EX-13 3 c48969exv13.htm EX-13 EX-13
Exhibit 13
11-YEAR SELECTED FINANCIAL DATA (in thousands, except per-share data)
The selected financial data presented below is qualified in its entirety by, and should be read in conjunction with, the Consolidated Financial Statements and Notes thereto and other financial and statistical information, including the information referenced under the caption “Management’s Discussion and Analysis of Financial Condition and Results of Operation,” located in the Form 10-K included in this report.
Prior years’ results have been adjusted to reflect the adoption in 2006 of SFAS 123(R) under the modified retrospective method.
                                 
For the Years Ended December 31,   2008   2007   2006   2005
 
STATEMENT OF OPRATIONS DATA
                                
Sales data:
                                
Total sales
   $ 1,948,254     $ 1,780,009     $ 1,656,518     $ 1,869,819  
Percent change from prior year
     9 %     7 %     (11 %)     5 %
Sales mix by product:
                                
Off-road vehicles
     67 %     67 %     67 %     66 %
Snowmobiles
     10 %     10 %     10 %     14 %
Motorcycles
     5 %     6 %     7 %     5 %
Parts, garments and accessories
     18 %     17 %     16 %     15 %
Gross profit data:
                                
Total gross profit
   $ 445,708     $ 393,020     $ 359,359     $ 411,032  
Percent of sales
     22.9 %     22.1 %     21.7 %     22.0 %
Operating expense data:
                                
Total operating expenses
   $ 284,114     $ 262,269     $ 238,363     $ 244,660  
Percent of sales
     14.6 %     14.7 %     14.4 %     13.1 %
Net income data:
                                
Net income from continuing operations
   $ 117,395     $ 112,598     $ 112,791     $ 137,721  
Percent of sales
     6.0 %     6.3 %     6.8 %     7.4 %
Diluted net income per share from continuing operations
   $ 3.50     $ 3.10     $ 2.72     $ 3.15  
Net income
   $ 117,395     $ 111,650     $ 106,985     $ 136,714  
Diluted net income per share
   $ 3.50     $ 3.07     $ 2.58     $ 3.12  
CASH FLOW DATA
                                
Cash flow provided by continuing operations
   $ 176,206     $ 213,166     $ 152,754     $ 162,463  
Purchase of property and equipment for continuing operations
     76,575       63,747       52,636       89,770  
Repurchase and retirement of common stock
     107,167       103,100       307,621       132,280  
Cash dividends to shareholders
     49,602       47,739       50,234       46,956  
Cash dividends per share
   $ 1.52     $ 1.36     $ 1.24     $ 1.12  
BALANCE SHEET DATA (at end of year)
                                
Cash and cash equivalents
   $ 27,127     $ 63,281     $ 19,566     $ 19,675  
Current assets
     443,612       447,556       392,961       373,988  
Total assets
     751,148       769,881       778,791       770,633  
Current liabilities
     404,833       388,246       361,420       375,614  
Borrowings under credit agreements
     200,000       200,000       250,000       1 8,000  
Shareholders’ equity
     137,027       172,982       167,371       377,019  
 
NOTE : All periods presented reflect the classification of the marine products division’s financial results, including the loss from discontinued operations and the loss on disposal of the division, as discontinued operations.
 
(1)   In 1998, Polaris entered into a settlement agreement related to a trade secret infringement claim brought by Injection Research Specialists, Inc. The one-time provision for litigation loss amounted to $61.4 million pretax, or $0.77 per diluted share in 1998. The settlement had no effect on the future operations of the Company. Excluding this charge, other operating expenses, net income and diluted net income per share from continuing operations for 1998 would have been $98.0 million, $76.7 million and $1.48 per share, respectively.
10    POLARIS INDUSTRIES INC. 2008 ANNUAL REPORT

 

 

                                                         
    2004   2003   2002   2001   2000   1999   1998
 
                                                        
 
                                                        
 
   $ 1,773,206     $ 1,552,351     $ 1,468,170     $ 1,427,400     $ 1,327,030     $ 1,244,782     $ 1,105,685  
 
     14 %     6 %     3 %     8 %     7 %     13 %     17 %
 
                                                        
 
     66 %     67 %     64 %     58 %     62 %     59 %     58 %
 
     16 %     15 %     20 %     26 %     23 %     25 %     28 %
 
     4 %     4 %     2 %     1 %     1 %     3 %     1 %
 
     14 %     14 %     14 %     15 %     14 %     13 %     13 %
 
                                                        
 
   $ 416,600     $ 355,961     $ 324,618     $ 299,194     $ 281,264     $ 250,528     $ 207,807  
 
     23.5 %     22.9 %     22.1 %     21.0 %     21.2 %     20.1 %     18.8 %
 
                                                        
 
   $ 242,690     $ 206,013     $ 181,764     $ 164,532     $ 153,193     $ 127,079     $ 159,354  
 
     13.7 %     13.3 %     12.4 %     11.5 %     11.5 %     10.2 %     14.4 %(1)
 
                                                        
 
   $ 132,257     $ 115,178     $ 107,143     $ 93,773     $ 85,733     $ 81,816     $ 37,082 (1)
 
     7.5 %     7.4 %     7.3 %     6.6 %     6.5 %     6.6 %     3.4 %
 
   $ 2.97     $ 2.58     $ 2.28     $ 1.99     $ 1.81     $ 1.64     $ 0.71 (1)
 
   $ 99,948     $ 106,284     $ 99,405     $ 87,471     $ 79,076     $ 73,500     $ 29,336 (1)
 
   $ 2.25     $ 2.38     $ 2.12     $ 1.86     $ 1.67     $ 1.48     $ 0.56 (1)
 
                                                        
 
   $ 237,061     $ 162,540     $ 195,803     $ 192,023     $ 105,055     $ 134,469     $ 124,701  
 
     88,836       59,209       52,313       52,856       61,590       60,659       56,796  
 
     66,830       73,125       76,389       49,207       39,622       52,412       37,728  
 
     38,856       26,657       25,273       22,846       20,648       19,732       18,582  
 
   $ 0.92     $ 0.62     $ 0.56     $ 0.50     $ 0.44     $ 0.40     $ 0.36  
 
                                                        
 
   $ 138,469     $ 82,761     $ 81,193     $ 40,530     $ 2,369     $ 6,184     $ 1,466  
 
     465,655       387,716       343,659       305,317       240,912       214,714       183,840  
 
     792,925       674,178       614,378       567,979       492,156       443,686       380,093  
 
     405,193       330,478       313,513       308,337       238,384       233,800       204,964  
 
     18,000       18,008       18,027       18,043       47,068       40,000       20,500  
 
     368,058       325,692       282,838       241,599       206,704       169,886       154,629  
Cash Flow Provided Reconciled to Net Cash Provided by Continuing Operations (dollars in millions)
                                 
    Cash Flow   Deferred   Changes in Current   Net Cash Provided by
Year   Provided   Income Taxes   Operating Items   Continuing Operations
 
1999
   $ 119.8     $ 2.8     $ 11.9     $ 134.5  
2000
     129.7       1.3       (25.9 )     105.1  
2001
     150.8       (10.6 )     51.8       192.0  
2002
     176.9       4.3       14.6       195.8  
2003
     179.1       (8.7 )     (7.9 )     162.5  
2004
     202.3       (1.5 )     36.3       237.1  
2005
     211.4       1.6       (50.5 )     162.5  
2006
     177.8       1.3       (26.3 )     152.8  
2007
     189.1       (10.3 )     34.3       213.2  
2008
     197.6       (1.0 )     (20.4 )     176.2  
POLARIS INDUSTRIES INC. 2008 ANNUAL REPORT    11

 

 

OTHER INVESTOR INFORMATION
(NYSE LOGO)
STOCK EXCHANGE
Shares of common stock of Polaris Industries Inc. trade on the New York Stock Exchange under the symbol PII.
INDEPENDENT AUDITORS
Ernst & Young LLP
Minneapolis, MN
TRANSFER AGENT AND REGISTRAR
Communications concerning transfer requirements, address changes, dividends and lost certificates, as well as requests for Dividend Reinvestment Plan enrollment information, should be addressed to:
Wells Fargo Bank, N.A.
Shareowner Services
161 North Concord Exchange
South St. Paul, MN 55075-1139
     1-800-468-9716
www.wellsfargo.com/
com/shareowner_services
ANNUAL SHAREHOLDERS’ MEETING
The meeting will be held at 9 a.m. Central Time Thursday, April 30, 2009, at the Polaris Industries Inc. corporate headquarters, 2100 Highway 55, Medina, Minnesota. The proxy statement will be available on or about March 10, 2009. The shareholder of record date is March 2, 2009.
SUMMARY OF TRADING
For the Years Ended December 31,
                                 
    2008   2007
Quarter   High   Low   High   Low
 
First
   $ 48.00     $ 34.96     $ 52.20     $ 42.38  
Second
     49.84       40.11       55.80       47.25  
Third
     54.26       37.05       58.78       42.91  
Fourth
     46.72       19.48       54.66       43.11  
CASH DIVIDENDS DECLARED
Cash dividends are declared quarterly and have been paid since 1995. On January 22, 2009, the quarterly dividend was increased to $30.39 per share.
                 
Quarter   2008     2007
 
First
   $ 0.38     $ 0.34  
Second
     0.38       0.34  
Third
     0.38       0.34  
Fourth
     0.38       0.34  
Total
   $ 1.52     $ 1.36  
SHAREHOLDERS OF RECORD
Shareholders of record of the Company’s common stock on February 17, 2009, were 2,760.
SHAREHOLDER COMPOSITION
(PIA CHART)
DIVIDEND REINVESTMENT PLAN
Shareholders may automatically reinvest their dividends in additional Polaris common stock through the Dividend Reinvestment Plan, which also provides for purchase of common stock with voluntary cash contributions. For additional information, please contact Wells Fargo Shareowner Services at 1-800-468- 9716 or visit the Wells Fargo Bank website at www.wellsfargo.com.
PRODUCT BROCHURES
For product brochures and dealer locations, write or call:
Polaris Industries Inc.
2100 Highway 55
Medina, MN 55340
1-800-POLARIS (1-800-765-2747)
INTERNET ACCESS
To view the Company’s annual report and financial information, products and specifications, press releases and dealer locations, access Polaris on the Internet at:
www.polarisindustries. com
www.victory-usa.com
INVESTOR RELATIONS
Security analysts and investment professionals should direct their business-related inquiries to:
Richard Edwards
Director of Investor Relations Polaris Industries Inc.
2100 Highway 55
Medina, MN 55340
763-513-3477
richard.edwards@polarisind.com
RESEARCH COVERAGE AS OF FEBRUARY 2009
BMO Capital Markets Corp.
Citigroup
Craig-Hallum
Partners
Deutsche Bank Securities, Inc.
FTN Midwest Securities Corp.
KeyBanc Capital Markets Inc.
Raymond James & Associates
RBC Capital Markets
Robert W. Baird & Co.
Rochdale Securities
Wachovia Capital Markets
Wedbush Morgan Securities
STOCK-SPLIT HISTORY
     
August 1993   2 for 1
October 1995   3 for 2
March 2004   2 for 1
CERTIFICATIONS
The Company’s chief executive officer submitted the annual CEO certification to the New York Stock Exchange, certifying that he is not aware of any violation by the Company of the New York Stock Exchange’s corporate governance listing standards.
The chief executive officer and chief financial officer certifications required by section 302 of the Sarbanes-Oxley Act of 2002 have been filed as exhibits to the Form 10-K included with this report.