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3. KEERY, BARBARA S. VP 170,000 S 3/31/00 - 3/1/00 $2.31 - 3,313,106 D 4/19/00
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6. KEERY, PATRICK FRANCIS PR 170,000 S 1/31/00 - 1/1/00 $2.25 - 2,428,549 D 2/18/00
Titan Announces First Quarter Results and Profit Turnaround
PHOENIX, May 15 /PRNewswire/ -- Titan Motorcycle Co. of America (Nasdaq: TMOT) announced first quarter financial results for the period ending April 1, 2000, with sales of $8,021,820 and a loss of $1,487,215 or ($0.09) per share versus sales of $7,645,565 and a loss of $160,292 or ($0.01) per share for the first quarter of 1999.
"This most recent quarter, during which revenue was up over 60% compared to the prior quarter, represents a major milestone for Titan in our program to return the company to profitable operations," said Frank Keery, chief executive officer. Keery noted that while Titan posted a loss for the quarter, the company was profitable in the month of March with record sales.
Keery indicated that with an order backlog at a record level of $9 million as of May 8, 2000, Titan is on track to achieve record sales and profits for the second quarter. Titan continues to ramp up production volumes both on its newly designed high-line product, as well as its Phoenix(TM) line. "Substantial increases in sales, along with product cost reductions and plant-wide efficiency improvements, all bode well for a continuation of improved performance in the coming months," Keery added.
Founded in 1994, Titan Motorcycle Co. of America is a premier designer, manufacturer and distributor of high-end, American-made, V-twin engine motorcycles marketed under various Titan trademarks. Titan's unique, hand-built configurations, including the Gecko(TM), Roadrunner(TM), Sidewinder(TM) and Phoenix(TM) represent the finest available in custom-designed, volume-produced, performance motorcycles. Manufactured at the Company's corporate headquarters and manufacturing facility, and available with a variety of customized options and designs, Titan large displacement motorcycles are sold through a network of over 80 domestic and international dealers.
NOTE: Any statements released by Titan Motorcycle Co. of America that are forward-looking are made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Editors and investors are cautioned that forward-looking statements invoke risks and uncertainties that may affect the Company's business prospects and performance. These include economic, competitive, governmental, technological and other factors discussed in the statements and in the Company's filings with the Securities and Exchange Commission.
SOURCE Titan Motorcycle Co. of America
CO: Titan Motorcycle Co. of America
ST: Arizona
IN: AUT
SU: ERN
05/15/2000 15:00 EDT prnewswire.com |
