Cycle Country Announces Second Quarter Growth; Conference Call Scheduled.MILFORD, Iowa Milford is a city in Dickinson County, Iowa, United States. The population was 2,474 at the 2000 census. The town includes many businesses related to its location in the Iowa Great Lakes region. -- Cycle Country Accessories Corp. (AMEX AMEX See: American Stock Exchange :ATC ATC Air Traffic Control ATC Average Total Cost ATC Certified Athletic Trainer ATC At the Center (Hartford, Maine retreat center) ATC Applied Technology Council ATC All Things Considered ), the recognized leader in developing and manufacturing a variety of products for the all terrain vehicle (ATV (1) (Advanced TV) An early name for the digital TV standard proposed by the Advisory Committee on Advanced Television Service (ACATS). See ACATS. See also ATV Forum. (2) (Analog TV) Refers to the NTSC, PAL and SECAM analog TV standads. ), garden tractors, and golf cars, today announced its earnings of .08 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. for the six months ended March 31, 2006 versus .10 cents per share for the six months ended March 31, 2005. These figures are based on fully diluted shares of 7,256,303 as of March 31, 2006 compared to 5,317,459 shares as of March 31, 2005. Total revenue increased by nearly 25% from $2,809,226 to $3,499,657 for the second quarter and increased virtually 7% from $8,432,964 to $9,001,166 year to date. Gross profit increased 72% from $817,472 to $1,409,351 for the second quarter and increased 47% from $2,474,986 to $3,630,749 year to date. Income from operations also saw an increase of nearly $146,000 from a loss of $3,914 to $141,612 for the second quarter and saw an increase of nearly $269,000 from $781,586 to $1,050,369 year to date. For the second quarter all business segments had increases in revenue year over year. The complete 10-QSB filing is available at www.sec.gov. "Weekend Warrior and Plastic Wheel Covers continue to lead the way in growth, experiencing year to date increases of nearly 285% and 21%, respectively," stated Dave Davis, Cycle Country Accessories Corporation Chief Financial Officer. "Contract Manufacturing, a new segment for us since the acquisition and merger with Simonsen Iron Works, has also been performing well, generating $853,000 in revenue so far this year." Davis went on to explain that while the ATV accessories business segment, and the ATV industry as a whole experienced sluggish sales during the Company's first quarter, the second quarter saw positive results. Management believes that this segment is back on track to generate decent growth over the remainder of the year. Cycle Country management will host a conference call to update guidance and provide the investing community an opportunity to interact with interim 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. John Gault n. 1. (Geol.) A series of beds of clay and marl in the South of England, between the upper and lower greensand of the Cretaceous period. on Tuesday, May 23, 2006 at 10:00 a.m. EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT . Those wishing to participate in the call may do so by dialing 888-373-2605 or 973-935-2968 at approximately 10 minutes prior to the event, and ask for the Cycle Country Accessories Corp. Fiscal Second Quarter 2006 call. The call will be heard live via the Internet through the Cycle Country web site at www.cyclecountry.com. In addition, a replay of the presentation will be posted on the web site after the call. About Cycle Country Accessories Corporation Cycle Country, with over 50% of the worldwide market in several product categories, is the industry leader in the design and manufacturing of custom-fitting accessories for virtually every brand of utility all-terrain vehicles (ATV's). Cycle Country also produces accessories for the lawn and garden market through its subsidiary, Weekend Warrior and makes high performance oil filters for the motorsports industry through its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , Perf-Form. In April of 2005, Cycle Country acquired Simonsen Iron Works, now operating as Cycle Country, Spencer, providing metal fabrication fabrication (fab´rikā´sh  n),n the construction or making of a restoration. . www.cyclecountry.com www.perf-form.com This press release does not constitute an offer to sell or the solicitation of any offer to buy any securities of Cycle Country Accessories Corporation, nor shall there be any sale of any such security in any state in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state. Forward looking statements: This press release and other statements by Cycle Country may contain forward-looking statements within the meaning of 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 with respect to the outlook for earnings and revenues, other future financial or business performance, strategies and expectations. Forward-looking statements are typically identified by words or phrases such as "believe", "expect", "estimate", "potential", or future/conditional verbs such as "will", "should", and "could". |
|
Printer friendly
Cite/link
Email
Feedback
Reader Opinion