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Polaris Industries Inc. 2008 Annual Report 1
Dear Fellow Shareholders:
Many of our customers rely on Polaris products for great
performance in difficult terrain and challenging environments.
In 2008, we demonstrated that our leadership extends well
beyond the trails. Polaris delivered record sales of $1.948 billion
and earnings per share of $3.50, in spite of a declining economic
environment and a tough powersports market.
Our success continued to be driven by product innovation,
operational excellence and solid execution of our strategy.
We not only achieved record sales and market share leadership
with our popular RANGER and RZR side-by-side products, we
also gained market share in our ATV, Snowmobile and Victory
businesses, both domestically and internationally for the
second consecutive year.
Once again, Polaris outperformed our peer group and most
expectations in 2008. By combining our legendary front-end
strength in product innovation with a more recent focus on
back-end operational excellence, we are quickly becoming the
performance benchmark for the powersports industry.
The record results in 2008 were a fitting tribute to Tom Tiller, who
stepped down in September after leading Polaris to significant
growth and success over his 10 years as chief executive officer.
Tom’s passion for Polaris and our products was evident in all that
he did, as was his focus on quality, customers and results. But it is
the strong leadership and talented team he assembled that will
ultimately be Tom’s legacy. He was committed to “leaving Polaris
strong,” and we are thankful he did. We wish Tom great success
and extend our gratitude for the exciting Tiller decade at Polaris.
Scott W. Wine Chief Executive Officer (left)
Bennett J. Morgan
President and Chief Operating Officer (right)
A Letter from the CEO and COO