2. HARLEY-DAVIDSON, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
Years ended December 31, 2009, 2008 and 2007
(In thousands, except per share amounts)
2009 2008 2007
Revenue:
Motorcycles and related products 4,287,130 5,578,414 5,726,848
Financial services 494,779 376,970 416,196
Total revenue 4,781,909 5,955,384 6,143,044
Costs and expenses:
Motorcycles and related products cost of goods
sold 2,900,934 3,647,270 3,612,748
Financial services interest expense 283,634 136,763 81,475
Financial services provision for credit losses 169,206 39,555 11,252
Selling, administrative and engineering
expense 979,384 1,060,154 1,012,008
Restructuring expense and asset impairment 224,278 12,475 0
Goodwill impairment 28,387 0 0
Total costs and expenses 4,585,823 4,896,217 4,717,483
Operating income 196,086 1,059,167 1,425,561
Investment income 4,254 11,296 22,258
Interest expense 21,680 4,542 0
Income before provision for income taxes 178,660 1,065,921 1,447,819
Provision for income taxes 108,019 381,686 513,976
Income from continuing operations 70,641 684,235 933,843
Loss from discontinued operations, net of tax (125,757) (29,517) 0
Net (loss) income $ (55,116) $ 654,718 $ 933,843
Earnings per common share from continuing
operations:
Basic 0.30 2.92 3.75
Diluted 0.30 2.92 3.74
Loss per common share from discontinued
operations:
Basic (0.54) (0.13) 0.00
Diluted (0.54) (0.13) 0.00
(Loss) earnings per common share:
Basic (0.24) 2.80 3.75
Diluted (0.24) 2.79 3.74
Cash dividends per common share $ 0.40 $ 1.29 $ 1.06
NOTES:
On October 15, 2009 the Company announced that it would exit from the Buell product line.
On October 15, 2009 the Company announced its intent to divest MV. The Motorcycles segment
financial information has been adjusted to reflect MV as a discontinued operation for all periods
presented.
11/09/10