Arctic Cat continued a history of reporting losses in its first quarter, although it improved significantly from a year ago.
The Minnesota manufacturer had a net loss of $4.5 million in its quarter, which ended
June 30. That compares to last year’s quarterly loss of nearly $6 million.
“Overall, we have made remarkable strides given that the powersports sector has yet to recover from the economic recession,”?Arctic Cat CEO Christopher Twomey said in a company press release.
Arctic Cat’s sales, however, did decrease compared to a year ago. Overall, the company’s $63.4 million in revenue represented a nearly
9 percent decrease from a year ago.
Sales declines were seen in all areas of the company’s business, including ATV, snowmobile and PG&A.
Arctic Cat, however, noted the company gained ATV?market share in the quarter. Arctic Cat’s ATV sales, which also include its side-by-side Prowler revenue, declined 13 percent this quarter to $27 million.
The company also said it has seen improvements in both dealer inventory (down 23 percent from a year ago) and factory inventory, which has decreased 31 percent compared to the year-ago quarter.
Arctic Cat did not adjust its expected year-end total sales, believing the company will end in a range of $447 million-$460 million. psb
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