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outlandish AWF Admin 
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July 14, 2005 07:00 AM US Eastern Timezone  Polaris Reports Record Second Quarter 2005 Results; Earnings Per Share from Continuing Operations up 11 Percent on 12 Percent Sales Growth MINNEAPOLIS--(BUSINESS WIRE)--July 14, 2005--Polaris Industries Inc., (NYSE:PII)(PSE:PII): Highlights: -- 29th consecutive quarter of increased sales and earnings from continuing operations -- ATV sales grew 13%, Victory sales increased 24%, and International sales grew 39% -- The higher sales and lower operating expenses contributed to the earnings growth for the second quarter -- For the balance of 2005, anticipate continued growth in sales and earnings driven by new product introductions and continued profitable growth from international operations, and the RANGER product line -- Narrowing full year 2005 earnings from continuing operations guidance range to $3.32 to $3.42 per diluted share, a 9% to 13% increase over 2004 Read More Here: http://home.businesswire.com/portal/site/google/index.jsp?ndmViewId=news_view&newsId=20050714005152&newsLang=en
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outlandish AWF Admin
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Posted on Fri, Jul. 15, 2005  MINNESOTA BUSINESS: Polaris considering plant in Europe Factory would build ATVs for growing European market By John Welbes St. Paul Pioneer Press With a strong market for all-terrain vehicles in Europe helping to propel its sales, Polaris Industries Inc. is considering building a new manufacturing plant on the continent. The recreational vehicle manufacturer likely will make a decision on its first overseas plant by year's end, CEO Tom Tiller said in a conference call with stock analysts Thursday. "Right now we're exporting everything from domestic plants," Tiller said. But as sales volume keeps growing, he said, it would be more efficient to add a manufacturing site in Europe. The news came as the Medina, Minn.-based company with its main manufacturing plant in Roseau, Minn., announced second-quarter net income of 68 cents per share, up from 61 cents last year. The company maintained its full-year earnings guidance for 2005, and is expecting $3.32 to $3.42 per share. The market reacted coolly to Polaris' earnings Thursday, with the stock closing at $54.56, down 48 cents for the day. International sales for the company, not including Canada, now account for about 15 percent of the company's annual sales. For the quarter, international sales were up 39 percent. ATVs have been particularly popular with Europeans, who buy them for both on-road and off-road use. Tiller did not say where Polaris is looking to build, but the company currently has warehouses in Passy, France; Askim, Norway; Ostersund, Sweden, and Gloucester, England. In the second quarter ended June 30, the company was able to shake off slow snowmobile sales and expenses tied to warranty-covered repairs on one 2005-model sled to post sales of $442 million, up from $395 million last year. Rising gas prices and interest rates are among the challenges facing the company, factors that have contributed to the company's lagging stock price. Tiller said during the earnings call that it's gratifying to post strong sales in such an environment. The company will unveil its 2006 models of ATVs and motorcycles next week at a dealers' meeting in Nashville, Tenn. During Thursday's conference call, several stock analysts asked whether Polaris' competitors have sales promotions planned, which could force down prices and revenue. Tiller said there was a blip of increased promotional activity in the second quarter. "We're not going back to no promotions," he said of the ATV industry, "but we're not going to go to employee pricing and the type of stuff you see coming out of Detroit." In recent weeks, U.S. automakers have started offering new vehicles to consumers at the same prices that their employees pay. In addition to ATV sales, which were up 13 percent, Polaris saw sales of its Victory motorcycles climb 24 percent. The company also said sales of its four-wheeler Ranger utility vehicle were strong, but it didn't provide a percentage increase. One eye-catcher on the company's balance sheet was a sizable drop in sales and administrative expenses during the quarter from $19 million last year to $13.9 million in the most recent quarter. The decrease, explained Chief Financial Officer Mike Malone, was largely the result of the company's lower stock price. As Polaris dropped from almost $70 per share to $54 during the second quarter, that translated to less stock-based compensation for Polaris executives, which meant lower expenses in that one category. Last year stock-based employee compensation cost Polaris about $16.5 million. John Welbes can be reached at jwelbes@pioneerpress.com or (651) 228-2175
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