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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 28, 1997
POLARIS INDUSTRIES INC.
(Exact name of registrant as specified in its charter)
Commission File No. 1-11411
MINNESOTA 41-1790959
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
1225 Highway 169 North
Minneapolis, Minnesota 55441
(Address of principal executive offices) (Zip Code)
(612) 542-0500
(Registrant's telephone number, including area code)
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ITEM 5. OTHER EVENTS
On April 28, 1997, Polaris Industries Inc. (the "Company") announced that
it would appeal a verdict against the Company announced by a Colorado court on
April 25, 1997. Additional information regarding the litigation is included in
the press release filed as an exhibit to this report.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits
EXHIBIT NO. DESCRIPTION OF DOCUMENT
99 Press Release dated April 28, 1997
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrants have duly caused this report to be signed on their behalf by the
undersigned hereunto duly authorized.
Dated: April 28, 1997 POLARIS INDUSTRIES INC.
By: /s/ Michael W. Malone
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Michael W. Malone, Vice President - Finance
Chief Financial Officer and Secretary
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Exhibit Index
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EXHIBIT NO. DESCRIPTION
99 Press Release dated April 28, 1997
2
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FOR IMMEDIATE RELEASE:
Contact: Hall Wendel, Jr., Michael W. Malone Chris Malecek
Polaris Industries Inc. Shandwick USA
612-542-0500 612-832-5000
POLARIS TO APPEAL COURT DECISION
MINNEAPOLIS (April 28, 1997) - Polaris Industries Inc. (NYSE/PII) today
said it will appeal a $34 million Colorado court verdict against the company
announced late Friday.
"We were both surprised and disappointed by the court's decision," said
Polaris CEO Hall Wendel. "We have strong arguments and we have instructed our
lawyers to appeal."
The suit, involving a fuel injection system, was filed seven years ago.
Wendel said he expects the appeal process could take months and even years to
play out.
"We are constantly on the cutting edge of new product development with 70
percent of our sales coming from products introduced in just the last three
years," Wendel said. "We are continually looking at new product ideas and I can
assure you that we never misappropriated anybody else's ideas or technology.
Additionally, this court affirmed that we did not infringe on any patents.
"This is a one-time event with no impact on future operations," Wendel
said. "In fact, fuel injection is not included in any of our company's current
product lines.
"With our strong balance sheet and cash flow, we will continue our
aggressive marketing programs and intensive new product development for
snowmobiles, all-terrain vehicles, personal watercraft and our new line of
Victory motorcycles."
Polaris Industries Inc. designs, engineers, manufactures and markets
snowmobiles, all-terrain vehicles and personal watercraft for recreational and
utility use. Polaris is the world's largest snowmobile manufacturer, and one of
the largest U.S. manufacturers of ATVs and personal watercraft. Polaris
Industries Inc. trades on the New York Stock Exchange and Pacific Stock Exchange
under the symbol "PII."
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Polaris to Appeal Court Decision
April 28, 1997
Page 2 of 2
Except for historical information contained herein, the matters set forth
in this news release, including, without limitation, management's expectations
regarding the future conduct of the litigation described herein and the effect
of such litigation on the operations and financial results of the company are
forward-looking statements that involve the risks and uncertainties inherent in
litigation and the judicial appeals process which could cause actual results to
differ materially from those in the forward-looking statements.
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