ARCTIC CAT INC

CIK:0000719866|SEC Filings

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
Net sales
Net sales	$ 117,383	$ 166,000	$ 386,865	$ 511,538
Cost of goods sold
Cost of goods sold	107,673	141,750	351,855	420,808
Gross profit	9,710	24,250	35,010	90,730
Operating expenses
Selling and marketing	11,214	12,223	31,594	33,020
Research and development	7,422	7,236	23,701	19,461
General and administrative	11,623	10,607	36,673	26,960
Total operating expenses	30,259	30,066	91,968	79,441
Operating profit (loss)	(20,549)	(5,816)	(56,958)	11,289
Other income (expense)
Interest income	27	1	52	13
Interest expense	(545)	(192)	(1,214)	(700)
Total other expense	(518)	(191)	(1,162)	(687)
Earnings (loss) before income taxes	(21,067)	(6,007)	(58,120)	10,602
Income tax expense (benefit)	16,154	(3,610)	2,426	2,884
Net earnings (loss)	$ (37,221)	$ (2,397)	$ (60,546)	$ 7,718
Net earnings (loss) per share
Basic	$ (2.85)	$ (0.18)	$ (4.64)	$ 0.59
Diluted	$ (2.85)	$ (0.18)	$ (4.64)	$ 0.59
Weighted average shares outstanding
Basic	13,052	13,006	13,049	12,983
Diluted	13,052	13,006	13,049	13,147
Snowmobile and ATV/ROV units
Net sales
Net sales	$ 96,331	$ 143,135	$ 320,310	$ 434,916
Cost of goods sold
Cost of goods sold	92,849	125,703	306,796	370,399
Gross profit	3,482	17,432	13,514	64,517
Parts, garments and accessories
Net sales
Net sales	21,052	22,865	66,555	76,622
Cost of goods sold
Cost of goods sold	14,824	16,047	45,059	50,409
Gross profit	$ 6,228	$ 6,818	$ 21,496	$ 26,213

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Cash flows from operating activities:
Net earnings (loss)	$ (60,546)	$ 7,718
Adjustments to reconcile net earnings (loss) to net cash used in operating activities:
Depreciation and amortization	15,513	14,326
Deferred income taxes	2,440	(460)
Stock-based compensation expense	3,733	3,267
Changes in operating assets and liabilities:
Trading securities		1,009
Accounts receivable	(9,048)	(19,034)
Inventories	(46,678)	6,064
Accounts payable	13,029	(17,514)
Accrued expenses	1,919	(5,303)
Income taxes	9,816	3,214
Prepaid expenses and other	1,001	5,888
Net cash used in operating activities	(68,821)	(825)
Cash flows from investing activities:
Purchases of property and equipment	(19,624)	(27,231)
Other		(11)
Net cash used in investing activities	(19,624)	(27,242)
Cash flows from financing activities:
Proceeds from long-term borrowings	229,449	226,733
Payments on long-term borrowings	(150,374)	(226,733)
Checks written in excess of bank balances	2,397	2,472
Proceeds from issuance of common stock		582
Payments for income taxes on net-settled option exercises	(205)	(230)
Tax benefit from stock option exercises		66
Dividends paid		(4,915)
Repurchase of common stock		(120)
Net cash provided by (used in) financing activities	81,267	(2,145)
Effect of exchange rate changes on cash and cash equivalents	(72)	936
Net decrease in cash and cash equivalents	(7,250)	(29,276)
Cash and cash equivalents at beginning of period	17,730	40,253
Cash and cash equivalents at end of period	10,480	10,977
Supplemental disclosure of cash payments for:
Income taxes	67	145
Interest	$ 1,214	$ 700

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Dec. 31, 2016	Mar. 31, 2016
Current assets
Cash and cash equivalents	$ 10,480	$ 17,730
Accounts receivable, less allowances	44,035	35,760
Inventories	185,568	140,007
Prepaid expenses	3,956	6,456
Income taxes receivable	1,968	11,765
Other current assets	1,176	100
Total current assets	247,183	211,818
Property and equipment
Machinery, equipment and tooling	230,813	214,372
Land, buildings and improvements	34,290	33,259
Property, Plant and Equipment, Gross, Total	265,103	247,631
Less accumulated depreciation	179,378	166,144
Property, Plant and Equipment, Net, Total	85,725	81,487
Goodwill	3,342	3,342
Intangible assets, net	2,756	2,855
Deferred tax assets		4,036
Other assets	2,565	1,163
Assets, Total	341,571	304,701
Current liabilities
Accounts payable	87,376	72,012
Accrued expenses:
Marketing	8,772	9,087
Compensation	3,343	5,634
Warranties	28,065	24,809
Insurance	4,549	3,538
Other	5,623	8,950
Total current liabilities	137,728	124,030
Deferred tax liabilities	315	13,200
Long-term debt	79,075
Other liabilities	13,497	13,280
Commitments and contingencies
Shareholders' equity
Common stock, par value $0.01; 37,440,000 shares authorized; shares issued and outstanding: 13,061,818 at December 31, 2016 and 13,038,249 at March 31, 2016	131	130
Additional paid-in capital	9,009	6,105
Accumulated other comprehensive loss	(8,978)	(10,184)
Retained earnings	110,794	171,340
Total shareholders' equity	110,956	167,391
Liabilities and Equity, Total	341,571	304,701
Preferred Stock - General Class
Shareholders' equity
Preferred stock
Preferred Stock - Series B Junior Participating
Shareholders' equity
Preferred stock