THIEF RIVER FALLS, Minn. - First-quarter sales of Arctic Cat's ATVs rose 93 percent to $73 million, up from $37.9 million in the same period last year, the company reported, attributing the increase primarily to strong dealer and customer demand for the new Wildcat V-Twin 1000i H.O. pure-sport ROV, as well as Prowler side-by-side utility vehicles and core ATVs.
"Wildcat sales are on track to meet our high expectations this fiscal year for the growing ROV market. In addition, with the further reductions achieved in our ATV/ROV inventory in fiscal 2012, dealer inventory is now near optimum levels and we are starting to see increased demand from our dealers," said president and CEO Claude Jordan.
Next month, Arctic Cat plans to begin shipping model year 2013 ATVs and ROVs, including five ATV models and a new limited edition Wildcat 1000 ROV. The new limited Wildcat will offer upgraded styling features as part of a standard package.
Arctic Cat's snowmobile sales in the fiscal 2013 first quarter rose 4 percent to $18 million, up from $17.4 million in the prior-year quarter. For the 2013 model year, the company is building snowmobiles on its new ProCross performance and ProClimb mountain chassis platforms, introduced in fiscal 2012, and will continue offering innovative suspension, drive and braking technologies. Arctic Cat is committed to investing in research and development in anticipation of manufacturing its own snowmobile engines in fiscal 2015.
Sales of PG&A in the first quarter increased 3 percent to $20.4 million versus $19.7 million in the prior-year quarter. Contributing to the growth were accessory sales for the Wildcat ROV. Among the top-selling Wildcat accessories are front and rear bumpers, flip-up windshields, skid plates and winches.
The company swung to net earnings of $2 million, or 14 cents per share, for the fiscal first quarter ended June 30, up from a prior-year net loss of $2.3 million, or 13 cents per 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.
Posted by Holly Wagner