-----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, MPfGmeMgd4xME0/CMwFmq1KZHYAjfpigjU9vthPjNl2WQLYUiqn5DgyQCgLCWI85 hgCN71jPkenke0t3wAL1xA== 0000912057-96-025892.txt : 19961115 0000912057-96-025892.hdr.sgml : 19961115 ACCESSION NUMBER: 0000912057-96-025892 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19960930 FILED AS OF DATE: 19961113 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: POLARIS INDUSTRIES INC/MN CENTRAL INDEX KEY: 0000931015 STANDARD INDUSTRIAL CLASSIFICATION: MISCELLANEOUS TRANSPORTATION EQUIPMENT [3790] IRS NUMBER: 411790959 STATE OF INCORPORATION: MN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-20503 FILM NUMBER: 96660601 BUSINESS ADDRESS: STREET 1: 1225 HIGHWAY 169 NORTH CITY: MINNEAPOLIS STATE: MN ZIP: 55441 BUSINESS PHONE: 6125420500 MAIL ADDRESS: STREET 1: 1225 HIGHWAY 169 NORTH STREET 2: 425 LEXINGTON AVE CITY: MINNESOTA STATE: MN ZIP: 55441 10-Q 1 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) /X/ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 1996 ------------------------------------------------ OR / / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to ------------------------ ----------------------- Commission File Number 1-11411 --------------------------------------------------------- Polaris Industries Inc. - ------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) Minnesota 41-1790959 - ------------------------------------------------------------------------------- (State or other jurisdiction (IRS Employer of incorporation or organization) Identification No.) 1225 Highway 169 North, Minneapolis, MN 55441 - ------------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) (612) 542-0500 - ------------------------------------------------------------------------------- (Registrant's telephone number, including area code) Indicate by check mark whether the registrant (1) has filed all reports to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes X No ----- ----- APPLICABLE ONLY TO CORPORATE ISSUERS: Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. As of November 1, 1996, 27,032,073 shares of Common Stock of the issuer were outstanding. POLARIS INDUSTRIES INC. TABLE OF CONTENTS Part I. FINANCIAL INFORMATION Item 1 - Consolidated Financial Statements Consolidated Balance Sheets Pg. 3 Consolidated Statements of Operations Pg. 4 Consolidated Statements of Cash Flows Pg. 5 Consolidated Statement of Shareholders' Equity Pg. 6 Notes to Consolidated Financial Statements Pg. 7 Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations Results of Operations Pg. 10 Cash Dividends Pg. 12 Liquidity and Capital Resources Pg. 12 Inflation and Exchange Rates Pg. 12 Part II OTHER INFORMATION Pg. 14 Item 1 - Legal Proceedings Item 2 - Changes in Securities Item 3 - Defaults upon Senior Securities Item 4 - Submission of Matters to a Vote of Security Holders Item 5 - Other Information Item 6 - Exhibits and Reports on Form 8-K SIGNATURE PAGE Pg. 15 -2- POLARIS INDUSTRIES INC. CONSOLIDATED BALANCE SHEETS (IN THOUSANDS) September 30, 1996 December 31, 1995 ------------------ ----------------- ASSETS (Unaudited) Current Assets: Cash and cash equivalents $7,263 $3,501 Trade receivables 61,148 40,402 Inventories 173,599 104,633 Prepaid expenses and other 4,018 6,735 Deferred tax assets 23,000 20,000 ------- ------- Total current assets 269,028 175,271 ------- ------- Deferred Tax Assets 32,000 35,000 Property and Equipment, at cost, net of accumulated depreciation of $69,907 in 1996 and $47,867 in 1995 85,074 78,455 Investments in Affiliates 13,745 557 Intangible Assets, at cost, net of accumulated amortization of $9,562 in 1996 and $9,006 in 1995 24,597 25,153 ------- ------- Total Assets $424,444 $314,436 ======== ======== LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities: Accounts payable $76,399 $57,388 Accrued expenses 102,476 85,748 Income taxes payable 13,928 12,586 ------- ------- Total current liabilities 192,803 155,722 Borrowings under credit agreement 87,100 40,200 ------- ------- Total Liabilities 279,903 195,922 ------- ------- Shareholders' Equity: Common stock 272 273 Additional paid-in capital 105,606 109,344 Deferred compensation (1,048) 0 Compensation payable in common stock 9,111 11,418 Retained earnings (accumulated deficit) 30,600 (2,521) ------- ------- Total Shareholders' Equity 144,541 118,514 ------- ------- Total Liabilities and Shareholders' Equity $424,444 $314,436 ======== ======== See Notes to Consolidated Financial Statements -3- POLARIS INDUSTRIES INC. CONSOLIDATED STATEMENTS OF OPERATIONS (IN THOUSANDS, EXCEPT PER SHARE DATA) UNAUDITED Third Quarter For the Nine Months Ended September 30, Ended September 30, 1996 1995 1996 1995 ---- ---- ---- ----- Sales $299,135 $291,431 $894,229 $831,581 Cost of Sales 238,503 228,226 719,745 663,627 -------- -------- -------- -------- Gross profit 60,632 63,205 174,484 167,954 Operating Expenses Selling and marketing 31,354 25,629 83,504 74,459 General and administrative 4,829 6,115 20,101 22,124 -------- -------- -------- -------- Total operating expenses 36,183 31,744 103,605 96,583 -------- -------- -------- -------- Operating Income 24,449 31,461 70,879 71,371 Nonoperating Expense (Income), net (351) 1,552 (146) 373 -------- ------- ------- -------- Income before income taxes 24,800 29,909 71,025 70,998 Provision for Income Taxes 8,928 11,365 25,569 26,979 -------- ------- -------- -------- Net Income $15,872 $18,544 $45,456 $44,019 ======== ======= ======== ======== Net Income Per Share $0.57 $0.67 $1.63 $1.59 ======== ======= ======== ======== Weighted Average Number of Common and Common Equivalent Shares Outstanding 27,826 27,799 27,959 27,793 ======== ======= ======== ======== See Notes to Consolidated Financial Statements -4- POLARIS INDUSTRIES INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (IN THOUSANDS) UNAUDITED For the Nine Months Ended September 30, -------------------- 1996 1995 Cash Flows From Operating Activities Net Income $45,456 $44,019 Adjustments to reconcile net income to cash flow from operating activities: Depreciation 22,040 17,585 Amortization 556 647 Noncash compensation 3,813 3,811 Deferred income taxes 0 5,000 Changes in current operating items - Trade receivables (20,746) (28,016) Inventories (68,966) (20,051) Accounts payable 19,011 4,170 Accrued expenses 16,728 11,082 Income taxes payable 1,342 803 Others, net 2,667 1,895 ------- ------ Net cash provided by operating activities 21,901 40,945 ------- ------ Cash Flows From Investing Activities: Purchase of property and equipment (28,659) (34,299) Investments in affiliates (13,188) (1,086) ------- ------ Cash flow used for investing activities (41,847) (35,385) ------- ------ Cash Flows From Financing Activities: Borrowings under credit agreement, net 46,900 25,000 Shares repurchased (10,857) 0 Cash distributions to partners 0 (12,736) Cash dividends to shareholders (12,335) (78,112) ------- ------ Net cash from (used for) financing activities 23,708 (65,848) Increase (decrease) in cash and cash equivalents 3,762 (60,288) Cash and Cash Equivalents, Beginning 3,501 62,881 ------- ------ Cash and Cash Equivalents, Ending $7,263 $2,593 ======= ====== See Notes to Consolidated Financial Statements -5- POLARIS INDUSTRIES INC. CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (IN THOUSANDS) UNAUDITED
Retained Additional Compensation Earnings Common Paid-In Deferred Payable in (Accumulated Stock Capital Compensation Stock Deficit) Total ------ ----------- ------------ ---------- -------- -------- Balance, December 31, 1995 $273 $109,344 $0 $11,418 ($2,521) $118,514 First Rights conversion to stock 2 5,717 0 (5,769) 0 (50) First Rights grants 0 0 0 3,462 0 3,462 Restricted stock 1 1,398 (1,048) 0 0 351 Cash dividends declared 0 0 0 0 (12,335) (12,335) Shares Repurchased (4) (10,853) 0 0 0 (10,857) Net income 0 0 0 0 45,456 45,456 -- -- -- -- ------ --------- Balance, September 30, 1996 $272 $105,606 ($1,048) $9,111 $30,600 $144,541 ==== ======== ======== ====== ======= ==========
See Notes to Consolidated Financial Statements -6- POLARIS INDUSTRIES INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 1. BASIS OF PRESENTATION The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial statements and, therefore, do not include all information and disclosures of results of operations, financial position and changes in cash flow in conformity with generally accepted accounting principles for complete financial statements. Accordingly, such statements should be read in conjunction with the previously filed Form 10-K. In the opinion of management, such statements reflect all adjustments (which include only normal recurring adjustments) necessary for a fair presentation of the financial position, results of operations, and cash flows for the periods presented. Due to the seasonality of the snowmobile, all terrain vehicle (ATV) and personal watercraft (PWC) business, and to certain changes in production and shipping cycles, results of interim periods are not necessarily indicative of the results to be expected for the complete year. Certain amounts previously reported in the 1995 consolidated financial statements have been reclassified to conform to the 1996 presentation. These reclassifications had no effect on previously reported net income or shareholders' equity. NOTE 2. INVENTORIES The major components of inventories are as follows (in thousands): September 30, 1996 December 31, 1995 ------------------ ----------------- Raw Materials $44,563 $26,526 Service Parts 44,246 39,952 Finished Goods 84,790 38,155 ------ ------ $173,599 $104,633 ======== ======== NOTE 3. FINANCING AGREEMENT The Company has an unsecured bank line of credit arrangement with maximum available borrowings of $125,000,000. Interest is charged at rates based on LIBOR or "prime" (5.97% at September 30, 1996) and the agreement expires on March 31, 1998. As of September 30, 1996, total borrowings under this credit agreement were $87,100,000 and have been classified as long-term liabilities in the accompanying consolidated -7- balance sheets. Cumulative borrowings and repayments under the credit agreement during the nine months ended September 30, 1996, were $228,100,000 and $181,200,000 respectively. NOTE 4. INVESTMENTS IN AFFILIATES The Company's investments in joint ventures are accounted for under the equity method and consisted of the following carrying amounts (in thousands): September 30, 1996 December 31, 1995 ------------------ ----------------- Polaris Acceptance $12,897 $0 Robin Manufacturing,U.S.A. 848 557 ---- --- $13,745 $557 ======= ==== In February 1996, a wholly-owned subsidiary of the Company entered into a partnership agreement with Transamerica Commercial Finance Corporation (TCFC) to form Polaris Acceptance. Polaris Acceptance provides floor plan financing and may in the future provide other financial services to dealers, distributors and retail customers of the Company. Under the partnership agreement the Company's subsidiary has a 25 percent equity interest in Polaris Acceptance and an option to increase its equity interest to 50 percent effective January 1, 1997. The Company has guaranteed 25 percent of the outstanding indebtedness of Polaris Acceptance under a credit agreement between Polaris Acceptance and TCFC. At September 30, 1996, the Company's contingent liability with respect to the guarantee was approximately $71,000,000. In February, 1995, the Company entered into an agreement with Fuji Heavy Industries Ltd. to form Robin Manufacturing, U.S.A. ("Robin"). Under the agreement, Polaris has a 40 percent ownership interest in Robin, which builds engines in the United States for recreational and industrial products. The Company's allocable share of the income of Polaris Acceptance and Robin was not material for the reported periods and has been included as a component of nonoperating expense (income) in the accompanying consolidated statements of operations. NOTE 5. COMMITMENTS AND CONTINGENCIES Historically, the Company elected not to insure for product liability losses. Effective June 1996, the Company purchased excess insurance coverage for catastrophic product liability claims for incidents occurring in future periods that exceed a significant self-insured retention. The estimated costs resulting from any losses are charged to operating -8- expenses when it is probable a loss has been incurred and the amount of the loss is determinable. The Company is a defendant in lawsuits and subject to claims arising in the normal course of business. It is the opinion of management that their outcomes will not, in the aggregate, have a material adverse effect on the financial position or operations of the Company. NOTE 6. SUBSEQUENT EVENT On October 14, 1996, the Board of Directors of the Company declared a regular cash dividend of $0.15 per share payable on November 15, 1996, to holders of record on November 1, 1996. -9- ITEM 2 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion pertains to the results of operations and financial position of Polaris Industries Inc., a Minnesota corporation (the "Company"), for the quarters and nine-month periods ended September 30, 1996 and 1995. Due to the seasonality of the snowmobile, all terrain vehicle (ATV) and personal watercraft (PWC) business, and to certain changes in production and shipping cycles, results of interim periods are not necessarily indicative of the results to be expected for the complete year. RESULTS OF OPERATIONS Sales increased to $299.1 million in the third quarter of 1996, representing a 3 percent increase over $291.4 million in sales for the same period in 1995. The increase in sales is attributable to an increase in sales of ATVs due to continued strong demand, offset by decreases in sales of other product lines. ATV unit sales volume in the third quarter of 1996 increased 35 percent from the comparable period in 1995. ATV unit sales growth continues to be led by the success of the new Sportsman 500 model. Snowmobile unit volume in the third quarter of 1996 decreased 14 percent from the comparable period in 1995. A build-up of PWC unit inventory at the retail level affected the Company's ability to ship snowmobiles at anticipated levels during the third quarter of 1996. PWC unit sales volume decreased in the third quarter of 1996 resulting in a sales decrease of $3.2 million from the comparable period in 1995. Historically, sales of PWC in the third quarter have been minimal, resulting in percentage changes that are not meaningful for comparison purposes. Sales of related parts, garments and accessories (PG & A) in the third quarter of 1996 decreased 4 percent from the comparable period in 1995. Sales increased to $894.2 million for the year-to-date period ended September 30, 1996, representing an 8 percent increase over the $831.6 million of sales for the same period in 1995. Total finished goods unit shipments for the year-to-date 1996 period increased 3 percent over the same period in 1995. -10- Polaris Industries Inc. Management's Discussion and Analysis of Financial Condition and Results of Operations (cont'd) Gross profit of $60.6 million in the third quarter of 1996 represents a 4 percent decrease from gross profit of $63.2 million for the same period in 1995. Gross profit of $174.5 million in the year-to-date period ended September 30, 1996 represents a 4 percent increase over gross profit of $168.0 million for the same period in 1995. The gross profit margin percentage decreased to 20.3 percent for the third quarter of 1996 as compared to 21.7 percent for the comparable period in 1995 and decreased to 19.5 percent for the year-to-date period ended September 30, 1996, as compared to 20.2 percent for the year-to-date period in 1995. This decrease in gross margin percentage is largely attributable to a) an increase in warranty expenses as a result of the emphasis on technological innovation and introduction of new high performance models; b) an increase in research and development costs reflecting the Company's continued emphasis on aggressive, innovative new product development; offset by c) decreases in raw material purchase prices for engines and certain other component parts because of the recent strengthening of the U.S. dollar in relation to the Japanese yen when compared to the comparable 1995 periods. Operating expenses in the third quarter of 1996 increased $4.4 million (14 percent) over the 1995 period and, as a percentage of sales, increased to 12.1 percent for the third quarter of 1996 compared to 10.9 percent for the same period in 1995. Operating expenses in the year-to-date period ended September 30, 1996 increased $7.0 million (7 percent) over the comparable period in 1995, but, as a percentage of sales, remained consistent at 11.6 percent for the year-to-date periods of 1996 and 1995. The percentage increases in the third quarter of 1996 are due primarily to an increased level of promotional costs related to efforts to assist dealers in retailing PWC units late in the 1996 selling season. The decrease in nonoperating expense (income) in the third quarter and year-to-date periods ended September 30, 1996 over the comparable periods in 1995 is primarily a result of a) equity in the income of affiliates recorded during the 1996 periods, offset by b) interest expense incurred in 1996 from borrowings under the bank line of credit arrangement used to fund the payment of special cash distributions totaling $104.9 million during 1995; and c) lower cash and cash equivalent balances in 1996 generated lower investment income during the 1996 periods compared to the same periods in 1995. The provision for income taxes for the year-to-date period ended September 30, 1996 has been recorded at a rate of 36 percent of pretax income compared to 38 percent for the same period in 1995. This change reflects the settlement reached with the -11- Polaris Industries Inc. Management's Discussion and Analysis of Financial Condition and Results of Operations (cont'd) Canadian income tax authorities regarding a claim for additional income taxes payable by the Company's Canadian subsidiary for tax years 1987 through 1991. CASH DIVIDENDS On July 18, 1996, the Board of Directors of the Company declared a regular cash dividend of $0.15 per share payable on August 15, 1996, to holders of record on August 1, 1996. On October 14, 1996, the Board of Directors of the Company declared a regular cash dividend of $0.15 per share payable on November 15, 1996, to holders of record on November 1, 1996. LIQUIDITY AND CAPITAL RESOURCES The seasonality of production and shipments causes working capital requirements to fluctuate during the year. Effective May 8, 1995, the Company entered into an unsecured bank line of credit arrangement with maximum available borrowings of $125.0 million. Interest is charged at rates based on LIBOR or "prime" and the agreement expires March 31, 1998. At September 30, 1996, the Company had borrowings under its bank line of credit arrangement of $87.1 million and cash and cash equivalents of $7.3 million, compared to $40.2 million in borrowings and cash and cash equivalents of $3.5 million at December 31, 1995. Beginning in early July 1996, the Company began to repurchase its shares under the 1,000,000 share repurchase authorization approved by the Board of Directors in January, 1996. As of September 30, 1996, 410,000 shares have been repurchased. Management believes that existing cash balances and bank borrowings, cash flow to be generated from operating activities and available borrowing capacity under the line of credit arrangement will be sufficient to fund operations, regular dividends, share repurchases, and capital requirements for the next four quarters. INFLATION AND EXCHANGE RATES The Company does not believe that inflation has had a material impact on the results of its operations. However, the changing relationships of the U.S. dollar to the Japanese yen and Canadian dollar have had a material impact from time to time. Over the past several years, weakening of the U.S. dollar in relation to the yen has -12- Polaris Industries Inc. Management's Discussion and Analysis of Financial Condition and Results of Operations (cont'd) resulted in higher raw material purchase prices. In 1995, approximately 27 percent of the Company's cost of sales was attributable to purchases from Japanese suppliers. Management believes that such cost increases also affect its principal competitors in ATVs, and, to varying degrees, some of its snowmobile and PWC competitors. The strengthening of the U.S. dollar in relation to the yen during 1996 has reversed this trend. The Company's cost of sales in the third quarter and year-to-date periods ended September 30, 1996, were positively impacted by the yen exchange rate fluctuation when compared to the same periods in 1995. In view of the foreign exchange hedging contracts currently in place, the Company anticipates that it will continue to have a positive impact on cost of sales during the fourth quarter of 1996 when compared to the same period in 1995. The Company operates in Canada through a wholly-owned subsidiary. Over the past several years, strengthening of the U.S. dollar in relation to the Canadian dollar has resulted in lower gross margin levels on a comparable basis. However, the fluctuation of the Canadian dollar exchange rate did not have a significant impact on the gross margin levels achieved in the third quarter and year-to-date period ended September 30, 1996, when compared to the same periods in 1995. In the past, the Company has been a party to, and in the future may enter into, foreign exchange hedging contracts for both the Japanese yen and the Canadian dollar to minimize the impact of exchange rate fluctuations within each year. At September 30, 1996, the Company had open Japanese yen and Canadian dollar foreign exchange hedging contracts which mature throughout the remainder of 1996. Forward-looking statements herein are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. There are certain important factors that could cause results to differ materially from those anticipated by some of the statements made herein. Investors are cautioned that all forward-looking statements involve risks and uncertainty. In addition to the factors discussed above, among the other factors that could cause actual results to differ materially are the following: product offerings and pricing strategies by competitors; warranty expenses; foreign currency exchange rate fluctuations; environmental and product safety regulatory activity; effects of weather; uninsured product liability claims; and overall economic conditions, including inflation and consumer confidence. -13- POLARIS INDUSTRIES INC. PART II. OTHER INFORMATION ITEM 1 - LEGAL PROCEEDINGS None. ITEM 2 - CHANGES IN SECURITIES None. ITEM 3 - DEFAULTS UPON SENIOR SECURITIES None. ITEM 4 - SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS None. ITEM 5 - OTHER INFORMATION None. ITEM 6 - EXHIBITS AND REPORTS ON FORM 8-K (a) EXHIBITS Exhibit No. 11 - Computation of Per Share Earnings. Exhibit No. 27 - Financial Data Schedule. (b) REPORTS ON FORM 8-K No reports on Form 8-K have been filed during the quarter for which this report was filed. -14- POLARIS INDUSTRIES INC. SIGNATURES Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. POLARIS INDUSTRIES INC. (Registrant) Date: November 1, 1996 /s/ W. Hall Wendel, Jr. ----------------------- W. Hall Wendel, Jr. Chairman of the Board and Chief Executive Officer Date: November 1, 1996 /s/ John H. Grunewald ----------------------- John H. Grunewald Vice President, Chief Financial Officer, Treasurer and Secretary (Principal Financial and Chief Accounting Officer) -15- EX-11 2 EXHIBIT 11/COMPUTATION OF NET INCOME EXHIBIT 11 POLARIS INDUSTRIES INC. COMPUTATION OF NET INCOME PER SHARE (IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED) Third Quarter For the Nine Months Ended September 30, Ended September 30, ------------------- -------------------- 1996 1995 1996 1995 ---- ---- ---- ---- Net Income for the Period $15,872 $18,544 $45,456 $44,019 ======= ======= ======= ======= Weighted Average Number of Outstanding: Common Shares 27,327 27,324 27,429 27,291 Rights 431 473 466 502 Restricted stock plan 62 0 41 0 Deferred Compensation Plan for Directors 6 2 5 0 Stock option plan 0 0 18 0 ------ ------ ------- ------- Total common and common equivalent shares 27,826 27,799 27,959 27,793 ====== ====== ======= ======= Net Income Per Share $0.57 $0.67 $1.63 $1.59 ====== ====== ======= ======= EX-27 3 EXHIBIT 27/FDS
5 This schedule contains summary financial information extracted from the Consolidated Balance Sheet of Polaris Industries Inc. as of September 30, 1996, and the related Consolidated Statements of Operations, Shareholders' Equity and Cash Flows for the quarter ended September 30, 1996, and is qualified in its entirety by reference to such Consolidated Financial Statements. 1,000 9-MOS DEC-31-1996 JAN-01-1996 SEP-30-1996 7,263 0 61,148 0 173,599 269,028 154,983 69,909 424,444 192,803 87,100 0 0 0 144,541 424,444 894,229 894,229 719,745 719,745 100,385 0 3,074 71,025 25,569 45,456 0 0 0 45,456 1.63 1.63
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