August 17, 1999 19:51
BIKERS DREAM INC amends 12/31/98 10-K.
Excerpted from 10KSB/A filed on 08/17 by BIKERS DREAM INC:
BIKERS DREAM INC amends 12/31/98 10-K.
RESULTS OF OPERATIONS
The Company conducts its operations through two operating divisions: Motorcycle
and Retail Stores. The Motorcycle division includes the manufacture of large
displacement "V" twin powered custom heavyweight cruiser motorcycles by the
Company at its Riverside, California facility and the sale of these motorcycles
to dealers in its independent dealer network and through its six Company-owned
Superstores. The Retail Stores division includes sales of motorcycles, parts and
accessories by the Company's Superstores.
In accordance with the Company's business plan, the Company's efforts are
currently focused primarily on the growth of the Motorcycle division through
increasing its manufacturing capability and the expansion of the Company's
independent dealer network. The Company expects that in future periods, an
increasing proportion of the Company's revenues will be derived from the
Motorcycle division.
The Company's operations are expected to be impacted by general seasonal trends
that it believes are characteristic of the motorcycle industry. The Company
historically has not been affected by seasonal trends because it began
manufacturing operations in February 1997, and by the fall and winter months of
1997 and early 1998, had sufficient dealer demand to absorb all of the
production the Company was able to achieve at that time. In 1998, however,
production was substantially increased to a point that the Company expects some
effect due to seasonal trends. The Company therefore expects higher revenues to
occur in the second and third quarters in future years.
COMPARISON OF THE FISCAL YEARS ENDED DECEMBER 31, 1998 AND 1997:
REVENUES. Total revenues for the fiscal year ended December 31, 1998, were
$27,735,000 as compared to $14,925,000 for the same period in 1997, representing
an increase of $12,810,000, or 86%.
After giving effect to the elimination of interdivisional charges of
$6,046,000, revenues attributable to the Company's Motorcycle and Retail
Stores divisions for the fiscal year ended December 31, 1998, were $15,853,000
and $11,881,000, respectively, as compared to $5,750,000 and $9,175,000 for the
fiscal year ended December 31, 1997.
(End of item excerpt.)
----------FINANCIAL DATA SCHEDULE--------
PERIOD-TYPE 12-MOS
FISCAL-YEAR-END DEC-31-1998
PERIOD-START JAN-01-1998
PERIOD-END DEC-31-1998
CASH 689,679
SECURITIES 200,634
RECEIVABLES 3,026,251
ALLOWANCES 343,361
INVENTORY 7,644,793
CURRENT-ASSETS 11,439,092
DEPRECIATION 720,108
TOTAL-ASSETS 15,697,913
CURRENT-LIABILITIES 5,038,649
BONDS 0
PREFERRED-MANDATORY 0
PREFERRED 859,694
COMMON 22,642,205
OTHER-SE (17,684,705)
TOTAL-LIABILITY-AND-EQUITY 15,697,913
SALES 27,606,964
TOTAL-REVENUES 27,734,620
CGS 25,783,689
TOTAL-COSTS 25,783,689
OTHER-EXPENSES 5,864,309
LOSS-PROVISION 0
INTEREST-EXPENSE (576,156)
INCOME-PRETAX (4,485,827)
INCOME-TAX 800
INCOME-CONTINUING (4,486,627)
DISCONTINUED 0
EXTRAORDINARY 0
CHANGES 0
NET-INCOME (4,486,627)
EPS-BASIC (1.38)
EPS-DILUTED (1.38)
------------------------------------------------------------------------
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