Internet ads will also be made available on the popular camping e-publication ,
the companies said, with ad sales handled by Camping Life ad sales personnel.

About ReserveAmerica
ReserveAmerica is a sister company of Ticketmaster, Expedia and several
other national reservation systems.S. As a percent of sales, operating expenses improved to
17. Victory
motorcycles, established in 1998 and representing the first all-new
American-made motorcycle from a major company in nearly 60 years, are
rapidly making impressive in-roads into the motorcycle cruiser
marketplace.com
Polaris Industries Inc.34
===== =====

Diluted Net Income per share
Continuing operations $0.

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Camping Life Magazine and ReserveAmerica Collaboration Delivers New Information Services to Camping Families Nationwide

These media are predominantly targeted
at powersports vehicle enthusiasts who own motorcycles, boats and personal
watercraft, snowmobiles, and all-terrain vehicles (ATVs). On contract to the federal government ,
ReserveAmerica operates the primary campsite reservation system for state and
national parks in the U.1 million, a 12 percent increase over
the prior year first quarter net income from continuing operations of
$17.3 million, up nine percent from last year's
first quarter sales from continuing operations of $329.5 million for the first quarter of
2004. Under
the Board of Directors' current authorization, approximately 2.
"I remain confident that we can achieve another record year in
sales and earnings in 2005, marking our 24th consecutive year of
record earnings," stated Mr. or 913-981 -4911 for Canada and
International calls or via the Investor Relations page of the
Company's web site, www.

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Polaris Industries Inc.8 million, or $0.

Financial position and cash flow

Polaris historically experiences the highest demand for cash
during the first quarter of each year.

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, Camping Life magazine, Carson, CA
and ReserveAmerica, Ballston Spa, NY, have entered into a partnership to co-
develop a number of new programs that serve America's 68.
"Despite a difficult external environment and higher commodity
costs during the first quarter, we were able to show improved earnings
for the 28th consecutive quarter," commented Mr.8 $14. However, these
improvements , in aggregate, were offset by increased raw material
costs, primarily for steel and other commodities , and higher
transportation and fuel costs incurred in the first quarter of 2005
when compared to the first quarter 2004.42 $0.

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42 per share, an increase of 8% to 13% over the prior year

Note: All periods presented reflect the classification of the
marine products division's financial results as discontinued
operations. Tom Tiller, Chief
Executive Officer of Polaris. Specifically , the new Lock and Ride
accessories for ATV and RANGER(TM) have been well received by Polaris
ATV buyers for their versatility and ease of installation.
Snowmobile sales decreased to $7.3 million used in
the first quarter of 2004.S.

About Polaris

Information about the complete line of Polaris products is
available from authorized Polaris dealers or from the Polaris homepage
at www.

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8 million family
campers.
The goal of the partnership, the companies announced today, is to combine
the content expertise of Camping Life magazine with the extensive reach and
service platform of ReserveAmerica's national camping reservation system -- to
deliver several new information services to camping families and enthusiasts
nationwide.
"We've got other projects on the front burner," noted Camping Life
publisher, Carey Bohn. Continued strong
growth in the RANGER (TM) product line, increasing demand for the new
Sportsman 800 EFI (electronic fuel injection) ATV and the new value
priced Phoenix ATV, and continued strong international sales growth
were the primary contributors to the ATV sales growth for the first
quarter 2005.
Sales of Victory motorcycles increased 12 percent during the first
quarter 2005 compared to the first quarter 2004.

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" Content will be provided by Camping Life magazine editors and
distributed to ReserveAmerica's one million -plus e-newsletter subscribers. The section will reach Camping
Life's 225,000 national distribution and utilize ReserveAmerica's database of
3,000 parks and 150,000 campsites. "We have an opportunity to display Camping Life
magazine in ReserveAmerica's 1000-plus camp stores, expanded subscription
development via the new e-newsletter, and are looking into a cable television
series in 2006.

2 million for the first quarter
2005 compared to the prior year's first quarter sales of $13.6 percent for the
first quarter 2005, flat with the first quarter of 2004. Sales growth guidance for the full
year 2005 also remains unchanged and is expected to be in the range of
seven percent to ten percent compared to 2004.00) (0.

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(NYSE:PII):

First Quarter Highlights:

28th consecutive quarter of increased sales and earnings per
share from continuing operations

Victory motorcycle sales grew 12%, ATV sales grew 12%,
International sales increased 24%, and PG +A sales were up 8%

Improved earnings per share during the first quarter driven by
higher sales and reduced operating expense, as a percent of
sales.1 $17.3 32%
-- --------------------------------------------------------------------
Earnings per share (diluted) $0. Gross profit, as a percentage of sales, was 23.32
Net Income ===== =====

Weighted average shares
outstanding:
Basic 42,817 42,570
Diluted 45,000 45,248

Selected Balance Sheet Data March 31, 2005 March 31, 2004
----------------- ---------- --------------- --------------
Cash and cash equivalents $41,257 $26 ,269
Trade receivables, net 61,625 52,346
Inventories 229,257 185,784
Total assets 736,768 631,980
Accounts payable 118,992 87,979
Borrowings under credit
agreement 18,000 25,004
Shareholders' equity 364,741 315 ,158

Business Unit Information First Quarter Ended -------------------- 2005 2004 % change
---- ---- --- ------
Snowmobiles $7,217 $13,322 (46)%
All-terrain Vehicles 265,946 237,854 12%
Victory Motorcycles 23,406 20,853 12%
Parts, Garments + Accessories 61,743 56,968 8%
-------- -------- ----
Total Sales $358,312 $328,997 9%
======== ======== ====

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Advertising will be accepted on a limited
basis in this section, the companies said.8 million, net of
tax, or $0.42 $0.5 million.com
With annual 2004 sales of $1.polarisindustries .

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CARSON, Calif. The Company's first quarter 2005 loss from
discontinued operations was $0. In addition, the average sales price per unit for ATVs
increased six percent in the first quarter 2005 compared to the first
quarter 2004 as a result of the higher RANGER(TM) shipments and a
positive product mix change. Snowfall in the first
quarter of 2005 was below normal across many of the regions in the
snowbelt of North America, causing dealer inventories of snowmobiles
to be at higher levels at the end of the riding season compared to
last years levels.
Income from financial services increased five percent to $8.04 diluted per share.

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0 million. The Company's new research , testing and
technology center in Wyoming, Minnesota is on schedule to open in the
second quarter 2005. will host its
quarterly earnings conference call. Potential risks and
uncertainties include such factors as product offerings, promotional
activities and pricing strategies by competitors; warranty expenses;
foreign currency exchange rate fluctuations; environmental and product
safety regulatory activity; effects of weather; higher commodity
costs; uninsured product liability claims; and overall economic
conditions, including inflation and consumer confidence and spending.

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3 million , or $0.

1st Quarter ended March 31,
---------------------------
(In millions except per share data) 2005 2004 Change
-------------------------------------------------------------- --------
Sales from continuing operations $358.7 million compared to $59.2 million for the first
quarter 2004.1 million in the first
quarter 2004 primarily a result of the increased profitability
generated from the wholesale receivable portfolio of Polaris
Acceptance.7 million for the
first quarter ended March 31, 2005 compared to $24.polarisindustries.
Polaris is the recognized leader in the snowmobile industry and
one of the largest manufacturers of ATVs in the world.

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Another collaboration between the companies is a special "Best Of" issue
of Camping Life magazine based on ReserveAmerica's "Top 100 Campgrounds"
program.7
million shares of Polaris stock are available for repurchase. Additionally, our motorcycle business continues to show
improvement across the board, particularly in brand awareness, product
quality and its dealer network.40
Loss from discontinued
operations (0.42 $0.

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5 million campers who use our reservation system each year," commented John
McDonald, Manager, Consumer Marketing, Products + Communications for
ReserveAmerica.
Camping Life magazine will also include a special section every issue on
ReserveAmerica's state and national parks and campgrounds, covering everything
from accommodations to spectacular sights.38 per diluted share. Reported net income from continuing operations for the first
quarter 2005 was a record $19. The conference call is accessible
by dialing 800 -819-9193 in the U.com. The conference call will be
available through Thursday, April 21, 2005 by dialing 888-203-1112 in
the U. Polaris also enhances the riding experience with a
complete line of Pure Polaris apparel, accessories and parts,
available at Polaris dealerships.

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The on-line company processes 3 million
reservations a year for over 3,000 parks and 150,000 campsites. As a result, the marine products division's financial results
are being reported separately as discontinued operations for all
periods presented.3 $329.1 12%
-------------------------------------------------- --------------------
Earnings per share from continuing
operations (diluted) $0.38 11%
----------------------------------------------------------------------
Net Income $18. The gross
profit margin continued to benefit from production efficiency gains
and ongoing cost reduction efforts, as well as a net positive impact
of currency fluctuations during the quarter.8 percent, a decrease from 18. The Company's
debt to total capital ratio declined to five percent at March 31, 2005
compared to seven percent a year ago.45 $0.

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"

About Ehlert
Ehlert Publishing Group produces over 30 outdoor recreation magazines, web
sites and cable television properties."

Discontinued operations results

The Company ceased manufacturing marine products on September 2,
2004.3 $26.42 $0.3 million shares
have been repurchased at an average price of $23.

2005 Business Outlook

For the full year 2005, Polaris' previously issued earnings per
share from continuing operations guidance remains unchanged and is
expected to be in the range of $3.polarisindustries.06)
----- -----
Net Income $0 .

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"
The first phase of the partnership involves the transformation and
renaming of ReserveAmerica 's e-newsletter, "Campfire Chronicles" to "Camping
Life. Sales from continuing operations for the first quarter
2005 totaled a record $358.3 million, net of tax, or less than
$0. The increase is
attributable to ongoing positive brand recognition, consumer
acceptance of the new Victory motorcycles including the Vegas, Kingpin
and the all new Hammer model which began shipping in March 2005 and an
improved dealer network.28 to $3." Tiller continued, "As always we will
rely upon our greatest asset, our people, to overcome the challenges
and continue to capitalize on the opportunities we see for the
Company.

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Confirm full year 2005 earnings per share guidance of $3. (NYSE:PII ) today reported record first
quarter net income from continuing operations of $0.0 9%
---- ------------------------------------------------------------------
Operating income from continuing
operations $29. The PG+A
business was positively impacted primarily by stronger sales for ATV
parts and accessory sales.
Gross profit increased nine percent to $84.

Share buyback continues

During the first quarter 2005 the Company repurchased and retired
304,000 shares of its common stock at a cost of $21. Since
inception of the share repurchase program in 1996, 20. We are confident that we will continue to experience
strong growth in our RANGER(TM) utility vehicles and our international
business. Consumers can also purchase apparel
and vehicle accessories anytime at www.38
Loss from discontinued (0.

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com . Higher sales volume compared to
last year's first quarter along with lower operating expenses, as a
percent of sales, contributed to the first quarter 2005 earnings
increase.06 per diluted share in the first quarter 2004.

ATV (all-terrain vehicle) sales in the first quarter 2005
increased 12 percent over the first quarter 2004.3
million. "There are challenges that lie
ahead of us including ongoing pressure from increasing product costs,
particularly steel and transportation and the continued lack of good
snowfall which is negatively impacting our snowmobile business., or 719-457-0820 for Canada and International calls and
entering passcode 3739541, and on Polaris' web site. trades on the New York Stock Exchange and
Pacific Stock Exchange under the symbol "PII," and the Company is
included in the S+P Small-Cap 600 stock price index.
CONSOLIDATED STATEMENTS OF INCOME
and Other Selected Financial Information
(In Thousands, Except Per Share Data)
UNAUDITED

First Quarter Ended March 31,
2005 2004
---- ----
Sales $358,312 $328,997
Cost of sales 273,825 251,466
-------- --------
Gross profit 84,487 77,531
Operating expenses
Selling and marketing 27,131 28,115
Research and development 16,223 13,202
General and administrative 20,394 17,871
------ ------
Total operating
expenses 63,748 59,188

Income from financial 8,542 8,136
services ------ ------
Operating Income 29,281 26,479

Non-operating Expense
(Income):
Interest expense 575 524
Other expense (income) net 171 371
------ ------
Income before income
taxes 28,535 25,584

Provision for Income Taxes 9,417 8,442
------- -------
Net Income from
continuing operations $19,118 $17,142
------- -------
Loss from discontinued
operations, net of tax (275) (2,837)
------- ------ -

Net Income $18,843 $14,305
======= =======

Basic Net Income per share
Continuing operations $0.

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1 million.32 per diluted share in the first
quarter of 2004.
Parts, Garments, and Accessories sales increased 8 percent during
the first quarter 2005 compared to last year's first quarter.
For the first quarter 2005, operating expenses increased eight
percent to $63.5
million in the first quarter 2005, up from $8.42 per diluted share, an
eight percent to thirteen percent increase over the full year 2004
results of $3. Tiller.
Investors are also directed to consider other risks and uncertainties
discussed in documents filed by the company with the Securities and
Exchange Commission.

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Polaris Reports Record First Quarter 2005 Results; Earnings Per Share from Continuing Operations up 11 Percent on 9 Percent Sales Growth

28 to
$3. Reported
net income for the first quarter 2005, including both continuing and
discontinued operations, was $18. Lower
sales and marketing expenses in the first quarter 2005 were offset by
a 23 percent increase in research and development expenditures as
Polaris continues with initiatives to accelerate the design and
introduction of new products. An increase in inventories at March 31,
2005 compared to the prior year first quarter was the primary reason
for the increased use of net cash from operating activities of
continuing operations during the first quarter of 2005.
However, we have a plan to mitigate these challenges as the year
progresses.

(summarized financial data follows)

POLARIS INDUSTRIES INC.44 $0.

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ehlertpowersports.42 per diluted
share for the quarter ended March 31, 2005, an 11 percent increase
over the prior year first quarter net income from continuing
operations of $0. "Although we expect this year will be
challenging, we remain confident in our ability to manage through
these external uncertainties as we have in the past and achieve
another record year of sales and earnings for the Company.42 per diluted share
compared to $14.5 million for the first
quarter of 2005 compared to $77.01) (0.

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Business Editors/Automotive Writers

MINNEAPOLIS----Polaris Industries
Inc.32 28%
------------------------------ ----------------------------------------

Note: All periods presented reflect the classification of marine
products division's financial results as discontinued operations. Net cash used for operating
activities of continuing operations totaled $58.

Except for historical information contained herein, the matters
set forth in this news release, including management's expectations
regarding 2005 sales, shipments, net income and cash flow, are
forward-looking statements that involve certain risks and
uncertainties that could cause actual results to differ materially
from those forward -looking statements.06)
operations ----- -----
$0.

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"It's a partnership in every way and campers can expect to
see a number of exciting new programs over the next several years. This seventh issue will receive expanded newsstand distribution and
will include awards and articles on everything from America's best hiking
trails to the gear you'll want to bring with you.5 11%
----------------------------------- -----------------------------------
Net Income from continuing operations $19. Last year sales in the first quarter were higher than normal
due to increased late season dealer demand resulting from better
snowfall in January through March of 2004.18 per share."

Conference Call to be Held

Today at 9:00 AM (CDT) Polaris Industries Inc.S.

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"We see this collaboration as a way to deliver new services to the
3. Complete
information on Ehlert's consumer titles, ATV Magazine , ATV Sport, Bass and
Walleye Boats, Trailer Boats, Camping Life, Rider, REV, American Rider,
Cruising Rider, Woman Rider, Thunder Press, Snowmobile Magazine, Snowgoer,
Snow Week, and Watercraft World can also be found on
http://www.01 per diluted share, compared to a loss of $2.0 percent in the first quarter. If listening to the web
cast, please allow sufficient time to register and download the latest
version of Real Player audio software.8 billion, Polaris designs,
engineers, manufactures and markets snowmobiles, all-terrain vehicles
(ATVs), Victory motorcycles and the Polaris RANGER for recreational
and utility use.