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Business Description
Polaris Industries Inc. designs, engineers, manufactures and markets all-terrain vehicles, snowmobiles and motorcycles, as well as related replacement parts, garments and accessories. In 2003, approximately 65% of the Company's sales were sourced from ATVs. Polaris also markets a full line of recreational apparel including helmets, jackets, bibs and pants, personal flotation devices, leathers and hats for its product lines. The apparel is designed to Polaris' specifications, purchased from independent vendors and sold by the Company, along with its principal products, through its dealers and distributors principally located in the United States, Canada and Europe. It also markets these products through its e-commerce subsidiary under the Polaris brand name. The Company's manufacturing facilities are located in Iowa, Minnesota and Wisconsin. In September 2004, the Company announced that it has ceased to manufacture marine products, encompassing its personal watercraft product line.

Financial Information
For the nine months ended 9/30/04, net sales rose 13% to $1.23 billion. Net income from continuing operations rose 11% to $89.1 million. Revenues reflect higher sales volume of Victory motocycles and snowmobiles. Net income was partially offset by decreased operating margin.