*********EARNINGS!!!***************
May 18, 1999 17:51
Bikers Dream Reports 76 Percent Increase in Revenue;
Record First-Quarter Profit
MIRA LOMA, Calif.--(BUSINESS WIRE)--May 18, 1999--Bikers Dream Inc. (Nasdaq:BIKR)
Tuesday reported record first-quarter results for the period ended March 31, 1999.
Revenues for the quarter increased 76 percent to $8,762,728, compared with revenues of $4,992,789 reported for the first quarter of 1998. Gross profit increased 204 percent to $2,195,667, from $720,365 reported for the comparable 1998 quarter.
The company reported net income of $117,711, or $0.02 per share, compared with a net loss of $630,840, or $(0.25) per share for the first quarter of 1998. (Per-share data reflects the 1-for-5 reverse stock split which became effective Feb. 5, 1998).
The increased revenues were primarily attributable to an increase in the number of motorcycles manufactured and sold by the company's motorcycle division, which totaled 466, more than double the amount from the prior period.
Herm Rosenman, chairman and CEO, said: "We are gratified that, for the first time in the company's history, we achieved profitability in the first quarter, a period that historically has been slower than other quarters. We also ended the quarter with a record backlog of dealer
orders."
The company's Form 10QSB, together with the limited review report for the first quarter of 1999, prepared by the company's independent auditing firm, will be filed on or before May 24, 1999.
Bikers Dream is a manufacturer, distributor and retailer of quality-built American heavyweight cruiser motorcycles. Corporate headquarters and manufacturing operations are located in Mira Loma.
Certain matters discussed herein are "forward-looking" statements intended to qualify for the safe harbors from liability in the Private Securities Litigation Reform Act of 1995. 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 hereof. Specific factors that might cause such a difference might include, but not be limited to, those referenced by the company's 10KSB for the year ended Dec. 31, 1998. The forward-looking statements contained herein are only made as of the date hereof and the company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
Bikers Dream Inc.
Financial Highlights
1998 1997
Revenue $ 8,762,728 $ 4,992,789
Cost of Goods Sold 6,567,061 4,272,424
Gross Profits 2,195,667 720,365
SG&A 1,687,766 1,118,646
Depreciation & Amortization 168,482 130,633
Total Expenses 1,856,248 1,249,279
Operating Income (loss) 339,419 (528,914)
Interest Expense 221,708 101,926
Total Other Income 221,708 101,926
Net Income before Taxes 117,711 (630,840)
Taxes -- --
Net Income 117,711 (630,840)
Basic EPS $ 0.02 $ (0.25)
Basic Shares 5,152,737 2,538,844
Diluted EPS $ 0.02 $ (0.25)
Diluted Shares 5,246,071 2,538,844
CONTACT: Bikers Dream Inc., Mira Loma
Investor Relations, 800/927-4730
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