February 1, 2005
Minneapolis, MN - Polaris Industries Inc. reported record net income from continuing operations of $1.05 per diluted share for the fourth quarter ended December 31, 2004, a 21 percent increase over the prior year’s fourth quarter net income from continuing operations of $0.87 per diluted share. Higher sales volume from all businesses, improved gross margins, and higher financial services income contributed to the fourth quarter earnings increase. Reported net income from continuing operations for the fourth quarter 2004 was $47.7 million, a 21 percent increase over the prior year’s fourth quarter net income from continuing operations of $39.5 million. Sales from continuing operations for the fourth quarter 2004 increased 18 percent to a record $539.0 million, compared to last year’s fourth quarter sales from continuing operations of $455.4 million. Full Year results from continuing operations
For the full year ended December 31, 2004, Polaris reported record net income from continuing operations of $136.8 million or $3.04 per diluted share, a 14 percent increase over net income from continuing operations of $119.8 million or $2.66 per diluted share for the year ended December 31, 2003. Sales from continuing operations for the full year ended December 31, 2004 totaled a record $1,773.2 million, up 14 percent compared to sales from continuing operations of $1,552.4 million for the full year 2003.
Tom Tiller, President and Chief Executive Officer stated, “We are very proud of the results we generated in 2004 which represents the 50th year Polaris has provided high quality products to the market. We marked our 23rd consecutive year of record earnings from continuing operations in 2004 generated by balanced double digit sales growth from all our businesses, continued improvement in our gross margins and greater income generated from our financial services business. Additionally, during the year we introduced the most new products in the Company’s history which contributed to the higher sales and earnings growth for the year.” Tiller continued, “Throughout 2004 we experienced rising commodity costs and anticipate these costs will remain at higher levels in 2005. However, we have taken steps to minimize the impact of these higher costs and expect 2005 to be another record year of sales and earnings for the Company.”
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