American Quantum Cycles Reports Improved Financial Results for Fiscal Fourth Quarter.Business Editors MELBOURNE, Fla.--(BUSINESS WIRE)--June 6, 2000 633% Sales Increase; Positive EBITA EBITA Earnings Before Interest Taxes Amortization - Backlog increases to $10.6 million MELBOURNE, Fla.--June 6, 2000--American Quantum Cycles (AMEX AMEX See: American Stock Exchange :AFV AFV Alternative-Fuel Vehicle AFV America's Funniest Home Videos (TV show) AFV Armored Fighting Vehicle AFV America's Funniest Videos AFV Amniotic Fluid Volume AFV America's Funniest Home Video AFV Avantage Fiscal ) announced today a sales increase of 633 percent for its fiscal fourth quarter ended April 30, 2000. The Company said that sales for fiscal fourth quarter were $2,005,523, compared with sales of $273,475 reported for fiscal fourth quarter of 1999. Operating expense Operating Expense The essential things that a company must purchase in order to maintain business. Notes: For example, the payment of employees wages are an operating expense. Also known as OPEX. for the fiscal fourth quarter ended April 30, 2000 were $1,888,594, a 38 percent decrease from operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. of $3,039,888 reported in the fiscal fourth quarter of 1999. EBITA (earnings before interest, taxes and amortization) moved from a negative $2,766,408 in the 1999 fiscal fourth quarter to a positive $116,929 for the fiscal fourth quarter of 2000. American Quantum's reported results also show improvement over the previous quarter: sales increased 122 percent ($2,005,523 in Q4 vs. $904,983 in Q3), operating expenses increased 24 percent in the same time frame ($1,888,594 in Q4 vs. $1,528,911 in Q3), and EBITA (earnings before interest, taxes and amortization) went from negative to positive ($116,929 in Q4 vs. $-617,891 in Q3). (more) American Quantum's Dealer network also increased from 28 at the end of fiscal year 1999 to 72 at the end of fiscal year 2000. The order backlog increased over six times from $1,547,570 at the end of fiscal year 1999 to $10,573,144 at the end of fiscal year 2000. The Company expects to report audited fiscal full year-end results in late July. Richard Hagen, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. stated, "Our financial performance has improved consistently from quarter to quarter throughout all of fiscal year 2000." Hagen added, "This progress has built a solid launch platform for strong financial growth in fiscal year 2001." About American Quantum Cycles American Quantum Cycles manufactures American-made, high performance, custom-made, cruisers and touring style motorcycles with state-of-the-art engines utilizing a patented four-valve head for greater power and lower pollutant pol·lut·ant n. Something that pollutes, especially a waste material that contaminates air, soil, or water. emissions. Using a PC-based kiosk Intranet/Extranet system installed in dealer showrooms, customers can select a precise motorcycle design Motorcycle Design can be described as activities that define the appearance, function and engineering of motorcycles. Professionally it is a branch of industrial design, similar to automotive design using identical techniques and methodology, but not as focused on styling. with options tailored to their requirements. For more information visit the Company's Web site at www.quantumcycle.com. This release contains forward-looking statements that are subject to risks and uncertainties. Although American Quantum Cycles believes that the expectations reflected in its forward looking statements are reasonable, actual results could differ materially from those expectations. Important cautionary statements and risk factors that would affect actual results are discussed in materials filed by American Quantum Cycles with the Securities and Exchange Commission. |
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