biz.yahoo.com part 1:
Cannondale Corporation Announces Increased Earnings and Revenue
Monday October 26, 5:27 pm Eastern Time
Company Press Release
SOURCE: Cannondale Corporation
Cannondale Corporation Announces Increased
Earnings and Revenue
BETHEL, Conn., Oct. 26 /PRNewswire/ -- Cannondale Corporation
(Nasdaq: BIKE - news) today announced results for the first quarter of
fiscal 1999, the period ended September 26, 1998.
For the three months ended September 26, 1998, net sales were
$42,218,000, a 23% increase over the $34,309,000 recorded for the same
period last year. Net income for the first quarter of fiscal 1999 was
$712,000, a $42,000, or 6% improvement over the $670,000 recorded
during the prior-year quarter.
Diluted earnings per share were 9 cents for the first quarter of fiscal
1999, an improvement of 29% compared to 7 cents recorded for the same
period last year. These calculations reflect a 12% decrease in the
weighted average common and common equivalent shares outstanding
primarily as a result of the Company's repurchase of its common stock.
The increased sales and earnings were primarily a result of strong
worldwide demand for Cannondale products during the first quarter of
fiscal 1999 and a sales mix that favored international markets. The
increased earnings were tempered by increased research and
development expenses primarily associated with the development of the
motocross motorcycle.
Besides higher sales and earnings, the first quarter was highlighted by
the continued success of Cannondale's sponsored athletes. In August,
Tinker Juarez of the Volvo/Cannondale mountain bike racing team was
crowned the U.S. National Champion in men's cross-country racing
after winning his third NORBA National Championship Series title. In
September, Volvo/Cannondale's Cadel Evans and Alison Sydor secured
overall wins in the UCI Cross-Country World Cup Series in the men's
and women's events, respectively. The World Cup Series, which began in
March, features eight races at venues around the world and carries
tremendous prestige among fans of mountain bike racing.
This press release contains forward-looking statements, as defined
under the Private Securities Litigation Reform Act of 1995. Actual
results may differ materially from those anticipated as a result of various
risks and uncertainties, including risks and uncertainties described in
this press release, as well as those detailed from time to time in the
Company's periodic reports on Forms 10-K, 10-Q and 8-K filed with
the Securities and Exchange Commission. Readers are cautioned not to
place undue reliance on these forward-looking statements which speak
only as of the date hereof. The Company undertakes no obligation to
publish revised forward-looking statements to reflect events or
circumstances after the date hereof or to reflect the occurrence of
unanticipated events.
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.
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