[Cannondale Corporation Announces Increased
Earnings and Revenue - part one]
Tuesday January 27, 6:11 pm Eastern Time
Company Press Release
SOURCE: Cannondale Corporation
Cannondale Corporation Announces Increased
Earnings and Revenue
BETHEL, Conn., Jan. 27 /PRNewswire/ -- Cannondale Corporation
(Nasdaq: BIKE - news) today announced results for the second quarter
and first six months of fiscal 1998, the period ended December 27, 1997.
For the three months ended December 27, 1997, net sales were
$47,701,000, a 16% increase over the $41,294,000 recorded for the same
period last year. Net income for the second quarter of fiscal 1998 was
$3,843,000, a $690,000, or 22% improvement over the $3,153,000 recorded
during the prior-year quarter.
Diluted earnings per share were 43 cents for the second quarter compared
to 35 cents for the same period last year. The adoption of Statement of
Accounting Standards (SFAS) No. 128 ''Earnings per Share,'' did not
change earnings per share reported for the same period last year.
For the six months ended December 27, 1997, net sales were $82,010,000, a
14% increase over the $72,174,000 recorded for the same period last year.
Net income for the first half of fiscal 1998 was $4,513,000, a $871,000, or
24% improvement over the $3,642,000 recorded during the prior-year
period.
Diluted earnings per share were 51 cents for the first half of fiscal 1998
compared to 41 cents for the same period last year. The adoption of SFAS
No. 128 increased earnings per share for the prior-year period by 1 cent.
The increased sales in both periods were a result of the continued
worldwide demand for Cannondale products and a sales mix that favored
international markets.
Also in the second quarter, the Company successfully completed
negotiations with auto-maker Volvo to extend and expand their
sponsorship of the Volvo/Cannondale Mountain Bike Racing Team
through the year 2000. In a related development, the Company
announced in October that Australian Cadel Evans had agreed to join the
Volvo/Cannondale squad. A winner of two World Cup events in 1997,
Evans, 20, is a likely candidate to represent Australia in mountain biking
at the 2000 Summer Olympic Games. Because the 2000 Games will be
held in Australia, Evans promises to garner considerable world-wide
media attention as he seeks a gold medal on his home soil.
Cannondale Corporation is the world's leading manufacturer of
high-performance aluminum bicycles. The Company's bicycles and
bicycle accessories, which include clothing, packs and bags, HeadShok
suspension forks and CODA components, are marketed under the
Cannondale brand name and ''Handmade in USA'' logo, and are sold in
the U.S. and in more than 60 foreign countries.
[see part two; next post;
Message 3275841 ] |
