'Gang laundered millions through fake businesses' He said a police investigation called operation foam found the money came from criminal activities. These included making bogus mortgage applications and forging one man's identity to cash a savings bond. "They took criminal money and laundered it through buffer accounts. "We can prove for definite that came from criminal activity. "We maintain the remaining million was also the result of criminal activity. " Mr peet told the jury that the principal figure in the operation, bankrupt businessman mukhtiar singh, had failed to attend court for the trial. Singh(48)And his wife gurdish nijjar(38), both of Heybridge Road, Leicester;Kishan srivastava(24), of Golden Hillock Road, Birmingham;Vikesh dinesh patel(38), of Denegate Avenue, Birstall;Nisha uddin(28), of Shipton Road, Hamilton; Jasvinder Singh(50), of Folksworth Road, Peterborough; and Deepak SinghRai (30)Of the littleway, north evington, leicester, all deny conspiracy to convert criminal property by making deposits of cash into bank accounts. They all deny conspiracy to remove criminal property, involving credit balances, from england and wales by transferring funds into foreign bank accounts. They also deny conspiring to transfer criminal property credit balances between english bank accounts. The offences are alleged to have taken place between january 1, 2009 and february 2011. Additionally, jasvinder singh and deepak singh rai each deny three similar charges of conspiring with mukhtiar singh between the same dates. MUkhtiar singh also denies a charge of acting as the director of freeland homes(Uk)Limited between september 2009 and february 2011 while being an undischarged bankrupt. He denies a similar charge involving a company called black Cheap Bridesmaid Dresses elektroniks limited. Mr peet said the two firms were examples of a number of companies, which never filed accounts, which were used to launder the money. He said in six months in 2009 it transferred nearly million to china through a legitimate currency exchange. A clothing company fronted by sell at a discount uddin, he said, transferred more than million to china in a fourmonth period in the middle of 2009. He said that mukhtiar singh was the central figure but all the defendants had taken part in the conspiracy, with srivastava being in charge of administration. Mr peet told the jury they would have to sift through a great deal of bank accounts and other financial information that had been downloaded on to computer discs during the trial.

 

Arctic cat inc's ceo looks at f2q 2014 results Along with gentlemen, we appreciate your standing by.Welcome to the arctic cat's fiscal 2014 second quarter earnings business call.At the moment, all contributors are in a listen only mode.Following your presentation, we will conduct a question and answer session and assistance will be provided at that time. I would like to remind everyone that this business call is being recorded today, oct 24, 2013. Thank you very much, and we appreciate your joining us this morning.I'm shawn brumbaugh as well as padilla speer beardsley.Before the sector opened today, arctic cat released latest latest shopping results for the fiscal second quarter ended september 30, 2013. Engaged in our call today to discuss the company's performance and outlook, will be chairman and ceo, claude michael the air nike jordans;And chief savings officer, ricky delmore.Future their remarks, we'll have time for a few worries. Prior to we begin, please note that some of the comments made today will be forward looking statements regarding send out expectations of future performance.Such statements are subject to risks and uncertainties and actual results may differ materially from those within the statements.These risks and questions are described in today's news release and in the company's filings with the securities and exchange commission.We encourage you to review these documents for some of risk factors that may affect results. Now i'll turn the letter over to arctic cat's ceo,Claude nike air nike test.Claude? I am grateful, shawn.Good morning everyone and many appreciate your joining us today.This morning i will review the person performance of our three businesses during the second quarter of fiscal 2014, fat reduction progress we've made in operations as we continue to focus on growth, profits and operational excellence.Keeping with my comments, harry delmore, our cfo will review our financial show. Over all, we're pleased with the annually increase in snowmobile and side by side sales.Around the, europe is constantly on the present a challenge, and the usa atv sales fell short of our expectations.That being said, year to date we're seeing positive growth in all three business units and expect this growth to continue month in month out. Regarding productivity, we did see a decline in gross margin, in the first instance due to product mix, canadian digital foreign remuneration, and increased sale credits driven by double digit retail sales increases.As i discussed on our last call, our priorities this year are to keep growing sales through new product introductions, surge earnings per share, generate additional cash and empower our balance sheet.As good quality, we're on track to do each of these. Additional, we're enthusiastic about our strong new product pipeline and the products we plan to launch over the next 12 months.In regards to the sufferer businesses, snow sled sales were up 5% for the quarter, basically driven by volume, and to a lesser extent gotten better pricing.Along with, we continued shipping limited quantities of yamaha snowmobiles as part of the partnership we announced trapped on video tape. We'll continue to supply additional yamaha snowmobiles all year round with a large portion being shipped in our fiscal third quarter.As we noted at the start of the year, the gross margin on yamaha snowmobiles will be lower than our arctic cat branded snowmobiles and a good portion of the gross margin impact will be experienced in the third quarter. About the snowmobile dealer inventory, we did see a rise over last year.This was primarily due to starting our production earlier to allow additional yamaha snowmobiles and we expect the dealer inventory to decrease later this year as we enter the retail season. On the snow sled retail side, we have started the year off predominant.Although our second quarter is not a heavy retail month for snow tracks, we did see our snow vehicles retail sales increase over 70% from the same period last year.Based on the solid start to the retail season and the fact we have many new products being launched including the new 600 two stroke snowmobile and the 135 horsepower four stroke snowmobile, we are once again targeting today share this fiscal year and continue to expect the overall industry to grow in the low single digits. For our atv undertaking, sales greater 4% for the quarter.Key drivers for the sales increase were the recently launched new alongside models, because new prowler hdx500 utility model, new wildcat x high horsepower sports hand and hand and our new high horsepower wildcat four seat model.Both the hdx500 and wildcat 4x started postage and packing in the fiscal second quarter.Although we did see strong increase in these models, we also experienced a decrease in usa atv sales, as we experienced significant headwinds due to the eu economy. In general, the increase in our sales for our atv and side-By-Side business fell short of our expectations.At the same time, we remain excited about the growth prospects of ecommerce based on new products we have under development that will be launched later this year. In dealer inventory, our objective for the year has been to increase overall inventory in the 0% to 10% range to allow for continued growth of the corporation.This second quarter, eliminating our recently launched wildcat models, we have prevailed in increasing our dealer inventory in the mid single digits. As we move ahead, we continues to focus on wholesale sales with retail sales and would expect to see increases in inventory, primarily driven by item launches. Regarding that quarter, our usa atv retail sales grew by 6% and our side by side retail sales increased by 23% driven by significant increases in our new wildcat models, and our new prowler hdx500 electrical power model. Impatient, product development will still be an area of focus for our atv and side by side business.Besides the recently launched models for 2014, our plan is to keep at it to launch multiple new models in the second half of this fiscal year, your wildcat 50 inch trail version that we will start taking orders for next month. Although our atv and snowmobile business are showing annually growth, we did see a slight decline in our pga operation for the quarter, with sales weak 1%.The primary reason for the lessing of second quarter sales was the drop off in snowmobile garments.About Air Jordan Shoes For Sale the, we expect the garment business to locate positive growth in the second half of the year.Year to date our pg customers are up 2%, in the first instance driven our parts business, which keeps growing at 13%. Regarding operational performance, our focus has been on improving gross margins excluding yamaha snow sleds, work area our operating expenses, and unwinding our balance sheet.The actual second quarter, gross margins lessened driven by product mix, canadian cash, and increased sales incentives driven by double digit retail sales in atv and next to each other business. As we go to our third quarter, we will see improvements in gross margin for our arctic cat services we will see pressure on our overall gross margins as we ramp up shipments of our yamaha snowmobiles. For the actual entire year, we're expecting gross margins to be down as many as 80 basis points.In regards to operating expenses, our goal is to slightly decrease the managing expenses as a percent of sales.Keeping this in mind, we continue to focus during the entire business on all aspects of expense control.At that time, we have continued to invest in product, which has resulted in launching various new models for the snowmobile and atv business. In the first half of the season, we correctly decreased operating expenses as a percent of sales by 30 basis points.The one area that continues to grow is our investment in the new website.In quarter, r expenses increased 29% as we continue to focus on developing services.This investment will not only provide a return in the modern year, but also later as we launch additional new products in the new market segments. The final area of focus has been accommodating strengthen our balance sheet.In the second quarter, our annually inventory increased to support our sales growth and allow the business to start snowmobile production earlier than last year. As good quality, we will remain focused on having the correct quantity of inventory on hand to support the growth into the business.In regards to cash, we ended the quarter with 40 million of cash in short term reserves and no debt.Our cash position is up from the last year by $16 million.In the years ahead, we continues to focus on increasing cash and expect to generate positive cash flow this fiscal year. Now, i prefer to turn the call over to tim, who will study the second quarter financials. Merit, claude.Good morning men and women.I would Air Jordan 11 For Sale also like to welcome you to the business call.In the present day, i will focus on reviewing the highlights of our second quarter financial functionality and our outlook for fiscal year 2014.Net sales for the second quarter superior 4% to 238.5 million from 229 million for a similar quarter last year.Snow sled sales increased 5% to 135.4 million.Atv sales grown 4% to 72.7 million driven by Wildcat and Prowler alongside sales.

 

Arctic cat inc's ceo looks at f2q 2014 results Along with gentlemen, we appreciate your standing by.Welcome to the arctic cat's fiscal 2014 second quarter earnings business call.At the moment, all contributors are in a listen only mode.Following your presentation, we will conduct a question and answer session and assistance will be provided at that time. I would like to remind everyone that this business call is being recorded today, oct 24, 2013. Thank you very much, and we appreciate your joining us this morning.I'm shawn brumbaugh as well as padilla speer beardsley.Before the sector opened today, arctic cat released latest latest shopping results for the fiscal second quarter ended september 30, 2013. Engaged in our call today to discuss the company's performance and outlook, will be chairman and ceo, claude michael the air nike jordans;And chief savings officer, ricky delmore.Future their remarks, we'll have time for a few worries. Prior to we begin, please note that some of the comments made today will be forward looking statements regarding send out expectations of future performance.Such statements are subject to risks and uncertainties and actual results may differ materially from those within the statements.These risks and questions are described in today's news release and in the company's filings with the securities and exchange commission.We encourage you to review these documents for some of risk factors that may affect results. Now i'll turn the letter over to arctic cat's ceo,Claude nike air nike test.Claude? I am grateful, shawn.Good morning everyone and many appreciate your joining us today.This morning i will review the person performance of our three businesses during the second quarter of fiscal 2014, fat reduction progress we've made in operations as we continue to focus on growth, profits and operational excellence.Keeping with my comments, harry delmore, our cfo will review our financial show. Over all, we're pleased with the annually increase in snowmobile and side by side sales.Around the, europe is constantly on the present a challenge, and the usa atv sales fell short of our expectations.That being said, year to date we're seeing positive growth in all three business units and expect this growth to continue month in month out. Regarding productivity, we did see a decline in gross margin, in the first instance due to product mix, canadian digital foreign remuneration, and increased sale credits driven by double digit retail sales increases.As i discussed on our last call, our priorities this year are to keep growing sales through new product introductions, surge earnings per share, generate additional cash and empower our balance sheet.As good quality, we're on track to do each of these. Additional, we're enthusiastic about our strong new product pipeline and the products we plan to launch over the next 12 months.In regards to the sufferer businesses, snow sled sales were up 5% for the quarter, basically driven by volume, and to a lesser extent gotten better pricing.Along with, we continued shipping limited quantities of yamaha snowmobiles as part of the partnership we announced trapped on video tape. We'll continue to supply additional yamaha snowmobiles all year round with a large portion being shipped in our fiscal third quarter.As we noted at the start of the year, the gross margin on yamaha snowmobiles will be lower than our arctic cat branded snowmobiles and a good portion of the gross margin impact will be experienced in the third quarter. About the snowmobile dealer inventory, we did see a rise over last year.This was primarily due to starting our production earlier to allow additional yamaha snowmobiles and we expect the dealer inventory to decrease later this year as we enter the retail season. On the snow sled retail side, we have started the year off predominant.Although our second quarter is not a heavy retail month for snow tracks, we did see our snow vehicles retail sales increase over 70% from the same period last year.Based on the solid start to the retail season and the fact we have many new products being launched including the new 600 two stroke snowmobile and the 135 horsepower four stroke snowmobile, we are once again targeting today share this fiscal year and continue to expect the overall industry to grow in the low single digits. For our atv undertaking, sales greater 4% for the quarter.Key drivers for the sales increase were the recently launched new alongside models, because new prowler hdx500 utility model, new wildcat x high horsepower sports hand and hand and our new high horsepower wildcat four seat model.Both the hdx500 and wildcat 4x started postage and packing in the fiscal second quarter.Although we did see strong increase in these models, we also experienced a decrease in usa atv sales, as we experienced significant headwinds due to the eu economy. In general, the increase in our sales for our atv and side-By-Side business fell short of our expectations.At the same time, we remain excited about the growth prospects of ecommerce based on new products we have under development that will be launched later this year. In dealer inventory, our objective for the year has been to increase overall inventory in the 0% to 10% range to allow for continued growth of the corporation.This second quarter, eliminating our recently launched wildcat models, we have prevailed in increasing our dealer inventory in the mid single digits. As we move ahead, we continues to focus on wholesale sales with retail sales and would expect to see increases in inventory, primarily driven by item launches. Regarding that quarter, our usa atv retail sales grew by 6% and our side by side retail sales increased by 23% driven by significant increases in our new wildcat models, and our new prowler hdx500 electrical power model. Impatient, product development will still be an area of focus for our atv and side by side business.Besides the recently launched models for 2014, our plan is to keep at it to launch multiple new models in the second half of this fiscal year, your wildcat 50 inch trail version that we will start taking orders for next month. Although our atv and snowmobile business are showing annually growth, we did see a slight decline in our pga operation for the quarter, with sales weak 1%.The primary reason for the lessing of second quarter sales was the drop off in snowmobile garments.About Air Jordan Shoes For Sale the, we expect the garment business to locate positive growth in the second half of the year.Year to date our pg customers are up 2%, in the first instance driven our parts business, which keeps growing at 13%. Regarding operational performance, our focus has been on improving gross margins excluding yamaha snow sleds, work area our operating expenses, and unwinding our balance sheet.The actual second quarter, gross margins lessened driven by product mix, canadian cash, and increased sales incentives driven by double digit retail sales in atv and next to each other business. As we go to our third quarter, we will see improvements in gross margin for our arctic cat services we will see pressure on our overall gross margins as we ramp up shipments of our yamaha snowmobiles. For the actual entire year, we're expecting gross margins to be down as many as 80 basis points.In regards to operating expenses, our goal is to slightly decrease the managing expenses as a percent of sales.Keeping this in mind, we continue to focus during the entire business on all aspects of expense control.At that time, we have continued to invest in product, which has resulted in launching various new models for the snowmobile and atv business. In the first half of the season, we correctly decreased operating expenses as a percent of sales by 30 basis points.The one area that continues to grow is our investment in the new website.In quarter, r expenses increased 29% as we continue to focus on developing services.This investment will not only provide a return in the modern year, but also later as we launch additional new products in the new market segments. The final area of focus has been accommodating strengthen our balance sheet.In the second quarter, our annually inventory increased to support our sales growth and allow the business to start snowmobile production earlier than last year. As good quality, we will remain focused on having the correct quantity of inventory on hand to support the growth into the business.In regards to cash, we ended the quarter with 40 million of cash in short term reserves and no debt.Our cash position is up from the last year by $16 million.In the years ahead, we continues to focus on increasing cash and expect to generate positive cash flow this fiscal year. Now, i prefer to turn the call over to tim, who will study the second quarter financials. Merit, claude.Good morning men and women.I would Air Jordan 11 For Sale also like to welcome you to the business call.In the present day, i will focus on reviewing the highlights of our second quarter financial functionality and our outlook for fiscal year 2014.Net sales for the second quarter superior 4% to 238.5 million from 229 million for a similar quarter last year.Snow sled sales increased 5% to 135.4 million.Atv sales grown 4% to 72.7 million driven by Wildcat and Prowler alongside sales.

 

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