Arctic Cat posts first year-over-year loss
Arctic Cat reported net sales of $621.6 million for fiscal year 2008, ended March 31, compared with record net sales of $782.4 million for its past fiscal year.
The company’s full-year net loss was $3.3 million, versus net earnings of $22.1 million in fiscal 2007. It was the company’s first annual loss in Arctic Cat’s 25-year history, President and CEO Christopher Twomey said in a conference call.
For fiscal 2008, Arctic Cat’s ATV sales were $350.3 million compared with $431.5 million last fiscal year. ATV revenues were lower because of declining industry-wide ATV retail sales and the company’s previously announced 10 percent cut in its ATV production levels.
Sales of parts, garments and accessories rose to $109.4 million, up from $103.9 million last year, fueled by snowmobile parts, garments and accessories, as well as ATV parts and accessories.
