Record All-Terrain Vehicle Sales In U.S.MILFORD, Iowa--April 30, 2002--
Cycle Country Accessories Corp. (OTCBB: CYCY), the recognized leader in the development and manufacturing of custom-fitting accessories for the utility all-terrain vehicle (ATV), announced today that ATV industry figures for U.S. ATV unit sales during 2001 showed an 12.4% increase with total ATV sales exceeding 700,000 units as noted by ATV Magazine. This growth followed a 19.2% increase in 2000, the year in which total ATV sales surpassed total motorcycle sales for the first time.
In an issue of the highly regarded industry publication for motorcycle & ATV dealers, Dealernews Magazine, a feature article noted: "ATV's may represent the largest untapped, money-making opportunity for dealerships. First, 50% of the average dealership's sales come from ATV's. Second, ATV's have more room for accessories than motorcycles. Third, most ATV's are used for multiple activities which require multiple accessories." Additionally, ATV's are a year-round product unlike the seasonality of snowmobiles, personal watercraft and motorcycles.
Cycle Country President, Ronald Hickman stated: "Historically, ATV sales have continued growing through economic cycles in large part because of the work-related applications inherent to Utility ATVs. Undoubtedly, this has helped sustain our industry growth during slower economic periods as is evidenced by Cycle Country's 15% earnings growth for fiscal 2001 and 22.4% revenue growth during the first quarter of 2002. We continue to expect our annual earnings to grow at a double-digit rate."
About Cycle Country Accessories Corp.
Cycle Country, http://www.cyclecountry.com, with over 50% of the worldwide market, is the industry leader in the design, engineering and manufacturing of custom-fitting accessories for the utility all-terrain vehicle (ATV). Since 1981, Cycle Country has developed an extensive line of branded products of mowers, plows, spreaders, sprayers, hitches and many other utility equipment items along with accessories for the recreational user. The Company's accessories custom fit virtually every brand of ATV on the market including all models from Honda, Polaris, Yamaha, Kawasaki, Suzuki, Arctic Cat and Bombardier. Cycle Country's ATV accessory products are distributed throughout the U.S.A. and Canada by a group of 16 distributors who sell their products to essentially all ATV and motorcycle dealers in North America.
The Company has also developed strategic arrangements with 19 international distributors that sell Cycle Country products in Asia, Europe, Central and South America. Current distribution agreements are in effect in 35 countries. Additionally, Cycle Country dominates the golf car wheel cover market by manufacturing approximately 90% of all wheel covers sold to original equipment manufacturers (OEM's) worldwide. With the recently announced acquisition, Cycle Country also sells premium high performance oil filters for motorcycles and ATVs throughout the U.S. under the brand name Perf-form Products.
For further information, visit Cycle Country's website at http://www.cyclecountry.com or e-mail to IR@cyclecountry.com.
Please direct any financial questions to Scott Gibson, Managing Principal at Veritas Capital Group via e-mail to CYCY@veritascap.com or phone 407.772.7719 from 9a.m.until 5p.m. (EST). Cycle Country Accessories Corporation
Headquarters: 2188 Highway 86 - Milford, Iowa 51351 - 800.841.2222.
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 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."