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Arctic Cat overall results up, snowmobile sales drop

All terrain vehicles (ATVs) remain a major driver of Arctic Cat Inc.'s sales and profits. The company reported that ATV sales grew 55 percent in the fourth quarter while sales of snowmobiles dropped 26 percent, mainly because of a lack of snow this winter.

For the fourth quarter of fiscal 2002 ended March 31, overall net sales grew by 24 percent to $99.3 million, compared to $80.2 million for the same period last year. ATV sales jumped to $71.6 million, versus $46.3 million in the same period last year. Snowmobile sales dropped to $4.7 million for the quarter, compared to $6.4 million in the fourth quarter of fiscal 2001.

As a result of the declining snowmobile sales, there was less demand for winter-oriented garments and accessories; those sales dropped 17 percent in the fourth quarter to $22.9 million. ATV-related items increased, leading to flat sales for these items of $88 million for the full fiscal year.

The net loss of the Thief River Falls-based maker of snowmobiles, ATVs and accessories, widened in the fourth quarter, from $1 million, or 4 cents per diluted share in fiscal 2001 to $1.8 million, or 8 cents per diluted share.

For full fiscal 2002, sales rose 11 percent, to $556.1 million, compared to $502.4 million for fiscal 2001. Net earnings rose 6 percent, to $28.6 million, or $1.20 per diluted share, from $27 million, or $1.10 per diluted share for fiscal 2001.

CEO Christopher Twomey predicted that the company's growth will continue to be based on ATV sales. He expects a 10 percent increase in sales for 2003 while snowmobile sales are expected to continue declining, by 7 to 10 percent this fiscal year.

The company expects full year 2003 sales to range between $556 million and $570 million. Diluted earnings per share for the year are estimated to rise by about 10 percent, to between $1.30 and $1.34, in line with the 2003 mean estimate by analysts polled by Thomson Financial/First Call.
 

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Looks like maybe some people will get some good deals on the leftovers!
Dang, I wish I had some extra $$ in the bank.
 
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