Arctic Cat reports smaller net loss in 1Q
Minnesota-based snowmobile and ATV manufacturer Arctic Cat reported narrowing its net losses in a fourth quarter fiscal report released Thursday.
Arctic Cat reported a net loss of $9.6 million in the fourth quarter that ended March 31, compared to a $16.7 million loss during the same period a year ago.
For the full 2010 fiscal year, the company reported net earnings rose to $1.9 million, compared to a net loss of $9.5 million last year.
"We are very pleased that we achieved our goal to return the company to full year profitability on lower revenues," said Arctic Cat chairman and CEO Christopher Twomey, in a statement.
Twomey said cost-cutting measures helped the company reduce losses, despite weak sales throughout the industry.
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