EXHIBIT 99.1

Polaris Exits Marine Business Today (September 2, 2004) Polaris announced that the Company plans to cease manufacturing marine products effective immediately. Form 8-K Exhibits From conference call September 2,2004

Polaris Exits Marine Business History of the industry and Polaris' marine division, con't Sales of Polaris' marine division peaked in 1996 at $171 million dollars and steadily declined over the subsequent years In 2003, sales of Polaris marine division were $53.5 million, which represents only 3 percent of total Company's sales The Company has lost money in the marine business every year since inception in 1992, including $13.2 million pre-tax in 2003 The total cumulative pre-tax losses of the marine business are in excess of $120 million

Polaris Exits Marine Business Minimal impact on employment levels The decision to exit the marine business will have minimal impact on our employment level at our manufacturing facilities Current seasonally-shared PWC/ATV assembly line in Spirit Lake will be converted to assemble ATVs full time All hourly workers will be retained During 2003 the marine division accounted for less than 15 percent of labor hours and units produced in the Spirit Lake facility Of the 105 employees in the marine division, fewer than 20 are expected to leave the Company

Polaris Exits Marine Business Positive impact on remaining business The exiting of the marine business will allow the Company to focus resources on core products including ATVs, utility vehicles, snowmobiles, PG&A, Victory motorcycles and on expanding international operations Spent $7 million in new product tooling and research and development in 2003 in the Marine division that will be redeployed to our remaining growing product lines

Polaris Exits Marine Business Loss on Disposal of Discontinued Operations The Company expects to record a loss on disposal of discontinued operations of approximately $36 million, or $24 million after tax, during the third quarter 2004 Represents a $0.53 per diluted share charge The loss includes approximately $29 million in expected future cash payments for the estimated costs to support the dealers in selling their remaining inventory, incentives and discounts to encourage consumers to purchase remaining products, costs to cancel supplier arrangements, legal and regulatory issues, and personnel termination costs The loss also includes approximately $7 million in non-cash costs related primarily to the disposition of factory inventory, tooling, and other physical assets

Polaris Exits Marine Business Dealer Assistance / Consumer Incentives A number of programs will be available to assist dealers in selling their remaining inventory including: Extended warranties for consumers Various rebates and dealer salesman incentives Special retail financing offers for consumers Transfer plan to move inventory geographically Advertising plan for key markets

Polaris Exits Marine Business Sales Guidance Percentage growth guidance for sales from continuing operations remains unchanged for the third quarter 2004 and full year 2004 Third quarter sales from continuing operations are expected to increase 5 to 8 percent over the comparable $444.4 million in the third quarter 2003 Full year 2004 sales from continuing operations are expected to increase in the range of 8 to 10 percent over the comparable $1,552.4 million for the full year 2003 Sales guidance for ATVs, snowmobiles, Victory motorcycles and parts, garments and accessories remains unchanged for the full year 2004

Polaris Exits Marine Business Earnings Per Share Guidance For the third quarter 2004, our guidance for earnings per share from continuing operations is $0.94 to $0.98 per diluted share This represents the separation from continuing operations of an anticipated loss of approximately $0.04 per share from the discontinued operations of the marine business for the third quarter 2004 Previously issued guidance was $0.90 to $0.94 per share Our full year 2004 earnings per share from continuing operations guidance is $2.90 to $2.98 per diluted share This represents the separation from continuing operations of an anticipated loss of approximately $0.18 per share from the discontinued operations of the marine business for the full year 2004 Previously announced guidance was $2.72 to $2.80 per share The above guidance for both the third quarter and full year 2004 excludes the approximately $0.53 per share loss on disposal of discontinued operations to be recorded in the third quarter 2004

Polaris Exits Marine Business Exhibits Exhibit A Reclassified statements of income for the results of continuing operations for the year 2003 and first six months of 2004 by quarter Exhibit B Statements of income (loss) for the operations of the discontinued marine business for the year 2003 and first six months of 2004 by quarter

Exhibit A

Polaris Industries Inc.

Consolidated Statements of Income

(In thousands, except per share data)

Reclassified for discontinued operations

				For Three months				For Three months					For the year					For Three months				For Three months
				Ended June 30				Ended March 31					Ended December 31					Ended December 31				Ended September 30
				2004				2004					2003					2003				2003
				continuing				continuing					continuing					continuing				continuing
				results				results					results					results				results
Sales				$	394,628			$	328,997				$	1,552,351				$	455,351			$	444,405
Cost of Sales					302,404				251,466					1,189,475					346,281				334,296
	Gross Profit				92,224				77,531					362,876					109,070				110,109
Operating Expenses
	Selling and marketing				23,399				28,115					92,321					25,727				23,006
	Research and development				15,528				13,202					47,069					13,791				12,470
	General and administrative				19,008				17,871					67,175					15,679				18,148
		Total operating expenses			57,935				59,188					206,565					55,197				53,624
Income from financial services					7,252				8,136					23,587					7,372				7,277
		Operating Income			41,541				26,479					179,898					61,245				63,762
Non-Operating Expense (Income)
	Interest Expense				623				524					2,465					430				593
	Other expense (income), net				(17	)			371					(83	)				2,277				593
		Income before income taxes			40,935				25,584					177,516					58,538				62,576
Provision for income taxes					13,509				8,442					57,693					19,025				20,338
		Net Income from continuing operations			27,426				17,142					119,823					39,513				42,238
Loss from discontinued operations, net of tax					(3,057	)			(2,837	)				(8,894	)				(1,482	)			(2,761	)
Net Income				$	24,369			$	14,305				$	110,929				$	38,031			$	39,477
Basic Net Income per share
		Continuing Operations		$	0.65			$	0.40				$	2.80				$	0.92			$	0.99
		Loss from discontinued operations		($	0.07	)		($	0.06	)			($	0.21	)			($	0.03	)		($	0.07	)
		Net Income		$	0.58			$	0.34				$	2.59				$	0.89			$	0.92
Diluted Net Income per share
		Continuing Operations		$	0.61			$	0.38				$	2.66				$	0.87			$	0.93
		Loss from discontinued operations		($	0.07	)		($	0.06	)			($	0.20	)			($	0.03	)		($	0.06	)
		Net Income		$	0.54			$	0.32				$	2.46				$	0.84			$	0.87
Weighted average shares outstanding:
		Basic			42,181				42,570					42,905					42,719				42,760
		Diluted			44,968				45,248					45,056					45,396				45,306

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Exhibit A

Polaris Industries Inc.

Consolidated Statements of Income

(In thousands, except per share data)

Reclassified for discontinued operations (continued)

				For Three months				For Three months
				Ended June 30				Ended March 31
				2003				2003
				continuing				continuing
				results				results
Sales				$	350,301			$	302,294
Cost of Sales					271,459				237,439
	Gross Profit				78,842				64,855
Operating Expenses
	Selling and marketing				19,903				23,685
	Research and development				10,730				10,078
	General and administrative				17,633				15,715
		Total operating expenses			48,266				49,478
Income from financial services					4,565				4,373
		Operating Income			35,141				19,750
Non-Operating Expense (Income)
	Interest Expense				845				597
	Other expense (income), net				(492	)			(2,461	)
		Income before income taxes			34,788				21,614
Provision for income taxes					11,305				7,025
		Net Income from continuing operations			23,483				14,589
Loss from discontinued operations, net of tax					(2,491	)			(2,160	)
Net Income				$	20,992			$	12,429
Basic Net Income per share
		Continuing Operations		$	0.55			$	0.34
		Loss from discontinued operations		($	0.06	)		($	0.05	)
		Net Income		$	0.49			$	0.29
Diluted Net Income per share
		Continuing Operations		$	0.53			$	0.33
		Loss from discontinued operations		($	0.06	)		($	0.05	)
		Net Income		$	0.47			$	0.28
Weighted average shares outstanding:
		Basic			42,830				43,311
		Diluted			44,544				44,979

Exhibit B

Polaris Industries Inc.

Consolidated Statements of Income (Loss)

(In thousands, except per share data)
 

Discontinued Operations

				For Three months				For Three months					For the year					For Three months				For Three months
				Ended June 30				Ended March 31					Ended December 31					Ended December 31				Ended September 30
				2004				2004					2003					2003				2003
				discontinued				discontinued					discontinued					discontinued				discontinued
Sales					$27,717				$16,979					$53,518					$11,762				$3,291
Cost of Sales					29,605				17,834					56,377					12,289				4,306
	Gross Profit				(1,888	)			(855	)				(2,859	)				(527	)			(1,015	)
Operating Expenses
	Selling and marketing				1,436				1,469					4,586					534				1,399
	Research and development				971				1,288					4,691					951				1,166
	General and administrative				268				622					1,041					184				511
		Total operating expenses			2,675				3,379					10,318					1,669				3,076
Operating Income (loss)					(4,563	)			(4,234	)				(13,177	)				(2,196	)			(4,091	)
Provision (benefit) for income taxes					(1,506	)			(1,397	)				(4,283	)				(714	)			(1,330	)
Net Income (loss), after tax					($3,057	)			($2,837	)				($8,894	)				($1,482	)			($2,761	)
Basic Net Income per share
	Net Income (loss)				($0.07	)			($0.06	)				($0.21	)				($0.03	)			($0.07	)
Diluted Net Income per share
	Net Income (loss)				($0.07	)			($0.06	)				($0.20	)				($0.03	)			($0.06	)
Weighted average shares outstanding:
	Basic				42,181				42,570					42,905					42,719				42,760
	Diluted				44,968				45,248					45,056					45,396				45,306

[Table continued on next page]

13

Exhibit B

Polaris Industries Inc.

Consolidated Statements of Income (Loss)

(In thousands, except per share data)
 

Discontinued Operations (continued)

				For Three months				For Three months
				Ended June 30				Ended March 31
				2003				2003
				discontinued				discontinued
Sales					$26,834				$11,631
Cost of Sales					27,903				11,879
	Gross Profit				(1,069	)			(248	)
Operating Expenses
	Selling and marketing				1,077				1,576
	Research and development				1,337				1,237
General and administrative					207				139
		Total operating expenses			2,621				2,952
Operating Income (loss)					(3,690	)			(3,200	)
Provision (benefit) for income taxes					(1,199	)			(1,040	)
Net Income (loss), after tax					($2,491	)			($2,160	)
Basic Net Income per share
	Net Income (loss)				($0.06	)			($0.05	)
Diluted Net Income per share
	Net Income (loss)				($0.06	)			($0.05	)
Weighted average shares outstanding:
	Basic				42,830				43,311
	Diluted				44,544				44,979