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jordanss ([info]jordanss) wrote,
@ 2014-03-14 09:48:00


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Nike Basketball Shoes to see modest growth
Arctic cat's ceo mentions f4q13 earnings results


Welcome to artic cat's fourth quarter business call.During today's powerpoint demo all participants will be in a listen only mode.Following your presentation the conference will be opened for questions. (Operator training)This seminar is being recorded today, sunday, 'll 15, 2013 and i would now like to turn the discussion over to shawn brumbaugh, that includes padilla.

I'm shawn brumbaugh along together using padilla speer beardsley.Before the market opened today 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 ceo claude jordan and chief financial officer tim delmore.

Implementing their remarks, we'll have time for any queries.Before we begin please note that some of the comments made today will be forward looking statements regarding the business's expectations of future performance.Such statements are subject to risk and uncertainties and actual results may differ materially from those inside the statement.These risks and concerns 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 an account of risk factors that may affect results.

Now i'll turn the decision over to artic cat's ceo claude jordan.

This morning i will cover the owner 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.Subsequent my comments, bob delmore our cfo, will review our financial action.Typically, we were really very happy with our financial performance for the quarter and full year.Throughout every season we have focused on growing sales, bettering gross margins, decreasing operating expenses as a portion of sales, improving earnings per share and building up our balance sheet.During fiscal year 2013 we were positive in each area.

In regards to your businesses, during fiscal year 2013 snowmobile sales were up 5% driven primarily by increased volume to world-Wide markets, and to a smaller degree on pricing and product mix.Snowmobile north american industry retail sales for the year were up 4% driven primarily by improved snow conditions all over the northern us market in our march ending quarter.With regard to that year, artic cat united states retail sales underperformed the market.But bear in mind, we did face difficult comps from the year before 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 year before 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 annually inventory as retail sales were not as strong as expected during the early part of the snowmobile season.

As good quality 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 including two new snowmobile engines.A part of these two new engines is the first artic cat snowmobile engine which will built in our st.Cloud mn engine plant.

This new 600cc 2 stroke engine will allow us to enter a new snowmobile segment that today accounts for 18% of the usa snowmobile industry.And also, we also announced the partnership with yamaha where we will access select yamaha engines and we will dinam shoes manufacture select snowmobiles for them.

For fiscal year 2014 we are expecting united states snowmobile industry retail sales to continue their growth and expect the market will grow between zero and 3%.With anticipated increase in retail sales and the launch of 10 new snowmobile models and two new engines, our expected results 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 the launch of the new wildcat four, a new four seat version of the wildcat four also and wildcat x a high horsepower version of the wildcat sports sideways.For the year sales increased 32% due to both existing atv and prowler models not to mention new wildcat models.In the past 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 in the past year.As we mentioned at the start 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 in the past year, overall dealer homes for sale was up 10%.

As good quality to fiscal year 2014 dealer inventory will remain a focus.About the other hand, as new products continued a major part of our growth strategy, we will continue Nike Basketball Shoes 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 clients.Atv industry retail sales for the united states 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 next to each other 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 in the past year.

As good quality to fiscal year 2014, we remain well positioned with new of which were introduced in the last quarter of fiscal year 2013 as well as a strong product pipeline of new products under development.Such kinds of 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 also industry and accounts for roughly 9% of the hand and hand market.We don't be surprised to start shipping this model in later part of fiscal year 2014.For next year we believe the united states 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 individuals parts, garments and products business showed positive growth for the quarter and were up 5%.Nonetheless, due to poor snow conditions that reflect the north american market in the prior year, our dealers had enough homes for sale to carry them through most of fiscal year 2013 causing full year sales to be flat.With the improved snow situations in the march ending quarter, dealer inventory should be much improved over the prior year and may position our pg business well as we head into fiscal year 2014.

In regards to operational performance our chief focus has been on improving margin, controlling operating expenses and relaxation our balance sheet.In your neighborhood of gross margins, our goal at the start of the year was to increase gross margins by 20 to 60 basis points.For the full year our gross income improved from 22.3% inthat would 22.5% due primarily to increased volume but also increased prices.As good quality 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 complete margin percentage to be lower by about 80 basis points.

On operating expenses, we stated at the start of the year our goal was to hold operating expenses flat as a percent of sales.By aiming for cost controls we were successful at in decreasing operating expenses as a percent of sales by 105 basis points.Although driving expenses as a percent of sales was slightly lower, we continued to invest in application and for the full year some of our tool expenditures increased by 16% and the fourth quarter developing the site increased by 19%.As we go to fiscal year 2014, controlling operating expenses will stay a focus and we expect lower operating expenses as a percent of sales for fiscal year 2014 however, service will remain a focus for the business going forward.

The final area of focus has been fitting in with strengthen our balance sheet.During the fourth quarter our annually inventory decreased from fiscal year 2012.As we mentioned at the start of the year, inventory turns had become a key metric and we made it possible to increase our inventory turns from 4.6 yr after to 5.4 in budgetary year 2013.As we look forward we will remain focused on having the correct quantity of inventory on hand to support the growth needs of the business.

In regards to cash, we lost the year with $112.8 million in cash and short term investing and no debt.This amount is up from the prior year by $50 million.With the increased cash we've generated all through the year and the cash as well we expect to generate going forward, we have reinstated our dividend and unveiled a $30 million share repurchase.Going forward we continues to focus on our cash position and expect to generate positive cash flow during the upcoming fiscal year 2014.

At this time i wish to turn the call over to tim who will review the fourth quarter and year end financials.

Today i'll focus on reviewing highlights of our fourth quarter and yearend financial functioning and our guidance for full year fiscal 2014.Net sales for the fourth quarter frequent 15% to $113.2 million originally caused By $98.5 million.Atv side-By-Side sales increased 60% to $87.6 million at the hands of $75.8 million and were higher primarily due to strong sales of our Wildcat and usa Prowler and ATVs.Snow tracks sales improved to a $5.3 million vs $6.8 million for the similar quarter last year due to sales incentives.Spare roles, garments and accessory sales larger 5% to $31 million from $29.5 million for the similar quarter last year driven By improved snow conditions versus Q4 last year.

Gross profits for the quarter improved 19% to $13.6 million away due to $11.4 million.The gross profit small amount increased 40 basis points to 12% from 11.6%.Charging money for, general and admin expenses increased 6.6% with regard regarding $22.4 million from $21 million primarily due to raised R and marketing expenses.Giving, general and admin expenses as a percent of sales declined to 19.8% matched against 21.4%.The net loss for the quarter greater $5.1 million up including $6.2 million and the diluted loss per share exceptional to $0.38 out of $0.49.

Next i'd like to review artic cat's financial total for full year fiscal 2013.Full year net sales superior 15% to $671.6 million far for $585.3 million a last year.Net earnings greater 33% to a record $39.7 million hailing beyond $29.9 million while diluted earnings per share went up 68% to $2.89 produced by $1.72.On a year to date basis snow vehicles sales increased 5% to $263.7 million produced by $250.4 million.Atv and next to each other sales increased 32% to $299.8 million in $226.9 million and materials, Garments and accessory sales became slightly to $108.1 million totally between $107.9 million.

Although artic cat had annually improvements in wildcat parts and accessory sales we had a challenging year in the snow related products that were carried over for the dealers.Final, our sales expand was driven by strong sales of Air Jordan 5 For Sale our wildcat, prowler, side by sides and increased snow sled sales.Our year to date gross profits escalated 15.5% if you want to actually $150.9 million hailing beyond $130.6 million.Our year to date gross profit pct improved to 22.5% by means of 22.3% due to raised volumes, Prices and improved product mix.

Year dating selling, general and management expenses increased 6.5% so as returning to be $90.2 million up including $84.7 million primarily due to a 16% increase in R expenses driven by R for our new releases.We also had higher comparative general admin expenses.Because you can recall, fiscal '12 taken advantage of a $1.6 million net Canadian hedge advantage.Offering, frequent, and management expenses as a percent of sales declined to 13.4% with regards to 14.5% for similar period last year.Group reported a tax provision of 34.5% when you compare 34.9% for the last year.

Focusing on our balance sheet, as of march 31st we finished the year with $112.8 million of cash whenever $62.6 million a last year.We had no long or short term debt.Our receivables amplified 8% to $30.3 million due to Q4 deliveries.Our range decreased to $96.4 million with $98.7 million primarily due to lower rock and PG inventory versus a year ago.Year to date capital fees totaled $16.3 million and fall was $11.9 million.

Involving our full year fiscal 2014 sales and earnings guidance, we expect net sales in the range of $754 to $768 million based on a rise 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 snow sled sales to be flat and pg 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 which will be the $3.17 if you want to actually $3.27.

Our 2014 outlook includes any of these assumptions.Our gross margin percentage is being reset in fiscal 2014 with the advent of our exciting effort with yamaha.We expect gross margins to decreased approximately 80 basis points due to govt 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 percent paid.



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