MINNEAPOLIS — Polaris Industries Inc. today reported net income of $8.5 million for the first quarter 2009, down from the $19.1 million recorded in the year-ago period. Sales for the first quarter 2009 totaled $312.0 million, a decrease of 20 percent from 2008 first quarter sales of $388.7 million.

“We are pleased to report first quarter 2009 results in-line with our expectations,” said chief executive officer Scott Wine. “While the outlook for the remainder of 2009 remains challenging, we continue to proactively take steps to streamline our business and optimize our cost structure.”

Income from financial services decreased 41 percent to $4.4 million in the first quarter 2009, down from $7.5 million in the first quarter of 2008. The decrease was primarily due to the company’s revolving retail credit provider, HSBC, eliminating the volume-based fee income payment to Polaris as of March 1, 2008.

During the first quarter 2009, 44 percent of consumer retail credit loan applications from Polaris customers were approved by HSBC Bank, GE Money Bank or Sheffield Financial, which was below the fourth quarter 2008 approval rate of 51 percent.

Thirty-one percent of Polaris retail customers financed their Polaris product purchases through HSBC, GE or Sheffield, which is consistent with the fourth quarter 2008 penetration rate.

While the first quarter 2009 approval rate declined from the fourth quarter 2008, Polaris said the reduction in the availability of retail consumer credit is not the primary reason for the decrease in sales. Polaris said the availability of retail credit alternatives is uncertain throughout 2009, but it remains optimistic that credit will be accessible to consumers with an acceptable credit history.