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Guardado Advisors LLC
 
 
Made in the USA
 
Copyright © 2010 RV Investor
 

 

Polaris Industries (NYSE: PII) Snapshot

Updated April 5, 2010

 

Company Profile

Polaris is a manufacturer of snowmobiles, all-terrain vehicles (ATVs), Victory motorcycles and the Polaris RANGER for recreational and utility use.

While not engaged in motorhome or travel trailer manufacturing, Polaris supplies many of the "toys" that RV users enjoy and is a bellwether for the RV industry.

 

Consolidated Charting

 

Consolidated Statements
  Quarter Ending          
PII Income Statement Q1-07 Q2-07 Q3-07 Q4-07 Q1-08 Q2-08 Q3-08 Q4-08 Q1-09 Q2-09 Q3-09 Q4-09    
  Mar-07 Jun-07 Sep-07 Dec-07 Mar-08 Jun-08 Sep-08 Dec-08 Mar-09 Jun-09 Sep-09 Dec-09   ttm
Revenue  ssss
 317,713
 376,902  543,979  541,415  388,684  455,686  580,281  544,808  312,024  345,896  436,197  471,770    1,565,887
Cost of Goods Sold ssss
 252,778
 290,321  421,432  422,458  300,589  347,643  449,956  404,358  235,590  262,632  331,286  343,160    1,172,668
Gross Margin    64,935    86,581  122,547  118,957    88,095  108,043  130,325  140,450    76,434    83,264  104,911  128,610       393,219
As a % of Sales 20.4% 23.0% 22.5% 22.0% 22.7% 23.7% 22.5% 25.8% 24.5% 24.1% 24.1% 27.3%   25.1%
                             
Operating Expenses                            
R&D ssss
   18,551
   17,707    18,500    18,829    19,257    20,236    19,638    18,341    16,600    15,222    15,305    15,872         62,999
SG&A ssss
   42,966
   46,064    52,655    46,997    45,093    39,563    72,099    49,887    37,043    40,971    43,961    43,275       165,250
Non Recurring                       -   (17,209)    17,209            -            -            -      8,952          8,952
Others  ss    13,901    (9,108)    (9,650)              -            -            -            -            -            -            -                -
Operating Expenses     61,517    77,672    62,047    56,176    64,350    59,799    74,528    85,437    53,643    56,193    59,266    68,099       237,201
As a % of Sales 19.4% 20.6% 11.4% 10.4% 16.6% 13.1% 12.8% 15.7% 17.2% 16.2% 13.6% 14.4%   15.1%
Income from Financial Services    12,626                          
Operating Income    16,044      8,909    60,500    62,781    23,745    48,244    55,797    55,013    22,791    27,071    45,645    60,511       156,018
As a % of Sales 5.0% 2.4% 11.1% 11.6% 6.1% 10.6% 9.6% 10.1% 7.3% 7.8% 10.5% 12.8%   10.0%
                             
Income from Continuing Operations                            
Total Other Income/Expenses Net  ssss
     7,550
     2,840    (6,576)      5,553      8,553    (7,677)        257      2,748    (8,949)        677      1,322      6,217           (733)
Earnings Before Interest and Taxes     23,594    11,749    53,924    68,334    32,298    40,567    56,054    57,761    13,842    27,748    46,967    66,728       155,285
Interest Expense  ssss
     4,780
     3,744      3,677      2,900      2,725      2,482      2,617      1,794      1,051      1,095      1,059        906          4,111
Income Before Tax     18,814      8,005    50,247    65,434    29,573    38,085    53,437    55,967    12,791    26,653    45,908    65,822       151,174
Income Tax Expense  ssss
     6,263
   12,915    17,379    21,181    10,490    13,738    15,638    19,801    15,638    15,639    15,640    15,641         62,558
Minority Interest               -            -                -            -            -            -            -            -            -                -
Net Income From Continuing Ops     12,551    (4,910)    32,868    44,253    19,083    24,347    37,799    36,166    (2,847)    11,014    30,268    50,181         88,616
  ssss                          
Non-recurring Events                            
Discontinued Operations  ssssss
      (158)
      (206)       (294)       (290)              -            -            -            -            -            -            -                -
Extraordinary Items  sssss            -            -            -              -            -            -            -            -            -            -                -
Effect Of Accounting Changes  sssss            -            -            -              -            -            -            -            -            -            -                -
Other Items               -                  -            -            -            -            -            -            -                -
Net Income     12,393    (5,116)    32,574    43,963    19,083    24,347    37,799    36,166    (2,847)    11,014    30,268    50,181         88,616
Preferred Stock And Other Adjustments               -            -            -            -            -            -            -            -            -            -            -                -
Net Income Applicable To Common Shares     12,393    (5,116)    32,574    43,963    19,083    24,347    37,799    36,166    (2,847)    11,014    30,268    50,181         88,616
As a % of Sales 3.9% -1.4% 6.0% 8.1% 4.9% 5.3% 6.5% 6.6% -0.9% 3.2% 6.9% 10.6%   5.7%
                             
EBITDA ssssssss
   28,836
   22,184    78,630    80,677    37,291    61,796    74,082    75,742    37,880    40,640    63,637    78,454       220,611
As a % of Sales 9.1% 5.9% 14.5% 14.9% 9.6% 13.6% 12.8% 13.9% 12.1% 11.7% 14.6% 16.6%   14.1%
                             
PII Balance Sheet Quarter Ending    
  Mar-07 Jun-07 Sep-07 Dec-07 Mar-08 Jun-08 Sep-08 Dec-08 Mar-09 Jun-09 Sep-09 Dec-09   ttm
Current Assets                            
Cash And Cash Equivalents  ssss
   45,115
   33,849    86,967    63,281    17,578    21,909    43,162    27,127    17,895    30,036    72,763  140,240       140,240
Short Term Investments     -     -     -     -               -            -            -            -      1,667            -            -                -
Net Receivables  ssss
   51,957
 111,692  135,874  148,290  127,337  141,783  147,732  179,249  137,753  130,069  166,272  151,307       151,307
Inventory  ssss
 236,739
 267,858  257,776  218,342  279,262  278,396  268,319  222,312  245,600  219,645  220,836  179,315       179,315
Other Current Assets  ssss
   73,119
   19,421    18,123    17,643    19,240    18,149    18,073    14,924    12,503    18,605    18,498    20,638         20,638
Total Current Assets   406,930  432,820  498,740  447,556  443,417  460,237  477,286  443,612  413,751  400,022  478,369  491,500       491,500
                             
Long Term Assets                            
Long Term Investments      73,450    74,154    85,911    82,382    78,317    73,776    67,206    59,207    54,008    52,109    51,868         51,868
Property Plant and Equipment  ssss
 205,511
 205,598  203,479  204,351  211,132  215,274  217,910  215,637  214,298  212,103  203,901  194,416       194,416
Goodwill     25,082    25,737    26,255    26,447    26,088    26,190    25,960    24,693    24,540    25,105    25,589    25,869         25,869
Intangible Assets  ssss
       110
         88          66          44          22            -            -            -            -            -            -            -                -
Accumulated Amortization               -            -            -              -            -            -            -            -            -            -                -
Other Long Term Assets  ssss
   90,976
                   -            -            -            -            -            -            -                -
Deferred Long Term Asset Charges       3,212      3,282      5,416      5,572      6,161      6,363      8,163            -            -            -            -            -                -
Total Long Term Assets  324,891  234,705  235,216  236,414  243,403  326,144  325,809  307,536  298,045  291,216  281,599  272,153       272,153
                             
Total Assets   731,821  667,525  733,956  683,970  686,820  786,381  803,095  751,148  711,796  691,238  759,968  763,653       763,653
                             
Current Liabilities                            
Accounts Payable  ssss
 105,795
 336,297  415,473  385,944  353,061  377,565  437,378  402,983  321,375  281,739  376,376  341,224       341,224
Short/Current Long Term Debt               -            -            -            -            -            -            -            -            -            -            -                -
Other Current Liabilities  ssss
 200,170
     4,287      4,284      2,302      2,302      2,242      2,242      1,850      1,850      1,850      1,850      1,850          1,850
Total Current Liabilities   305,965  340,584  419,757  388,246  355,363  379,807  439,620  404,833  323,225  283,589  378,226  343,074       343,074
                             
Long Term Liabilities                            
Long Term Debt  ssss
 243,000
 200,000  205,095  200,000  260,000  261,000  220,000  200,000  244,000  250,000  200,000  200,000       200,000
Other Long Term Liabilities       5,440      5,559  -         8,653      8,827      7,615      4,581      5,103      4,938      5,106      4,481      4,988          4,988
Deferred Long Term Liability Charges  s            -            -            -            -            -            -      4,185      1,966      3,102          43    11,050         11,050
Minority Interest  sss            -            -            -            -            -            -            -            -            -            -            -                -
Negative Goodwill               -            -            -            -            -            -            -            -            -            -            -                -
Total Long Term Liabilities  248,440  205,559  205,095  208,653  268,827  268,615  224,581  209,288  250,904  258,208  204,524  216,038       216,038
                             
Total Liabilities   554,405  546,143  624,852  596,899  624,190  648,422  664,201  614,121  574,129  541,797  582,750  559,112       559,112
                             
Stockholders' Equity                            
Misc Stock Options & Warrants               -            -            -            -            -            -            -            -            -            -            -                -
Redeemable Preferred Stock               -            -            -            -            -            -            -            -            -            -            -                -
Preferred Stock               -            -            -            -            -            -            -            -            -            -            -                -
Common Stock  ssss
       356
       357        350        342        331        327        324        325        326        326        327        326             326
Retained Earnings  ssss
 160,979
 179,556  164,008  146,763  110,534  103,459  117,281  140,559  139,941  147,751  169,755  191,399       191,399
Treasury Stock                       -            -            -            -            -            -            -                -
Capital Surplus               -            -