Congratulations HD! I think that the current success the Manufacturers seem to be having bodes well for the future of the sport. Now if you guys could come up with a bike that had a Modern V-Twin, Buell chassis, XLCR type styling and sold in the 10-12K range... never mind... just what I'd need, more confusion.
Allways good to hear a company makin money (an ability I havn't really mastered yet). But as a non-financial type, I have two thoughts.
First, is this pre-tax revinue? I understand that this has an impact on the final numbers. Again I'm no financial wizard so maybe the chosen language answers this.
Second, there is no breakdown on Buell (which I think HD has a 55% intrest in). So I assume that Buell will issue seperate financial statements, even though they are part of the HD empire. Which confuses me, because they included HDFS in this statement, but left out Buell.
Anywho, good on HD. I'll never own another one, but if ya got one, enjoy it.
"In addition, the Company could experience delays in the operation of manufacturing facilities as a result of work stoppages, natural causes, TERRORISM or other factors. Risk factors are also disclosed in documents previously filed by the Company with the Securities and Exchange Commission."
Has the government's Chicken Little like cries of terrorism caused such pervasive fear in our society that now companies like Harley Davidson now must "disclose" it as a risk factor with the SEC? For crying out loud, more people have died in the U.S. from side effects of aspirin than terrorism even if you include the victims of 9/11. Isn't this rational for government interference in our lives getting a little out of hand? VWW
They purchased over a half a billion dollars of their own stock (Cash Flow - Twelve Month Results), that's putting your money where your mouth is. I think Harley Davidson's long term viability looks fantastic. I wouldn't mind having a piece of THAT pie.
"Revenue" isn't a taxable item - earnings are. Net income is after tax, although, to add to your confusion, financial statement accrued net income (which is reported) is different from tax income. To oversimplify, companies keep two sets of books - the tax books and the financial accounting books.
So Harley's Net Income (after tax) was $200 million.
Buell might be consolidated (depends on control as well as ownership), or it might not be - and it might not be material, even if consolidated. There are many considerations.
If it's not consolidated, only "Equity in Income of Unconsolidated Subsidiary" would appear, with no real further description. Alternatively, if it's consolidated but small, they might just ignore it. You'd be surprised what the materiality threshold might be for different companies.
'Doh! Net Income was $900 million for the year on $5.0 billion in revenue. I misread (reading too quickly). Anyway, that's a GREAT margin for a manufacturing company, which Harley isn't, but at least claims to be.
Anyway, Buell probably isn't material to their earnings or revenue. At $8K a pop to the factory they'd have to sell a *****-ton of those things to be "material". Their published financials may split the unit out, though - their public so their annual report and 10-K are available at www.sec.gov and on their website.
Hey, did you guys succeed in running Kpaul off? I wanted to say i thought 22% was a real mandate for him, to hear you guys tell it. but my membership lapsed or something, effectively muzzling me for an entire day. Also looked like about half the comments on his poll were pro-KP.
I think the rule should be that they have to be as consistently annoying as KP. If the site stays up for another 100 years, I guesstimate three, maybe four more ineffective polls. He had rare, misguided tenacity.