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Stock Market & Financial Investment News

News Breaks
May 16, 2013
09:40 EDTACATArctic Cat downgraded to Buy from Strong Buy at Feltl
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September 30, 2014
16:21 EDTACATArctic Cat to record charge from recall of $5.4M or 27c a share in Q215
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16:19 EDTACATArctic Cat initiates recall of ATVs manufactured in 2008 and a portion from 2009
Arctic Cat announced that it is voluntarily recalling its all-terrain vehicles, ATVs, manufactured in 2008 and a portion of the models produced in 2009; a component in the front gear box may not meet the company’s standards. There are no confirmed reports of serious injuries traced to the front gear case. “Consumer safety is at the top of Arctic Cat’s values,” said Chairman and Chief Executive Officer Chris Twomey. “We ask ATV owners of affected models to stop riding their vehicles and to bring them to one of our dealers, so we can make the necessary repairs free of charge, and allow users to ride their ATVs again as soon as possible.” This recall affects an estimated 35,386 ATVs from the 2008 model year and 4,495 ATVs from the 2009 model year. All registered owners of the affected ATVs will be notified by direct mail. The company will record a charge of approximately $5.4M pretax-about $3.5 million after-tax, or 27c per diluted share, to cover warranty expense for the ATV repairs. Arctic Cat plans to take the non-recurring charge in the 2015 fiscal second quarter ending, September 30.

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