Seeking Alpha
We cover over 5K calls/quarter
Profile| Send Message|
( followers)  

Arctic Cat, Inc. (NASDAQ:ACAT)

F4Q13 Earnings Call

May 15, 2013 11:00 am ET

Executives

Shawn Brumbaugh – Padilla Speer Beardsley, Inc.

Claude J. Jordan – Chairman of the Board, President & Chief Executive Officer

Timothy C. Delmore – Chief Financial Officer & Corporate Secretary

Analyst

Scott Hamann – Keybanc Capital Markets

Rommel Dionisio – Wedbush Morgan Securities

Mark Smith – Feltl and Company

Joseph Hovorka – Raymond James

Welcome to Artic Cat’s fourth quarter conference call. During today’s presentation all participants will be in a listen-only mode. Following the presentation the conference will be opened for questions. (Operator Instructions) This conference is being recorded today, Wednesday, May 15, 2013 and I would now like to turn the conference over to Shawn Brumbaugh, with Padilla.

Shawn Brumbaugh

I’m Shawn Brumbaugh with Padilla Speer Beardsley. Before the market opened this morning Artic Cat released results for its fiscal 2013 fourth quarter ended March 31, 2013. Participating in our call today to discuss the company’s performance and outlook will be chairman and chief executive officer Claude Jordan and chief financial officer Tim Delmore.

Following their remarks, we’ll have time for any questions. Before we begin please note that some of the comments made today will be forward-looking statements regarding the company’s expectations of future performance. Such statements are subject to risk and uncertainties and actual results may differ materially from those contained in the statement. These risks and uncertainties are described in today’s news release and in the company’s filings with the Securities & Exchange Commission. I encourage you to review these documents for a description of risk factors that may affect results.

Now I’ll turn the call over to Artic Cat’s CEO Claude Jordan.

Claude J. Jordan

This morning I will cover the individual performance of our three businesses during fiscal year 2013 as well as the progress we have made in operations as we continue to focus on profitability and operational excellence. Following my comments, Tim Delmore our CFO, will review our financial performance. Overall, we were pleased with our financial performance for the quarter and full year. Throughout the year we have focused on growing sales, improving gross margins, decreasing operating expenses as a percentage of sales, improving earnings per share and strengthening our balance sheet. During fiscal year 2013 we were successful in each area.

In regards to the individual businesses, during fiscal year 2013 snowmobile sales were up 5% driven primarily by increased volume to international markets, and to a lesser degree on pricing and product mix. Snowmobile North American industry retail sales for the year were up 4% driven primarily by improved snow conditions throughout the northern US market in our March ending quarter. For the year, Artic Cat North American retail sales underperformed the market. However, we did face difficult comps from the previous year were we launched 23 new snowmobile models.

Artic Cat did experience strong retail sales in our March ending quarter with sales up 18% from the previous year ending quarter. Although we did see strong retail sales in the March ending quarter the one area negatively impacted was our North American dealer inventory where we saw a 16% increase in year-over-year inventory as retail sales were not as strong as expected during the early part of the snowmobile season.

As we look forward to next year we remain excited about our snowmobile business. At our February Snowmobile Dealer Show we launched 10 new snowmobile models and also announced the first phase of our engine strategy which included two new snowmobile engines. Included in these two new engines is the first Artic Cat snowmobile engine which will built in our St. Cloud Minnesota engine plant.

This new 600cc 2-stroke engine will allow us to enter a new snowmobile segment that today accounts for 18% of the North American snowmobile industry. In addition, we also announced the partnership with Yamaha where we will gain access to select Yamaha engines and we will manufacture select snowmobiles for them.

For fiscal year 2014 we are expecting North American snowmobile industry retail sales to continue their growth and expect the market will grow between zero and 3%. With the expected increase in retail sales and the launch of 10 new snowmobile models and two new engines, our expectations are that we will see our retail sales grow between 3% and 5%.

On the ATV and side-by-side business sales increased 16% for the quarter driven by our existing ATV and Prowler models as well as the launch of the new Wildcat Four, a new four seat version of the Wildcat Four side-by-side and Wildcat X a high horsepower version of the Wildcat Sports side-by-side. For the year sales increased 32% due to both existing ATV and Prowler models as well as the new Wildcat models. During the year we experienced growth in both the North American and international markets as we continue to focus on expanding our international business.

Dealer inventory was again a key focus during the year. As we mentioned at the beginning of the year our expectations were to target flat inventory growth for existing models with inventory growth being driven by new models being launched. During the fourth quarter ATV and Prowler inventory was up 2% and counting the four new Wildcat models launched during the year, overall dealer inventory was up 10%.

As we look forward to fiscal year 2014 dealer inventory will remain a focus. However, as new products continued to be a major part of our growth strategy, we will continue to see modest growth in dealer inventory to ensure that the dealers have the right quantity and mix of products to meet the needs of their customers. ATV industry retail sales for North America had a relatively flat year as retail sales decreased by 2% during fiscal year 2013. Artic Cat ATV retail sales underperformed the market over our side-by-side business with the launch of the four new Wildcat models, experienced solid retail growth of over 30% which allowed us to take share in the side-by-side category during the year.

As we look forward to fiscal year 2014, we remain well positioned with new products that were introduced in the last quarter of fiscal year 2013 as well as a strong product pipeline of new products under development. One of these new products under development that was introduced at the February dealer show is the all new 50 inch trail legal version of the Wildcat. This trail legal Wildcat will allow us to enter a new segment of the side-by-side industry and accounts for roughly 9% of the side-by-side market. We expect to start shipping this model in later part of fiscal year 2014. For next year we believe the North American ATV industry retail sales will grow slightly from zero to 5% and the side-by-side industry will continue to show strong growth in the 15% to 25% range.

Sales of our parts, garments and accessories business showed positive growth for the quarter and were up 5%. However, due to poor snow conditions that reflect the North American market in the previous year, our dealers had enough inventory to carry them through most of fiscal year 2013 causing full year sales to be flat. With the improved snow conditions in the March ending quarter, dealer inventory should be much improved over the prior year and should position our PG&A business well as we head into fiscal year 2014.

In regard to operational performance our chief focus has been on improving margin, controlling operating expenses and strengthening our balance sheet. In the area of gross margins, our goal at the beginning of the year was to increase gross margins by 20 to 60 basis points. For the full year our gross profit margins improved from 22.3% to 22.5% due primarily to increased volume but also increased selling prices. As we look forward to next year we expect to see our gross margin dollars increasing due to higher volumes however, the lower margin on snowmobiles we’re building for Yamaha will cause the overall margin percentage to be lower by about 80 basis points.

In regards to operating expenses, we stated at the beginning of the year our goal was to hold operating expenses flat as a percent of sales. By focusing on cost controls we were successful at in decreasing operating expenses as a percent of sales by 105 basis points. Although operating expenses as a percent of sales was slightly lower, we continued to invest in product development and for the full year some of our product development expenditures increased by 16% and the fourth quarter product development increased by 19%. As we head into fiscal year 2014, controlling operating expenses will remain a focus and we expect lower operating expenses as a percent of sales for fiscal year 2014 however, product development will remain a focus for the business going forward.

The final area of focus has been working to strengthen our balance sheet. During the fourth quarter our year-over-year inventory decreased from fiscal year 2012. As we mentioned at the beginning of the year, inventory turns had become a key metric and we were able to increase our inventory turns from 4.6 last year to 5.4 in fiscal year 2013. As we look forward we will remain focused on having the right amount of inventory on hand to support the growth needs of the business.

In regard to cash, we ended the year with $112.8 million in cash and short term investments and no debt. This amount is up from the previous year by $50 million. With the increased cash we’ve generated throughout the year and the cash as well we expect to generate going forward, we have reinstated our dividend and announced a $30 million share repurchase. Going forward we will continue to focus on our cash position and expect to generate positive cash flow during the upcoming fiscal year 2014.

At this time I would like to turn the call over to Tim who will review the fourth quarter and year end financials.

Timothy C. Delmore

Today I’ll focus on reviewing highlights of our fourth quarter and yearend financial performance and our guidance for full year fiscal 2014. Net sales for the fourth quarter increased 15% to $113.2 million from $98.5 million. ATV side-by-side sales increased 60% to $87.6 million from $75.8 million and were higher primarily due to strong sales of our Wildcat and North American Prowler and ATVs. Snowmobiles sales improved to a -$5.3 million versus -$6.8 million for the same quarter last year due to sales incentives. Parts, garments and accessory sales increased 5% to $31 million from $29.5 million for the same quarter last year driven by improved snow conditions versus Q4 last year.

Gross profits for the quarter increased 19% to $13.6 million from $11.4 million. The gross profit percentage increased 40 basis points to 12% from 11.6%. Selling, general and administrative expenses increased 6.6% to $22.4 million from $21 million primarily due to higher R&D and marketing expenses. Selling, general and administrative expenses as a percent of sales declined to 19.8% compared to 21.4%. The net loss for the quarter improved $5.1 million from $6.2 million and the diluted loss per share improved to $0.38 from $0.49.

Next I’d like to review Artic Cat’s financial performance for full year fiscal 2013. Full year net sales increased 15% to $671.6 million from $585.3 million a year ago. Net earnings increased 33% to a record $39.7 million from $29.9 million while diluted earnings per share increased 68% to $2.89 from $1.72. On a year-to-date basis snowmobile sales increased 5% to $263.7 million from $250.4 million. ATV and side-by-side sales increased 32% to $299.8 million from $226.9 million and parts, garments and accessory sales increased slightly to $108.1 million from $107.9 million.

Although Artic Cat had year-over-year improvements in Wildcat parts and accessory sales we had a challenging year in the snow related products that were carried over for the dealers. Overall, our sales increase was driven by strong sales of our Wildcat, Prowler, side-by-sides and increased snowmobile sales. Our year-to-date gross profits increased 15.5% to $150.9 million from $130.6 million. Our year-to-date gross profit percentage improved to 22.5% from 22.3% due to higher volumes, selling prices and improved product mix.

Year-to-date selling, general and administrative expenses increased 6.5% to $90.2 million from $84.7 million primarily due to a 16% increase in R&D expenses driven by R&D for our new products. We also had higher comparative general administrative expenses. As you may recall, fiscal ’12 benefited from a $1.6 million net Canadian hedge benefit. Selling, general, and administrative expenses as a percent of sales declined to 13.4% compared to 14.5% for the same period last year. The company reported a tax provision of 34.5% compared to 34.9% for the prior year.

Looking at our balance sheet, as of March 31st we ended the year with $112.8 million of cash compared to $62.6 million a year ago. We had no short or long term debt. Our receivables increased 8% to $30.3 million due to Q4 shipments. Our inventory decreased to $96.4 million from $98.7 million primarily due to lower raw materials and PG&A inventory versus a year ago. Year-to-date capital expenditures totaled $16.3 million and depreciation was $11.9 million.

Regarding our full year fiscal 2014 sales and earnings guidance, we expect net sales in the range of $754 to $768 million based on an increase in ATV and side-by-sales in the 25% to 29% range for the full year driven by shipments of our Wildcat sport side-by-side models including our new Wildcat 50 that will be shipped in Q4. We expect snowmobile sales to be flat and PG&A sales to end the year up 5% to 8%. We anticipate that full year 2014 diluted EPS to be in the 10% to 13% increase range and that will be the $3.17 to $3.27.

Our 2014 outlook includes the following assumptions. Our gross margin percentage is being reset in fiscal 2014 with the advent of our exciting collaboration with Yamaha. We expect gross margins to decreased approximately 80 basis points due to the inclusion of sales of full size snowmobile units to Yamaha and to a lesser extent the weakening of the Canadian dollar. For fiscal ’15 and beyond we still expect to make progress on our near term target of a 25% gross margin percentage.

We expect operating expenses to be down as a percent of sales. We achieved a 9% operating income margin in fiscal ’13 and expect a percentage in the same range in fiscal 2014. Our tax rate is expected to be 35.5% and our weighted average diluted share count is expected to be in the $13.5 to $13.8 million range. We expect 2014 cap ex to total approximately $23 million and depreciation to be around $14 million.

Thank you for your attention and now operator we’d like to open it up for questions.

Question-and-Answer Session

Operator

(Operator Instructions) Your first question comes from Scott Hamann – Keybanc Capital Markets.

Scott Hamann – Keybanc Capital Markets

Can you kind of walk us through some of the mechanics of the Yamaha transaction in terms of what you’re doing for them, what they’re doing for you and how that’s kind of hitting different parts of the P&L.

Claude J. Jordan

I guess the two parts of that agreement – you have to remember we had an existing agreement in place with Yamaha where we were buying their 120 [used] snowmobile engine and last year we even started building the [used] snowmobile for them. Really what we’ve done is gone ahead and expanded that agreement and it allows us to purchase certain snowmobile, 4-stroke, they only do 4-stroke engines, so certain 4-stroke engines and so the engine that we will be buying from them next year is a 135 horsepower 4-stroke engine and that will be in our 7000 series. So, that we’ll be buying from them going forward. We will be building certain performance models, not just [used] models but performance models as well for them starting next year in our Minnesota factory.

Scott Hamann – Keybanc Capital Markets

In terms of the competitive landscape, what are you seeing out there now? Obviously, the Yen has moved pretty significantly recently, what are you seeing in terms of promotions and just kind of overall inventory?

Claude J. Jordan

On the promotional side on the ATVs, because obviously we’re out of season now on snowmobiles but on the ATV side-by-sides I think the promotions are pretty much in line with where they have been. We have not seen any aggressive consistent movements quarter-after-quarter. I mean, you will see somebody will come out with a retail financing 0.9% for 16 months or something for a quarter but other than the occasional strong promotion they’re pretty much in line with where they’ve been.

Dealer inventory, we’ve always mentioned from our side it’s an area we want to continue to focus on. Obviously, as we continue to launch new products it’s very difficult to keep your overall dealer inventory lower. From our side at the end of the year our ATV and our Prowler, which are our existing models, the inventory there I think was very manageable, it was up 2% considering our sales growth. Then on the Wildcat side when you factor in Wildcat that will bring the overall inventory up to about 10%. The majority of that obviously is Wildcat. When you launch four new products in a year you’re going to see that.

Scott Hamann – Keybanc Capital Markets

Then just on some of the new product launches I know it’s early on the X and the Four but even maybe on the trail version, as you talk to some of the dealers and the distributors what kind of has the feedback been on those products?

Claude J. Jordan

I think feedback has been very positive. On the models that are out there today, that Wildcat Four it’s a four seat version, it’s got the new clutching system in it where we went to the [inaudible] which is a snowmobile clutch in there and I think that gives it improved acceleration and the dealers are happy about that. On the Wildcat X, I’m not sure you can ever get enough horsepower out there and so the base Wildcat is in the high 70s with horsepower and the Wildcat S brings it over in the 90s so I think that was well received and for select portions of the market, those customers that want more horsepower are willing to pay extra for that.

The Wildcat trail we have not named it just yet. We’ll be launching that later this fiscal year as Tim mentioned earlier, in the fourth quarter. That’s one that I think the entire dealer network is excited about because unlike the Wildcat Four, the Wildcat X and the base Wildcat where you’ve got a 64.5 wide vehicle, you can take those over trails and so the 50 inch will be the first vehicle that will be trail legal for us on a side-by-side and so I would expect about 100% or certainly a strong 90% of our dealers to pick up the trail version of the Wildcat.

Scott Hamann – Keybanc Capital Markets

You feel like you’ve been able to transition the original Wildcat and kind of move that product out of channel so there’s not any residual inventory out there on that model?

Claude J. Jordan

You’re talking about the base Wildcat that we started shipping over a year ago?

Scott Hamann – Keybanc Capital Markets

Correct.

Claude J. Jordan

Obviously, we watch all elements of it. The Wildcat with the new clutching system as well as the X and the Four are brand new so we’re not concerned about those. We feel good about the inventory positions of the overall Wildcat.

Operator

Your next question comes from Rommel Dionisio – Wedbush Morgan Securities.

Rommel Dionisio – Wedbush Morgan Securities

I know you guys have talked about expanding your dealer distribution network officially on the side-by-side of the business and I wonder if you could just address that and update us especially, does that mean distribution in the south? To what degree expanded distribution is accounting for the expectation in increased dealer inventory in side-by-sides?

Claude J. Jordan

As I’ve stated over the last couple of years we’ve had a net increase in the number of North American dealers for the ATV side-by-side part of the business. The Wildcat I think helped a great deal in select markets certainly, in California we added a significant number of dealers out there which not only helps us go ahead and retail some additional Wildcats but also some additional ATVs and Prowlers as well.

I don’t have the exact number to answer your question in terms of the new dealers, what percentage of that is timing or requiring us to carry additional inventory. I would go back to the numbers and I would look at the base inventory of existing products up 2%. That’s pretty much, as far as I’m concerned more or less flat and I don’t think we could hope for a much better picture there.

On the Wildcat side when I look at the overall numbers percentage wise because we’re coming off a very small base, you’re seeing a pretty large increase but the fact of the matter is, as we’ve continued to add Wildcat dealers and we have added a significant amount over the last 12 months, you are going to have to go ahead and have to carry some inventory for that.

Operator

(Operator Instructions) Your next question comes from Mark Smith – Feltl and Company.

Mark Smith – Feltl and Company

I just wanted to follow up on the Yamaha deal quickly, just to make sure we understand why those margins are lower, is it just as more of a manufacturer and wholesaler you’re just not able to get the margin on what you’re building for the Yamaha guys?

Claude J. Jordan

I think you’re spot on there. You’ve got an OEM out there and Yamaha that sells through their dealer network and we’re going to be providing them products and so the agreement that we negotiated with them allows for certain margins on base products. We’ll also be selling obviously, stuff out of our parts, garments, and accessories that has a certain margin associated with it as well. But, you have an extra member or an extra party there that is taking part of the margin.

I’m not saying this is what our margins were but if our margins were 25% going straight to the dealer by adding Yamaha in there’s no way in the world we can keep that 25% margin. I mean, they have to make a margin, we have to make a margin along with the dealer. I think the best way to look at this is as we go forward it does allow for some growth here going forward as we continue to manufacturer more and more snowmobiles and dollars wise, I get it, it takes a little bit of a hit in the first year on the gross margin percentage. But I think it also allows us to work with our supply chain with that additional volume in terms of getting some of that back as well as the absorption we’ll see going through the plant.

Timothy C. Delmore

One additional point is sales through our distributors there will be very little dilution to our overall operating margin so you’ll see a little decrease in the gross sales margin but when we hit the net for the operating margin level, we plan to be at a very similar number to this year and the fact will be that we won’t have the sales and marketing expenses that normally go along with sales of our units to dealers. We’ll just sell the units to Yamaha without those expenses.

Mark Smith – Feltl and Company

I wanted to look at the snowmobile guidance of flat for the year, if we excluded the sales that were going to Yamaha what would that number look like excluding Yamaha?

Claude J. Jordan

I can go ahead and give you a breakout of the snowmobile business. Obviously, if you take Yamaha out the number would be lower. The one thing we commented during the call was the inventory on the snowmobile side was higher. We have mentioned this repeatedly over the last few years that we are very focused on making sure that we have the right amount of inventories at our dealers and with the inventories up 16% we made the conscious decision to go ahead and work to bring that down during the year this year. So, I think you’ll see a much better improved dealer inventory in the next year and that will position us well for fiscal year ’15.

Mark Smith – Feltl and Company

Are you guys for the most part complete for your spring orders on stock?

Claude J. Jordan

At this time of year we’re pretty close, we’re probably in that 80% to 90% range. We’re still in May here so probably by the end of the month we should be pretty close to our spring orders.

Mark Smith – Feltl and Company

So you’ve got a good feeling for where stuff is going?

Claude J. Jordan

Yeah, we have a pretty good feeling with snow. With ATVs it’s a year round business and we take three months of firm orders and three months of forecast but you have a pretty good feel there, but it’s not like snow. Snow, you take them at the beginning of the year and that’s basically where you are. The one thing I would comment on the snow side is if we moved those engines in house, not saying we would do this, but we could do this now we do have the opportunity to go ahead and build additional snowmobiles if the demand was there later in the year.

Mark Smith – Feltl and Company

Then just looking at gross profit margins, if the Yen stays where it is today, I know you guys called out [inaudible], if the Yen stays where it is or even moves lower is there opportunity and is that built into the guidance especially where you’re still getting Suzuki engines this year?

Claude J. Jordan

We have a Yen sharing with Suzuki and it’s certainly built into the guidance we’ve given. Nobody knows where the Yen is going to go and whether it’s going to level off at the end of the mark. I think this morning it was about $1.02 but a couple of months ago it was in the high 70s. So obviously, if it was to continue to move you might have a slight benefit there but the way we’re looking at it now is it starts to level off.

Timothy C. Delmore

More of a gain for fiscal ’15 if it stays at the current level.

Mark Smith – Feltl and Company

Then maybe my last one then I’ll jump back in the queue, but I just want to make sure that your guidance certainly assumes the 50 inch coming in later this year and then if you can give us any more insight on timing of when shipments begin there? But then also what does your guidance assume on the buybacks?

Claude J. Jordan

A couple of parts, on the Wildcat 50, it is included in our guidance there and as Tim mentioned we’re going to start shipping that in the fourth quarter of this year so that January, February, March time frame. In terms of the $30 million buyback and I think Tim gave you a weighted average share count and he gave you a range of $13.5 to $13.8 and that does take into consideration the $30 million buyback.

Operator

Your next question comes from Joseph Hovorka – Raymond James.

Joseph Hovorka – Raymond James

Just two quick questions, one I hate to keep hitting Yamaha but the lower margin is it just on the products you’re selling to Yamaha or is it also on the engines that you’re buying from them, the 80 basis point hit that you’re talking about?

Timothy C. Delmore

It’s on the models that we’re building for them. Obviously, they’re going to make some margin on the engine they’re selling to us but I’d say – I can go a step further, almost the entire portion of that 80 basis point drop is us building their snowmobiles.

Joseph Hovorka – Raymond James

So, if I’m doing that right that’s $6 million or so lower gross profit, that’s what the 80 basis points equate to?

Timothy C. Delmore

Yes, I think it’s pretty close to that.

Joseph Hovorka – Raymond James

Then the other question was on your PG&A margins in the quarter you just reported, the cost of goods were up a couple of basis points over last year, what’s driving that?

Timothy C. Delmore

It’s been a bit of a challenging margin there for PG&A. We’ve been hit with some trade increases particularly in Canada so we’re working really hard to stem the tide of those increases, if not improve margin in the upcoming years but that has been a bad guy in the PG&A business this year along with [inaudible] a little bit too.

Joseph Hovorka – Raymond James

The freight issue is that new for the March quarter or is that in existence prior to that?

Timothy C. Delmore

There were symptoms of that in prior quarters.

Joseph Hovorka – Raymond James

Okay, but more pronounced in the March quarter?

Timothy C. Delmore

A little more, yes.

Joseph Hovorka – Raymond James

So, as we go forward into fiscal ’14 will we continue to see a negative compare in the June and September quarters because of freight?

Timothy C. Delmore

I do not believe so.

Joseph Hovorka – Raymond James

So, the margin will start to look a little bit better on a year-over-year basis beginning in June?

Timothy C. Delmore

Equal, if not better.

Operator

(Operator Instructions) I am showing no further questions in the queue. Please continue.

Claude J. Jordan

We appreciate everyone joining us today. To recap, we’re excited about our fiscal year 2013 results especially the 15% increase in sales and the 68% increase in earnings per share. We look forward to fiscal year 2014 where our focus will continue to be on growth, especially product development, and operational excellence. We appreciate your time today and look forward to updating you again in July.

Operator

Ladies and gentlemen this does conclude our conference for today. If you would like to listen to a replay of today’s conference please dial 303-590-3030 or 1-800-406-7325 with access code 418352. Thank you for your participation you may now disconnect.

Copyright policy: All transcripts on this site are the copyright of Seeking Alpha. However, we view them as an important resource for bloggers and journalists, and are excited to contribute to the democratization of financial information on the Internet. (Until now investors have had to pay thousands of dollars in subscription fees for transcripts.) So our reproduction policy is as follows: You may quote up to 400 words of any transcript on the condition that you attribute the transcript to Seeking Alpha and either link to the original transcript or to www.SeekingAlpha.com. All other use is prohibited.

THE INFORMATION CONTAINED HERE IS A TEXTUAL REPRESENTATION OF THE APPLICABLE COMPANY'S CONFERENCE CALL, CONFERENCE PRESENTATION OR OTHER AUDIO PRESENTATION, AND WHILE EFFORTS ARE MADE TO PROVIDE AN ACCURATE TRANSCRIPTION, THERE MAY BE MATERIAL ERRORS, OMISSIONS, OR INACCURACIES IN THE REPORTING OF THE SUBSTANCE OF THE AUDIO PRESENTATIONS. IN NO WAY DOES SEEKING ALPHA ASSUME ANY RESPONSIBILITY FOR ANY INVESTMENT OR OTHER DECISIONS MADE BASED UPON THE INFORMATION PROVIDED ON THIS WEB SITE OR IN ANY TRANSCRIPT. USERS ARE ADVISED TO REVIEW THE APPLICABLE COMPANY'S AUDIO PRESENTATION ITSELF AND THE APPLICABLE COMPANY'S SEC FILINGS BEFORE MAKING ANY INVESTMENT OR OTHER DECISIONS.

If you have any additional questions about our online transcripts, please contact us at: transcripts@seekingalpha.com. Thank you!

Source: Arctic Cat's CEO Discusses F4Q13 Earnings Results - Earnings Call Transcript
This Transcript
All Transcripts