Bikers Dream Reports Third-Quarter Financial Results; Record Nine-Month Revenues.MIRA Mira (mī`rə), [Lat.,=marvelous], variable star in the constellation Cetus; Bayer designation Omicron Ceti; 1992 position R.A. 2h19.0m, Dec. −3°05'. LOMA lo´ma n. 1. (Zool.) A lobe; a membranous fringe or flap. , Calif.--(BUSINESS WIRE)--Nov. 22, 1999-- Bikers Dream Inc. (Nasdaq:BIKR) Monday announced its financial results for the third quarter of 1999 and 1999 year to date. Revenues were $8,478,000 for the quarter ended Sept. 30, 1999, compared with $9,697,000 for the comparable quarter in 1998. The decrease of $1,219,000 is attributable to a decrease in sales at the company-owned retail stores of $677,000, together with missed motorcycle motorcycle, motor vehicle whose design is based on the bicycle. The German inventor Gottlieb Daimler is generally credited with building the first practical motorcycle in 1885. The motorcycle did not become dependable and popular, however, until after 1900. shipments at the factory level as a result of poor vendor performance. Net loss was $686,000, ($0.13 per share) compared with net income of $613,000 ($0.15 per share) for the comparable quarter in 1998, both before the effects of preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. dividends and beneficial conversion feature granted to Series C Preferred shareholders. The loss in the third quarter of 1999 additionally includes the impact of a systems change in processing certain transactions, which had the effect of accelerating the recognition of expense by approximately $200,000. Revenues for the nine months ended Sept. 30, 1999, were $27,108,000, compared with $22,696,000 for the comparable period in 1998, an increase of 19.4%. Net loss for the nine months ended Sept. 30, 1999, was $325,000, compared with income of $115,000 for the comparable period in 1998, both before preferred stock dividends and the impact, in the 1998 period, of the beneficial conversion feature granted to the holders of Series C Preferred Stock. The increase in sales of $4,412,000 represents an increase in shipments of the company's Ultra brand of motorcycles from the factory of $4,814,000 and a decrease from sales in the company-owned retail stores of $402,000. Herm herm, in Greek art herm (hûrm), in 6th-century Greek art, vertical pillar surmounted by a bearded human head and often having a phallus below. These structures were considered sacred to Hermes. Rosenman, Bikers' 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. , commented: "We are pleased with the increase in sales of the Ultra product. Our plans to increase the revenue and profitability of our company-owned retail stores are being re-evaluated and we are presently considering alternatives to realize the value of that asset. "The third quarter of the year presents a financial challenge, given our current capital structure. We are currently exploring a variety of ways to improve our financial flexibility." Bikers Dream is a manufacturer, distributor and retailer of quality-built American heavyweight heavyweight - High-overhead; baroque; code-intensive; featureful, but costly. Especially used of communication protocols, language designs, and any sort of implementation in which maximum generality and/or ease of implementation has been pushed at the expense of mundane cruiser cruiser, large, fast, moderately armed warship, intermediate in type between the aircraft carrier and the destroyer. During World War II, battle cruisers operated as small battleships, combining in one vessel maximum qualities of gun caliber, armor protection, and motorcycles. Corporate headquarters and manufacturing operations Manufacturing operations concern the operation of a facility, as opposed to maintenance, supply and distribution, health, and safety, emergency response, human resources, security, information technology and other infrastructural support organizations. are located in Mira Loma. Certain matters discussed herein are "forward-looking" statements intended to qualify for the safe harbors Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. from liability in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Such forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. are subject to certain risks and uncertainties, which could cause actual results to differ materially from those anticipated as of the date hereof here·of adv. Of this. hereof Adverb Formal or law of or concerning this Adv. 1. hereof - of or concerning this; "the twigs hereof are physic" . Specific factors that might cause such a difference might include, but not be limited to, those referenced by the company's filings with the Securities and Exchange Commission. 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 CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or . -0-
Bikers Dream Inc.
Financial Highlights
Three Months Ended Nine Months Ended
Sept. 30, Sept. 30,
(As Restated, (As Restated,
(Unaudited) Unaudited) (Unaudited) Unaudited)
1999 1998 1999 1998
REVENUES $ 8,478 $ 9,697 $ 27,108 $ 22,696
COST OF GOODS SOLD 6,996 7,511 21,226 18,205
GROSS PROFIT 1,482 2,186 5,882 4,491
OPERATING EXPENSES
Selling, general and
administrative expenses 1,808 1,226 5,122 3,559
Depreciation and
amortization 172 135 499 380
Total expenses 1,980 1,361 5,621 3,939
OPERATING INCOME (LOSS) (498) 825 261 552
OTHER EXPENSE
Interest (expense) (193) (208) (594) (414)
Other income (expense), net 5 (4) 8 (23)
Total other (expense) (188) (212) (586) (437)
INCOME (LOSS) BEFORE
PROVISION FOR INCOME TAXES (686) 613 (325) 115
PROVISION FOR INCOME TAX -- -- -- --
NET INCOME (LOSS) before
Preferred Stock Dividends
and Beneficial Conversion
Feature (686) 613 (325) 115
115
Beneficial conversion feature
granted to Series C
Preferred Shareholders -- -- (318) (1,336)
Preferred stock dividends 71 270 -- 109
NET INCOME (LOSS) available
to Common Shareholders $ (615) $ 883 $ (643) $ (1,112)
(LOSS) PER COMMON SHARE:
Basic $(0.12) $ 0.21 $(0.13) $ (0.35)
Diluted $(0.12) $ 0.18 $(0.13) $ (0.35)
WEIGHTED AVERAGE COMMON
SHARES OUTSTANDING:
Basic 5,163 4,205 5,147 3,159/a
Diluted 5,163 5,035 5,147 3,159/a
(a) Adjusted for the company's 1-for-5 reverse stock split of
February 1998.
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