Polaris 2004 Annual Report Download - page 25

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2004 Annual Report 21
Cash Flow Provided
from Continuing Operations(1,2)
(dollars in millions, before changes in current
operating items and deferred taxes)
Shares Repurchased
Since inception of the share repurchase program in 1996, approximately 20 million shares
have been repurchased at an average price of $22.48 per share.
(shares in millions) (dollars in millions)
(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 of $61.4 million, or $0.77 per diluted share, has been excluded from the 1998 financial data presented.
(2) A reconciliation of the Company’s calculation of cash flow provided to the most directly comparable cash flow measure, as required by Regulation G,
appears on page 23 of this Annual Report.
Polaris lead designer Mike Song
drew this early rendering as he was
designing the Hammer. It’s a perfect
example of the big ideas and bold
spirit that will drive Polaris to achieve
its “Dominant in Powersports” vision.
“I think people are starting to catch
on to the modern American cruiser.
In design, cruisers have remained
antiques. At Victory, we’re bringing the
cruiser market into the 21st century.
We’re the most technologically
advanced country in the world, so I
think American motorcycles can be
more than antiques.”