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BRIEFS
Hamsters USA, the international
motorcycle group, raised $161,833
for children's special needs charity
LifeScape in Rapid
City, South Dakota,
during this year's
Sturgis Rally. This
year’s event brings
the cumulative total
for 15 years of fundraising to almost
$3.5m in total. These gifts help
provide services to children in their
Black Hills area homes and
communities.
A recently published Indian
Motorcycle Patent filing from
2017 suggests it is set to take
the Challenger, or at least its
water cooled DOFC Powerplus
engine and alloy frame, a stage
further, with a Roadmasteresque
water cooled Bagger
sporting a Chieftain style front
end. The "semi-monocoque
frame incorporates the airbox
and air cleaner with intakes
under the steering head to pull
air into the chassis."
The AMA Hillclimb Grand
Championship has been rescheduled
for September 19-20 and moved
from Wisconsin to Washington
County, Ohio, at the Pioneer
Motorcycle Club, Waterford. The
event, originally planned for Aug. 7-9
in Wisconsin's Pierce County, was
canceled in response to the
coronavirus pandemic.
Dealer registration is now open
for AIMExpo, January 21 - 23,
2021, at Columbus, Ohio. Now
reduced to three days and
converted into a dealer
attendance only motorcycle
industry event, rather than the
European style combined public
and trade expo that it was
originally conceived as when it
launched in Orlando, Florida, in
2013, registration also includes
access to Tucker Powersports'
co-located annual Dealer Show.
Polaris 2020 Second Quarter
Results - "Far Above Our
Expectations"
Polaris has unveiled second
quarter results that CFO Mike
Speetzen described as nothing
short of "far above our
expectations" as the better than
anticipated performance of the
motorcycle and wider
powersports markets during the
pandemic lockdowns starts to
translate into filings.
For Q2, the company's reported and
adjusted sales decreased 15% to
$1,512m and $1,510m, respectively.
The company reported a second
quarter 2020 net loss of $235m.
Second quarter reported net loss was
$3.82 per share; adjusted net income
for the same period was $1.30 per
share.
North American retail sales
increased 57% for the quarter
compared to last year, with both
ORV and Motorcycle retail sales
up significantly.
Dealer inventory levels decreased
47%, given the strong retail sales
growth and lower shipments resulting
from the COVID-19 related temporary
suspension of production during the
quarter.
Evaluation of the company's
aftermarket goodwill and other
intangibles resulted in a pre-tax
$379m non-cash impairment charge
taken during the quarter. Operating
expenses, excluding the impairment
charge, decreased 15%, given the
substantial reduction in discretionary
and non-essential spending in
response to the pandemic crisis.
Polaris' liquidity profile remains solid
with debt/EBITDA below three times
and total liquidity of $1.2bn at quarter
end; Polaris re-initiated full year 2020
consumer
retail sales for
Indian Motorcycle
increased mid-teens
percent
sales and adjusted earnings guidance
with full year adjusted earnings in the
range of $6.40 to $6.60 per diluted
share and full year sales in the range
of $6.650bn to $6.750bn.
Scott Wine, Chairman and Chief
Executive Officer of Polaris Inc., stated:
"Polaris' second quarter results
significantly outperformed
expectations, once again
demonstrating the resiliency and
dedication of our global team.
"We overcame a near complete
shutdown of our dealers and the U.S.
economy early in the quarter to
capitalize on unprecedented retail
demand for our motorcycles and offroad
vehicles through May, June and
now July. Our broad array of best-inclass
products provided an attractive
social distancing solution for both
existing, and encouragingly, a wide
range of new powersports customers.
"During the quarter, we navigated a
level of uncertainty and unrest that is
unparalleled in our nation's history,
beginning with rapidly and
successfully restarting our production
facilities, while protecting the health
and safety of our employees. And,
importantly, following the death of
George Floyd here in Minnesota, we
united to do our part to bridge divides
and drive meaningful change.
Polaris Chairman and CEO Scott
Wine said: "We overcame a near
complete shutdown of our dealers
and the U.S. economy early in the
quarter to capitalize on
unprecedented retail demand for
our motorcycles and off-road
vehicles through May, June and
July."
"From executive leadership to our
production line employees, we are
working under a shared goal of
positively impacting our company and
communities. Despite social
turbulence and softness in our
Adjacent Markets businesses,
between ongoing strong consumer
demand and historically low dealer
inventory levels, we are wellpositioned
for the second half of the
year."
Retail demand accelerated throughout
the quarter, benefiting company
performance as both new and existing
customers took advantage of off-road
vehicles and motorcycles to enjoy the
outdoors while maintaining social
distancing etiquette, partially
mitigating the COVID-19 driven
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64 AMERICAN MOTORCYCLE DEALER - SEPTEMBER 2020 www.AMDchampionship.com