Friday November 14, 7:49 pm Eastern Time
Company Press Release
Boyds Wheels Reports Third Quarter Financial Results
STANTON, Calif.--(BUSINESS WIRE)--Nov. 14, 197--Boyds Wheels Inc. (NASDAQ:BYDS - news) Friday reported
financial results for its third quarter and nine month period ended Sept. 30, 1997.
The company posted a net loss for the third quarter of $2.1 million (including a bad debt charge of $465,000) or $0.55 per
share, vs. net income of $568,000, or $0.14 per share, in last year's quarter. Sales for the current quarter equaled $4.8 million
vs. $7.6 million in the prior year period.
For the nine-month period, the company had a net loss of $7.5 million (including the one-time charge of approximately $2.3
million) or $1.95 per share, compared with net income of $1.7 million, or $0.55 per share a year ago. Sales for the first nine
months were $12.6 million vs. $21.3 million in the comparable 1996 period.
Operating results and gross margins continued to be affected in the first nine months by under-utilization of the company's
expanded manufacturing facilities and by a significantly lower sales volume.
Founded in 1988, Boyds Wheels designs, manufactures and markets high-quality aluminum wheels and related products for the
specialty automotive and motorcycle aftermarkets. The company's wholly owned subsidiary, Hot Rods by Boyds, is a global
leader in the design and manufacture of custom cars and hot rods for individual clientele and promotional businesses. |
