Cycle Country Announces Record Revenues With Sales Up 22.4% During the 1st Quarter Of 2002
MILFORD, Iowa, Feb 19, 2002 (BUSINESS WIRE) -- Cycle Country Accessories Corp. (OTCBB:CYCY), the recognized leader in the development and manufacturing of high quality accessories for the all-terrain vehicle (ATV), announces record revenues of $5,064,472 for the first quarter ending December 31, 2001. This represents a 22.4% increase compared with record revenues of $4,136,145 for the first quarter of the previous year. Gross profit for the first quarter ending 12/31/01 totaled $1,538,451 verses $1,269,605 for the comparable quarter in 2000. The Company reported net income from operations of $593,777 compared to $493,828 for the same quarter last year. Net income before taxes totaled $533,885 as compared to $533,346 for the corresponding period ending December 31, 2000.
Cycle Country President, Ron Hickman stated: "Significant to note is that all profit and net income numbers increased, although the Company incurred the substantial one time expenses of going public and other extraordinary items from increased new product development and a greater ramp-up of the sales and marketing force." Mr. Hickman continued; "Going forward, we are committed to strong growth and will continue to expand marketing efforts for our established ATV accessory products along with some brand new products while developing several exciting new markets."
About Cycle Country Accessories Corp.: Cycle Country (http://www.cyclecountry.com), with over 50% of the worldwide market, is the industry leader in the design, engineering and manufacturing of custom fitting accessories for the all-terrain vehicle (ATV). Since 1981, Cycle Country has developed an extensive line of branded products of mowers, plows, spreaders, sprayers, three-point hitches, winch kits and many other utility equipment items along with an expanding line of accessories for recreational use. The Company's accessories custom fit virtually all brands of ATV's on the market today including all models from Honda, Polaris, Yamaha, Kawasaki, Suzuki, Arctic Cat and Bombardier. Cycle Country ATV accessory products are distributed throughout the U.S.A. and Canada by a group of 16 distributors who sell Cycle Country products to essentially every ATV and motorcycle dealer in North America.
Additionally, Cycle Country dominates the manufacturing of wheel covers for original equipment manufacturers (OEM's) with approximately 90% of the worldwide market and 80% of after-market wheel cover sales, respectively. The Company has strategic arrangements with 19 international distributors providing product sales in Asia, Europe, Central and South America. Current international distribution agreements are in effect in 35 countries. Cycle Country also subcontracts the manufacturing of many original equipment product and product components for local, regional and national vendors.
Complete financials from the Cycle Country 10-Q filing is posted on sec.gov or on the Company's website at cyclecountry.com under the heading "Investor Relations." For further information, e-mail to IR@cyclecountry.com. Please direct any financial questions to Scott Gibson, Managing Principal at Veritas Capital Group via e-mail to CYCY@veritascap.com or call 407.562.1900 from 9 am to 5 pm (EST). Cycle Country Corporate Headquarters - 2188 Hwy. 86 - Milford, IA 51351 - 800-841-2222
CONTACT: Veritas Capital Group, Heathrow, Fla. Financial contact: Scott Gibson, 407/562-1900 email: CYCY@veritascap.com
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