Headquartered in Plymouth, Minnesota, Arctic Cat designs, engineers, and produces snowmobiles, side-by-sides, and ATVs under the Arctic Cat brand name. Arctic Cat’s fiscal year ends March 31. With 1,300 employees, Arctic Cat also makes garments and accessories for its products. As noted previously, one of the founders of Polaris also founded rival Arctic Cat after leaving Polaris. The two companies make similar products, are structured similarly, and are located in the same region of the USA. Arctic Cat does business in the USA, Canada, and Europe through independent dealers, whereas customers in South America, the Middle East, and Asia can purchase products through third-party distributers. For reporting purposes, Arctic Cat combines its ATVs, ORVs, and snowmobiles into one segment and lists its PGA in a separate segment. In fiscal 2013, Arctic Cat reported revenues of $250 million for snowmobiles, $227 million for its ATVs and ORVs, and $108 million for PGA. As revealed in Exhibit 6, Arctic Cat reported revenues of $671 million in fiscal 2013 and spent $37 million on marketing and $21 million on R&D. The Arctic Cat brand is well respected in the recreational vehicles (RV) industry and controls 23 percent of the North American snowmobile market, about the same as larger rival Polaris. On the ATV side in North America, Artic Cat has just a 7.5-percent market share but recently introduced a side-by-side product line. Arctic Cat’s Wildcat 4 1000 is especially popular. The company’s stock’s performance over the past five years is spectacular, up nearly 25 percent on an annualized basis.