Boyds Wheels reports record first quarter earnings; net income advanced 126% on 46% higher sales.STANTON, Calif.--(BUSINESS WIRE)--May 8, 1996--Boyds Wheels Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :BYDS) Wednesday reported record earnings and higher sales for its first fiscal quarter ended March 31, 1996. Net income increased 126% to $360,000, or $.14 per weighted average share, compared with $159,000, or $.09 per weighted average share, in the 1995 first quarter. Income from operations rose by 56% to $644,000 from $413,000 in the first quarter of 1995. Income before income taxes advanced 120% to $596,000 compared with $271,000 in the prior year period. Revenues rose 46% to $5.3 million, from $3.7 million in the prior year's first quarter. The increase in weighted average shares is due to the initial public offering of 1.25 million shares of common stock completed in September 1995, which raised approximately $4.18 million in net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). to the company. "These strong gains certainly validate To prove something to be sound or logical. Also to certify conformance to a standard. Contrast with "verify," which means to prove something to be correct. For example, data entry validity checking determines whether the data make sense (numbers fall within a range, numeric data our strategy of expanding into new yet related market segments of the specialty automotive aftermarket Aftermarket See: Secondary market. aftermarket See secondary market. ," said Boyd Coddington Boyd Leon Coddington (born 1944)[1] is the owner of the Boyd Coddington Hot Rod Shop and star of American Hot Rod on TLC. Background Coddington grew up in Rupert, Idaho, where he got his first car (a 1931 Chevrolet truck) at age 13. , Chief Executive Officer. "We continue to be particularly excited about the growth prospects for our 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. wheels and accessories product lines. With the popularity and sales of Harley-Davidson motorcycles on the rise, combined with the Boyds name recognition in this segment, we anticipate the motorcycle market to continue to be a significant long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. growth area." Boyds Wheels earlier this year signed a purchase order with Custom Chrome (NASDAQ:CSTM CSTM Centrale Syndicale des Travailleurs Martiniquais (French: Central Union for Martinique Workers) CSTM Certified Software Test Manager (IIQM & STQC) CSTM Customer Service Team Member ), the nation's largest distributor of aftermarket accessories for Harley-Davidson, for $130,000 of Boyds' motorcycle accessory accessory, in criminal law, a person who, though not present at the commission of a crime, becomes a participator in the crime either before or after the fact of commission. products. This order exceeds by 30% the total sales of the accessory product line in 1995. Coddington also added that the sport utility vehicle market and Japanese markets continue to show strong strength in 1996. The company is also currently exploring distribution opportunities for its car care products line with several large retail chains. Founded in 1988, Boyds Wheels Inc. designs, manufactures and markets high-quality aluminum wheels for the specialty automotive and motorcycle aftermarkets. The company sells its products through a nationwide network of retailers, distributors and mail order outlets, as well as through foreign distribution channels. -0-
BOYDS WHEELS INC.
Statements of Income
(In thousands, except share and per share data)
(Unaudited)
Three Months Ended
March 31,
1996 1995
Net sales $ 5,334 $ 3,660 Cost of goods sold 3,976 2,782 Gross margin 1,358 878 Selling, general & administrative expenses 714 465 Income from operations 644 413 Interest and other expenses, net 48 142 Income before provision for income taxes 596 271 Provision for income taxes 236 112 Net income $ 360 $ 159 Earnings per share $ .14 $ .09 Weighted average shares outstanding 2,655,000 1,697,000 CONTACT: Boyds Wheels Inc. Rex Ours, 714/952-4038 or Pondel Parsons Parsons, city (1990 pop. 11,924), Labette co., SE Kans.; inc. 1871. It is a shipping point for dairy products, grain, and livestock. Manufactures include ammunition, wire and paper products, plastics, and appliances. & Wilkinson Craig Parsons/Lisa Prukop, 310/207-9300 |
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