Polaris News

From Polaris Press Release:

Minneapolis, MN: Polaris Industries Inc. reported record net income of $0.94 per diluted share for the second quarter ended June 30, 2003, a 13 percent increase over prior year second quarter net income of $0.83 per diluted share.

Sales of Victory motorcycles increased 124 percent during the second quarter 2003 from last year's second quarter. The increase is attributable to the continued market place acceptance of the all new Vegas model, which was named the year's best cruiser motorcycle by three leading motorcycle enthusiast magazines, as well as the timing of shipments as Vegas production and shipment ramped up during the second quarter. Sales of Victory motorcycles for the year-to-date period ended June 30, 2003 increased 58 percent from the comparable period in 2002.

Higher sales volume from all-terrain vehicles (ATVs), personal watercraft, Victory motorcycles and parts, garments and accessories (PG&A) along with positive currency fluctuations and expanded gross margins contributed to the second quarter earnings increase. Reported net income for the second quarter 2003 was a record $21.0 million, a six percent increase over prior year second quarter net income of $19.9 million. Sales for the second quarter 2003 totaled a record $377.1 million, up four percent from the prior year's second quarter sales of $362.6 million.

"The results for this quarter exceeded our expectations, and mark our 21st consecutive quarter of increased sales and earnings, a very gratifying accomplishment. Our largest business, ATVs, continued to show resilience during the quarter in an economy that is slowly recovering," said Tom Tiller, President and Chief Executive Officer. "In fact, all of our businesses showed good growth during the quarter with the exception of the anticipated reduction in snowmobiles. Our investments in new products and productivity gains are paying off. Going forward we expect ongoing improvement in the overall business."

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George Obradovich
George Obradovich

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