Polaris PWC sales up 46 percent in first quarter

MINNEAPOLIS – Polaris’ Industries Inc. personal watercraft (PWC) sales increased 46 percent during the first quarter 2004 compared to the first quarter 2003, the company said in a report issued this morning.

Polaris said timing of shipments was the primary reason for its increased first-quarter sales, as the company began shipping its new four-stroke MSX 150 model in anticipation of the upcoming PWC selling season.

As a whole, the company reported a record net income of $0.32 per diluted share for the first quarter ended March 31, 2004, a 14-percent increase over the prior year first quarter net income of $0.28 per diluted share, Polaris said.

Reported net income for the first quarter 2004 was a record $14.3 million, a 15-percent increase over the prior year first quarter net income of $12.4 million. Sales for the first quarter 2004 totaled a record $346.0 million, up 10 percent from last year’s first quarter sales of $313.9 million, according to Polaris.

Higher sales volume than last year’s first quarter balanced across each product line along with expanded gross margins and higher income from financial services contributed to the first quarter 2004 earnings increase, Polaris said.

“All of our businesses experienced sales growth during the first quarter 2004,” said Tom Tiller, Polaris president and CEO. “We expect balanced growth across the company in 2004, and the first quarter results support that belief. I am pleased with our start in 2004 and look forward to another record year.”

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