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Arctic Cat Reports 26 Percent Sales Increase in Fiscal 2012 Results

Arctic Cat Inc. has reported net earnings for the fiscal year ended March 31, 2012, rose 130 percent to $29.9 million, up from prior-year net earnings of $13.0 million. Arctic Cat’s net sales for the fiscal 2012 full year grew 26 percent to $585.3 million versus net sales of $464.7 million last fiscal year.

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Arctic Cat Inc. has reported net earnings for the fiscal year ended March 31, 2012, rose 130 percent to $29.9 million, up from prior-year net earnings of $13.0 million. Arctic Cat’s net sales for the fiscal 2012 full year grew 26 percent to $585.3 million versus net sales of $464.7 million last fiscal year.

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“We are very pleased with the company’s continued strong sales and earnings performance in fiscal 2012,” said Claude Jordan, Arctic Cat’s president and chief executive officer. “Sales rose across all product lines for the full year. Double-digit gains in our snowmobile and all-terrain vehicle segments were fueled by the introduction of innovative products and technologies, such as our extensive new snowmobile line-up and the Wildcat sport side-by-side. Higher sales volumes, coupled with our focus on operational excellence and cost control, led to another year of outstanding financial results.”

For the fiscal 2012 fourth quarter ended March 31, 2012, Arctic Cat reported an improved net loss of $6.2 million, on 34 percent net sales growth to $98.5 million. In the prior-year fourth quarter, Arctic Cat reported a net loss of $9.6 million, on net sales of $73.5 million. Due to the seasonality of Arctic Cat’s business, the company typically reports lower results in its fiscal first and fourth quarters, while its fiscal second and third quarters are historically its strongest.

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“Snowmobile sales in fiscal 2012 benefited from the tremendous enthusiasm generated by the largest introduction of new models in Arctic Cat’s history,” said Jordan. Arctic Cat had five of the top 10-selling snowmobile models for the 2012 model year. In addition, two of Arctic Cat’s 2012 sleds were named snowmobile of the year – the XF1100 Turbo Sno Pro and the F1100 Turbo Sno Pro.

Added Jordan, “We are continuing to build on our new chassis platforms with exciting new sleds for the 2013 model year. Looking ahead, we also remain committed to investing in research and development, in order to remain an industry innovation leader and in anticipation of manufacturing our own snowmobile engines.”

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Among the new 2013 model year snowmobiles introduced to dealers in March 2012 are the ProCross F Sno Pro RR (race replica) sled that features high-performance trail racing suspension and styling. Also new is the Procross XF CrossTour, a crossover model that combines the best of snowmobile touring, trail and deep-snow capabilities. The ProClimb M Series mountain snowmobiles also received further enhancements to performance and handling. The turbocharged M1100 four-stroke mountain model comes with 177 horsepower.

Suzuki is supplying snowmobile engines to Arctic Cat through the 2014 model year, as well as engine parts to service existing engines beyond that time. Beginning with the 2015 model year, Arctic Cat will manufacture its own snowmobile engines at its St. Cloud, Minn., facility, where the company has produced ATV engines since 2007.

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In the fiscal 2012 fourth quarter, Arctic Cat’s ATV sales increased 58 percent to $75.8 million versus $48.0 million in the same period last year, chiefly due to strong dealer demand for the all-new Wildcat V-Twin 1000i H.O. sport recreational off-road vehicle (ROV). Full-year ATV sales rose 25 percent to $226.9 million driven by both Wildcat and international sales.

“We remain very pleased with the strong demand for our new Wildcat off-road sport vehicle,” commented Jordan. “We believe this segment presents a great growth opportunity.”

In fiscal 2013, Arctic Cat anticipates continued gains in its ATV/ROV business, fueled by the growth potential for the Wildcat pure-sport ROV model and Prowler side-by-side offerings. Additionally, the company remains focused on further enhancing profitability through operational efficiencies.

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For more information about Arctic Cat and its products, visit www.arcticcat.com.

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