Printer Friendly

HUFFY CORPORATION DECLARES REGULAR DIVIDEND AND PROJECTS EARNINGS DECLINE FOR SECOND QUARTER

 HUFFY CORPORATION DECLARES REGULAR DIVIDEND
 AND PROJECTS EARNINGS DECLINE FOR SECOND QUARTER
 DAYTON, Ohio, June 19 /PRNewswire/ -- The board of directors of Huffy Corporation (NYSE: HUF) today declared a regular quarterly dividend of $.075 per common share, payable Aug. 3, 1992, to holders of record July 15, 1992. The company also announced that 1992 second quarter earnings are expected to be 25-30 percent below 1991 record second quarter earnings of $.50 per common share.
 Harry A. Shaw III, chairman of the board and chief executive officer, said, "The reduction in earnings is a direct result of several decisions we made at the Huffy Bicycle Company and a recent slowdown of bicycle retail sales.
 "We introduced our Cross sport bicycle this spring with disappointing results. Even though this is our first new product disappointment in 10 years, we realize it is a risk inherent in introducing new innovative consumer products. Compounding the problem is the decision that was made to allocate 1992 production very tightly in order to restore customer service levels that suffered during 1991. To remedy these problems, we are eliminating production to reduce bicycle inventories, implementing both overhead cost and expense reduction programs, accelerating new product introduction, and replacing production capacity designated for the Cross sport model with lower margin product. These actions will impact results throughout 1992."
 Shaw concluded, "All of our other Huffy Companies are on track to exceed 1991 performance levels. However, with the recent softness of bicycle retail sales, earnings forecasts for the year are difficult. Much depends on the duration of this recent downturn at retail. We are hopeful that it is short-lived and that we will return to solid performance in the second half of the year."
 Huffy Corporation is a major supplier of bicycles, basketball, hardware and juvenile products, and a nationwide supplier of assembly, merchandising and inventory services to high volume retailers.
 -0- 6/19/92
 /CONTACT: Pamela J. Whipps, assistant treasurer and manager, investor relations for Huffy Corporation, 513-866-6251/ CO: Huffy Corporation ST: Ohio IN: LEI SU: DIV


KK -- CL007 -- 1961 06/19/92 13:32 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jun 19, 1992
Words:348
Previous Article:SEN. SPECTER AND REP. WELDON TO ADDRESS BOEING HELICOPTERS WORKERS ON CONGRESSIONAL EFFORTS TO KEEP ALIVE V-22 OSPREY PROGRAM
Next Article:SEPTA RAILWORKS R6 EXPRESS BUS SERVICE CHANGES MONDAY
Topics:


Related Articles
HUFFY CORPORATION'S BOARD OF DIRECTORS DECLARES COMMON DIVIDEND
HUFFY CORPORATION TO REDEEM 7-1/4 PERCENT CONVERTIBLE SUBORDINATED DEBENTURES DUE 2014
HUFFY CORPORATION'S BOARD OF DIRECTORS DECLARES COMMON DIVIDEND
HUFFY CORPORATION BOARD OF DIRECTORS DECLARES COMMON DIVIDEND
HUFFY CORPORATION BOARD OF DIRECTORS DECLARES COMMON DIVIDEND
HUFFY CORPORATION BOARD OF DIRECTORS DECLARES COMMON DIVIDEND
Huffy Corporation Board of Directors Declares Common Dividend
Huffy Corporation Board of Directors Declares Common Dividend
Huffy Corporation to Complete Payment of Declared Dividend.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters