Harley-Davidson's financial services unit reported operating income of $51 million, up $2 million or 4.1% from the same period last year. During the quarter, HDFS sold $775 million in retail motorcycle loans and recorded a gain of $14 million. This compares with a gain of $19.3 million on $626 million of loans securitized during the second quarter of 2004. Annualized credit losses on a managed portfolio basis during the first six months of 2005 totaled 0.89%, compared to 0.63% in 2004, attributed to lower recovery rates and a higher incidence of loss.

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