Arctic Cat reports decreased revenue
Arctic Cat Inc. posted a nearly 30 percent revenue decrease for its fiscal 2008 second quarter, which ended Sept. 30, the company recently reported.
The company’s net sales were $205.2 million for the quarter, down from $285.3 million in the same period last year. Net earnings for the quarter were $13.9 million versus $20 million a year ago.
For the six months ended Sept. 30, net sales were $293.1 million compared with $381.7 million in the first six months of last fiscal year. Net earnings were $6.8 million versus net earnings of $15.4 million in the prior-year first half.
Arctic Cat reported ATV sales were down by more than half for the second quarter, from $133.8 million in 2007 to $77.5 million in the 2008 second quarter. ATV sales in the six months totaled $137.3 million compared with $194 million in the prior-year six months. ATV sales were affected by previously announced lower production levels and a shift in shipments to future quarters when the company’s new models will be available.
For more on Arctic’s financial report, see the Nov. 12 edition of Powersports Business.
