arctic cat reports record revenues for q4 2002 and fiscal year end

 
Arctic Cat has reported record revenues for the fourth quarter and the 2002 year end. Cat's disclosure indicates that net sales were up by 24 percent in the fourth quarter and 11 percent for the full year. Earnings per share went up nine percent for FY 2002- $1.20 versus last year's $1.10 per share.

The sales increase was buoyed by a significant jump in ATV sales, up 55 percent in Q4 and 12 percent for FY 2002, or $205.2 million. The company reported that snowmobile sales were down in the fourth quarter, but up overall by 14 percent, thanks in large part to strong early season orders. Parts, garments and accessories sales slipped in Q4, thanks to poor snow conditions. However, ATV PG&A sales made up the difference, to keep overall department sales flat from 2001.

Cat expects to increase its ATV and overall PG&A sales by 10 percent for the coming year. It expects snowmobile sales to be down 7-10 percent in FY 2003. "This weather related decrease [in snowmobile sales] is particularly disappointing since the 2003 model lineup is the strongest in our history," commented Arctic Cat President and CEO Chris Twomey.