|
|
Article: Expecting a slow year, Arctic Cat to cut 60 jobs.(BUSINESS)(EARNINGS)
- Article from:
- Star Tribune (Minneapolis, MN)
- Article date:
- May 29, 2009
- Author:
CopyrightCOPYRIGHT 2009 Star Tribune Co. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
Byline: LIZ FEDOR; STAFF WRITER
With sales in its most recent quarter falling by nearly half, Arctic Cat said Thursday it would cut another 60 jobs in Minnesota, its second round of layoffs this year.
"We do not expect any meaningful recovery in the recreational products market in the year ahead," Arctic Cat CEO Chris Twomey said in a written statement. "We are focused on re-scaling the business." The maker of all-terrain vehicles and snowmobiles lost $16.7 million in the fiscal 2009 fourth quarter that ended in March, down from a $424,000 profit in the year-ago period. Sales fell 46 percent to $90.7 million.
Most of the Minnesota job cuts, ...