If you take only their current assets and subtract ALL of their liabilities, you get about $118M. (From December 2008 balance sheet)

The market Cap is currently around $70M. So you're getting a stock at 59% of it's net asset value. Sure, there are risks and earnings are beat up, but to me that price is ridiculously low.

Once the recession ends and folks start consuming again, earnings will return. The stock will rocket past net asset value and beyond.

Plus the Brand. I normallly hate "brand" arguments. I've never been on a snowmobile before, but I know Arctic Cat...and to find a stock 40% below net asset value WITH brand advantages is truly hard to find.

So, I bought today. Just a little. I think it's worth it.