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0000950134-07-010802.txt : 200705090000950134-07-010802.hdr.sgml : 2007050920070509075726ACCESSION NUMBER:0000950134-07-010802CONFORMED SUBMISSION TYPE:8-KPUBLIC DOCUMENT COUNT:27CONFORMED PERIOD OF REPORT:20070509ITEM INFORMATION:Regulation FD DisclosureFILED AS OF DATE:20070509DATE AS OF CHANGE:20070509

FILER:

COMPANY DATA:COMPANY CONFORMED NAME:POLARIS INDUSTRIES INC/MNCENTRAL INDEX KEY:0000931015STANDARD INDUSTRIAL CLASSIFICATION:MISCELLANEOUS TRANSPORTATION EQUIPMENT [3790]IRS NUMBER:411790959STATE OF INCORPORATION:MNFISCAL YEAR END:1231

FILING VALUES:FORM TYPE:8-KSEC ACT:1934 ActSEC FILE NUMBER:001-11411FILM NUMBER:07830328

BUSINESS ADDRESS:STREET 1:2100 HIGHWAY 55CITY:MEDINASTATE:MNZIP:55340BUSINESS PHONE:(763) 542-0500

MAIL ADDRESS:STREET 1:2100 HIGHWAY 55STREET 2:NONECITY:MEDINASTATE:MNZIP:55340

8-K1c14994e8vk.htmCURRENT REPORT

e8vk

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section13 OR 15(d) of the Securities Exchange Act of 1934

Dateof Report (Date of earliest event reported): May9, 2007

POLARIS INDUSTRIES INC.

(Exact name of Registrant as specified in its charter)

Minnesota
(State of Incorporation)

1-11411
(Commission File Number)

41-1790959
(I.R.S. Employer Identification No.)

2100 Highway 55
Medina, Minnesota 55340

(Address of principal executive offices)
(Zip Code)

(763)542-0500
(Registrants telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy thefiling obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule14a-12(b) under the Exchange Act (17 CFR 240.14a-12(b))

o Pre-commencement communications pursuant to Rule14d-2(b) under the Exchange Act (17 CFR240.14d-2(b))

o Pre-commencement communications pursuant to Rule13e-4(c) under the Exchange Act (17 CFR240.13e-4(c))

Item7.01 REGULATION FD DISCLOSURE.

Attached hereto as Exhibit99.1 is a copy of materials dated May9, 2007 and prepared withrespect to presentations to investors and others that may be made by Michael W. Malone, VicePresidentFinance, Chief Financial Officer and Secretary, or other senior officers of PolarisIndustries Inc. (the Company). These materials are also available on the Companys website atwww.polarisindustries.com. These materials replace and supercede the presentationmaterials included as Exhibit99.1 to the Companys Current Report on Form 8-K furnished to theSecurities and Exchange Commission on March6, 2007.

The information contained in this report is furnished and not deemed to be filed for purposesof Section18 of the Securities and Exchange Act of 1934, as amended, or otherwise subject to theliabilities of that section. The information in this Current Report shall not be incorporated byreference into any filing or other document pursuant to the Securities Act of 1933, as amended,except as shall be expressly set forth by specific reference in such filing or document.

2

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has dulycaused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: May9, 2007

POLARIS INDUSTRIES INC.

/s/Michael W. Malone

Michael W. Malone

Vice President -- Finance,Chief Financial Officer andSecretary of Polaris Industries Inc.

3

EXHIBIT INDEX

Exhibit No. Description

99.1

Presentation materials dated May9, 2007.

4

EX-99.12c14994exv99w1.htmPRESENTATION MATERIALS

exv99w1

Robert Baird 2007 GrowthStock Conference

May 9, 2007

Polaris at a glance:

Founded in 1954

Manufacturer of a diversified mix of high-quality, high-performancemotorized products for recreational and utility use

Manufacturing and distribution facilities located in Minnesota,Wisconsin, Iowa and South Dakota

Highly productive non-union workforce - 3,400 strong

Product innovation key to success

National and international distribution system - 1,700 dealers inNorth America and over 40 distributors and 5 subsidiaries in 126countries

Strong Business Foundation

Highest margin product

PG&A 16%

$300-500 million long-term opportunity

Unique product features and quality

Victory 7%

Leverage Brand / grow market share

Generate cash

Snowmobiles 10%

Among top 3 in market share in N.A.

Growth Opportunity in severalsegments including side-by-side andinternational

Innovative products

ATV's 67%

Strengths/Opportunities

Products (% of 2006 Sales)

Consistent Financial Performance

Dollars

(in millions)

Net Income Per Share from Continuing Operations

1997-2006

$2.91 to

$3.03

Up 7% to 11%

Sales from Continuing Operations

1997-2006

Up 1% to 3%

** A reconciliation of the Company's calculation of cash flow provided to the most directly comparable cash flow measure, as required by Regulation G, appears in the appendix of this presentation.

Per DilutedShare 1993 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 0.41 0.46 0.47 0.5 0.46 0.42 0.41 0.38 0.38 0.37 0.41

Return on Shareholders Equity from ContinuingOperations 1997-2006 - Industry-Leading 1993 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 59 101 110 120 130 151 177 179 202 211 178

Before Changes in Current Operating Items and Deferred Taxes

Cash Flow from Continuing Operations**

1997-2006

Dollars

(in millions)

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 East 14 40 38 52 40 49 76 73 67 132 308 West 38.6 34.6 31.6 North 46.9 45 43.9

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 0.32 0.36 0.4 0.44 0.5 0.56 0.62 0.92 1.12 1.24 1.36 West 34.6 31.6 North 45 43.9

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 East 1 3 2.2 3 2.4 2.2 2.4 2.4 1.4 2.4 6.9 West 38.6 34.6 31.6 North 46.9 45 43.9

Consistent Financial Performance

Cash Flow Used to Fund...

Capital Investments

for Continuing Operations

Shares Repurchased

Cumulatively the Company has repurchased 29.2 million of 34.0 million authorized at an average price of $30.41 per share.

Dividends

In Millions

Shares repurchased

$ In Millions

$60 - $65

Cash spent

+10%

Guidance

Guidance 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 East 32 57 61 62 53 52 59 89 90 53 60 West 5 North

(Per Share)

Getting Back to Great

2007 Year Guidance

Full Year 2007

Full year 2007 earnings from continuing operations is expected to be in therange of $2.91 to $3.03 per diluted share, up 7% to 11% from the $2.72 in 2006.

Sales growth for full year 2007 is expected to be in a range of up 1% to 3% from2006 sales of $1.66 billion.

Sale guidance by business:

ATVs, including RANGERs - Flat to up 3%

Snowmobiles - Down single digits percent

Victory motorcycles - Up in the mid teens percent range

PG&A - grow at a similar pace as overall Company sales growth

Gross margins expected to improve at least 100 basis points

Second Quarter 2007

Second quarter 2007 earnings from continuing operations guidance range is$0.57 to $0.60 per diluted share up from Q2 2006 earnings of $0.53 per share.

Sales in second quarter 2007 are expected to be down 3% to 5% from Q2 2006due to lower ATV sales to help the dealers further reduce their inventories.

2007 - Getting Back to Great 2006 2007 2008/2009 Overview Tough YearDisappointing Getting backon track Anticipategood years MajorThemes ATV inventoryNo KTM dealSnowmobiles and ATVs decliningCost pressuresStock buyback ATV inventory fixedPost KTM planOperations more predictable Win in the coreDeliver operational excellenceBack to growth through innovation and entering new markets Results Sales andearnings down Expect decent results but not spectacular Anticipate goodto very good

Perspective

2007 - Getting Back to Great

Awesome Products...Customer Focused...Results Driven 1. Win in the CoreGrow market share in snowmobiles and ATVs.Leverage PG&A and Financial Services to deliver superior total value. 2. Delivering Operational ExcellenceIndustry-leading quality in every product line.> 5% productivity every year.A lean enterprise, driven by robust simple designs and a lean supply chain. 3. Growth - $500MM by 2009Victory - 5% share in cruiser and touring segments.RANGER(tm) - Dominate utility and recreation SxS market.International. Expand global presenceby $50MM.Military.Enter at least one new adjacentmarket segment. Supported By... Supported By... Supported By... People and CultureExternally focused employee owners with a can-do drive to consistently deliver outstanding results.The best team in powersports.Passion to ride and win. TechnologyConsistent, flawless introductionof compelling new products.Class-leading ride and handling.Control our destiny in powertrains.Class-leading information technology. BrandEver improving brand awareness and image through stronger, better, and bigger dealer network.Consistent advertising and brand support.

The Goals

$2.2B in sales by 2009

$150MM in net income by 2009

$4.25 earnings per share by 2009

1. Win in the Core.....

Improving Our ATV Business

ATV/Side-by-Side (SxS) Global Industry

$8+ Billion Global Vehicle Market

Polaris is Strongest in Most Profitable Segments

Top 3 Global Player

#1 American Brand

2002

2003

2004

2005

2006

Total Vehicles

NA ATV

Side-by-Side

Asian Imports

Int'l ATV

Total Four Wheel Vehicle

Market Growing

NA Market

Maturing

Int'l & SxS

Market Growth

2007: ATVs Will be More Competitive

N.A. industry expected to decline mid single digits (similar to 2006)

Strong promotions throughout year

More advertising support

More competitive product in every class

Dealer inventory at acceptable levels

Correction of inventory levels completed by mid-year 2007

Modest market share gains

2008: Expect to Return to Growth in ATVs

N.A. industry health expected to improve

Polaris dealer inventories at normal operating levels

Balanced supply and demand

New competitive products in dealerships in adequate quantities

We Expect to Win in 2007 and Beyond

1. Win in the Core.....

Improving Our ATV Business

The Future Looks Better

2003

2004

2005

2006

2007

2008

Shipments

Retail

Dealer Inventory

Shipments StartGrowing Again!

Inventory

Healthy

Level

ATV 2008 = Positioned For Success

More Competitive MY08 Product Line

Stronger Brand-World's Toughest ATV

Growing Military Business

Units

1. Win in the Core.....

Improving Our ATV Business

Industry struggling due to lackof snowfall East of the Rockies.N.A. market down 7% in 06-07season, Polaris lost someshare

Quality remains #1 focus.Starting to see result in MY2007. 600 SDI and 700 SDIhave had very few issues.Response to field issues hasimproved significantly.

MY 2008 products aresolid...800 SDI for mountainsand 600 Race Replica for flatlands.

Race team had a fantasticseason.....will leverage harderin 2007.

Stabilizing, Recovery of our Snow Business HasBegun...Still Lots of Work to Do

The Market - Snowmobiles

Worldwide Snowmobile Industry Retail

1986 - 2007

Low = 104K, High = 261K, Currently 150K

Lack of Snowfall

Consistent snowfall

Cold winters

New products

In Units

1. Win in the Core.....

Continued Recovery of Our Snow Business

Wholesalecredit

37% 1st Qtr 3rd Qtr 4th Qtr East 6 57 34 West 30.6 34.6 31.6 North 45.9 45 43.9

OtherActivities

6%

Retail

Financing

(HSBC)

57%

Financial Services Income by Category - 2006 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr East 22 6 7 2 63 West 30.6 38.6 34.6 31.6 North 45.9 46.9 45 43.9

4 5 6 4th Qtr East 251 274 270 34 West 30.6 38.6 34.6 31.6 North 45.9 46.9 45 43.9

04

05

06

Sales

(Dollars in Millions)

Year ended December 31

63% ATV

22%

Snowmobile

PG&A Product Mix

by Business Line - 2006

6% Victory

7% General

Merchandise

2% Personal

Watercraft

$251

$274

$270

1. Win in the Core.....

Leverage PG&A and Financial Services

Financial Services

Generated $47.1 million of income

in 2006 from financial services

Generates high return on investment

Wholesale portfolio loses are within industrynorms

Polaris has no credit, interest rate or fundingrisk under the retail credit contract with HSBC

Very successful retail program for used andnon-Polaris vehicles

Parts Garments & Accessories

Highest margin product line

(40+% gross margins)

Leveraging installed base

Focused on hot new products

Victory Vision(tm)

RANGER(tm) RZR

Military

Growth through innovation

Striving for a "Toyota-like" level of

operational excellence

Objective of being #1 in quality inall businesses

Currently:

#1 in motorcycles and RANGERs

#2 in ATVs

#4 in Snowmobiles

Drive lower costs

5% labor productivity improvementeach year

Drive for 5% cost reduction yearly

Simple, robust product designs

2. Delivering Operational Excellence.....

Strengthen Our Lean Cost Competitive Edge

Polaris Outlook for Industry Long-Term

Continue solid growth in Touring

Demographics favorable at least through 2010

Customers want unique designs - "AttentionGetting" models like Victory Vision

U.S. Motorcycle Market

Top Three On-Highway Segments

1995-2006

Market Trends

Demographics favorable

Harley-Davidson continues

to drive market

Cruiser Industry growth slowed in 2006 primarilyfrom lower sales of bikes below 900cc. Cruiser Sportbike Touring 95 100.838 49.508 31.341 96 121.367 48.768 32.159 97 129.367 51.399 39.496 98 151.95 60.445 51.62 99 183.979 76.439 65.182 1 222.438 95.269 80.42 1 263.851 114.348 90.2 2 299.996 114.101 99.395 3 315.34 123.119 104.197 4 325 145 110 5 335.724 163.709 129.614 6 331.776 185.361 148.661

Solid Growth

The N.A. Motorcycle Market

Combined growth was4% in 2006

Units in 000's

Victory Motorcycles

Source: MIC

Source: MIC

Units in 000's

3. Grow $500 Million in our GrowthBusinesses by 2009

Entering the Luxury Touring segment with Victory Vision

opens up a large segment of the heavyweight motorcycle business for Victory

Fastest growing

Demographics favorable for Touring

Extensive market research -

consumers and competitors

Most beautiful

Most comfortable

Unique differentiated

market positioning

Exclamation Point of the New

American Motorcycle Brand

Confident we have a Best in

Class product; product engineering

and launch on track

Victory Street

Victory Tour

Custom

Cruiser - Vegas

Classic

Cruiser - Kingpin

Muscle

Cruiser - Hammer

Extreme

Custom - Jackpot

Touring

(Soft) - KP Tour

Touring

(Hard)

Luxury

Tourer

Opportunity

Motorcycles

3. Grow $500 Million in our GrowthBusinesses by 2009

Vision

Build an Industry Leading Side-by-Side Vehicle Business

Aggressively Expand RANGER(tm) in Utility Segment

Enter and Lead Emerging Recreation Segment

#1 Quality Side-By-Side Vehicle

Strongest Side-By-Side Dealer Network

Industry Leading Side-by-Side Vehicles

RANGER(tm) Strategy

3. Grow $500 Million in our GrowthBusinesses by 2009

Capitalizes on High Growth Market

Recreation Segment has grown from zero to 40K units in 5years

Brings Incremental Customers to RANGER Business

RANGER = Ag, Multi-Acre Homeowners, and Hunters

RANGER RZR = Big Bore Trail, SxS Sport, and Hunters

Expands Polaris Coverage of Key Customer Segments

Sportsman 800 (1 up ATV) - Sportsman 800 X2 (2 up ATV) -

RANGER RZR (2 up SxS) - RANGER (3 up SxS)

Consumer research indicates customer trend towards SxStrail, sport and recreation use

Delivers Significant Volume/Profit Potential

Yamaha Rhino sells approximately 20K units - RANGER RZRpotential as great or greater over next 5 years

Commercial Segment Utility Segment Recreation Segment Commercial 55000 150000 40000

Recreation

15% of Market

+45% growth

Commercial20% of Market

Flat growth

Utility

65% of Market

+20% growth

RANGER RZR(tm)

Side by Side N.A. Market 2006

3. Grow $500 Million in our GrowthBusinesses by 2009

RANGER Brand Gets Bigger

RANGER: Hardest Working, Smoothest Riding = Work First, PlaySecond

RANGER RZR: Razor Sharp SxS Performance = Play First,Work Second

RANGER(tm) RZR

* Polaris Estimate

2006 Market - $1.8 Billion

Estimated Market Size For Polaris Products*

PolarisSubsidiaries

France

Australia/NZ

UK

Sweden/Norway

Finland

Russia

Germany

Italy

Spain

Portugal

Others

Japan 1999 2002 2003 2004 2005 2006 East 68 90 142 194 233 233

$141

$90

International Sales

$194

Expand Global Presence by $50 Million by 2009 Victory ATV Snowmobile PG&A East 72 15 13 West 30.6 38.6 34.6 31.6 North 45.9 46.9 45 43.9

International Revenue Mix

Percent of 2006 Sales from Continuing Operations

Victory 1%

ATV

68%

Snowmobile

15%

PG&A

16%

$233

$233

3. Grow $500 Million in our GrowthBusinesses by 2009

Growth Opportunities Internationally Include:

market share growth

enter into additional markets andcountries

expand product offerings

Growth Opportunity of $50-$75 Million by 2009

Weapons Mount

Mission Utility

Water Crossing

Rugged Terrain

Self Recovery

Track Kit for Snow

Military

Increased investment planned in 2007

Enhanced product plan

Leverage relationship in consumer marketing

supports "toughest" position

3. Grow $500 Million in our GrowthBusinesses by 2009

?

?

?

?

?

?

Polaris

Traditional Markets

Snowmobiles

ATVs

PWC

Work

RANGER

Widetrack Snowmobiles

Fun/Lifestyle

Victory

Quadricycles

Sport ATVs

RANGER RZR(tm)

Military

MV

Ranger

Adjacent Markets

Profitable Top Line Growth ofApproximately $75 million by2009

Migrate Polaris into at leastone Adjacent Market

Prefer New

Customer Base

Prefer New

Distribution Channel

Growth Will Come in

the Following Way(s)

Organic

Strategic Alliance

Acquisition

Profitable Growth!

?

?

?

Adjacent Market Growth Opportunities

3. Grow $500 Million in our GrowthBusinesses by 2009

Summary 2007-2009

Compelling differentiated products...winning in core

Lean enterprise...operational excellence system-wide

Growing in innovation and new markets/customers

Externally focused...customer driven

Results driven

Future Looks Good

The Goals

$2.2 billion in sales by 2009

$150 million in net income by 2009

$4.25 earnings per diluted share by 2009

Appendix

Our presentation and responses to your questions may contain certainstatements which may be considered forward looking for the purposes of thePrivate Securities Litigation Reform Act of 1995. We caution you that actualresults could differ materially from those projected in a forward lookingstatement which by their nature involve risk that results may differ from thoseanticipated. Additional information concerning the factors that could causeresults to differ materially from those anticipated may be found in Polaris'annual report, 10-K, 8-K, 10-Q and form S-3 registration statements.

Regulation GReconciliation

Private SecuritiesLitigation ReformAct of 1995 -Polaris IndustriesInc. DisclosureLitigationStatement

Thank You

Questions?

GRAPHIC3c14994c14994z0001.gifGRAPHIC

begin 644 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