Full-Year Company Revenue, Profits Decrease from Continuing
Operations Fourth Quarter Loss Reflects Previously Announced
Reduction in Motorcycle Shipments and Restructuring Activities
Company's Efforts in 2010 Remain Focused on Extending
Harley-Davidson Brand, Continuous Improvement and Strengthening
Core Business MILWAUKEE, Jan. 22 /PRNewswire-FirstCall/ --
Harley-Davidson, Inc. (NYSE: HOG) reported full-year 2009 revenue
of $4.29 billion and income of $70.6 million, or $0.30 per share,
from continuing operations. In the fourth quarter, the Company
reported revenue of $764.5 million and a loss of $147.2 million, or
$0.63 per share, from continuing operations. Affecting
fourth-quarter results were a previously announced 53.1 percent
reduction in Harley-Davidson® motorcycle shipments from the
year-ago period and $167.1 million in restructuring and Buell®
product line exit costs. Including MV Agusta discontinued
operations, the Company reported a full-year net loss of $55.1
million, or $0.24 per share, and a fourth-quarter net loss of
$218.7 million, or $0.94 per share. "Our full-year 2009 results
were affected by the difficult economy, as well as the planned
actions we took that resulted in restructuring charges of $224
million. We believe these actions are critical to restoring greater
profitability and long-term growth to Harley-Davidson," said Keith
Wandell, Harley-Davidson, Inc. President and Chief Executive
Officer. "We are confident we have made the right decisions for our
future, and we are executing our strategy with focused intensity."
Full-Year and Fourth-Quarter Results For the full-year from
continuing operations: revenue was $4.29 billion in 2009 compared
to $5.58 billion in 2008, a 23.1 percent decrease; income was $70.6
million in 2009 compared to $684.2 million in 2008, a decrease of
89.7 percent; and earnings per share decreased 89.7 percent to
$0.30 in 2009, compared to $2.92 in 2008. Full-year results from
continuing operations primarily reflect the effects of lower
motorcycle shipments, restructuring and Buell product line exit
costs, and non-cash charges related to Harley-Davidson Financial
Services. In the fourth-quarter of 2009, the Company reported
revenue of $764.5 million compared to $1.28 billion in the year-ago
quarter, a 40.2 percent decrease, and a loss of $147.2 million, or
$0.63 per share, compared to income of $91.9 million, or $0.40 per
share in 2008, from continuing operations. 2010 Guidance For 2010,
the Company expects to ship 201,000 to 212,000 Harley-Davidson
motorcycles to dealers and distributors worldwide, a reduction of
five to ten percent from 2009. "We believe 2010 will continue to be
a challenging year," Wandell noted. In the first quarter of 2010,
Harley-Davidson expects to ship 52,000 to 57,000 motorcycles. Gross
margin is expected to be between 32.0 percent and 33.5 percent for
the full year. The Company expects full-year capital expenditures
of between $235 million and $255 million, including $95 million to
$110 million to support restructuring activities. "Delivering
Results Through Focus" Strategy During the fourth quarter, the
Company moved forward with the execution of its business strategy,
unveiled in October 2009, to deliver results by focusing on
Harley-Davidson products and experiences, global expansion,
demographic outreach and commitment to core customers.
Additionally, the Company will continue to expand its initiative to
enhance profitability through continuous improvement in
manufacturing, product development and business operations.
"Focusing our investment behind the uniquely strong Harley-Davidson
brand provides the most attractive path to sustained, long-term
growth," Wandell said. "We also expect to achieve substantial gains
in the efficiency of our operations through continuous
improvement." Motorcycles and Related Products Segment Fourth
Quarter. Revenue from Harley-Davidson motorcycles during the fourth
quarter of 2009 was $552.0 million, down 45.6 percent compared to
the year-ago period. The Company shipped 35,938 Harley-Davidson
motorcycles to dealers and distributors worldwide, down 53.1
percent from the fourth quarter of 2008 but in line with previous
guidance of 35,000 to 40,000 units. Revenue from Parts and
Accessories totaled $144.6 million during the quarter, down 4.9
percent, and revenue from General Merchandise, which includes
MotorClothes® apparel, was $66.8 million during the quarter, down
3.2 percent compared to the year-ago period. Gross margin percent
was down during the quarter from the year-ago period, primarily as
a result of fixed costs being spread over fewer units and the
impact of exiting the Buell product line. Operating loss was $221.8
million compared to an operating income of $162.2 million in the
fourth quarter of 2008. Operating margin was negatively affected by
lower gross margin and restructuring charges incurred during the
quarter. Full-Year. For the full year 2009, revenue from
Harley-Davidson motorcycles was $3.17 billion compared to $4.24
billion in 2008 on shipments of 223,023 Harley-Davidson
motorcycles, compared to 303,479 motorcycles in 2008. Revenue from
Parts and Accessories totaled $767.3 million in 2009, down 10.7
percent, and revenue from General Merchandise was $282.2 million,
down 10.1 percent compared to 2008. Full-year 2009 gross margin was
32.3 percent compared to 34.6 percent in 2008, and operating margin
was 7.3 percent compared to 17.5 percent in 2008. Retail Motorcycle
Sales. During the fourth quarter, retail sales of Harley-Davidson
motorcycles decreased 21.4 percent worldwide, 27.9 percent in the
U.S. and 10.3 percent in international markets, compared to the
prior-year quarter. Industry-wide U.S. retail heavyweight (651cc+)
motorcycle sales declined 20.9 percent during the quarter, compared
to the year-ago period. For the full year 2009 compared to 2008,
retail sales of Harley-Davidson motorcycles decreased 22.7 percent
worldwide, 25.8 percent in the U.S. and 15.4 percent in
international markets. Industry-wide U.S. retail heavyweight
motorcycle sales declined 36.7 percent in 2009, compared to 2008.
Financial Services Segment Harley-Davidson Financial Services
(HDFS) recorded an operating loss of $7.1 million for the fourth
quarter of 2009, compared to an operating loss of $24.9 million in
the fourth quarter of 2008. Key drivers of reduced operating loss
versus the year-ago quarter include a decrease in impairments on
retained securitization interests and a decrease in fair value
writedowns on held-for-sale receivables, partially offset by an
increase in the provision for retail loan losses. For the full year
2009, HDFS reported an operating loss of $118.0 million, compared
to operating income of $82.8 million in 2008. HDFS continued to
access the capital markets during the quarter, raising $1.76
billion through the unsecured debt and term asset-backed
securitization markets. Through its 2009 funding actions, HDFS
expects to meet its 2010 anticipated funding requirements.
Restructuring The Company now expects previously announced
restructuring activities that began in 2009 to result in total
one-time charges of $430 million to $460 million into 2012,
including charges of $175 million to $195 million in 2010. The
Company continues to anticipate annual ongoing total savings from
restructuring of approximately $240 million to $260 million upon
completion of all announced restructuring activities, including
savings of approximately $135 million to $155 million anticipated
in 2010. In December, Harley-Davidson announced that, as a result
of the ratification of a new seven-year labor agreement at its
York, Pa. motorcycle production operations, the Company is
restructuring those facilities to focus on the core operations of
motorcycle assembly, metal fabrication and paint. "When the
restructuring is completed, we will have completely changed the
face of how we build motorcycles in York and we expect
significantly greater manufacturing flexibility and significant
annual cost savings from a more efficient operation. It is a
tribute to our employees at York that they understood we could not
continue on the course we were on, and they worked with us to find
a better way," said Wandell. During the fourth quarter, the Company
made the decision to consolidate its vehicle test facilities from
three locations, in Alabama, Arizona and Florida, into one location
in Arizona. Income Tax Rate The Company's full-year effective tax
rate from continuing operations was 60.5 percent compared to 35.8
percent from the prior year. The increase was due primarily to the
previously reported one-time charge for the Wisconsin tax law
change and the non-deductible goodwill write-off for
Harley-Davidson Financial Services, as well as the impact of
reduced earnings. In 2010, the Company expects its full-year
effective tax rate to be approximately 36.5 percent from continuing
operations. Cash Flow Cash and marketable securities totaled $1.67
billion as of Dec. 31, 2009, compared to $568.9 million at year end
2008. Cash provided by operating activities for continuing
operations was $609.0 million and capital expenditures were $116.7
million in 2009. In the fourth quarter, Harley-Davidson Motor
Company made a $215 million contribution to fund Company pension
plans. Discontinued Operations The Company continues to move
forward with the sale of MV Agusta and is in the process of
identifying potential buyers, following Harley-Davidson's decision
in the fourth quarter of 2009 to divest the subsidiary. MV Agusta
is now presented as a discontinued operation for all periods. For
the full year of 2009, Harley-Davidson, Inc. incurred a $125.8
million loss from discontinued operations, or a loss of $0.54 per
share, comprised of operating losses as well as a fair value
adjustment. Company Background Harley-Davidson, Inc. is the parent
company for the group of companies doing business as
Harley-Davidson Motor Company (HDMC), Harley-Davidson Financial
Services (HDFS), Buell Motorcycle Company (Buell), and MV Agusta.
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 strategy
and successfully exit certain product lines and divest certain
company assets, (ii) effectively execute the Company's
restructuring plans within expected costs and timing, (iii)
successfully achieve with our labor unions flexible and
cost-effective agreements to accomplish restructuring goals and
long-term competitiveness, (iv) manage the risks that our
independent dealers may have difficulty obtaining capital, and
adjusting to the recession and slowdown in consumer demand, (v)
manage supply chain issues, (vi) anticipate the level of consumer
confidence in the economy, (vii) continue to have access to
reliable sources of capital funding and adjust to fluctuations in
the cost of capital, (viii) manage the credit quality, the loan
servicing and collection activities, and the recovery rates of
HDFS' loan portfolio, (ix) continue to realize production
efficiencies at its production facilities and manage operating
costs including materials, labor and overhead, (x) manage
production capacity and production changes, (xi) provide products,
services and experiences that are successful in the marketplace,
(xii) develop and implement sales and marketing plans that retain
existing retail customers and attract new retail customers in an
increasingly competitive marketplace, (xiii) sell all of its
motorcycles and related products and services to its independent
dealers, (xiv) continue to develop the capabilities of its
distributor and dealer network, (xv) manage changes and prepare for
requirements in legislative and regulatory environments for its
products, services and operations, (xvi) adjust to fluctuations in
foreign currency exchange rates, interest rates and commodity
prices, (xvii) adjust to healthcare inflation, pension reform and
tax changes, (xviii) retain and attract talented employees, (xix)
detect any issues with our motorcycles or manufacturing processes
to avoid delays in new model launches, recall campaigns, increased
warranty costs or litigation, and (xx) implement and manage
enterprise-wide information technology solutions and secure data
contained in those systems. 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. Many of these risk factors are
impacted by the current turbulent capital, credit and retail
markets and our ability to adjust to the recession. 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.
Harley-Davidson, Inc. Condensed Consolidated Statements of Income
(In thousands, except per share amounts) (Unaudited) (Unaudited)
Three months ended December December 31, 31, 2009 2008 ---- ----
Net revenue $764,499 $1,278,043 Gross profit 154,821 408,281
Selling, administrative and engineering expense 256,387 246,046
Restructuring expense and other impairments 120,238 - ------- ---
Operating (loss) income from motorcycles & related products
(221,804) 162,235 Financial services income 129,152 64,875
Financial services expense 134,178 89,797 Restructuring expense
2,098 - Goodwill impairment - - --- --- Operating (loss) income
from financial services (7,124) (24,922) ------ ------- (Loss)
income from operations (228,928) 137,313 Investment income 1,037
4,041 Interest expense 10,212 3,316 ------ ----- (Loss) income
before income taxes (238,103) 138,038 (Benefit from) provision for
income taxes (90,933) 46,094 ------- ------ (Loss) income from
continuing operations (147,170) 91,944 Loss from discontinued
operations, net of tax (71,526) (14,135) ------- ------- Net (loss)
income $(218,696) $77,809 ========= ======= (Loss) earnings per
common share from continuing operations: Basic $(0.63) $0.40
Diluted $(0.63) $0.40 Loss per common share from discontinued
operations: Basic $(0.31) $(0.06) Diluted $(0.31) $(0.06) (Loss)
earnings per common share: Basic $(0.94) $0.34 Diluted $(0.94)
$0.34 Weighted-average common shares: Basic 232,720 231,786 Diluted
232,720 232,037 Cash dividends per common share $0.10 $0.33
(Unaudited) Twelve months ended December December 31, 31, 2009 2008
---- ---- Net revenue $4,287,130 $5,578,414 Gross profit 1,386,196
1,931,144 Selling, administrative and engineering expense 851,165
942,267 Restructuring expense and other impairments 220,976 12,475
------- ------ Operating (loss) income from motorcycles &
related products 314,055 976,402 Financial services income 494,779
376,970 Financial services expense 581,059 294,205 Restructuring
expense 3,302 - Goodwill impairment 28,387 - ------ --- Operating
(loss) income from financial services (117,969) 82,765 --------
------ (Loss) income from operations 196,086 1,059,167 Investment
income 4,254 11,296 Interest expense 21,680 4,542 ------ -----
(Loss) income before income taxes 178,660 1,065,921 (Benefit from)
provision for income taxes 108,019 381,686 ------- ------- (Loss)
income from continuing operations 70,641 684,235 Loss from
discontinued operations, net of tax (125,757) (29,517) --------
------- Net (loss) income $(55,116) $654,718 ======== ========
(Loss) earnings per common share from continuing operations: Basic
$0.30 $2.92 Diluted $0.30 $2.92 Loss per common share from
discontinued operations: Basic $(0.54) $(0.13) Diluted $(0.54)
$(0.13) (Loss) earnings per common share: Basic $(0.24) $2.80
Diluted $(0.24) $2.79 Weighted-average common shares: Basic 232,577
234,225 Diluted 233,573 234,477 Cash dividends per common share
$0.40 $1.29 Harley-Davidson, Inc. Condensed Consolidated Balance
Sheets (In thousands) (Unaudited) December 31, December 31, 2009
2008 ---- ---- ASSETS ------ Current assets: Cash and cash
equivalents $1,630,433 $568,894 Marketable securities 39,685 -
Accounts receivable, net 269,371 265,319 Finance receivables held
for sale (1) - 2,443,965 Finance receivables held for investment,
net 1,436,114 1,378,461 Inventories 323,029 379,141 Assets of
discontinued operations 181,211 238,715 Other current assets
462,106 252,057 ------- ------- Total current assets 4,341,949
5,526,552 Finance receivables held for investment, net 3,621,048
817,102 Other long-term assets 1,192,521 1,484,971 ---------
--------- 9,155,518 7,828,625 ========= ========= LIABILITIES AND
SHAREHOLDERS' EQUITY ------------------------------------ Current
liabilities: Accounts payable & accrued liabilities 676,600
806,743 Liabilities of discontinued operations 69,535 77,941
Short-term debt 189,999 1,738,649 Current portion of long-term debt
1,332,091 - --------- --- Total current liabilities 2,268,225
2,623,333 Long-term debt 4,114,039 2,176,238 Pension liability and
postretirement healthcare benefits 509,804 758,411 Other long-term
liabilities 155,332 155,040 Total shareholders' equity 2,108,118
2,115,603 --------- --------- $9,155,518 $7,828,625 ==========
========== (1) During the second quarter of 2009, the Company
reclassified its finance receivables held for sale to finance
receivables held for investment, net due to a change in the
Company's intent to structure future securitization transactions in
a manner that does not qualify for accounting sale treatment under
the provisions of Accounting Standards Codification Topic 860,
"Transfers and Servicing." Harley-Davidson, Inc. Condensed
Consolidated Statements of Cash Flows (In thousands) (Unaudited)
Twelve months ended December December 31, 31, 2009 2008 ---- ----
Net cash provided by (used by) operating activities of continuing
operations $609,010 $(608,029) Cash flows from investing activities
of continuing operations: Capital expenditures (116,748) (228,959)
Finance receivables held for investment, net (771,058) (159,631)
Collection of retained securitization interests 61,170 93,747 Net
change in marketable securities (39,685) 2,543 Other, net 2,834
(2,575) ----- ------ Net cash (used by) provided by investing
activities of continuing operations (863,487) (294,875) Cash flows
from financing activities of continuing operations: Proceeds from
issuance of medium term notes 496,514 993,550 Repayment of medium
term notes - (400,000) Proceeds from issuance of senior unsecured
notes 595,026 - Net borrowings of securitization debt 2,150,109 -
Net (decrease) increase in credit facilities and unsecured
commercial paper (1,083,331) 761,065 Net borrowings and repayments
of asset-backed commercial paper (513,168) 490,000 Repayment of
senior subordinated debt - - Net change in restricted cash
(167,667) - Dividends (93,807) (302,314) Purchase of common stock
for treasury (1,920) (250,410) Excess tax benefits from share-based
payments 170 320 Issuance of common stock under employee stock
option plans 11 1,179 --- ----- Net cash provided by (used by)
financing activities of continuing operations 1,381,937 1,293,390
Effect of exchange rate changes on cash and cash equivalents of
continuing operations 6,789 (20,352) Net increase in cash and cash
equivalents of continuing operations 1,134,249 370,134 Cash flows
from discontinued operations: Cash flows from operating activities
of discontinued operations (71,298) (75,028) Cash flows from
investing activities of discontinued operations (18,805) (99,963)
Effect of exchange rate changes on cash and cash equivalents of
discontinued operations (1,208) (4,439) ------ ------ (91,311)
(179,430) ------- -------- Net increase in cash and cash
equivalents $1,042,938 $190,704 ========== ======== Cash and cash
equivalents: Cash and cash equivalents -beginning of period
$568,894 $402,854 Cash and cash equivalents of discontinued
operations -beginning of period 24,664 - Net increase in cash and
cash equivalents 1,042,938 190,704 Less: Cash and cash equivalents
of discontinued operations -end of period (6,063) (24,664) ------
------- Cash and cash equivalents -end of period $1,630,433
$568,894 ========== ======== Twelve months ended December 31, 2007
---- Net cash provided by (used by) operating activities of
continuing operations $798,146 Cash flows from investing activities
of continuing operations: Capital expenditures (242,113) Finance
receivables held for investment, net (145,381) Collection of
retained securitization interests 118,175 Net change in marketable
securities 657,735 Other, net 2,789 ----- Net cash (used by)
provided by investing activities of continuing operations 391,205
Cash flows from financing activities of continuing operations:
Proceeds from issuance of medium term notes 398,144 Repayment of
medium term notes - Proceeds from issuance of senior unsecured
notes - Net borrowings of securitization debt - Net (decrease)
increase in credit facilities and unsecured commercial paper
(16,247) Net borrowings and repayments of asset-backed commercial
paper - Repayment of senior subordinated debt (30,000) Net change
in restricted cash - Dividends (260,805) Purchase of common stock
for treasury (1,153,439) Excess tax benefits from share-based
payments 3,066 Issuance of common stock under employee stock option
plans 21,478 ------ Net cash provided by (used by) financing
activities of continuing operations (1,037,803) Effect of exchange
rate changes on cash and cash equivalents of continuing operations
12,909 Net increase in cash and cash equivalents of continuing
operations 164,457 Cash flows from discontinued operations: Cash
flows from operating activities of discontinued operations - Cash
flows from investing activities of discontinued operations - Effect
of exchange rate changes on cash and cash equivalents of
discontinued operations - --- - --- Net increase in cash and cash
equivalents $164,457 ======== Cash and cash equivalents: Cash and
cash equivalents -beginning of period $238,397 Cash and cash
equivalents of discontinued operations -beginning of period - Net
increase in cash and cash equivalents 164,457 Less: Cash and cash
equivalents of discontinued operations -end of period - --- Cash
and cash equivalents - end of period $402,854 ======== Net Revenue
and Motorcycle Shipment Data (Unaudited) (Unaudited) Three months
ended December 31, December 31, 2009 2008 ---- ---- NET REVENUE (in
thousands) Harley-Davidson ( R ) motorcycles $552,036 $1,015,507
Buell ( R ) motorcycles (3,962) 33,381 Parts & Accessories
144,626 152,028 General Merchandise 66,752 68,973 Other 5,047 8,154
----- ----- $764,499 $1,278,043 ======== ========== MOTORCYCLE
SHIPMENTS: Harley-Davidson United States 20,036 57,081
International 15,902 19,500 ------ ------ Total Harley-Davidson
35,938 76,581 ====== ====== Buell 3,026 3,895 ===== =====
MOTORCYCLE PRODUCT MIX: Harley-Davidson Touring 14,780 26,196
Custom 16,517 35,592 Sportster ( R ) 4,641 14,793 ----- ------
Total Harley-Davidson 35,938 76,581 ====== ====== (Unaudited)
Twelve months ended December December 31, 31, 2009 2008 ---- ----
NET REVENUE (in thousands) Harley-Davidson ( R ) motorcycles
$3,174,810 $4,244,587 Buell ( R ) motorcycles 46,514 123,085 Parts
& Accessories 767,275 858,748 General Merchandise 282,210
313,838 Other 16,321 38,156 ------ ------ $4,287,130 $5,578,414
========== ========== MOTORCYCLE SHIPMENTS: Harley-Davidson United
States 144,464 206,309 International 78,559 97,170 ------ ------
Total Harley-Davidson 223,023 303,479 ======= ======= Buell 9,572
13,119 ===== ====== MOTORCYCLE PRODUCT MIX: Harley-Davidson Touring
84,104 101,887 Custom 91,650 140,908 Sportster ( R ) 47,269 60,684
------ ------ Total Harley-Davidson 223,023 303,479 ======= =======
Retail Sales of Harley-Davidson Motorcycles Three months ended
December December 31, 31, 2009 2008 ---- ---- North America Region
United States 21,284 29,502 Canada 1,030 1,950 ----- ----- Total
North America Region 22,314 31,452 Europe Region (Includes Middle
East and Africa) Europe* 6,322 6,441 Other 997 834 --- --- Total
Europe Region 7,319 7,275 Asia Pacific Region Japan 2,865 3,152
Other 2,649 2,873 ----- ----- Total Asia Pacific Region 5,514 6,025
Latin America Region 1,607 2,003 ----- ----- Total Worldwide Retail
Sales 36,754 46,755 ====== ====== Twelve months ended December
December 31, 31, 2009 2008 ---- ---- North America Region United
States 162,385 218,939 Canada 11,406 16,502 ------ ------ Total
North America Region 173,791 235,441 Europe Region (Includes Middle
East and Africa) Europe* 36,444 40,725 Other 3,560 4,317 -----
----- Total Europe Region 40,004 45,042 Asia Pacific Region Japan
13,105 14,654 Other 9,884 10,595 ----- ------ Total Asia Pacific
Region 22,989 25,249 Latin America Region 5,850 8,037 ----- -----
Total Worldwide Retail Sales 242,634 313,769 ======= ======= Data
Source (subject to update) Data source for all 2008 and 2009 retail
sales figures shown above is 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 retail sales, and this information is subject to
revision. Only Harley-Davidson ( R ) motorcycles are included in
the Harley- Davidson Motorcycle Sales data. * Data for Europe
include Austria, Belgium, Denmark, Finland, France, Germany,
Greece, Italy, Netherlands, Norway, Portugal, Spain, Sweden,
Switzerland, and the United Kingdom. Heavyweight Market Data Twelve
months ended December 31, December 31, 2009 2008 ---- ---- United
States(1) 303,182 479,274 Eleven months ended November 30, November
30, 2009 2008 ---- ---- Europe(2) 304,670 376,096 (1) United States
industry data includes 651+cc models, derived from submission of
motorcycle retail sales by each major manufacturer to an
independent third party. This data is subject to revision and
update. As of the second quarter 2009, industry data includes
three-wheeled vehicles retroactive to 2008. (2) Europe data
includes Austria, Belgium, Denmark, Finland, France, Germany,
Greece, Italy, Netherlands, Norway, Portugal, Spain, Sweden,
Switzerland, and the United Kingdom. Industry retail motorcycle
registration data includes 651+cc models, derived from information
provided by Giral S.A., an independent agency. Europe market data
is reported on a one-month lag. This data is subject to revision
and update. DATASOURCE: Harley-Davidson, Inc. CONTACT: Media, Bob
Klein, +1-414-343-4433, or Financial, Amy Giuffre, +1-414-343-8002,
both of Harley-Davidson, Inc. Web Site:
http://www.harley-davidson.com/
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