11-YEAR SELECTED FINANCIAL DATA in thousands, except per share and per unit
data
The selected financial data presented below are qualified in their 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 Operations,” located in the Form
10-K included in this report.
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For the Years Ended December 31,
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2003
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2002
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2001
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2000
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Statement of Operations Data |
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Sales data: |
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Total sales |
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$ |
1,605,869 |
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$ |
1,521,282 |
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$ |
1,487,651 |
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$ |
1,393,039 |
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% change from prior year |
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6 |
% |
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2 |
% |
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7 |
% |
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7 |
% |
Sales mix by product: |
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All-terrain vehicles |
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65 |
% |
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62 |
% |
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56 |
% |
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59 |
% |
Snowmobiles |
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14 |
% |
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19 |
% |
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25 |
% |
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22 |
% |
Personal watercraft |
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3 |
% |
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4 |
% |
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4 |
% |
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5 |
% |
Motorcycles |
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4 |
% |
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2 |
% |
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1 |
% |
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1 |
% |
PG&A |
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14 |
% |
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13 |
% |
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14 |
% |
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13 |
% |
Gross profit data: |
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Total gross profit |
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$ |
360,017 |
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$ |
332,280 |
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$ |
306,997 |
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$ |
287,746 |
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% of sales |
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22 |
% |
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22 |
% |
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21 |
% |
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21 |
% |
Operating expense data: |
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Amortization of intangibles and
noncash compensation |
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$ |
14,472 |
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$ |
16,437 |
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$ |
16,482 |
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$ |
12,702 |
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Conversion costs |
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— |
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— |
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— |
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— |
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Other operating expenses |
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202,411 |
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177,552 |
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160,697 |
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153,250 |
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% of sales |
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13 |
% |
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12 |
% |
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11 |
% |
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11 |
% |
Actual and pro forma data:(2)
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Net income |
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$ |
110,929 |
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$ |
103,592 |
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$ |
91,414 |
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$ |
82,809 |
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Diluted net income per share |
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$ |
2.46 |
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$ |
2.19 |
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$ |
1.94 |
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$ |
1.75 |
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Cash Flow Data |
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Cash flow from operating activities |
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$ |
155,765 |
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$ |
192,771 |
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$ |
188,581 |
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$ |
107,666 |
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Purchase of property and equipment |
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61,436 |
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56,575 |
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53,982 |
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63,056 |
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Repurchase and retirement of common
stock |
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73,125 |
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76,389 |
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49,207 |
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39,622 |
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Cash dividends to shareholders |
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26,657 |
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25,273 |
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22,846 |
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20,648 |
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Cash dividends per share |
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$ |
0.62 |
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$ |
0.56 |
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$ |
0.50 |
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$ |
0.44 |
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Cash distributions declared to partners |
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— |
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— |
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— |
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— |
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Cash distributions declared per unit |
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— |
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— |
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— |
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— |
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Balance Sheet Data
(at end of year) |
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Cash and cash equivalents |
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$ |
82,761 |
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$ |
81,193 |
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$ |
40,530 |
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$ |
2,369 |
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Current assets |
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387,716 |
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343,659 |
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305,317 |
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240,912 |
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Total assets |
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671,352 |
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608,646 |
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565,163 |
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490,186 |
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Current liabilities |
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330,478 |
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313,513 |
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308,337 |
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238,384 |
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Borrowings under credit agreement |
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18,008 |
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18,027 |
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18,043 |
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47,068 |
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Shareholders’ equity/partners’ capital |
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319,378 |
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277,106 |
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238,783 |
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204,734 |
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NOTE: Shares and earnings per share data have been adjusted throughout the
annual report to give effect to the two-for-one stock split declared on January
22, 2004 and payable on March 8, 2004 to shareholders of record on March 1,
2004.
| (1) |
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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, 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 for 1998 would have been $102.8
million, $70.6 million and $1.36 per share, respectively. |
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| (2) |
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The comparability of the information reflected in the Selected Financial
data is materially affected by the conversion from a master limited partnership
to a corporation on December 22, 1994, which resulted in the Company recording
a net deferred tax asset of $65.0 million, conversion expenses of $12.3 million
and a corresponding net increase in 1994 net income.
Pro forma data is presented to assist in comparing the continuing results of
operations of the Company exclusive of the conversion costs and as if the
Company was a taxable corporation for each period presented. |
OTHER INVESTOR INFORMATION
STOCK EXCHANGES
Shares of common stock of Polaris Industries Inc. trade on the New York Stock
Exchange and on the Pacific Stock Exchange under the symbol PII.
INDEPENDENT AUDITORS
Ernst & Young LLP
Minneapolis, MN
TRANSFER AGENT AND REGISTRAR
Communications concerning transfer requirements, address changes, dividends and
lost certificates, as well as requests for Dividend Reinvestment Plan
enrollment information, should be addressed to:
Wells Fargo Bank Minnesota, N.A.
Shareowner Services
161 North Concord Exchange
South St. Paul, MN 55075-1139
1-800-468-9716
www.wellsfargo.com/com/shareowner_services
ANNUAL SHAREHOLDERS’ MEETING
The meeting will be held at 9 a.m., Thursday, April 22, 2004, at the Polaris
Industries Inc. corporate headquarters, 2100 Highway 55, Medina, Minnesota. A
proxy statement will be mailed on or about March 11, 2004, to each shareholder
of record on March 1, 2004.
SUMMARY OF TRADING
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For the Years Ended December 31,
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2003
|
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2002
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Quarter
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High
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Low
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High
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Low
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First |
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$ |
30.05 |
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$ |
22.11 |
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$ |
33.13 |
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$ |
26.03 |
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Second |
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33.03 |
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24.38 |
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38.38 |
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30.70 |
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Third |
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40.71 |
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29.93 |
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38.50 |
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29.00 |
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Fourth |
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46.15 |
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37.00 |
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33.78 |
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28.00 |
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CASH DIVIDENDS DECLARED
Cash dividends are declared quarterly and have been paid
since 1995. As of January 22, 2004, the quarterly dividend was increased to
$0.23 per share.
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Quarter
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2003
|
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2002
|
First |
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$ |
.155 |
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$ |
0.14 |
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Second |
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.155 |
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0.14 |
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Third |
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.155 |
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0.14 |
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Fourth |
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.155 |
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0.14 |
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Total |
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$ |
0.62 |
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$ |
0.56 |
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SHAREHOLDERS OF RECORD
Shareholders of record of the Company’s common stock on February 24, 2004 were
2,712.
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 by voluntary cash contributions. For additional
information, please write, phone or visit the Wells Fargo Bank shareowner
services Web site.
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 Investor Relations
Polaris Industries Inc.
2100 Highway 55
Medina, MN 55340
763-513-3477
richard.edwards@polarisind.com
STOCK-SPLIT HISTORY
August 1993 2 for 1
October 1995 3 for 2
March 2004 2 for 1
