Polaris 2005 Annual Report Download - page 22

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POLARIS INDUSTRIES INC.18
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.
For the Years Ended December 31, 2005 2004 2003 2002
Statement of Operations Data
Sales data:
Total sales from continuing operations $ 1,869,819 $1,773,206 $1,552,351 $1,468,170
Percent change from prior year 5% 14% 6% 3%
Sales mix by product:
All-terrain vehicles 66% 66% 67% 64%
Snowmobiles 14% 16% 15% 20%
Motorcycles 5% 4% 4% 2%
PG&A 15% 14% 14% 14%
Gross profit data:
Total gross profit from continuing operations $ 417,892 $ 424,263 $ 362,876 $ 332,432
Percent of sales 22% 24% 23% 23%
Operating expense data from continuing operations:
Amortization of intangibles and noncash compensation $ 12,492 $ 16,643 $ 14,472 $ 16,437
Other operating expenses 229,254 228,018 192,093 166,188
Percent of sales 12% 13% 12% 11%
Total operating expenses 241,746 244,661 206,565 182,625
Net income data:
Net income from continuing operations $ 144,285 $ 136,813 $ 119,823 $ 111,330
Diluted net income per share from continuing operations $ 3.29 $ 3.04 $ 2.66 $ 2.36
Net income $ 143,278 $ 104,504 $ 110,929 $ 103,592
Diluted net income per share $ 3.27 $ 2.32 $ 2.46 $ 2.19
Cash Flow Data
Cash flow from continuing operating activities $ 177,629 $ 245,356 $ 167,793 $ 200,601
Purchase of property and equipment for continuing operations 89,770 88,836 59,209 52,313
Repurchase and retirement of common stock 132,280 66,830 73,125 76,389
Cash dividends to shareholders 46,956 38,856 26,657 25,273
Cash dividends per share $ 1.12 $ 0.92 $ 0.62 $ 0.56
Balance Sheet Data
(at end of year)
Cash and cash equivalents $ 19,675 $ 138,469 $ 82,761 $ 81,193
Current assets 373,988 465,655 387,716 343,659
Total assets 768,956 792,925 671,352 608,646
Current liabilities 375,614 405,193 330,478 313,513
Borrowings under credit agreement 18,000 18,000 18,008 18,027
Shareholders’ equity / partners’ capital 369,657 361,732 319,378 277,106
(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
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 from continuing operations for 1998 would have been $101.2 million, $78.4 million and $1.52 per share, respectively.
11-YEAR SELECTED FINANCIAL DATA
(in thousands, except per share and per unit data)