arctic cat inc (ACAT) Key Developments
Arctic Cat Inc. Announces Management Appointments
Apr 14 15
Arctic Cat Inc. announced two strategic hires into newly created roles and a promotion, as the company builds its sales and marketing capabilities for the future under new president and CEO, Chris Metz. Effective immediately, Greg Williamson joins Arctic Cat as its first-ever chief marketing officer, while Brit Reich joins as vice president of North America sales. Mike Webster has been promoted to director of North America sales. The roles of chief marketing officer and vice president of North America sales have been created at a time when Arctic Cat is positioning itself for future growth and an increased focus on customer engagement to drive sales. In his new role as chief marketing officer, Williamson is responsible for positioning the Arctic Cat brand to generate future growth and develop a world-class, customer-focused organization that aligns the company around brand and marketing strategies, and promotes consumer awareness and engagement. In his former role as chief marketing officer at Spectrum Brands, Home Improvement, he led the product, channel and brand strategies for hardware brands, including Kwikset, Baldwin, Weiser, and National Hardware. Reich is responsible for developing and implementing sales and dealer strategies to increase market share, and focus on geography-centric initiatives, in his role as vice president of North America sales. These initiatives include increasing product and brand recognition in local markets where Arctic Cat believes it is underrepresented. Reich was formerly the executive vice president of sales at American Recreation Products, where he was responsible for global sales of outdoor equipment and apparel, including Kelty, Sierra Designs, Slumberjack and Wenzel brands, creating and executing go-to-market strategies. Reich holds a B.A. from San Diego State University.
Arctic Cat Inc. Announces Executive Changes
Feb 9 15
Arctic Cat Inc. announced that Christopher J. Eperjesy, will join the company as chief financial officer, effective February 16, 2015. Eperjesy succeeds Timothy Delmore, who retired at the end of December, as planned. Since 2002, Eperjesy has been chief financial officer, vice president of finance and treasurer, at Twin Disc Inc.
Arctic Cat Inc. Declares Quarterly Dividend, Payable on or About March 13, 2015
Jan 28 15
Arctic Cat Inc. announced that its board of directors declared a quarterly cash dividend to shareholders of $0.125 per share of common stock. The dividend is payable on or about March 13, 2015, to shareholders of record as of the close of business on February 27, 2015.
Arctic Cat Inc. Reports Unaudited Earnings Results for the Third Quarter and Nine Months Ended December 31, 2014; Revised Earnings Guidance for the Fiscal Year Ending March 31, 2015
Jan 28 15
Arctic Cat Inc. reported unaudited earnings results for the third quarter and nine months ended December 31, 2014. For the quarter, the company reported total net sales of $193,735,000 against $225,790,000 a year ago. Operating profit was $5,863,000 against $18,392,000 a year ago. Earnings before income taxes were $5,774,000 against $18,302,000 a year ago. Net earnings were $7,487,000 against $12,120,000 a year ago. Net earnings per diluted share were $0.57 against $0.89 a year ago. The company continued to strong retail growth in sales of its Wildcat™ recreational off-highway vehicle (ROV) line and gained further market share in this category. Snowmobile sales in the quarter were negatively impacted by the timing of shipments to it’s OEM partner that moved to the fiscal 2015 first and second quarters.
For the nine months, the company reported total net sales of $599,853,000 against $585,083,000 a year ago. Operating profit was $35,494,000 against $63,118,000 a year ago. Earnings before income taxes were $35,494,000 against $63,118,000 a year ago. Net earnings were $26,445,000 against $40,953,000 a year ago. Net earnings per diluted share were $2.02 against $2.99 a year ago. Capital expenditures totaled $14.9 million.
For the fiscal year ending March 31, 2015, the company estimates sales in the range of $705 million to $715 million and net earnings of $0.36 to $0.44 per diluted share. Executive severance charge of $0.08 per diluted share recorded in the first quarter; warranty expense charge of $0.26 per diluted share recorded in the second quarter; executive transition costs of $0.11 per diluted share in the 2015 third quarter and about $0.03 per diluted share in the 2015 fourth quarter; estimated dealer inventory reduction of $0.40 per diluted share; and the anticipated unfavorable Canadian currency impact of up to $0.80 per diluted share for the fiscal 2015 full year. Excluding the impact of the recall, severance, inventory reduction and executive transition costs, the company anticipates fiscal 2015 earnings in the range of $1.24 to $1.32 per diluted share, as adjusted. Previously, the company anticipated full-year net earnings of $1.55 to $1.65 per diluted share on net sales in the range of $745 million to $755 million. The company expects 2015 capital expenditures to total approximately $28.5 million and depreciation to be approximately $15.6 million. The company expects tax rate to be 24.8%.
Arctic Cat Inc. to Report Q3, 2015 Results on Jan 28, 2015
Jan 16 15
Arctic Cat Inc. announced that they will report Q3, 2015 results at 9:00 AM, Eastern Standard Time on Jan 28, 2015