MINNEAPOLIS--(BUSINESS WIRE)--Arctic Cat Inc. (NASDAQ:ACAT) announced today that its board of directors authorized a new share repurchase program for up to $25 million of the company’s common stock. This is in addition to approximately $1.1 million remaining under its current repurchase program. Share repurchases under this program may be made through open market and privately negotiated transactions from time to time and in such amounts as management deems appropriate. The timing of share repurchases will depend on market conditions and other corporate considerations. Arctic Cat currently has approximately 12.9 million common shares outstanding.
“The new share repurchase program demonstrates our continuing commitment to increase shareholder value and reflects our belief that the stock represents a good investment opportunity,” said Christopher Twomey, Arctic Cat’s chairman and chief executive officer.
About Arctic Cat
Arctic Cat
Inc. designs, engineers, manufactures and markets all-terrain vehicles
(ATVs), side-by-sides and snowmobiles under the Arctic Cat®
brand name, as well as related parts, garments and accessories. Its
common stock is traded on the NASDAQ Global Select Market under the
ticker symbol “ACAT.” More information about Arctic Cat and its products
is available at www.arcticcat.com.
Forward-Looking Statements
The
Private Securities Litigation Reform Act of 1995 provides a safe harbor
for certain forward-looking statements. The Company’s Annual Report, as
well as the Report on Form 10-K, its Quarterly Reports on Form 10-Q and
other filings with the Securities and Exchange Commission, the Company’s
press releases and oral statements made with the approval of an
authorized executive officer, contain forward-looking statements that
reflect the Company’s current views with respect to future events and
financial performance. These forward-looking statements are subject to
certain risks and uncertainties that could cause actual results to
differ materially from historical results or those anticipated. The
words “aim,” “believe,” “expect,” “anticipate,” “intend,” “estimate” and
other expressions that indicate future events and trends identify
forward-looking statements including statements related to our fiscal
2015 outlook, business strategy, expected product introductions and
demand. Actual future results and trends may differ materially from
historical results or those anticipated depending on a variety of
factors, including, but not limited to: product mix and volume;
competitive pressure on sales, pricing and sales incentives; increase in
material or production cost which cannot be recouped in product pricing;
unexpected delays in the introduction of new products; changes in the
sourcing of engines; interruption of dealer floorplan financing;
warranty expenses and product recalls; foreign currency exchange rate
fluctuations; product liability claims and other legal proceedings in
excess of reserves or insured amounts; environmental and product safety
regulatory activity; effects of the weather; general economic conditions
and political changes; interest rate changes; consumer demand and
confidence; and those set forth in the Company’s Annual Report on Form
10-K for the year ended March 31, 2014, under heading “Item 1A. Risk
Factors.” The Company does not undertake any obligation to publicly
update or revise any forward-looking statement, whether as a result of
new information, future events or otherwise.