreational vehicle products at this time,” said Twomey. “We expect that Arctic Cat will be well-positioned as a stronger, leaner company as our markets recover.”

Snowmobile sales totaled $85.7 million in the second quarter compared to $98.4 million in the prior-year quarter. Year to date, snowmobile sales were $103.7 million versus $119.8 million in the same period last year. Although Arctic Cat continues to anticipate lower worldwide snowmobile orders in fiscal 2010 as a result of the recession, the company expects to maintain or increase its North American market share by offering consumers leading-edge technologies, such as the new powered up 800cc engine that is being used in its models across all market segments.

All-terrain vehicle (ATV) sales totaled $51.7 million in the second quarter versus $71.6 million in the prior-year quarter. Year to date ATV sales were $83.9 million compared to $125.4 million in the first six months of fiscal 2009. With retail industry ATV sales continuing to decline during the recession, Arctic Cat has worked to reduce dealer inventories and, at the same time, increase market share.

Sales of parts, garments and accessories (PG&A) in the second quarter totaled $28.8 million versus $34.3 million in the prior-year quarter. Year to date, PG&A sales were $48.1 million compared to $52.9 million in the year-ago period.

Outlook
Arctic Cat is implementing operational efficiency initiatives aimed at returning the company to long-term profitability on lower anticipated sales volumes. The company’s fiscal 2010 outlook includes the following assumptions: the continuation of the weak global economic environment negatively impacting sales of recreational products; increasing gross margins up to 300 basis points through global low-cost sourcing, improved commodity pricing and greater efficiencies from lean manufacturing; achieving a 12 percent to 17 percent reduction in operating expenses; improving cash flow from operations; and ending the year with more cash on the balance sheet by lowering inventory.

Arctic Cat continues to estimate sales for its fiscal year ending March 31, 2010 in the range of $425 million to $460 million, based on achieving ATV sales of $188 million to $203 million, snowmobile sales in the range of $140 million to $152 million and PG&A sales of $97 million to $105 million. Arctic Cat has not provided fiscal 2010 earnings per share guidance, although the company expects improved per share results compared with fiscal 2009.

Commenting on the company’s outlook, Twomey said: “This is a challenging year for the recreational products industry. Near-term, we remain focused on conservatively managing our business to meet lower anticipated demand. We are continuing our efforts to improve the company’s operational performance. We also are taking appropriate actions to preserve cash and maintain dealer health, as well as developing select innovative products that position Arctic Cat to emerge as a stronger company once the economy recovers.”

ARCTIC CAT INC.
Financial Highlights
(000s omitted, except per share amounts) (Unaudited)

	Three Months Ended						Six Months Ended
	September 30,						September 30,
	2009			2008			2009			2008
Net Sales
Snowmobile & ATV Units	$	137,466		$	170,025		$	187,554		$	245,216
Parts, Garments & Accessories		28,834			34,289			48,116			52,975
Total Net Sales		166,300			204,314			235,670			298,191
Cost of Goods Sold
Snowmobile & ATV Units		103,748			135,180			154,090			204,659
Parts, Garments & Accessories		17,341			22,012			28,821			33,533
Total Cost of Goods Sold		121,089			157,192			182,911			238,192
Gross Profit		45,211			47,122			52,759			59,999
Operating Expenses
Selling & Marketing		9,619			13,506			16,041			22,390
Research & Development		3,028			4,249			6,198			8,929
General & Administrative		10,652			8,847			17,286			16,314
Total Operating Expenses		23,299			26,602			39,525			47,633
Operating Profit		21,912			20,520			13,234			12,366
Other Income (Expense)
Interest Income		–			27			4			99
Interest Expense		(175	)		(414	)		(247	)		(618	)
Total Other Income (Expense)		(175	)		(387	)		(243	)		(519	)
Earnings Before Income Taxes		21,737			20,133			12,991			11,847
Income Taxes		6,957			3,218			4,158			1,895
Net Earnings	$	14,780		$	16,915		$	8,833		$	9,952
Net Earnings Per Share
Basic	$	0.81		$	0.94		$	0.49		$	0.55
Diluted	$	0.81		$	0.93		$	0.48		$	0.55

Weighted Average Shares Outstanding:
Basic		18,227			18,078			18,212			18,049
Diluted		18,252			18,091			18,225			18,056

	September 30,
Selected Balance Sheet Data:	2009		2008
Cash and Short-term Investments	$	11,160	$	3,733
Accounts Receivable, net		68,286		78,613
Inventories		133,605		172,320
Total Assets		286,900		343,755
Short-term Bank Borrowings		0		14,810
Total Current Liabilities		103,799		147,890
Long-term Debt		0		0
Shareholders’ Equity		177,426		184,605

	Three Months Ended						Six Months Ended
	September 30,						September 30,
Product Line Data:	2009		2008		Change		2009		2008		Change
Snowmobiles	$	85,739	$	98,379	-13	%	$	103,656	$	119,795	-13	%
All-terrain Vehicles		51,727		71,646	-28	%		83,898		125,421	-33	%
Parts, Garments & Accessories		28,834		34,289	-16	%		48,116		52,975	-9	%
Total Sales	$	166,300	$	204,314	-19	%	$	235,670	$	298,191	-21	%

Source: Arctic Cat Inc.

37 COMMENTS

Fred Up October 29, 2009 At 11:16 am

“Inventories were reduced 23 percent to $133.6 million from $172.3 million”

This is because all of their inventory was forced onto the dealers!!!!!!

John Sandberg October 29, 2009 At 12:01 pm

Fred UP and/or any other dealers: I’m curious… has there been more or less “push” of product onto the dealer recently, compared with previous years? How about snowmobiles vs. ATVs?

Joe Buck October 29, 2009 At 1:03 pm

I think they are talking about dealer inventory, not the back yard inventory.

John Sandberg October 29, 2009 At 4:01 pm

According to the conference call, Arctic Cat has helped reduce dealer ATV inventory by 22 percent compared to last year. Dealer snowmobile inventories down 14 percent compared to last year. Sounds like they also reduced backyard inventory.

Fred Up October 29, 2009 At 4:40 pm

If this was dealer inventory Arctic Cat helped to reduce, what procedure did they use to reduce the dealer inventory ?

Arctic 1 October 29, 2009 At 9:55 pm

“With retail industry ATV sales continuing to decline during the recession, Arctic Cat has worked to reduce dealer inventories and, at the same time, increase market share” It appears to me that dealers have more inventory than normal. Especially hold over machines. And trucks keep comming in pouring on more machines. How is there help reducing inventories?….with high intrest programs and non competitive machine prices?

“We also are taking appropriate actions to preserve cash and maintain dealer health,” How So?

John Sandberg October 29, 2009 At 10:32 pm

Some obvious ways of helping reduce dealer inventory would be through ongoing reduced production (so they aren’t continually loading up dealers), added promotion of retail products and retail incentive programs, the latter two requiring cash, which recently has been in short supply. I’m not certain these are all happening, at least at a level that’s satisfactory for dealers. I’d love to hear the dealers’ opinions. Also, are the retail programs from Cat significantly different than the other three? I truly don’t know.

Fred Up October 30, 2009 At 9:37 am

Hold on !!!! In order to receive these fabulous retail icentives a dealer has to order more product, adding to their iventory. So I dont think that the dealer inventories are shrinking, I would say that they are growing. Correct ???

JD October 30, 2009 At 9:46 am

Good point Fred !

Why would you load up a dealer with so much current model year units when they are having a hard time moving their noncurrents? Plus someone is selling noncurrents out of their backyard way cheaper than the ones dealers have in inventory !! This isn’t right !!!! Is it ??

RK October 30, 2009 At 11:05 am

Where can you get these non-currents at? What kind of price can you get a 550 efi fur? I know some of the Non current polaris atv’s are going pretty reasonably.

Don Kee October 30, 2009 At 11:32 am

John–They must not be offering to many rebates or financing options on units. If you look at the numbers, they have drastically reduced what they were spending on “Selling and Marketing”. Would that not lead to reduced rebates being offered to dealers and customers? It actually looks like the administrative cost have increased. Wouldn’t it be better to cut administrative costs and put more $$$ into selling and marketing to keep/gain market share? This does not seem like an effective plan. Are they trying to go “Green” buy cutting down on marketing or something?

Arctic 1 October 30, 2009 At 5:14 pm

No Don, I think they are looking out for number one. And their customers (dealers) are the ones taking the hits to make their numbers better. Most dealers inventories are up 20% or more, and Cat’s is down….do the math

flintstone October 30, 2009 At 8:36 pm

They made money at my expense.

Fred Up November 2, 2009 At 1:51 pm

I agree with you Arctic 1, our inventory is up 35% over last year. The dealers have helped them out, so why don’t they help the dealers out ?

Fred Up November 5, 2009 At 10:07 am

Oh My ! Their inventory keeps getting smaller and the dealers keeps getting larger I say, as the truck pulls away !!!

Doggie December 5, 2009 At 1:46 pm

i am employed at a cat dealership in ontario, and it is so nice to see the manufacture of world class products do well. However there dealer network is hurting. with two teir prices for canada and the usa it is very hard to keep canadian customers from shopping usa. with the strong cdn$ and lower us retail prices the canadian dealers are loseing customers everyday. It is hard to compete with the difference in dealer cost from us to canada and the us dealers have a very stong retail customer program, while in canada are programs are near nothing… 250 cat cash and a two year warranty on 2010 sleds and rebates on average of 800 for noncurrent sleds. With the weak economy they should be helping the dealers reduce inventory but there not, they just keep added to it with blackmail type programs. ie: hey we will give you price protection on one sled you have instock, (cost 8000).. but you have to order one morefrom our inventory (cost 7500) then they also credit your 8000 inventory sled 500… cost average and sell more is there thought.. well let me tell ya its crap…. if i have a new 07 instock, what makes you think i can sell it plus another for 500 dollars less…. all in all from what i see on the sales floor the only manufacture to take some control is polaris, they have good programs and have taken means to reduce cost to the consumer.. abit makeing a sled or atv thats old tech and selling it for far less than the hi tech model. buy doing this they have created a playin field where no other manufacture can compete. ie polaris 500 carb atv selling at 5999.00 arctic cat 500 atv selling at 8499… what would you buy?

any other dealers have any thoughts?

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