Printer Friendly

CUSTOM CHROME REPORTS THIRD QUARTER RESULTS

 CUSTOM CHROME REPORTS THIRD QUARTER RESULTS
 MORGAN HILL, Calif., Nov. 20 /PRNewswire/ -- Custom Chrome, Inc.


(NASDAQ: CSTM), today reported revenues for its third quarter ended Oct. 31, 1991, were $9,996,000, an increase of 10.1 percent over revenues of $9,081,000 reported for the same period last year. Third quarter operating income was $1,347,000 compared to $602,000 for the same period last year, an increase of 123.8 percent.
 Net income was $455,000 or 18 cents per share, compared to a loss of $491,000, or 20 cents per share, for the comparable period last year. Net income reflects an extraordinary tax credit of $170,000, or 7 cents per share, resulting from utilization of net operating loss carryforwards. The prior year's third quarter included $417,000 of amortization related to a covenant not-to-compete, which was subsequently written off and does not affect the current year's third quarter.
 Custom Chrome, whose initial public offering became effective Nov. 5, 1991, is the largest independent wholesale supplier of aftermarket parts and accessories for Harley-Davidson motorcycles.
 The company also announced the election of two independent members to its board of directors, Thomas R. McGuire, chief executive officer of the Coast Distribution System, and Michael J. Waide, chief financial officer of INMAC Corp.
 CUSTOM CHROME, INC.
 Consolidated Statements of Operations (Unaudited)
 (In thousands, except per share amounts)
 Periods ended Three Months Nine Months
 Oct. 31 1991 1990 1991 1990
 Net sales $9,996 $9,081 $34,838 $32,257
 Cost of sales 5,700 5,287 19,654 18,582
 Gross profit 4,296 3,794 15,184 13,675
 Operating expenses:
 Selling, general & admin. 2,708 2,546 7,955 7,330
 Product development 187 172 546 534
 Amortization of other
 assets, excluding debt
 issuance costs (A) 54 474 164 1,423
 Nonrecurring charge (B) 0 0 2,800 0
 Total operating expenses 2,949 3,192 11,465 9,287
 Operating income 1,347 602 3,719 4,388
 Interest expense 872 1,093 2,924 3,335
 Income (loss) before income
 taxes and extraord. items 475 (491) 795 1,053
 Income taxes 190 0 194 8
 Income (loss) before
 extraordinary items 285 (491) 601 1,045
 Extraordinary items - tax
 benefit from net operating
 loss carryforward 170 0 170 0
 Net income (loss) $ 455 $ (491) $ 771 $ 1,045
 Per share data:
 Income (loss) per share
 before extraord. items $0.11 $(0.20) $0.24 $0.42
 Net income (loss) per share $0.18 $(0.20) $0.31 $0.42
 Weighted average shares
 outstanding 2,500 2,500 2,500 2,500
 (A) -- The three month and nine month periods in 1990 were affected by $417,000 and $1,250,000, respectively, representing amortization of a covenant not-to-compete which was subsequently written off and which does not impact the corresponding periods for 1991. Amortization of debt issuance costs is included in interest expense.
 (B) -- A nonrecurring charge relating to the grant of a stock option to an officer of the company to purchase shares of common stock was recorded as of July 31, 1991.
 -0- 11/20/91
 /CONTACT: Nace Panzica, president and CEO, or Robert Lanz, vice president-finance and chief financial officer of Custom Chrome, 408-778-0500/
 (CSTM) CO: Custom Chrome, Inc. ST: California IN: SU: ERN


GK-FC -- NY054 -- 5467 11/20/91 13:18 EST
COPYRIGHT 1991 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 20, 1991
Words:560
Previous Article:ADVANCED MAGNETICS OF CAMBRIDGE, MASS., TRADES UP FROM OTC TO THE AMERICAN STOCK EXCHANGE
Next Article:ORION CAPITAL COMPLETES INITIAL PUBLIC OFFERING OF 50.4 PERCENT OF GUARANTY NATIONAL
Topics:


Related Articles
CUSTOM CHROME NAMES JIM KELLY VICE PRESIDENT OF FINANCE AND CHIEF FINANCIAL OFFICER
COUNTERCLAIMS FILED AGAINST CUSTOM CHROME, INC. FOR ANTI-TRUST VIOLATIONS AND INVALID PATENTS
ARMCO REPORTS FIRST QUARTER NET INCOME OF $6.9 MILLION
Perot Systems Signs 10-Year, $22 Million IT Outsourcing Contract With Global Motorsport Group, Inc.
Harley-Davidson Announces Early Release of 2005 Sportsters.
Chrome(R) Systems Vehicle Descriptions Help Power Complete Online Vehicle Marketing System from AutoRevo.com.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters