31/01/2014

Austin Canoe & Kayak (ACK) Announces the Grand Opening of its Newest Store in San Antonio, Texas

Austin, Texas (Jan. 28th, 2014) – Outdoor retailer, Austin Canoe and Kayak (ACK), a division of MSP Holdings LLC, is gearing up for the Grand Opening of it’s 5th location in northwest San Antonio, Texas, which is slated to take place over the weekend of Feb. 8th & 9th. The hours for the two day event will be 10am to 5pm each day.  This new store is in addition to the current Austin, San Marcos, Houston and Spring locations.

For those in the market for a new kayak or outdoor gear, this event is not to be missed. Exclusive grand opening discounts will be available to all those who attend and there will be plenty of chances to walk away with great door prizes. Plus, event goers should be sure to have their mobile device on hand and ready to take advantage of a limited time social check-in offer via Yelp, Facebook and Foursquare.

“We have been eyeing the San Antonio market for a long time and all those loyal customers that have been driving up to our San Marcos location now can get all their kayaking and outdoor gear much closer to home,” said Chris Hackerd, MSP Holdings VP of Store Operations, “This store will also expand our reach farther south as we get closer to the coast and into the region where there are a lot of outdoor activities.”

ACK San Antonio is conveniently located at 12746 Cimarron Path, Ste 152, just off I-10, south of 1604. The 5,000 square-foot store will host an expansive selection of kayaks, stand up paddle boards, camping and other outdoor adventure gear along with associated services and events. It will also house the store-in-a-store concept RackBoys featuring a full line of car rack components and accessories.

The location was selected through in-depth market research showing a healthy and active lifestyle community interested in the great outdoors. The store is slated to officially open its doors February 7th, 2014 with the grand opening celebration the following weekend.

About MSP Holdings, LLC

MSP Holdings, LLC operates Austin Canoe and Kayak (ACK), an award-winning paddlesports and outdoor retailer and Rack Boys a vehicle rack and sports travel outfitter dedicated to providing exceptional customer service. Both retail outfits are based out of the central Texas area, with their respective online stores at www.AustinKayak.com and www.RackBoys.com and within five physical locations in Austin, San Marcos, Spring, Houston and San Antonio, Texas.

If you’d like more information about this topic, or to schedule an interview with MSP Holdings, LLC, please contact Joseph Dowdy at 512-318-2941, or email pr@austinkayak.com.

By press release

K2’s Ski Pole Advancements Hit the Mark

Seattle, Wash. (January 29, 2014) – K2 Skis’ new technologically advanced poles offer efficient designs to enhance the skiing experience. The new revolutionary AirFoil shaft and redesigned grips have taken K2’s poles to the top of the category.

Leading the way for the men’s series is the Power 10 Airfoil. It is as strong as it is light. Engineered with a new Airfoil shaped shaft, the Power 10 is designed to reduce air resistance and swing weight. Similar to the concept of the triaxal braided core construction found in the ski collection, K2 engineers created a triaxial carbon wrap to reinforce the pole shaft. The carbon support adds strength while keeping the pole ultra light.

The men’s Power 10 pole also features the most comfortable and easy to use grip system available, K2’s new AsymmPro grip and strap combination. With contoured left and right specific grips to match each hand’s unique shape a perfect fit is assured. The “set it and forget it” adjustable strap wraps the hand cleanly without the added bulk of a buckle or fastener.

Next in line is the feather light Power 9. The carbon triax constructed pole features K2’s new Freeride grip that combines the best attributes of freestyle, traditional all-mountain and backcountry-focused grips. With a smaller diameter for easy grip as well as fore and aft supports to keep the hand in place, this grip fits and feels balanced. The backcountry-focused features include a front grip hook for adjusting boot walk-mode levers or climbing bars and a rounded rubber top for enhanced comfort when palming the pole.

The 7075 aluminum built Power 8 FlipJaw features the same Freeride grip as the Power 9, but with an adjustable setup to extend the pole length for hiking, touring and poling your way across the flats. The upside down formatted FlipJaw uses a larger diameter pole on the lower shaft for increased stiffness, while keeping the adjustment clamp high on the pole for reduced swing weight.
Rounding out the diverse men’s Power series are the durable 7075 aluminum Power 8 with “set it and forget it” straps, the reliable composite constructed Power 7 and the competitively-priced 6061 aluminum built Power 6.

The women’s Style series, available in four different models (Style 9, 8, 7 and 6), features smaller women’s specific grips, durable materials and inspiring graphics that pair nicely with K2’s new Potion series skis.

About K2 Skis
Seeking fun through innovation since 1962, K2’s all-mountain philosophy and technological advancements continue to lead the ski industry. Whether in the park and pipe, on resort groomers or deep in the backcountry, K2 is all about having fun while skiing the entire mountain. The brand’s progressive ingenuity and comprehensive approach to maximizing skiers’ experiences and performance in any condition is evident throughout its collection of award-winning products that not only include skis, but also ski boots, helmets, goggles and backcountry safety tools.

For more information on K2’s latest ski products, dealers and team activities, visit K2skis.com.

By press release

#Rovi Helps the World Enjoy Binge Watching the #Olympics

Supplies Critical Data Needed to Connect Consumers to their Favorite Event Coverage Across Multiple Screens

SANTA CLARA, Calif.--Networks around the globe are readying for the start of the 2014 Winter Olympic Games in Sochi. Coverage will once again increase, with NBC in the U.S. alone promising a staggering 1539 hours of programming over 18 days that will span across living room TVs, mobile devices, the web and social media.

Although the world won’t see Tiger Woods waiting for Lindsey Vonn at the bottom of a mountain, there are plenty of stories ready to light up screens and social media – from the return of the Jamaican bobsled team to the inaugural women’s ski jumping competition. With enough hours of programming to keep even the most fervent binge viewer satisfied, the problem won’t be whether or not your favorite event is on, but rather, finding when and where it’s being aired. 

Enter Rovi.

Rovi Corporation (NASDAQ: ROVI), a global leader in entertainment discovery, today announced that its metadata for the 2014 Winter Olympic Games is available to customers worldwide. Part of Rovi Video data – Rovi’s extensive offering of rich information on TV programs, movies, celebrities and sports, covering 55 countries worldwide – the data coverage of the games features hour-by-hour event descriptions, athlete profiles, event history, unique facts, and associated multimedia content.

Updated as schedule changes require, Rovi’s data includes unique identifier tags, keywords, and links throughout the data, that will help entertainment services become ‘the source’ for when and where Olympic events will be airing and enable consumers to discover, watch, schedule show recordings and enjoy coverage of their favorite teams, personalities and Olympic events.

“Our in-house team of sports editors have spent hours collecting and creating metadata for the upcoming Winter Olympic Games,” said John Moakley, executive vice president of Data Solutions at Rovi. “We’re ready for the competition to begin and, as we see star athletes and teams emerge, we will be working to capture the details of their stories as history is being made.”

Today’s multi-platform entertainment environment presents a unique challenge for entertainment services to maintain the latest information across their applications and offerings. In response, Rovi is providing its data in multiple formats and lengths that can be easily configured for use on various device types and screen sizes, enabling entertainment service providers to present a harmonious, enjoyable entertainment experience for viewers wherever they are watching.

These multi-screen services can be extended even further with official social media handles and pages, and premium images provided as a part of Rovi Video.

“In this age of borderless and untethered digital content, metadata – while often overlooked – is becoming even more critical to the entertainment experience,” added Moakley. “Rovi’s metadata is driving the connection between people and entertainment content for hundreds of services all across the world, ranging from cable companies and consumer electronics devices to websites and social networks.”

By the time the 2014 Winter Olympic Games in Sochi broadcasts its closing ceremony, Rovi plans to have created more than 150 new international athlete profiles, more than 40 team IDs and covered over 95 different events, in ten different languages for networks in more than 20 countries. Athlete and team profiles will be updated with medal winners and other noteworthy news throughout the games. To accomplish this, Rovi plans to have a team of sports fanatics, logging more than 700 hours, watching the Olympics to cover all 17 days of competition in the 2014 Winter Olympic Games – day and night.

Rovi entertainment metadata on movies, TV programs, sports, music, books and games, comprises of more than 5 million TV programs, half a million movies, 3.2 million albums, 30 million music tracks, photos and content-related imagery. The offering is a part of, and developed to work cohesively with, Rovi’s portfolio of technologies focused on the discovery and personalization of entertainment. This includes intuitive search, targeted recommendations, cross platform advanced advertising, and interactive program guides for navigating and discovering content on TVs, set-top boxes, tablets and PCs.
 
About Rovi Corporation

Rovi is leading the way to a more personalized entertainment experience. The company’s pioneering guides, data, and recommendations continue to drive program search and navigation on millions of devices on a global basis. With a new generation of cloud-based discovery capabilities and emerging solutions for interactive advertising and audience analytics, Rovi is enabling premier brands worldwide to increase their reach, drive consumer satisfaction and create a better entertainment experience across multiple screens. The company holds over 5,000 issued or pending patents worldwide and is headquartered in Santa Clara, California.

Discover more about Rovi at rovicorp.com.
 
Forward Looking Statements

All statements contained herein that are not statements of historical fact, including statements that use the words “will” or “is expected to,” or similar words that describe the company’s or its management’s future plans, objectives, or goals, are “forward-looking statements” and are made pursuant to the Safe-Harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause the actual results of the company to be materially different from the historical results and/or from any future results or outcomes expressed or implied by such forward-looking statements. Such factors are further addressed in the company’s most recent report on Form 10-Q for the period ended September 30, 2013 and such other documents as are filed with the Securities and Exchange Commission from time to time (available at www.sec.gov). The company assumes no obligation to update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release, except as required by law.


Contacts
Rovi Corporation / Linda Quach, / linda.quach@rovicorp.com


By press release 

Snow Sports Canada Picture Perfect for iON America

Camera Company Set to Own the Snow as It Enters Canadian Market

VANCOUVER, BC--( Jan 30, 2014) - Snow Sports Canada announced today that it has signed a groundbreaking partnership agreement with iON America, a world-leading point-of-view (POV) camera company, about to enter the Canadian marketplace. iON America is well established in the American snow market, having just been the Official Camera Sponsor of the Dew Tour in Breckenridge and signing on a number of high profile snow athletes as part of Team iON. As the official camera of Snow Sports Canada, iON cameras will be used for video capture, enhanced real-time review and performance feedback by technical staff and coaches involved in Canada's premier winter sports organizations.

"We are very excited to announce iON America as the first corporate partner for Snow Sports Canada," says Steven Hills, Executive Director, Canada Snowboard. "The support of the corporate community is key to success for Canada's athletes, and this multi-year commitment from iON will help drive financial stability for the seven National Sports Organizations that form Snow Sports Canada. This comes at a particularly exciting time as we are only a few days away from the 2014 Olympic Winter Games in Sochi, where our athletes are poised to own the snow."

Snow Sports Canada is a unique and innovative partnership of seven of Canada's premier winter sport organizations that have joined forces to support the overall development of winter sport in Canada. As a new marketing effort, Alpine Canada, the Canadian Freestyle Ski Association, Canada Snowboard, Cross Country Canada, Biathlon Canada, Ski Jumping Canada and Nordic Combined Canada have pulled together to leverage their assets to offer a more cohesive option to Corporate Canada and international brands.

"Coming into the Canadian marketplace with this multifaceted partnership with Snow Sports Canada is the ideal situation for iON Canada," says Giovanni Tomaselli, Founder and CEO, iON America. "Leveraging seven of Canada's snow sport organizations while introducing our product into the market is incredible. We know that Canada is the land of snow, and we can't think of a better way to reach winter sport enthusiasts who want to capture and immediately share their snow experiences."
"iON is all about innovation and a desire to differentiate themselves, so breaking new ground in Canada with this partnership is a perfect match," says Bill Cooper, Chief Operating Partner, TwentyTen Group, the Agency of Record for Snow Sports Canada. "The potential for engagement with consumers through Snow Sports Canada is extraordinary and iON is the first to harness this opportunity. We welcome their vision to dive into blue water and we look forward to nurturing a positive return on investment for both iON and the seven sports.
"The sponsorship industry is changing rapidly. It is no longer sufficient to approach corporate partnerships without strategy, integrated activation and a powerful story-building platform by which to create a meaningful connection with consumers. iON America is set to harness an incredible opportunity with Snow Sports Canada, and the timing couldn't be better with their athletes taking centre stage in Sochi in a matter of days."

About iON America
 
iON America pioneered the concept of Shoot/Share™ Wi-Fi connectivity in point-of-view (POV) cameras with its aerodynamic and fully-waterproof Air Pro, Speed Pro, Adventure and The Game lines. Designed for pros and amateurs alike, iON cameras make it easy to capture and share high-definition video and still images, with Wi-Fi connectivity and free cloud storage. iON America's experienced team has been involved in the design, development and manufacturing of digital imaging products worldwide for over 20 years. 


About Snow Sports Canada
 
Snow Sports Canada is a partnership of seven of Canada's premier winter sport organizations that have joined forces to support the overall development of winter sport in our country. Representing over 93,000 registered members and 5.4 million recreational participants, Snow Sports Canada seeks to leverage the combined experience and expertise of their coaches, trainers, athletes and support staff to deliver high performance content to recreational snow sport participants in Canada.

Our mission is to ensure the safe participation in, and growth of, winter sport in Canada by providing access to the expertise of our national teams and to support the development of winter sport through the acquisition of corporate partners. 

For more information, visit snowsportscanada.ca.


By press release


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GrindMedia Officially Launches MtnAdvisor.com

SAN CLEMENTE, CA (January 29, 2014) - With the recent surge in snowfall across the country, there is no time like the present to get out and explore the mountains. GrindMedia is pleased to announce the official launch of its newest property MtnAdvisor.com. Combining adventure, travel and tourist guide, the website offers a complete utility resource for outdoor enthusiasts.

In beta testing for the past year, MtnAdvisor is the newest mountain resort resource featuring up to the hour weather and snow conditions, essential resort information and direct purchase of lift tickets for North American destinations. Additionally, the site includes proprietary content feeds for each featured resort from the most recognized media brands in the snowsports community (Powder, TransWorld Snowboarding, Snowboarder, Newschoolers.com).

"The addition of MtnAdvisor to our existing snowsports properties at GrindMedia is the perfect complement," says GrindMedia's GM of Skiing, Ashley Otte. "There are many places for consumers to find basic resort information, however we're combining over 100 years of editorial archives between the industry's leading ski and snowboard properties, creating a unique matrix for consumers with content resources found nowhere else."

"MtnAdvisor is the common ground where participants of all ability and experience levels can go to find the information they need to make an educated decision on where to spend their time this winter," adds Editor, Derek Taylor.

MtnAdvisor.com covers more than 450 mountain resorts across North America. Visit today to start your next adventure.

About Grind Media

Source Interlink Media's GrindMedia is the world's largest action/adventure/outdoor media company, with 29 leading media assets featuring brands such as GrindTV.com, SURFER, SURFING, TransWorld SKATEboarding, Bike, POWDER, TransWorld Motocross, Snowboarder, Canoe & Kayak and more. GrindMedia reaches more than 40 million engaged consumers every month through its print, online, mobile, TV/video and events. Delivering significant reach across both action sports enthusiast and various in-market consumer audiences, GrindMedia also produces more than 40 leading events and webcasts such as Surfer Poll Awards, TransWorld SKATEboarding Awards, Powder Awards, Lowers Pro and EnduroCross. GrindMedia is also the exclusive action and adventure sports content provider for Yahoo! Sports.

To learn more, visit grindmedia.com.

About Source Interlink Media, LLC

Source Interlink Media, LLC, a subsidiary of Source Interlink Companies, Inc. is the premier source of special interest media in the United States. With more than 70 targeted publications, 90 websites, 800 branded products, 65+events, and TV and radio programs, SIM is the largest provider of content to enthusiast communities interested in automotive, action sports, marine and other niche activities. The division's strategy is to wholly focus on targeted audiences by leveraging and expanding upon its core market-leading brands through a multiplatform media approach.

Media Contact: Kate Gaeir Public Relations, powder@powder.com

By press release

Duckworth Launches Its Groundbreaking Collection of American Wool Apparel at SIA Snow Show

Denver, CO (January 30, 2014) -- Duckworth launched its groundbreaking collection of American wool apparel at the SIA trade show in Denver today. Duckworth is a modern heritage brand whose objective is resurrecting the lost art and craft of USA wool, combined with state-of-the-art innovations in wool technology.

Based in Bozeman, Montana, Duckworth is proud to stake its claim as the only source-verified American wool company. Duckworth creates premium wool garments exclusively from “Helle Rambouillet” wool, the fine American merino grown in Montana. The Rambouillet breed is renowned for its soft, durable fiber, which is considered in international textile circles to be the finest merino in the world. Environmental conditions in the high Rockies - hot, dry summers and freezing winters - shape a high-crimp fiber with exceptional loft and spring.

Duckworth has taken the lead in revitalizing the American wool industry by building supply chain partnerships from Montana to the Carolinas, a traditional powerhouse of US textile production. All spinning, knitting, and dyeing of yarns and fabrics is carefully managed using know-how and manufacturing techniques brought by Duckworth's design specialists, who are world experts in the art of wool.

The core of the Duckworth story lies in its fabrics and innovations. For example Duckworth is unveiling at SIA its “Polaris” wool waffle fabric which has incredible natural stretch, 4-way air trapping cells and extraordinary breathability. “Polaris” may be the most naturally technical wool fabric in the world. WoolCloud (patent pending) is a natural, high-loft, super-insulating engineered wool blend that outperforms synthetics and down.

“As an avid outdoorsman and fifth-generation Montanan, I not only wear wool, but also recognize the impact it has on our state's economy," Montana Congressman Steve Daines said. "Montana has some of the best quality merino in the world, and Duckworth is poised to compete on a global scale. I'm proud that this Bozeman-based company is raising the bar in the wool industry.”

Retailers and Distributors are invited to view the collection at Booth #2421 at the SIA show.

For further information, contact:
Rob Bernthal / Duckworth President / Bernie@duckworthco.com

About Duckworth

Duckworth products are inspired by the roots of outdoor life. Our premium wool garments are designed to weather the rigors of daily use in the mountains, basins and waters of North America. Quality, durability, and comfort are paramount, assured by the pedigree of our Helle Rambouillet wool fibers and yarns, which we actively manage at every stage of handling. Duckworth-designed products reflect their users' time-tested approach to work and life: Acta Non Verba - earn respect by your actions, not only your words. Duckworth is a source-verified apparel brand with ownership of the raw material. Provenance is a point of pride.
 
Duckworth - Grown, Spun, Knit, Sewn in the USA.
Duckworthco.com –
facebook.com/DuckworthCo

By press release

Harley-Davidson Delivers Continued Growth For Fourth Quarter And Full Year

Full-Year EPS Rises 20.6% on 5.7% Revenue Growth

New Harley-Davidson Motorcycle Retail Sales Grow 5.7% Worldwide in Fourth Quarter and 4.4% for Full Year

MILWAUKEE, WI – January 30, 2014 Harley-Davidson, Inc. (NYSE: HOG) earnings and dealer new motorcycle sales continued their growth in the fourth quarter of 2013 and for the full year, compared to the year-ago periods.

Fourth-quarter diluted earnings per share increased 9.7% to $0.34, primarily on strong operating results in the Motorcycles segment, including higher revenue and lower operating expense, compared to the year-ago period. Fourth-quarter net income was $75.4 million on consolidated revenue of $1.19 billion, compared to net income of $70.6 million on consolidated revenue of $1.17 billion in the year-ago period.

Worldwide retail sales of new Harley-Davidson motorcycles grew 5.7% in the quarter and 4.4% for the full year, compared to the year-ago periods.

For the full year 2013, Harley-Davidson net income was $734.0 million on consolidated revenue of $5.90 billion, compared to full-year 2012 net income of $623.9 million on consolidated revenue of $5.58 billion. Full-year 2013 diluted earnings per share were $3.28, up 20.6% from EPS of $2.72 in 2012.

“Without question 2013 was an outstanding year for Harley-Davidson. We unveiled game-changing motorcycles like Project Rushmore and Street, launched surge manufacturing, celebrated our 110th anniversary with customers around the globe and delivered continued financial growth,” said Keith Wandell, Chairman, President and Chief Executive Officer of Harley-Davidson, Inc.

“Harley-Davidson has been relentless at driving improvements throughout the organization that enable us to design, build and deliver motorcycles with unprecedented speed, efficiency, safety and quality.

Together with our dealers, we continue to broaden our customer base and inspire riders to experience our brand. In 2013, retail sales of new Harley-Davidson motorcycles to outreach customers in the U.S. grew at more than twice the rate of sales growth to core customers, and we continued to expand the reach of our brand in international markets.

“None of these results would be possible without the great efforts of our employees, dealers and suppliers, working as one team and moving in one direction to fulfill customers’ dreams,” said Wandell. “Moving forward, we believe we are well positioned to leverage our momentum, expand our reach among new and existing customers, and further strengthen Harley-Davidson’s position as one of the world’s leading brands.”

Retail Harley-Davidson Motorcycle Sales

Dealers worldwide sold 45,875 new Harley-Davidson motorcycles in the fourth quarter of 2013, compared to 43,405 motorcycles in the year-ago quarter. In the U.S., dealers sold 27,387 new Harley-Davidson motorcycles in the quarter, up 6.3% compared to sales of 25,753 motorcycles in the year-ago period. In international markets, dealers sold 18,488 new Harley-Davidson motorcycles during the quarter, up 4.7% compared to 17,652 motorcycles in the year-ago period, with unit sales up 6.1% in the Asia Pacific region, 5.5% in the EMEA region and 13.3% in Canada, and down 2.8% in the Latin America region.

For the full year 2013, dealers sold 260,839 new Harley-Davidson motorcycles worldwide, compared to 249,849 motorcycles in 2012, with retail unit sales up 4.4% in the U.S., 9.8% in the Asia Pacific region, 13.1% in the Latin America region and 4.6% in Canada, and down 1.0% in the EMEA region, compared to the full year 2012.

Harley-Davidson Motorcycles and Related Products Segment Results

Fourth-Quarter Results: Operating income for the Motorcycles and Related Products segment (the Motorcycles segment) grew 14.3% to $60.7 million in the fourth quarter of 2013, compared to operating income of $53.1 million in the year-ago period. Operating income in the quarter benefited from higher revenue and lower operating expense compared to the prior-year period.

Revenue from sales of motorcycles to dealers and distributors grew 1.4% to $781.8 million, compared to revenue of $771.1 million in the year-ago period. The Company shipped 46,618 motorcycles worldwide during the quarter, compared to shipments of 47,067 motorcycles in the year-ago period.

Revenue from motorcycle parts and accessories was $169.3 million during the quarter, up 4.8% compared to the year-ago period, and revenue from general merchandise, which includes MotorClothes® apparel and accessories, was $75.9 million, up 2.5% compared to the year-ago period.

Gross margin for the Motorcycles segment was 31.5% in the fourth quarter of 2013, compared to 31.8% in the fourth quarter of 2012. Fourth-quarter operating margin for the Motorcycles segment was 5.9%, compared to operating margin of 5.3% in last year’s fourth quarter.

Twelve-Month Results: For the full year 2013, the Company shipped 260,471 motorcycles to dealers and distributors, a 5.2% increase compared to 2012. Full-year revenue from motorcycles grew 8.0% to $4.07 billion, revenue from parts and accessories grew 1.5% to $873.1 million and revenue from general merchandise decreased 1.2% to $295.9 million, compared to 2012. Full-year gross margin for the Motorcycles segment was 35.4% and operating margin was 16.6%, compared to 34.8% and 14.5% respectively in 2012.

Financial Services Segment Results

Operating income from financial services was $61.3 million in the fourth quarter of 2013, compared to $63.0 million in last year’s fourth quarter. Full-year 2013 operating income from financial services was $283.1 million, compared to $284.7 million in 2012. Results for the fourth quarter and full year reflect an increased provision for credit losses, partially offset by favorable net interest income.

Guidance

Harley-Davidson expects to ship 279,000 to 284,000 motorcycles to dealers and distributors worldwide in 2014, an approximate 7% to 9% increase from 2013 shipments. In the first quarter of 2014, the Company expects to ship 76,500 to 81,500 motorcycles, compared to 75,222 motorcycles shipped in the year-ago period. The Company expects full-year 2014 operating margin of 17.5% to 18.5% for the Motorcycles segment. The Company expects 2014 capital expenditures for Harley-Davidson, Inc. of $215 million to $235 million.

Restructuring

Harley-Davidson realized a restructuring benefit of $0.4 million in the fourth quarter of 2013, and a restructuring benefit for the full year of $2.1 million. With the completion of restructuring activities in 2013, Harley-Davidson incurred total restructuring costs of $479 million in the Motorcycles segment since the inception of restructuring in 2009. The Company realized savings of $310 million in 2013 from restructuring. The Company continues to expect the now-completed restructuring activities to result in annual savings of approximately $320 million beginning in 2014.

Income Tax Rate

For the full year 2013, Harley-Davidson’s effective tax rate was 34.1%, compared to 35.1% in 2012. The lower effective tax rate was primarily driven by the retroactive reinstatement of the Research and Development Tax Credit.  The Company expects its full-year 2014 effective tax rate will be approximately 35.5%.

Cash Flow

Cash and marketable securities totaled $1.17 billion at year-end 2013, compared to $1.20 billion at year-end 2012. In 2013, Harley-Davidson generated $977.1 million of cash from operating activities, compared to $801.5 million in 2012. On a discretionary basis, the Company repurchased 2.7 million shares of Harley-Davidson, Inc. common stock during the fourth quarter of 2013 at a cost of $176.3 million. For the full year 2013, Harley-Davidson repurchased 7.7 million shares of its common stock at a cost of $455.6 million. In the fourth quarter of 2013, there were approximately 222.2 million Harley-Davidson weighted-average diluted common shares outstanding. At the end of 2013, 8.6 million shares remained on board-approved share repurchase authorizations.

Company Background

Harley-Davidson, Inc. is the parent company of Harley-Davidson Motor Company and Harley-Davidson Financial Services. Harley-Davidson Motor Company produces custom, cruiser and touring motorcycles and offers a complete line of Harley-Davidson motorcycle parts, accessories, riding gear and apparel, and general merchandise. Harley-Davidson Financial Services provides wholesale and retail financing, insurance, extended service and other protection plans and credit card programs to Harley-Davidson dealers and riders in the U.S., Canada and other select international markets.

For more information, visit Harley-Davidson’s Web site at www.harley-davidson.com.

Conference Call and Webcast Presentation

Harley-Davidson will discuss fourth-quarter results on a Webcast at 8:00 a.m. CT today. The Webcast presentation will be posted prior to the call and can be accessed at http://investor.harley-davidson.com/. Click “Events and Presentations” under “Resources.” The audio portion of today’s call will also be posted at harley-davidson.com beginning approximately two hours after the conclusion of the call for one year. The audio may also be accessed until Feb. 13, 2014 by calling 404-537-3406 or 855-859-2056 in the US, pin number 2699 0236#.

Forward-Looking Statements

The Company intends that certain matters discussed in this release are “forward-looking statements” intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements can generally be identified as such because the context of the statement will include words such as the Company “believes,” “anticipates,” “expects,” “plans,” or “estimates” or words of similar meaning. Similarly, statements that describe future plans, objectives, outlooks, targets, guidance or goals are also forward-looking statements.

Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated as of the date of this release. Certain of such risks and uncertainties are described below. Shareholders, potential investors, and other readers are urged to consider these factors in evaluating the forward-looking statements and cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements included in this release are only made as of the date of this release, and the Company disclaims any obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.

The Company’s ability to meet the targets and expectations noted depends upon, among other factors, the Company’s ability to (i) execute its business strategy, (ii) adjust to fluctuations in foreign currency exchange rates, interest rates and commodity prices,  (iii) manage through inconsistent economic conditions, including changing capital, credit and retail markets, (iv) manage through the effects inconsistent and unpredictable weather patterns may have on retail sales of motorcycles,  (v) implement and manage enterprise-wide information technology solutions, including solutions at its manufacturing facilities, and secure data contained in those systems, (vi) anticipate the level of consumer confidence in the economy, (vii) continue to realize production efficiencies at its production facilities and manage operating costs including materials, labor and overhead, (viii) manage production capacity and production changes, (ix) manage changes and prepare for requirements in legislative and regulatory environments for its products, services and operations, (x) provide products, services and experiences that are successful in the marketplace, (xi) manage risks that arise through expanding international manufacturing, operations and sales, (xii) manage the credit quality, the loan servicing and collection activities, and the recovery rates of HDFS’ loan portfolio, (xiii) continue to manage the relationships and agreements that it has with its labor unions to help drive long-term competitiveness, (xiv) manage supply chain issues, including any unexpected interruptions or price increases caused by raw material shortages or natural disasters, (xv) develop and implement sales and marketing plans that retain existing retail customers and attract new retail customers in an increasingly competitive marketplace, (xvi) adjust to healthcare inflation and reform, pension reform and tax changes, (xvii) retain and attract talented employees, (xviii) manage the risks that our independent dealers may have difficulty obtaining capital and managing through changing economic conditions and consumer demand, (xix) continue to have access to reliable sources of capital funding and adjust to fluctuations in the cost of capital, (xx) continue to develop the capabilities of its distributor and dealer network, and (xxi) detect any issues with our motorcycles or manufacturing processes to avoid delays in new model launches, recall campaigns, increased warranty costs or litigation.

In addition, the Company could experience delays or disruptions in its operations as a result of work stoppages, strikes, natural causes, terrorism or other factors. Other factors are described in risk factors that the Company has disclosed in documents previously filed with the Securities and Exchange Commission.

The Company’s ability to sell its motorcycles and related products and services and to meet its financial expectations also depends on the ability of the Company’s independent dealers to sell its motorcycles and related products and services to retail customers. The Company depends on the capability and financial capacity of its independent dealers and distributors to develop and implement effective retail sales plans to create demand for the motorcycles and related products and services they purchase from the Company. In addition, the Company’s independent dealers and distributors may experience difficulties in operating their businesses and selling Harley-Davidson motorcycles and related products and services as a result of weather, economic conditions or other factors.

TABLES FOLLOW

Harley-Davidson, Inc.
Condensed Consolidated Statements of Operations
(In thousands, except per share amounts)



(Unaudited)

(Unaudited)

(Unaudited)




Three months ended

Twelve months ended


December 31,

December 31,

December 31,

December 31,


2013

2012

2013

2012









Motorcycles and related products revenue

$   1,032,292

$   1,010,898

$   5,258,290

$   4,942,582
Gross profit

324,745

321,957

1,862,372

1,720,188
Selling, administrative and engineering expense

264,451

267,209

993,894

976,224
Restructuring (benefit) expense

(418)

1,634

(2,131)

28,475
  Operating income from motorcycles & related products

60,712

53,114

870,609

715,489









Financial services revenue

158,342

159,962

641,582

637,924
Financial services expense

97,018

96,973

358,489

353,237
  Operating income from financial services

61,324

62,989

283,093

284,687









Operating income

122,036

116,103

1,153,702

1,000,176
Investment income

1,313

1,758

5,859

7,369
Interest expense

11,258

11,505

45,256

46,033
Income before income taxes

112,091

106,356

1,114,305

961,512
Provision for income taxes

36,682

35,717

380,312

337,587
Net income

$        75,409

$        70,639

$      733,993

$      623,925









Earnings per common share:








  Basic

$           0.34

$           0.31

$           3.30

$           2.75
  Diluted

$           0.34

$           0.31

$           3.28

$           2.72









Weighted-average common shares:








  Basic

220,546

224,635

222,475

227,119
  Diluted

222,241

226,726

224,071

229,229









Cash dividends per common share

$         0.210

$         0.155

$         0.840

$         0.620
Harley-Davidson, Inc.
Condensed Consolidated Balance Sheets
(In thousands)











(Unaudited)








December 31,

December 31,






2013

2012













ASSETS








Current assets:








     Cash and cash equivalents

$ 1,066,612

$ 1,068,138




     Marketable securities

99,009

135,634




     Accounts receivable, net

261,065

230,079




     Finance receivables, net

1,773,686

1,743,045




     Inventories

424,507

393,524




     Restricted cash

144,807

188,008




     Other current assets

219,117

292,508




Total current assets

3,988,803

4,050,936













Finance receivables, net

4,225,877

4,038,807




Prepaid pension costs

244,871

-




Other long-term assets

945,489

1,081,030






$ 9,405,040

$ 9,170,773














LIABILITIES AND SHAREHOLDERS’ EQUITY








Current liabilities:








     Accounts payable & accrued liabilities

$ 667,129

$ 770,977




     Short-term debt

666,317

294,943




     Current portion of long-term debt

1,176,140

437,162




Total current liabilities

2,509,586

1,503,082













Long-term debt

3,416,713

4,370,544




Pension and postretirement healthcare liabilities

252,536

608,356




Other long-term liabilities

216,719

131,167













Total shareholders’ equity

3,009,486

2,557,624






$ 9,405,040

$ 9,170,773




Harley-Davidson, Inc.
Condensed Consolidated Statements of Cash Flows
(In thousands)




(Unaudited)








Twelve months ended






December 31,

December 31,






2013

2012













Net cash provided by operating activities

$ 977,093

$ 801,458













Cash flows from investing activities:








     Capital expenditures

(208,321)

(189,002)




     Finance receivables, net

(412,011)

(90,612)




     Net change in marketable securities

35,110

18,303




     Other

16,355

-




Net cash used by by investing activities

(568,867)

(261,311)













Cash flows from financing activities:








     Proceeds from issuance of medium-term notes

-

993,737




     Repayments of medium-term notes

(27,858)

(420,870)




     Proceeds from securitization debt

647,516

763,895




     Repayments of securitization debt

(840,387)

(1,405,599)




     Net increase (decrease) in credit facilities and unsecured commercial paper

371,085

(744,724)




     Net borrowings of asset-backed commercial paper

88,456

200,417




     Net repayments of asset-backed commercial paper

(78,765)

(24,301)




     Net change in restricted cash

43,201

41,647




     Dividends paid

(187,688)

(141,681)




     Purchase of common stock for treasury

(479,231)

(311,632)




     Excess tax benefits from share-based payments

19,895

13,065




     Issuance of common stock under employee stock option plans

50,567

45,973




Net cash used by financing activities

(393,209)

(990,073)













Effect of exchange rate changes on cash and cash equivalents

(16,543)

(8,886)













Net decrease in cash and cash equivalents

$ (1,526)

$ (458,812)













Cash and cash equivalents:








     Cash and cash equivalents – beginning of period

$ 1,068,138

$ 1,526,950




     Net decrease in cash and cash equivalents

(1,526)

(458,812)




     Cash and cash equivalents – end of period

$ 1,066,612

$ 1,068,138




Motorcycles and Related Products Revenue and
 Motorcycle Shipment Data
(Unaudited)




(Unaudited)

(Unaudited)

(Unaudited)




Three months ended

Twelve months ended


December 31,

December 31,

December 31,

December 31,


2013

2012

2013

2012
MOTORCYCLES AND RELATED PRODUCTS REVENUE (in thousands)








  Motorcycles

$      781,772

$      771,137

$   4,067,510

$   3,764,794
  Parts & Accessories

169,296

161,564

873,075

859,945
  General Merchandise

75,876

74,028

295,854

299,403
  Other

5,348

4,169

21,851

18,440


$   1,032,292

$   1,010,898

$   5,258,290

$   4,942,582









MOTORCYCLE SHIPMENTS:








    United States

27,202

29,358

167,016

160,477
    International

19,416

17,709

93,455

87,148
      Total 

46,618

47,067

260,471

247,625









MOTORCYCLE PRODUCT MIX:








    Touring

20,486

21,637

107,213

99,496
    Custom

18,222

17,995

102,950

96,425
    Sportster®

7,910

7,435

50,308

51,704
      Total

46,618

47,067

260,471

247,625
Worldwide Retail Sales of Harley-Davidson Motorcycles












Three months ended

Twelve months ended


December 31,

December 31,

December 31,

December 31,


2013

2012

2013

2012
North America Region








  United States

27,387

25,753

168,863

161,678
  Canada

1,186

1,047

11,062

10,573
    Total North America Region

28,573

26,800

179,925

172,251









Europe, Middle East and Africa  Region (EMEA)








  Europe*

5,636

5,360

35,927

37,027
  Other

1,563

1,461

6,682

6,000
    Total EMEA Region

7,199

6,821

42,609

43,027









Asia Pacific Region








  Japan

2,583

2,727

10,751

10,642
  Other

4,530

3,980

16,139

13,839
    Total Asia Pacific Region

7,113

6,707

26,890

24,481









Latin America Region

2,990

3,077

11,415

10,090









    Total Worldwide Retail Sales

45,875

43,405

260,839

249,849
    Total International Retail Sales

18,488

17,652

91,976

88,171










Data Source




Data source for retail sales figures shown above is new sales warranty and registration information provided by Harley-Davidson dealers and compiled by the Company.  The Company must rely on information that its dealers supply concerning new retail sales, and this information is subject to revision.





* Europe data includes Austria, Belgium, Denmark, Finland, France, Germany, Greece, Italy, Luxembourg, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, and the United Kingdom.
Motorcycle Registration Data(1)







Twelve months ended


December 31,

December 31,


2013

2012
United States2 

305,852

299,384







Twelve months ended


December 31,

December 31,


2013

2012
Europe3

281,844

300,415






1 – Data includes street legal 601+cc models.  Street legal 601+cc models include on-highway, dual purpose models and three-wheeled vehicles. 





2 – United States data is derived from information provided by Motorcycle Industry Council (MIC).  This third party data is subject to revision and update.  





3 – Europe data includes Austria, Belgium, Denmark, Finland, France, Germany, Greece, Italy, Luxembourg, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, and the United Kingdom.  Industry retail motorcycle registration data includes 601+cc models derived from information provided by Association des Constructeurs Europeens de Motocycles (ACEM), an independent agency.  This third-party data is subject to revision and update. 

SOURCE Harley-Davidson, Inc. By press release