(COMTEX) B: Karts International Announces 1999 Results; Revenues Incr
B: Karts International Announces 1999 Results; Revenues Increase by 46%
ROSELAND, La., Mar 31, 2000 (BUSINESS WIRE) -- Karts International Incorporated
(OTCBB:KINT) today reported results of operations for the year ended December
31, 1999.
Net revenues for the year ended December 31, 1999 were approximately $12.0
million, a 46% increase over net revenues of $8.2 million for the same period
last year. The Company reported an increase in gross profit of approximately
$1.1 million to $0.7 million for the year ended December 31, 1999, compared to a
gross loss of $(0.5 million) for the year ended December 31, 1998.
For the year ended December 31, 1999, Karts reported net loss per share of
$(0.42), a reduction of approximately 80% from the net loss per share of $(2.05)
reported for the year ended December 31, 1998. The Company's net loss for the
year was approximately $(2,366,000) compared to a net loss of approximately
$(10,073,000) in 1998.
"We are pleased with all that the Karts team was able to accomplish in 1999,"
said Charles "Chuck" Brister, President and Chief Executive Officer of the
Company. "It was a challenging year that required a lot of work from the entire
team to get this Company back on the right track. To have significantly
increased sales and reduced costs while restructuring the organization and
consolidating the operations is a real accomplishment. We are especially
thankful for the support the Company received from its shareholders, vendors and
customers."
Brister stated that "With the introduction of our new Polaris kart line and
expected continued growth in our existing product lines, year 2000 should be a
record-breaking year for the Company. We have a number of opportunities in front
of us this year and the team in place to take advantage of them."
Karts International Incorporated and Subsidiaries
Summarized Financial Data
For the year ended December 31,
1999 1998
---- ----
Net revenues $ 11,997,800 $ 8,219,600
Gross profit/(Loss) 667,600 (480,600)
Operating expenses 2,775,400 3,504,400
Other (240,900) (6,102,600)
Provision for income taxes 17,100 (14,800)
Net loss $ (2,365,900) $(10,072,900)
Net loss per share $ (0.42) $ (2.05)
Weighted average number
of shares outstanding 5,574,298 4,920,702
Condensed Consolidated Balance Sheet
1999 1998
---- ----
ASSETS
Current assets $5,467,000 $4,859,000
Net property and equipment 1,969,500 1,900,200
Other assets 692,100 665,800
Total assets $8,128,600 $7,425,000
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities $5,685,300 $5,374,700
Long term debt 1,766,100 242,400
Shareholders' equity 677,200 1,807,900
Total liabilities and
shareholders' equity $8,128,600 $7,425,000
Karts International Incorporated, through its four wholly owned subsidiaries,
Brister's Thunder Karts, Inc., USA Industries, Inc., Straight Line
Manufacturing, Inc. and KINT LLC is one of the largest manufacturers of
recreational go-karts in the United States.
The information in this news release includes certain forward-looking statements
that are based upon assumptions that in the future may prove not to have been
accurate and are subject to significant risks and uncertainties, including
statements to the future financial performance of the Company. Although the
Company believes that the expectations reflected in its forward-looking
statements are reasonable, it can give no assurance that such expectations or
any of its forward-looking statements will prove to be correct. Factors that
could cause results to differ include, but are not limited to, successful
performance of internal plans, product development and acceptance, the impact of
competitive services and pricing, or general economic risks and uncertainties.
Distributed via COMTEX.
Copyright (C) 2000 Business Wire. All rights reserved.
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CONTACT: Karts International Incorporated, Roseland
Chuck Brister, 504/747-1111
KEYWORD: LOUISIANA
INDUSTRY KEYWORD: AUTOMOTIVE
MANUFACTURING
EARNINGS
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