-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 ACeHCvlAHz110gaxj5NUyD6pCX2SUfiM7wjl/NHsudOamd5VQDV5v0mKgtdh5Guj
 TnNWrqMqhGU/23KZ8izL+g==

<SEC-DOCUMENT>0001179110-03-010895.txt : 20031118
<SEC-HEADER>0001179110-03-010895.hdr.sgml : 20031118
<ACCEPTANCE-DATETIME>20031118130455
ACCESSION NUMBER:		0001179110-03-010895
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20031114
FILED AS OF DATE:		20031118

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			BLOUNT TERRY
		CENTRAL INDEX KEY:			0001244333

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-18607
		FILM NUMBER:		031009997

	BUSINESS ADDRESS:	
		STREET 1:		C/O ARCTIC CAT INC
		STREET 2:		601 BROOKS AVENUE SOUTH
		CITY:			THIEF RIVER FALLS
		STATE:			MN
		ZIP:			56701

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ARCTIC CAT INC
		CENTRAL INDEX KEY:			0000719866
		STANDARD INDUSTRIAL CLASSIFICATION:	MISCELLANEOUS TRANSPORTATION EQUIPMENT [3790]
		IRS NUMBER:				411443470
		STATE OF INCORPORATION:			MN
		FISCAL YEAR END:			0331

	BUSINESS ADDRESS:	
		STREET 1:		600 BROOKS AVE SOUTH
		STREET 2:		P O BOX 810
		CITY:			THIEF RIVER FALLS
		STATE:			MN
		ZIP:			56701
		BUSINESS PHONE:		2186818558

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ARCTCO INC
		DATE OF NAME CHANGE:	19940224
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>edgar.xml
<DESCRIPTION>FORM 4 -
<TEXT>
<XML>
<ownershipDocument>
    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType>
<periodOfReport>2003-11-14</periodOfReport>
<notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0000719866</issuerCik>
        <issuerName>ARCTIC CAT INC</issuerName>
        <issuerTradingSymbol>ACAT</issuerTradingSymbol>
</issuer>
<reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001244333</rptOwnerCik>
            <rptOwnerName>BLOUNT TERRY</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>601 BROOKS AVE S</rptOwnerStreet1>
            <rptOwnerStreet2>PO BOX 810</rptOwnerStreet2>
            <rptOwnerCity>THIEF RIVER FALLS</rptOwnerCity>
            <rptOwnerState>MN</rptOwnerState>
            <rptOwnerZipCode>56701</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
<isDirector>0</isDirector>
<isOfficer>1</isOfficer>
<isTenPercentOwner>0</isTenPercentOwner>
<isOther>0</isOther>
<officerTitle>VP - Human Resources</officerTitle>
<otherText></otherText>
</reportingOwnerRelationship>
</reportingOwner>
<nonDerivativeTable><nonDerivativeTransaction><securityTitle><value>COMMON STOCK</value>
</securityTitle>
<transactionDate><value>2003-11-14</value>
</transactionDate>
<transactionCoding><transactionFormType>4</transactionFormType>
<transactionCode>M</transactionCode>
<equitySwapInvolved>0</equitySwapInvolved>
</transactionCoding>
<transactionAmounts><transactionShares><value>5000</value>
</transactionShares>
<transactionPricePerShare><value>15.33</value>
</transactionPricePerShare>
<transactionAcquiredDisposedCode><value>A</value>
</transactionAcquiredDisposedCode>
</transactionAmounts>
<postTransactionAmounts><sharesOwnedFollowingTransaction><value>23334</value>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature><directOrIndirectOwnership><value>D</value>
</directOrIndirectOwnership>
</ownershipNature>
</nonDerivativeTransaction>
<nonDerivativeTransaction><securityTitle><value>COMMON STOCK</value>
</securityTitle>
<transactionDate><value>2003-11-14</value>
</transactionDate>
<transactionCoding><transactionFormType>4</transactionFormType>
<transactionCode>M</transactionCode>
<equitySwapInvolved>0</equitySwapInvolved>
</transactionCoding>
<transactionAmounts><transactionShares><value>6000</value>
</transactionShares>
<transactionPricePerShare><value>15.50</value>
</transactionPricePerShare>
<transactionAcquiredDisposedCode><value>A</value>
</transactionAcquiredDisposedCode>
</transactionAmounts>
<postTransactionAmounts><sharesOwnedFollowingTransaction><value>29334</value>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature><directOrIndirectOwnership><value>D</value>
</directOrIndirectOwnership>
</ownershipNature>
</nonDerivativeTransaction>
<nonDerivativeTransaction><securityTitle><value>COMMON STOCK</value>
</securityTitle>
<transactionDate><value>2003-11-17</value>
</transactionDate>
<transactionCoding><transactionFormType>4</transactionFormType>
<transactionCode>M</transactionCode>
<equitySwapInvolved>0</equitySwapInvolved>
</transactionCoding>
<transactionAmounts><transactionShares><value>667</value>
</transactionShares>
<transactionPricePerShare><value>15.50</value>
</transactionPricePerShare>
<transactionAcquiredDisposedCode><value>A</value>
</transactionAcquiredDisposedCode>
</transactionAmounts>
<postTransactionAmounts><sharesOwnedFollowingTransaction><value>30001</value>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature><directOrIndirectOwnership><value>D</value>
</directOrIndirectOwnership>
</ownershipNature>
</nonDerivativeTransaction>
<nonDerivativeTransaction><securityTitle><value>COMMON STOCK</value>
</securityTitle>
<transactionDate><value>2003-11-17</value>
</transactionDate>
<transactionCoding><transactionFormType>4</transactionFormType>
<transactionCode>M</transactionCode>
<equitySwapInvolved>0</equitySwapInvolved>
</transactionCoding>
<transactionAmounts><transactionShares><value>10190</value>
</transactionShares>
<transactionPricePerShare><value>12.06</value>
</transactionPricePerShare>
<transactionAcquiredDisposedCode><value>A</value>
</transactionAcquiredDisposedCode>
</transactionAmounts>
<postTransactionAmounts><sharesOwnedFollowingTransaction><value>40191</value>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature><directOrIndirectOwnership><value>D</value>
</directOrIndirectOwnership>
</ownershipNature>
</nonDerivativeTransaction>
<nonDerivativeTransaction><securityTitle><value>COMMON STOCK</value>
</securityTitle>
<transactionDate><value>2003-11-17</value>
</transactionDate>
<transactionCoding><transactionFormType>4</transactionFormType>
<transactionCode>S</transactionCode>
<equitySwapInvolved>0</equitySwapInvolved>
</transactionCoding>
<transactionAmounts><transactionShares><value>11000</value>
</transactionShares>
<transactionPricePerShare><value>23.00</value>
</transactionPricePerShare>
<transactionAcquiredDisposedCode><value>D</value>
</transactionAcquiredDisposedCode>
</transactionAmounts>
<postTransactionAmounts><sharesOwnedFollowingTransaction><value>29191</value>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature><directOrIndirectOwnership><value>D</value>
</directOrIndirectOwnership>
</ownershipNature>
</nonDerivativeTransaction>
<nonDerivativeTransaction><securityTitle><value>COMMON STOCK</value>
</securityTitle>
<transactionDate><value>2003-11-17</value>
</transactionDate>
<transactionCoding><transactionFormType>4</transactionFormType>
<transactionCode>S</transactionCode>
<equitySwapInvolved>0</equitySwapInvolved>
</transactionCoding>
<transactionAmounts><transactionShares><value>10667</value>
</transactionShares>
<transactionPricePerShare><value>22.70</value>
</transactionPricePerShare>
<transactionAcquiredDisposedCode><value>D</value>
</transactionAcquiredDisposedCode>
</transactionAmounts>
<postTransactionAmounts><sharesOwnedFollowingTransaction><value>18524</value>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature><directOrIndirectOwnership><value>D</value>
</directOrIndirectOwnership>
</ownershipNature>
</nonDerivativeTransaction>
</nonDerivativeTable>
<derivativeTable><derivativeTransaction><securityTitle><value>EMPLOYEE STOCK OPTION</value>
</securityTitle>
<conversionOrExercisePrice><value>15.33</value>
</conversionOrExercisePrice>
<transactionDate><value>2003-11-14</value>
</transactionDate>
<transactionCoding><transactionFormType>4</transactionFormType>
<transactionCode>M</transactionCode>
<equitySwapInvolved>0</equitySwapInvolved>
</transactionCoding>
<transactionAmounts><transactionShares><value>5000</value>
</transactionShares>
<transactionPricePerShare><value>0</value>
</transactionPricePerShare>
<transactionAcquiredDisposedCode><value>A</value>
</transactionAcquiredDisposedCode>
</transactionAmounts>
<exerciseDate><value>2003-08-09</value>
</exerciseDate>
<expirationDate><value>2011-08-09</value>
</expirationDate>
<underlyingSecurity><underlyingSecurityTitle><value>COMMON STOCK</value>
</underlyingSecurityTitle>
<underlyingSecurityShares><value>5000</value>
</underlyingSecurityShares>
</underlyingSecurity>
<postTransactionAmounts><sharesOwnedFollowingTransaction><value>0</value>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature><directOrIndirectOwnership><value>D</value>
</directOrIndirectOwnership>
</ownershipNature>
</derivativeTransaction>
<derivativeTransaction><securityTitle><value>EMPLOYYE STOCK OPTION</value>
</securityTitle>
<conversionOrExercisePrice><value>15.50</value>
</conversionOrExercisePrice>
<transactionDate><value>2003-11-14</value>
</transactionDate>
<transactionCoding><transactionFormType>4</transactionFormType>
<transactionCode>M</transactionCode>
<equitySwapInvolved>0</equitySwapInvolved>
</transactionCoding>
<transactionAmounts><transactionShares><value>6000</value>
</transactionShares>
<transactionPricePerShare><value>0</value>
</transactionPricePerShare>
<transactionAcquiredDisposedCode><value>A</value>
</transactionAcquiredDisposedCode>
</transactionAmounts>
<exerciseDate><value>2003-08-08</value>
</exerciseDate>
<expirationDate><value>2012-08-08</value>
</expirationDate>
<underlyingSecurity><underlyingSecurityTitle><value>COMMON STOCK</value>
</underlyingSecurityTitle>
<underlyingSecurityShares><value>6000</value>
</underlyingSecurityShares>
</underlyingSecurity>
<postTransactionAmounts><sharesOwnedFollowingTransaction><value>0</value>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature><directOrIndirectOwnership><value>D</value>
</directOrIndirectOwnership>
</ownershipNature>
</derivativeTransaction>
<derivativeTransaction><securityTitle><value>EMPLOYEE STOCK OPTION</value>
</securityTitle>
<conversionOrExercisePrice><value>12.06</value>
</conversionOrExercisePrice>
<transactionDate><value>2003-11-17</value>
</transactionDate>
<transactionCoding><transactionFormType>4</transactionFormType>
<transactionCode>M</transactionCode>
<equitySwapInvolved>0</equitySwapInvolved>
</transactionCoding>
<transactionAmounts><transactionShares><value>10190</value>
</transactionShares>
<transactionPricePerShare><value>0</value>
</transactionPricePerShare>
<transactionAcquiredDisposedCode><value>A</value>
</transactionAcquiredDisposedCode>
</transactionAmounts>
<exerciseDate><value>2003-08-03</value>
</exerciseDate>
<expirationDate><value>2010-08-03</value>
</expirationDate>
<underlyingSecurity><underlyingSecurityTitle><value>COMMON STOCK</value>
</underlyingSecurityTitle>
<underlyingSecurityShares><value>10190</value>
</underlyingSecurityShares>
</underlyingSecurity>
<postTransactionAmounts><sharesOwnedFollowingTransaction><value>0</value>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature><directOrIndirectOwnership><value>D</value>
</directOrIndirectOwnership>
</ownershipNature>
</derivativeTransaction>
<derivativeTransaction><securityTitle><value>EMPLOYEE STOCK OPTION</value>
</securityTitle>
<conversionOrExercisePrice><value>15.50</value>
</conversionOrExercisePrice>
<transactionDate><value>2003-11-17</value>
</transactionDate>
<transactionCoding><transactionFormType>4</transactionFormType>
<transactionCode>M</transactionCode>
<equitySwapInvolved>0</equitySwapInvolved>
</transactionCoding>
<transactionAmounts><transactionShares><value>667</value>
</transactionShares>
<transactionPricePerShare><value>0</value>
</transactionPricePerShare>
<transactionAcquiredDisposedCode><value>A</value>
</transactionAcquiredDisposedCode>
</transactionAmounts>
<exerciseDate><value>2003-08-08</value>
</exerciseDate>
<expirationDate><value>2012-08-08</value>
</expirationDate>
<underlyingSecurity><underlyingSecurityTitle><value>COMMON STOCK</value>
</underlyingSecurityTitle>
<underlyingSecurityShares><value>667</value>
</underlyingSecurityShares>
</underlyingSecurity>
<postTransactionAmounts><sharesOwnedFollowingTransaction><value>0</value>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature><directOrIndirectOwnership><value>D</value>
</directOrIndirectOwnership>
</ownershipNature>
</derivativeTransaction>
</derivativeTable>
<footnotes></footnotes>
<ownerSignature><signatureName>Terry Blount</signatureName>
<signatureDate>2003-11-17</signatureDate>
</ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----