June 2009 -- Polaris Industries Inc. saw a dramatic decrease in net income, reporting $8.5 million for the first quarter of 2009, compared with $19.1 million in the year-earlier period. Sales fell 20% in 2009 and totaled $312 million.
Recognizing the tough economic situation, Scott Wine, CEO said that the results were in line with expectations. "Despite a difficult retail sales environment throughout the quarter, our team performed exceptionally well in executing our plan which resulted in an increase in our gross profit margin percentage of 180 basis points while maintaining a strong balance sheet."
Wine pointed to the company's flexible manufacturing and variable cost structures, which helped offset the impact of the unit volume declines experienced during the quarter.
"Going forward, our strategy remains unchanged; we will continue to leverage our innovation, speed to market and flexible manufacturing capabilities to gain market share while focusing on improving our operating margins."
