Arctic Cat Inc. shares fell more than 5 percent Wednesday after the company recalled all of the all-terrain vehicles it made in 2008 and some from 2009 to fix a gearbox component.

The recall will cost the Plymouth-based company about $5.4 million and will be reported as a one-time charge. For Arctic Cat shareholders, that translates into an after-tax expense of $3.5 million, or about 27 cents a share, against the results of the just-finished July-to-September quarter.

The shares closed down $1.81, or 5.2 percent, to $33.01, or nearly 50 percent below its 52-week high of $61.13.

The recall affects about 35,000 ATVs made in 2008 and 4,500 in 2009.

The company said it had no confirmed reports of serious injuries related to the front gear component problem.

Interested consumers can learn more by calling 1-800-279-6851.

The recall news comes after disappointing earnings for April-to-June, which included a one-time, $1.5 million charge for severance paid to ousted CEO Claude Jordan. The company also noted that it has been pounded by the falling Canadian dollar.

The fall of about 5 percent, means Canadian shoppers were forced to spend more on U.S.-made goods. Arctic Cat makes about a third of its revenues from sales in Canada. It did not expect the situation to improve immediately. In July, officials said the unfavorable currency would erase 79 cents a share from full-year earnings.

To help lift the stock, Arctic Cat's board of directors in August authorized a new share repurchase program for up to $25 million of common stock. The boost was in addition to the $1.1 million remaining under a prior repurchase program.

Evan Ramstad contributed to this report.

Dee DePass • 612-673-7725