May 24, 1999 19:31
BIKERS DREAM INC files 0331 qtr 10-Q. Reports $.02 EPS.
Excerpted from 10QSB filed on 05/24 by BIKERS DREAM INC:
BIKERS DREAM INC files 0331 qtr 10-Q. Reports $.02 EPS.
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Certain matters discussed in this Quarterly Report 10-Q are "forward-looking statements" intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements can generally be identified as such because the context of the statement will include words such as the Company "believes," "anticipates," "expects," "estimates," or words of similar meaning. Similarly, references to
the Company's future plans, objectives or goals are forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties which could cause actual results to differ materially from those anticipated as of the date of this report. Specific factors that may cause such a difference include, but are not limited to, the Company's history of operating losses and accumulated deficit, the Company's limited experience with manufacturing
operations, and competition from other motorcycle manufacturers and retailers. See additional discussion under the heading "Certain Trends and Uncertainties" in Item 6 of the Company's annual report for 1998 on Form 10-KSB. Shareholders, potential investors, and other readers are urged to consider these factors in evaluating the forward-looking statements, and are cautioned not to rely on such
forward-looking statements. The forward-looking statements included herein are only made as of the date of this report and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
GENERAL
From 1990 until 1996, the Company operated primarily as a retailer of
motorcycles, parts and accessories. Prior to 1997 the Company was attempting to establish a network of franchised Bikers Dream stores, but suspended such efforts at the end of 1996. In 1997 the Company established its Motorcycle Manufacturing and Distribution division by completing the acquisition of the motorcycle manufacturing and other assets of Ultra Kustom Cycles. During 1997 and 1998 a significant amount of the Company's resources were devoted to restructuring and repositioning the Company from a retailer to a premier heavyweight cruiser motorcycle manufacturer and distributor. The franchising
program was replaced by a rapidly growing network of licensed Bikers Dream
(End of item excerpt.)
(End of item excerpt.)
----------FINANCIAL DATA SCHEDULE--------
PERIOD-TYPE 3-MOS
FISCAL-YEAR-END DEC-31-1999
PERIOD-START JAN-01-1999
PERIOD-END MAR-31-1999
CASH 1,066,797
SECURITIES 204,047
RECEIVABLES 4,308,931
ALLOWANCES (333,257)
INVENTORY 7,767,534
CURRENT-ASSETS 13,285,338
DEPRECIATION (825,546)
TOTAL-ASSETS 18,263,681
CURRENT-LIABILITIES 5,269,614
BONDS 0
PREFERRED-MANDATORY 0
PREFERRED 2,226,694
COMMON 21,641,830
OTHER-SE 0
TOTAL-LIABILITY-AND-EQUITY 18,263,681
SALES 8,757,711
TOTAL-REVENUES 8,762,728
CGS 6,567,061
TOTAL-COSTS 6,567,061
OTHER-EXPENSES 0
LOSS-PROVISION 0
INTEREST-EXPENSE 221,708
INCOME-PRETAX 117,711
INCOME-TAX 0
INCOME-CONTINUING 117,711
DISCONTINUED 0
EXTRAORDINARY 0
CHANGES 0
NET-INCOME 117,711
EPS-BASIC .02
EPS-DILUTED .02
------------------------------------------------------------------------
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