Atomic and Salomon join forces to create first online course of its kind to help skiers stay safe in the backcountry

The Mountain Academy was created alongside elite mountain experts  

Ogden, UT (January 29, 2015) -- Atomic and Salomon, two of the world’s leading ski brands, have partnered to create Mountain Academy. Developed in collaboration with wePowder, Mountain Academy brings together some of the world’s most elite mountain experts: official national authorities, top avalanche centers, mountain guides and athletes to offer in-depth, online snow safety education.

Through a series of high-quality videos, pictures, animations and self-tests, Mountain Academy students will gain fundamental information introducing them to variance in the snow pack, identifying different types of avalanches, and gaining the basic information about rescue tools and techniques.  The curriculum will be developed through partnerships with the top experts in avalanche education including: AIARE, the foremost avalanche curriculum organization running programs in South America, Europe and the US, UAC, NWAC and CAIC. Users are self-tested as they go, reinforcing the information they have learned. Curriculum is accessible via direct payment, less than the cost of a lift ticket, or through purchasing qualified Atomic and Salomon product.

“It‘s a great online service that both Atomic and Salomon will be offering from fall 2015.” said Michael Schineis, President of Winter Sports Equipment at Amer. “The Mountain Academy will help all powder and backcountry enthusiasts to make their skiing days more enjoyable, more fun and most importantly safer.”

“It’s great to see Atomic and Salomon come together to create this one-of-a-kind program,” said Mike Adams, Amer Sports Americas vice president of winter sports equipment. “Pairing education with top products like this is an industry first and we’re excited to lead the charge.”

The Mountain Academy is built around two online modules. The first module helps skiers ride safely out of bounds. It explains the essentials about snow safety, equipment, the different dangers and how to avoid them. The Mountain Academy’s second module gives skiers information they need to ride deeper in the backcountry. It’s a continuation of module one (which is recommended for skiers to go through first), and provides more in-depth information on types of snow, avalanche situations, different terrains and the gear skiers need when they’re participating in backcountry travel.

The goal of Mountain Academy is to make backcountry education accessible and affordable to everyone. Mountain Academy is not meant to replace avalanche, safety and gear training, but rather supplement it and direct participants to sign up for an in-person course in their area.
For more information please visit:
  1. Atomic Mountain Academy - MountainAcademy.Atomic.com
  2. Salomon Mountain Academy -  MountainAcademy.Salomon.com
About Atomic:

Every skier is different. Which is why Atomic provides every skier with skis, boots, bindings, helmets, protectors, poles and skiwear built to match his or her needs. Our aim is to help each skier have his or her ultimate skiing experience. Whether they’re all-mountain skiers, freeskiers or cross-country skiers, whether they want to win a World Cup race, have their sights set on new challenges in park and pipe, or live for skiing powder. www.atomic.com

About Salomon:

Salomon, the mountain sports company. Salomon was founded in 1947 in the heart of the French Alps. Since then, we’ve been creating innovative products to enhance the performance of athletes. Performance led design is our past. Performance led design is our future.  www.salomon.comwww.salomonfreeski.com

Source Atomic and Salomon by press release ©

Cerevo Announces SNOW-1, its First Sports Gear with Smartphone Connectivity, and availibitlity within year 2015

Cerevo Announces SNOW-1, its First Sports Gear with Smartphone Connectivity

SNOW-1 Visualizes Body Movements of Snowboarders and Adds Visual Effects with LED Lights.

January, 2015 | Tokyo-- Cerevo today announced its newly developed snowboard bindings “SNOW-1”. Cerevo is planning to release Sports Gears for smart sports under the brand name XON and SNOW-1 is its first product.

SNOW-1 will be displayed at 2015 CES unveiled from Jan. 4th, 2015 and at International CES 2015 from Jan. 6th 2015. SNOW-1 is scheduled to be on sale within this year.


SNOW-1 is snowboard bindings with Bluetooth4.0 LE module and various sensors. Data measured and accumulated when using SNOW-1 will be transmitted to smartphone in real time connected by bluetooth which allows snowboarders to analyze their rides.

Load censors located 4 places under each foot measures the shift of loads by snowboarder and position of the center of gravity. In addition, 2 distortion censors placed in front and end of the snowboard will measure distortion of the board at each section. By checking those data in real time when practicing boarding, snowboarders will be able to get more feedback to get skilled.

Measured data can be displayed and overlapped to movies recorded by smartphone. GPS data allows to check the path of the riding, too. By checking measured data with movie, snowboarders will be able to check their rides in an objective way. Information will be displayed graphically on smartphone which helps to grasp their rides from beginners to professionals easily.

In SNOW-1, super luminosity LED lights are installed in toe and heel sections which can be observed from the place 100 meters/30 feet away. LED illuminate by the movement of the boarder so boarders can use this function to add visual effects to their rides or to check their riding form by getting indicated with lights during their rides.


It’s been 40 years after snowboarding became a popular sports. A lot of advancement made on materials or shapes of the board but not a big innovation had occurred on the point how to improve the skill. We started to plan this product from the view point how consumer electronics developer can cause innovation in snowboarding experience. We used all our know-hows to develop an IoT gear.
It is important to understand how you put loads on the board, and how you shift the center of the gravity and how board is distorting but those information are not easy to grasp not only for beginners but also for professionals.

Shooting video for riding will help to check the riding form but it was difficult to grasp exact data of loading on the board and balancing the center of gravity.

SNOW-1 is a new sports gear with various sensors to solve above problem. It makes possible to analyze how boarders put loads on the board in real time and gives feedback to boarders to get skilled more easily.

You will enjoy this new experience on snowboarding.


-Bluetooth 4.0(Low Energy)
-3 axis acceleration sensor
-2 distortion sensors
-Load Sensors: 4 sensors for each binding (8 in total)
-Super Luminosity Lights: 2 lights for each binding (4 in total)
-Planned Price: $400 – $600

About Cerevo

Cerevo was named after (Consumer Electronic REVOlution) and its HQ is locating in Akihabara, Tokyo, Japan. Cerevo focuses on creating network consumer devices. Cerevo makes its efforts to improve your daily life through the use of its products with the unique internet solutions.
Cerevo had developed and released CEREVO CAM, a digital camera with internet connectivity, LiveShell series, a device to enable to live stream on Ustream only with your digital camera, SmartTrigger, a Bluetooth remote to enable to release the shutter of digital camera from your smart phone, and EneBRICK, a mobile battery with function to connect USB keyboard for tablets. Those products are sold for more than 23 countries.

For more information, please visit http://cerevo.com
or https://xon.cerevo.com/en/

Source Cerevo by press release ©

Press Contact: info-usa@cerevo.com
Cerevo USA LLC 8201 164th Ave NE, Suite 200 Redmond, WA 98052-7604

Strength of U.S. dollar expected to impact Dorel in 2015

Montreal, Quebec - 1/29/2015
Dorel Industries Inc. (TSX: DII.B, DII.A) today stated that the surge in the value of the U.S. dollar versus the majority of the Company’s other operating currencies is expected to have a significant negative effect on Dorel’s earnings through 2015.

As an international consumer products company, the increase in the value of the U.S. dollar impacts both cost of sales for Dorel’s international divisions that purchase in U.S. dollars and sell in local currencies, as well as Dorel’s reported earnings translated into U.S. dollars.

“Dorel has pursued an aggressive strategy of expanding our juvenile and bicycle businesses to markets around the world, notably into Europe, South America and Asia. This has greatly benefited us over several years and continues to do so as we are consistently building market share. Just over half of our net income is derived from these regions. Since November, when we reported our third quarter results, the U.S. dollar has continued to strengthen to its highest level in many years versus several major currencies and we expect this to impact us through the current year,” stated Dorel President & CEO, Martin Schwartz.

In 2014, the Euro was an exception to most other currencies against the U.S. dollar with a significant decline in value only occurring in December. However, this decline has continued into 2015. The Euro is currently at its lowest level in five years and therefore is expected to depress Dorel’s 2015 results.

Mr. Schwartz explained that while it is too early in the year to quantify the impact of foreign exchange, there are mitigating factors which are expected to ease the situation somewhat. “New products currently being launched reflect the currency factor and are priced accordingly; further, we are working with many of our retail partners on implementing suitable price increases. Recent reductions in oil prices and many commodities will help offset the higher U.S. dollar as will the strength of the U.S. economy, where all three of our segments have a significant presence. Our Home Furnishings segment will benefit from the strong U.S. dollar as a portion of our products are manufactured in Canada and sold in the U.S.,” concluded Mr. Schwartz.

Dorel will announce full-year 2014 results on March 16, 2015.

Source dorel industries by press release © 


SnowSports Industries America (SIA) President David Ingemie To Step Down in 2016

Washington, DC (January 28, 2015) -- The SnowSports Industries America (SIA) Board of Directors announced today that David Ingemie, SIA’s president for the past 34 years, would be stepping down as president following the 2016 SIA Snow Show.

Ingemie joined SIA in 1976 as marketing director and became president of the non-profit organization in 1981. Over the span of his 39-year career at SIA, David has worked diligently to grow snow sports participation and sales and has focused on strengthening the core organization and trade show.
“The industry has been incredibly lucky to have David Ingemie as the driving force behind SIA for 39 years. David has been instrumental in working with the Board on defining what SIA is today and next steps to guarantee its future success and a smooth transition,” said Bob Gundram, Chair of SIA’s Board of Directors and CEO of C3.

“Ifeel so fortunate to have been a part of an industry that represents one of my life’s greatest passions - snow sports. It has been a great run, working under twenty-one different Board chairmen/women and seeing so many changes within the industry; equipment, resorts, retailers, reps, and even ways to get down the hill,” said David Ingemie.

A transition plan comprised of a long range strategic vision for SIA and development of job description and recruitment strategy for David Ingemie’s successor became a top priority for SIA’s Board of Directors beginning in May 2014, when Ingemie advised the Board of his plans for stepping down as president. The transition plan included the creation of a strategic vision taskforce, chaired by David Currier, VP of Smith Optics USA, and led by an outside professional facilitator, Rob Smith. 
Buffy Filippell of TeamWork Consulting was selected to work with a search committee chaired by Julie Garry, CEO of Outdoor Gear. Filippell has attended several committee and Board meetings to develop a comprehensive understanding of SIA’s future goals and the qualifications for an ideal candidate.

David Ingemie’s successor will begin in a transitional role in June of this year and assume the role of president following the 2016 SIA Snow Show.  David Ingemie will remain at SIA in the role of Immediate Past President and lead an archival project preserving the organization’s 60+ years of history.
- SIA -

Celebrating its 60th anniversary in 2014, SnowSports Industries America (SIA) is a non-profit member-owned trade association with a long history of working to support the snow sports industry. SIA, based in the Washington, DC Metro-Area with offices in CO, OR and RI, works year-round with North American snow sports suppliers, retailers, resorts, reps and service providers to develop products and programs for their individual and collective business needs. With member support and industry participation, SIA annually hosts the industry's largest core winter sports trade show, the SIA Snow Show, along with the On-Snow Demo/Ski-Ride Fest and the Sourcing Snow supplier show. SIA also helps retailers and resorts connect with snow sports participants around the country through Snowlink.com. Learn more at Snowsports.org.

Source SIA ©

Zoot Sports Introduces New Running Footwear for Summer 2015

Carlsbad, Calif. , Jan 27, 2015 -
Zoot Sports, a global leader in endurance sports and makers of elite performance footwear and apparel, is proud to introduce four new running shoes to Zoot's expanding footwear line for summer 2015. Inspired by the colors of sun-drenched sand beaches of Southern California’s coastline, the Del Mar, Solana, Carlsbad and Coronado deliver Zoot's performance and quality promise to all athletes. Styles are set to launch in February 2015 at Zoot Sports retailer locations.

Born in Kona and raised in Carlsbad, Calif., Zoot Sports has been making performance apparel and footwear catered to multisport athletes since 1983. Since moving to California in the mid-1990's, Zoot has increased it's running line with run specific footwear and apparel, thus Zoot Running was born. Zoot Running aims to use the inspiration around its hometown and the ‘Cali’ lifestyle to help develop their products.

Zoot continues to stay ahead of the game in regards to technology advancements and footwear innovations. All Zoot running shoes feature BareFit technology designed to eliminate blister contact points thanks to its seamless, second skin fit. New for Zoot this year, the Del Mar, Solana, Carlsbad and Coronado all combine a traditional tongue with a no-sew interior construction enabling a sockless fit without harsh skin contact and hotspots. The air-permeable Open Mesh upper and new Zbound insole provides high level comfort and cushioning, while the outsole made of Zoot Blown Rubber (ZBR) and Zoot Carbon Rubber (ZCR) provides long-term durability and increases shock absorption to reduce stress and fatigue on legs and feet.

Del Mar, Neutral Trainer, SRP $140

Named after the beautiful beach north of San Diego, the Del Mar is a neutral training shoe for runners of all levels. Thanks to Zoot's Z-Bound+, the midsole provides added cushion in each step, limiting stress on the body. Enjoy a smooth stride and quick pick-up from its flex notches and constant ground contact from the toe to heel. With an 8-mm offset, the Del Mar fits everyday training needs. (11oz/311g)


Carlsbad, Neutral Trainer, SRP $120

The Carlsbad is the perfect blend of lightness and cushion. Named after Zoot Sports hometown of Carlsbad, CA, this neutral training shoe is equipped with a CarbonSpan+ shank for added stability and a dynamic toe-off. With a 10-mm offset, the Carlsbad is a go-to shoe for racking up the miles. (10oz/283g)

Solana and Solana ACR, Lightweight Neutral Trainer, SRP $100 and $110

Inspired by Solana Beach in San Diego, Calif., the Solana running shoe meets the demand of all runners.  Injected with 100 percent ZVA, Zoot's EVA cushioning technology, this shoe provides consistent density level of comfort throughout the entire sole without adding weight. The 8-mm off set provides a natural toe-off and a well-balance, smooth ride.  (Solana 9oz/255g)

Designed for the rainy months, the Solana ACR (All Conditions Running) has a weather-resistant treatment and closed-cell mesh for greater protection against the harsh winter condition. The lugs grip the wet road surface to help keep feet from slipping. The traction, protection and durability make the Solana ACR a perfect choice for a lightweight, all-weather running shoe. (Solana ACR 9.5oz/269g)

Coronado, Stability Trainer, SRP $130

When looking for added support and cushion, look no further than the Coronado. Named after the Coronado peninsula west of San Diego, this running shoe features extra cushioning and mid-foot stability thanks to its dual-density Z-Bound+ EVA foam and CarbonSpan+ shank. With a 12-mm offset, this training shoe is highly responsive, providing lightweight and dynamic toe-offs to meet the needs of runners. (10.7oz/272g)

The new summer 2015 footwear will launch February 15th, 2015 with the exception of the Del Mar, which will launch March 15th.  Further information can be found at www.zootsports.com.

About Zoot Sports

Zoot Sports is 100% focused on providing athletes with the ultimate in performance footwear, apparel, wetsuits, and accessories. For 30 years, Zoot has pioneered innovative product solutions that cover athletes from start to finish, head to toe. Zoot continues to draw on its history in the sport and its athletes to deliver the most comprehensive, technologically advanced and complete multisport product line in the world.

Source Zoot Sports by Lisa Mullen through press release ©

Media Contact: Lisa Mullen , Verde Brand Communications, lisa@verdepr.com

Headsweats Announces Partnership With Loudmouth Golf to Bring New Line to Market

Industry-leading online headwear retailer Headsweats is announcing a partnership with Loudmouth Golf to bring a new line of outrageously fun prints, patterns and colors to their headwear lineup. The new line will feature the incredible prints from Loudmouth Golf combined with sweat-wicking technology from Headsweats, giving customers more options for their headwear 

January 28, 2015--Headwear retailer Headsweats is announcing a new partnership with Loudmouth Golf, an online golfing wear retailer specializing in outrageously fun prints, patterns, and colors. The company is releasing a new line of headwear that combines Loudmouth Golf’s famous styles with the sweat wicking technology of Headsweats headwear.

“This partnership allows us to expand our athletic headwear line to include more bold, bright, and fun options for our customers,” said Alan Romick, founder of Headsweats. “Customers have been asking us for more selection on colors and patterns, and with the help of Loudmouth Golf, we’re meeting those needs.”

Headsweats will be offering their Loudmouth Golf line in their Performance 6-Panel Hats, Performance Trucker Hats, Performance Supervisors, and Performance Headbands. All of these products will include the patented sweat wicking fabric that has made Headsweats a favorite of athletes everywhere.

The hats will be ultra-light, breathable, and quick-drying, making them perfect for the golf course, tennis court, or even on the job. Romick says that the selection available will allow their customers to express themselves when training, racing, or even when hanging out with friends.

“Our goal is to give our customers the best selection of sweat management headwear, and with our new partnership, we’re meeting that goal,” said Romick.

Those interested in exploring the new Loudmouth Golf and Headsweats product line can view the collection at http://www.headsweats.com. The company is currently offering free shipping on all orders over $50.

About Headsweats

Headsweats was founded in 1998 after avid cyclist Alan Romick got frustrated with the perils of heavy sweat blindness. He set out to develop headgear that would meet his needs while riding, and with feedback from the cycling community, he developed his first hat and released it in four colors. The hat was a success with athletes around the world, and today the company has over a dozen different products in 140 different colors and styles. Check them all out at http://www.headsweats.com.

Source Headsweats through PRWEB by press release ©

Polaris Reports Record 2014 Fourth Quarter and Full Year Results

Fourth Quarter EPS Increased 27% on Sales Growth of 18%;
Full Year 2014 EPS from continuing operations Increased 23% on Sales Growth of 19%
Fourth Quarter Highlights:

Net income increased 25% to $135.4 million, or $1.98 per diluted share, with sales increasing 18% to $1,275.0 million, both fourth quarter records.
Off-Road Vehicle sales increased 19%, Motorcycle sales increased 50% and PG&A sales increased 21% in the 2014 fourth quarter.
North American retail sales remained strong, increasing 13% in the fourth quarter compared to last year.

MINNEAPOLIS, MN – January 27, 2015 –Polaris Industries Inc. (NYSE: PII) reported record fourth quarter net income of $1.98 per diluted share for the quarter ended December 31, 2014, an increase of 27 percent compared to the prior year’s fourth quarter net income of $1.56 per diluted share. Net income was $135.4 million for the fourth quarter of 2014, up 25 percent from the previous fourth quarter’s net income of $108.7 million. Sales for the fourth quarter of 2014 totaled a record $1,275.0 million, an increase of 18 percent over last year’s fourth quarter sales of $1,083.7 million.

For the full year ended December 31, 2014, Polaris reported record net income from continuing operations of $6.65 per diluted share, a 23 percent increase compared to net income from continuing operations of $5.40 per diluted share for the year ended December 31, 2013. Net income from continuing operations was $454.0 million for the full year 2014, up 19 percent from the previous year’s net income from continuing operations of $381.1 million. Sales for the full year 2014 totaled a record $4,479.6 million, an increase of 19 percent compared to sales of $3,777.1 million for the full year 2013.

“2014 marks our fifth consecutive year of double digit sales and earnings growth, an accomplishment which testifies to the innovative spirit and dedication of the 8,000 member global Polaris team. It is inspiring to see how they overcame obstacles ranging from negative foreign exchange impacts and a weakening European economy, to highly volatile oil and crop prices, to record a 19 percent increase in both sales and net income for the full year 2014. During the year, we added over thirty new vehicles to the Polaris armada, expanding and strengthening our portfolio with our largest ever new product introduction, while our strategic acquisitions and significant investments in our global manufacturing infrastructure allow us to both create and meet the increasing demand for our products,” explained Scott Wine, Polaris’ Chairman and Chief Executive Officer.

“While we expect to face similar headwinds in 2015, namely ongoing currency volatility and a struggling European economy, I am confident that with the best team in powersports and numerous catalysts for growth and margin expansion, we are well positioned to surmount any challenges. Our ability to develop, produce, and market visionary products, and to invest strategically and aggressively, will continue driving Polaris to industry-leading growth and profitability in 2015 and beyond.”

2014 Product and Operations Highlights

Introduced over twenty new MY’14.5 and MY‘15 ORV models in 2014, including the all-new RZR® XP 900 trail and RZR® XP4 900 trail, several new value models, and two models in a newly defined category of single-seat, ride-in ATVs, the Polaris ACE™ and strengthened our #1 market share position in ORVs

Introduced nine new MY’15 snowmobiles in the all-new AXYS™ chassis platform for the flatland rider – 38 lbs. lighter, 15% more power to weight, fastest in the ¼ mile shootout; MY’15 800 Switchback Pro-S won “2015 Snowmobile of the Year” by SnowGoer Magazine

Added two new models to the iconic Indian Motorcycle® brand: the 2015 Roadmaster®, a luxury touring motorcycle, and the return of the Scout™, one of motorcycling’s most famous and coveted mid-sized motorcycles; Polaris’ first mid-sized bike, and added a new bagger to the Victory motorcycle line, the Victory Magnum™

Introduced the revolutionary all-new three-wheeled motorcycle, Slingshot™, the Company’s first roadster motorcycle

Polaris’ Quality improving: #1 in Net Promoter Score (NPS) for motorcycles, Side-by-sides and ATVs
Added over 400 new Polaris accessories contributing to a 21% increase in PG&A sales in 2014
Acquired Kolpin (April 2014) and Pro Armor (November 2014), adding two industry-leading accessory companies to Polaris’ PG&A business

Announced a strategic partnership with Ariens® Company, maker of outdoor power equipment to further develop our work and transportation business

Held first Camp RZR® in the Eastern United States for our recreational trail customers – over 12,000 in attendance


Celebrated the Company’s 60th Anniversary reflecting on the spirit of innovation, hard work and passion the Polaris founders, Edgar and Allan Hetteen and David Johnson, instilled in the Company six decades ago, beginning in 1954

Expanded production capacity and capabilities at all manufacturing facilities in the U.S. and Mexico
Completed the construction of the manufacturing plant in Opole, Poland, the Company’s first manufacturing operation outside North America with initial production beginning late 2014
Appointed an experienced Polaris leader, Matt Homan, to the newly established position of President, Global Adjacent Markets to increase focus on achieving the stated objective of creating a $2+ billion non-powersports portfolio

Added 1,800 new employees, including the hiring of Ken Pucel for the newly established position of Executive Vice President of Operations, Engineering and Lean, to drive towards a lean enterprise that gives competitive advantage in quality, delivery and costs alongside the Company’s world-class innovation engine

2015 Business Outlook

Full year 2015 earnings per share is expected to be in the range of $7.22 to $7.42 per diluted share, an increase of 9 to 12 percent over the full year 2014 earnings per share. Net income for full year 2015 is expected to increase in the range of 9 to 12 percent over full year 2014. Sales for full year 2015 are expected to increase 9 to 12 percent over full year 2014 sales.

Fourth Quarter and Full Year Performance Summary (in thousands, except per share data)

Three Months ended December 31,

Years ended December 31,
Sales Components






Off-Road Vehicles
$ 781,500

$ 659,051

19 %
$ 2,909,020

$ 2,521,559

15 %



2 %



7 %



50 %



59 %
Small Vehicles



-11 %



28 %
Parts, Garments & Accessories



21 %



21 %
Total Sales
$ 1,275,000

$ 1,083,710

18 %
$ 4,479,648

$ 3,777,068

19 %
Gross profit
$ 367,573

$ 317,108

16 %
$ 1,319,178

$ 1,120,879

18 %
Gross profit as a % of sales

28.8 %

29.3 %
-43 bps

29.4 %

29.7 %
-23 bps
Operating expenses
$ 176,927

$ 160,664

10 %
$ 666,155

$ 588,866

13 %
Operating expenses as a % of sales

13.9 %

14.8 %
-95 bps

14.9 %

15.6 %
-72 bps
Operating income
$ 210,000

$ 169,098

24 %
$ 714,690

$ 577,914

24 %
Operating income as a % of sales

16.5 %

15.6 %
+87 bps

16 %

15.3 %
+65 bps
Net income from continuing operations
$ 135,397

$ 108,680

25 %
$ 454,029

$ 381,069

19 %
Net income from continuing operations as a % of sales

10.62 %

10.03 %
+59 bps

10.14 %

10.09 %
+5 bps
Diluted net income per share from continuing operations
$ 1.98

$ 1.56

27 %
$ 6.65

$ 5.40

23 %

Off-Road Vehicle (“ORV”) sales increased 19 percent from the fourth quarter 2013 to $781.5 million. This increase reflects continued market share gains on strong demand for the Company’s products for both ATVs and side-by-sides. Polaris North American ORV unit retail sales were up low-double digits percent from the 2013 fourth quarter with consumer purchases of side-by-side vehicles up double-digits percent and ATV retail sales up high-single digits percent for the 2014 fourth quarter. The Company’s new ACE™ platform accelerated its retail sales sequentially throughout 2014. The Company estimates that North American industry ORV retail sales increased high-single digits percent from the fourth quarter of 2013 with side-by-sides increasing in the high-single digits percent range and ATVs up mid-single digits percent. International ORV shipments increased 10 percent in the 2014 fourth quarter compared to the same period last year. For the full year 2014, Polaris ORV sales increased 15 percent compared to the prior full year.

Snowmobile sales increased two percent to $138.1 million for the fourth quarter of 2014 as compared to $134.9 million for the fourth quarter of 2013. Due to the early snowfall and colder weather in North America, the snowmobile selling season started strong with industry retail sales increasing in the high-single digits percent range for the season-to-date period ended December 31, 2014. Polaris’ retail sales in North America for the same period reflects the positive start to the snowmobile season and consumers acceptance of the all-new AXYS™ platform featured on nine new MY 2015 snowmobiles. Polaris retail sales increased in the high-teens percent range for the April through December 2014 period. Sales of Polaris snowmobiles outside North America, principally in the Scandinavian region and Russia, decreased 25 percent and 28 percent for the fourth quarter and full year 2014, respectively, when compared to the same periods a year ago, reflecting poor snowfall in the Scandinavian region and ongoing Russian economic uncertainty. For the full year 2014, Polaris snowmobile sales increased seven percent compared to the same period in the prior year.

Motorcycle division sales, increased 50 percent in the 2014 fourth quarter to $103.5 million compared to $68.8 million in the fourth quarter of 2013. During the quarter, the Company began retailing the two newest Indian motorcycles, the new 2015 Roadmaster™, and the Company’s first mid-sized motorcycle, the highly regarded Indian® Scout™, and began initial shipments late in the fourth quarter of the all-new roadster, Slingshot™. Consumer retail demand for Polaris motorcycles was up almost 40 percent with continued strong retail sales for Indian® motorcycles, improved retail demand for Victory® motorcycles with retail sales up in the mid-single digits percent range in North America, and initial retail sales of Slingshot™. Fourth quarter North American industry heavyweight cruiser and touring motorcycle retail sales, 1400cc and above, were down low-single digits percent compared to 2013, primarily due to the extremely cold weather in much of North America during the 2014 fourth quarter and the expected headwind resulting from strong 2013 fourth quarter industry retail sales. Sales of Polaris motorcycles outside of North America increased seven percent in the fourth quarter of 2014 as compared to a year ago. For the full year 2014, Polaris motorcycle sales increased 59 percent compared to the prior year.

Sales in the Small Vehicles division decreased 11 percent to $41.2 million in the fourth quarter 2014 compared to $46.3 million in the fourth quarter of 2013. While the Company’s GEM® business experienced an increase in sales for the 2014 fourth quarter, both Goupil and Aixam Mega realized lower sales during the 2014 fourth quarter, which was a direct result of the weak European economy and unfavorable currency impacts. For the full year 2014, Polaris small vehicles sales increased 28 percent compared to the prior year.

Parts, Garments, and Accessories (“PG&A”) sales increased 21 percent during the fourth quarter of 2014 to $210.7 million compared to $174.7 million in the same period last year. ORV and motorcycles were the primary drivers of the growth in PG&A for the 2014 fourth quarter, as both experienced strong double-digit percent increases in sales year over year. The 2014 fourth quarter sales increase includes the incremental accessory sales from the Pro Armor® acquisition completed in November 2014. Sales of PG&A to customers outside of North America increased four percent during the 2014 fourth quarter compared to the same period last year. For the full year 2014, Polaris PG&A sales increased 21 percent compared to the prior year.

International sales to customers outside of North America totaled $198.0 million for the 2014 fourth quarter, down three percent from the same period in 2013. The Company experienced sales growth in its Latin American and Asia Pacific business with combined sales increasing nine percent. While the Company’s Europe, Middle East and Africa (EMEA) business reported sales five percent lower, year over year, for the 2014 fourth quarter due to the weak economic environment in Europe, Polaris gained market share in both ORVs and motorcycles during the quarter. For the full year 2014, Polaris’ International sales increased 16 percent compared to the prior year.

Gross profit for the fourth quarter of 2014 was 28.8 percent of sales, a 43 basis point decrease from the fourth quarter 2013. Lower product costs and higher pricing realized during the 2014 fourth quarter were more than offset by negative currency movements. Gross profit dollars increased 16 percent to $367.6 million for the fourth quarter of 2014, compared to $317.1 million for the fourth quarter of 2013. For the full year 2014, gross profit as a percentage of sales decreased 23 basis points to 29.4 percent, in line with Company expectations.

Operating expenses for the fourth quarter of 2014 increased 10 percent to $176.9 million compared to $160.7 million for the fourth quarter of 2013. Operating expenses, as a percentage of sales, declined 95 basis points, to 13.9 percent compared to 14.8 percent of sales in the 2013 fourth quarter. The decline in operating expenses, as a percent of sales, for the 2014 fourth quarter was due to lower long-term incentive compensation expenses and favorable currency impacts, partially offset by higher marketing and advertising expenses related to the launch of various new model year 2015 products including the continued roll-out of Indian® motorcycles. For the 2014 full year, operating expenses, as a percent of sales, decreased 72 basis points to 14.9 percent.

Income from financial services increased 53 percent to $19.4 million during the fourth quarter of 2014 as compared to $12.7 million in the fourth quarter of 2013. These results were primarily due to higher income from Polaris Acceptance’s dealer inventory financing as well as to the increased profitability of the retail credit portfolio. For the 2014 full year, income from financial services was $61.7 million, a 34 percent increase compared to $45.9 million for the full year 2013.

Equity in loss of other affiliates was $1.2 million for the fourth quarter 2014, which represents the Company’s portion of the start-up costs related to the Polaris/Eicher joint venture in India established in 2012. For the 2014 full year, equity in loss of other affiliates was $4.1 million compared to $2.4 million for the full year 2013.

Non-operating other expense (income), which primarily relates to foreign currency exchange rate movements and the corresponding effects on foreign currency transactions related to the Company’s foreign subsidiaries, was $3.7 million of expense in the fourth quarter of 2014, compared to $1.1 million of expense in the fourth quarter of 2013. For the 2014 full year, non-operating other expense was $0.0 million compared to $5.1 million of income for the full year 2013.

The provision for income taxes for the fourth quarter of 2014 was $67.1 million or 33.1 percent of pretax income compared to $56.7 million or 34.3 percent of pretax income for the fourth quarter 2013. The income tax provision for the fourth quarter of 2014 was positively impacted by the United States Congress extending the research and development income tax credit for calendar year 2014 during the quarter, offset somewhat by lower income generated from the Company’s international operations, which generally have lower income tax rates.

The weighted average diluted shares outstanding for the fourth quarter of 2014 decreased one percent to 68.5 million shares compared to 69.5 million shares in the fourth quarter of last year. The decrease in the weighted average diluted shares outstanding is primarily due to the Company’s purchase of 3.96 million shares of Polaris stock previously held by FHI Heavy Industries Ltd. (“Fuji”) in November 2013. For the 2014 full year, the weighted average diluted shares outstanding was 68.2 million shares compared to 70.5 million shares for the full year 2013.

Loss from Discontinued Operations in 2013

In the third quarter of 2013 Polaris recorded a loss from discontinued operations of $3.8 million net of tax, or $0.05 per diluted share, resulting from a jury verdict in connection with a personal watercraft accident. Reported net income for the full year of 2013, including both continuing and discontinued operations, was $377.3 million, or $5.35 per diluted share. The Company ceased manufacturing marine products in September 2004 and substantially completed the exit of the business in 2007.

Financial Position and Cash Flow

Net cash provided by operating activities from continuing operations increased six percent to $529.3 million for the year ended December 31, 2014 compared to $499.2 million for the same period in 2013. Higher net income for the full year 2014 was offset primarily by higher factory inventory to support the new manufacturing plant in Poland and increased demand for Polaris products, and higher deferred income tax assets. Total debt, including capital lease obligations, at December 31, 2014 was $226.1 million and the Company’s debt-to-total capital ratio was 21 percent compared to 35 percent at December 31, 2013. Cash and cash equivalents were $137.6 million at December 31, 2014, a 49 percent increase from a year ago.

Share Buyback Activity

During the fourth quarter 2014, the Company repurchased and retired 524,000 shares of its common stock for $77.8 million, bringing total share repurchases to 553,000 shares or $81.8 million for the full year 2014. As of December 31, 2014, the Company has authorization from its Board of Directors to repurchase up to an additional 1.1 million shares of Polaris stock.

Conference Call and Webcast Presentation

Today at 9:00 AM (CT) Polaris Industries Inc. will host a conference call and webcast to discuss Polaris’ 2014 fourth quarter and full year earnings results released this morning. The call will be hosted by Scott Wine, Chairman and CEO, Bennett Morgan, President and COO, and Mike Malone, Vice President―Finance and CFO.

A slide presentation and link to the webcast will be posted on the Investor Relations page of the Polaris web site at ir.polaris.com.

To listen to the conference call by phone, dial 877-706-7543 in the U.S. and Canada, or 973-200-3967 internationally. The Conference ID is #61960475.

A replay of the conference call will be available approximately two hours after the call for a one-week period by accessing the same link on our website, or by dialing 855-859-2056 in the U.S. and Canada, or 404-537-3406 internationally.

About Polaris

Polaris is a recognized leader in the powersports industry with annual 2014 sales of $4.5 billion. Polaris designs, engineers, manufactures and markets innovative, high quality off-road vehicles, including all-terrain vehicles (ATVs) and the Polaris RANGER® and RZR® side-by-side vehicles, snowmobiles, motorcycles and on-road electric/hybrid powered vehicles.
Polaris is among the global sales leaders for both snowmobiles and off-road vehicles and has established a presence in the heavyweight cruiser and touring motorcycle market with the Victory® and Indian Motorcycle® and Slingshot™ brands. Additionally, Polaris continues to invest in the global on-road small electric/hybrid powered vehicle industry with Global Electric Motorcars (GEM), Goupil Industrie SA, Aixam Mega S.A.S., and internally developed vehicles. Polaris enhances the riding experience with a complete line of Polaris Engineered Parts, Accessories and Apparel, Klim branded apparel and ORV accessories under the Kolpin®, Cycle Country® and Pro Armor® brands.
Polaris Industries Inc. trades on the New York Stock Exchange under the symbol “PII”, and the Company is included in the S&P Mid-Cap 400 stock price index.
Information about the complete line of Polaris products, apparel and vehicle accessories are available from authorized Polaris dealers or anytime at www.polaris.com.

Except for historical information contained herein, the matters set forth in this news release, including management’s expectations regarding 2015 sales, shipments, net income, and net income per share from continuing operations are forward-looking statements that involve certain risks and uncertainties that could cause actual results to differ materially from those forward-looking statements. Potential risks and uncertainties include such factors as the Company’s ability to successfully implement its manufacturing operations realignment initiatives, product offerings, promotional activities and pricing strategies by competitors; acquisition integration costs; warranty expenses; impact of changes in Polaris stock price on incentive compensation plan costs; foreign currency exchange rate fluctuations; environmental and product safety regulatory activity; effects of weather; commodity costs; uninsured product liability claims; uncertainty in the retail and wholesale credit markets; performance of affiliate partners; changes in tax policy and overall economic conditions, including inflation, consumer confidence and spending and relationships with dealers and suppliers. Investors are also directed to consider other risks and uncertainties discussed in documents filed by the Company with the Securities and Exchange Commission. The Company does not undertake any duty to any person to provide updates to its forward-looking statements.
(summarized financial data follows)

(In Thousands, Except Per Share Data)

Subject to Reclassification
Three months ended December 31,
Years ended December 31,




$ 1,275,000

$ 1,083,710

$ 4,479,648

$ 3,777,068
Cost of sales



Gross profit



Operating expenses:

Selling and marketing



Research and development



General and administrative



Total operating expenses



Income from financial services



Operating income



Non-operating expense (income):

Interest expense



Equity in loss of other affiliates



Other expense (income), net



(5,139 )
Income before income taxes



Provision for income taxes



Net income from continuing operations



Loss from discontinued operations, net of tax

(3,777 )
Net income
$ 135,397

$ 108,680

$ 454,029

$ 377,292
Basic net income per share:

Continuing operations
$ 2.03

$ 1.61

$ 6.86

$ 5.56
Loss from discontinued operations

(0.05 )
Basic net income per share
$ 2.03

$ 1.61

$ 6.86

$ 5.51
Diluted net income per share:

Continuing operations
$ 1.98

$ 1.56

$ 6.65

$ 5.40
Loss from discontinued operations

(0.05 )
Diluted net income per share
$ 1.98

$ 1.56

$ 6.65

$ 5.35
Weighted average shares outstanding:







(In Thousands)

Subject to Reclassification
December 31, 2014
December 31, 2013


Current Assets:

Cash and cash equivalents
$ 137,600

$ 92,248
Trade receivables, net

Inventories, net

Prepaid expenses and other

Income taxes receivable

Deferred tax assets

Total current assets

Property and equipment, net

Investment in finance affiliate

Deferred tax assets

Goodwill and other intangible assets, net

Other long-term assets

Total assets
$ 2,074,935

$ 1,685,488
Liabilities and Shareholders’ Equity

Current Liabilities:

Current portion of capital lease obligations
$ 2,528

$ 3,281
Accounts payable

Accrued expenses:



Sales promotions and incentives

Dealer holdback


Income taxes payable

Total current liabilities

Long term income taxes payable

Capital lease obligations

Long-term debt

Deferred tax liabilities

Other long-term liabilities

Total liabilities
$ 1,200,140

$ 1,141,462
Deferred compensation

Total shareholders’ equity

Total liabilities and shareholders’ equity
$ 2,074,935

$ 1,685,488
Certain reclassifications of previously reported balance sheet amounts have been conformed to the current year presentation

(In Thousands)

Subject to Reclassification
Year ended December 31,

Operating Activities:

Net income
$ 454,029

$ 377,292
Loss from discontinued operations

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

Noncash compensation

Noncash income from financial services
(18,645 )
(4,983 )
Deferred income taxes
(50,388 )
(5,892 )
Tax effect of share-based compensation exercises
(36,966 )
(28,621 )
Other, net

Changes in operating assets and liabilities:

Trade receivables
(24,174 )
(54,055 )
(158,476 )
(52,049 )
Accounts payable

Accrued expenses

Income taxes payable/receivable

Prepaid expenses and others, net
(14,695 )
(31,919 )
Cash provided from continuing operations

Cash used for discontinued operations

(6,912 )
Net cash provided by operating activities

Investing Activities:

Purchase of property and equipment
(205,079 )
(251,401 )
Investment in finance affiliate, net
(1,245 )
(7,246 )
Investment in other affiliates
(12,445 )
(10,934 )
Acquisition of businesses, net of cash acquired
(28,013 )
(137,104 )
Net cash used for investing activities
(246,782 )
(406,685 )
Financing Activities:

Borrowings under debt arrangements / capital lease obligations

Repayments under debt arrangements / capital lease obligations
(2,228,587 )
(597,492 )
Repurchase and retirement of common shares
(81,812 )
(530,033 )
Cash dividends to shareholders
(126,908 )
(113,722 )
Tax effect of proceeds from share-based compensation exercises

Proceeds from stock issuances under employee plans

Net cash used for financing activities
(222,571 )
(409,035 )
Impact of currency exchange rates on cash balances
(14,565 )
(1,287 )
Net increase (decrease) in cash and cash equivalents

(324,767 )
Cash and cash equivalents at beginning of period

Cash and cash equivalents at end of period
$ 137,600

$ 92,248

Contacts: Polaris Industries Inc. Richard Edwards, 763-542-0500

Source Polaris by press release ©

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