Excelsior-Henderson Motorcycle Manufacturing Company Announces First Quarter 1999 Results.Belle Plaine Belle Plaine may refer to:
Excelsior-Henderson Motorcycle Excelsior-Henderson Motorcycle Company was founded by Dan Hanlon and Dave Hanlon (brothers) who secured the rights to the defunct Excelsior-Henderson trademark in 1994. The two brothers found a number of investors and built a state-of-the-art factory in Belle Plaine, Minnesota. Manufacturing Company (Nasdaq: BIGX) today announced financial results for the first quarter ended April 3, 1999. The Company reported its initial production net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight for the first quarter of 1999 were $1,857,232 with no sales recorded during the first quarter of 1998. Net loss for the first quarter of 1999 was $7,769,172 or $.58 per share compared to a net loss of $3,604,745 or $.28 per share for the first quarter of 1998. The first quarter of 1999 represents the dramatic beginning of production and revenue for Excelsior-Henderson and the public introduction of the Super X(tm) 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. through demo demo - /de'moh/ 1. A demonstration of a product, often of an early version or prototype. A demo is a far more effective way of inducing bugs to manifest themselves than any number of test runs, especially when important people are watching. 2. demo version. 3. rides at Bike Week in Daytona Beach, Florida “Daytona” redirects here. For other uses, see Daytona (disambiguation). Daytona Beach is a city in Volusia County, Florida, USA. According to 2006 U.S. Census Bureau estimates, the city has a population of 64,421. . These results also represent actual shipments of motorcycles to all of Excelsior-Henderson nationwide dealers, who are now making their deliveries to Excelsior-Henderson customers. "We now look forward to the balance of 1999 during which we transition from a 'development stage' company to an operating company operating company A business that engages in transactions with outsiders. ," stated the Co-Founders, Dan, Dave and Jennie Hanlon Hanlon is a surname, and may refer to
Excelsior-Henderson Motorcycle Manufacturing Company manufactures, markets and sells premium 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 American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of 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, as well as related parts, apparel and accessories branded with a name that evokes an authentic AUTHENTIC. This term signifies an original of which there is no doubt. American motorcycling heritage and lifestyle. The Company distributes its products through a national dealer network. Excelsior-Henderson is one of only two authentic American motorcycle companies exclusively committed to the manufacture of motorcycles. Notes Concerning Forward Looking Statements: This press release contains 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. regarding the Company's transition from development stage to an operating company and an increase in production volume that involve risks and uncertainties. The Company's actual results could differ materially from those anticipated in these forward-looking statements. Potential risks and uncertainties include the ability of the Company to increase production volume, while maintaining high quality and controlling production costs. Factors that may affect production volume include the ability of the Company to maintain adequate quantities of high-quality components and supplies, to refine its manufacturing processes, to solve unanticipated problems, and to hire qualified personnel. Factors that may affect production costs include the ability of the Company to purchase motorcycle components and supplies at reasonable costs and to increase production volume. Investors are also encouraged to review the factors described from time to time in the Company's reports on file with the Securities and Exchange Commission, including but not limited to the Company's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the fiscal year ended January January: see month. 2, 1999. -0-
EXCELSIOR-HENDERSON MOTORCYCLE MANUFACTURING COMPANY
Condensed Financial Statements
(Unaudited)
Balance Sheets April 3, January 2,
1999 1999
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ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 2,359,498 $ 4,697,542
Accounts receivable, net 476,618 --
Inventory 5,609,406 1,865,251
Other current assets 480,709 541,371
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Total current assets 8,926,231 7,104,164
PROPERTY AND EQUIPMENT, net 31,234,412 30,317,118
RESTRICTED CASH 3,529,268 8,065,727
OTHER ASSETS 2,506,207 2,501,123
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$ 46,196,118 $ 47,988,132
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LIABILITIES AND
STOCKHOLDERS' EQUITY
CURRENT LIABILITIES $ 11,357,936 $ 10,221,789
LONG-TERM DEBT, less
current maturities 22,491,101 20,569,409
STOCKHOLDERS' EQUITY:
Invested capital 54,034,077 51,114,758
Accumulated deficit (41,686,996) (33,917,824)
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Total stockholders' equity 12,347,081 17,196,934
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$ 46,196,118 $ 47,988,132
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Statements of Operations Three Months Ended
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April 3, 1999 April 4, 1998
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NET SALES $ 1,857,232 $ --
COST OF SALES 4,633,225 --
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Gross margin (2,775,993) --
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DEPARTMENTAL EXPENSES:
Research and development 1,415,994 1,539,128
Sales and marketing 1,425,642 835,875
General and administrative 1,555,877 1,280,529
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Total departmental expenses 4,397,513 3,655,532
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OPERATING LOSS (7,173,506) (3,655,532)
INTEREST INCOME (EXPENSE), net (595,666) 50,787
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NET LOSS $ (7,769,172) $ (3,604,745)
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NET LOSS PER SHARE $ (0.58) $ (0.28)
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WEIGHTED AVERAGE
SHARES OUTSTANDING 13,329,888 13,027,821
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