Pickups Plus Reports First Quarterly Profit
Tuesday November 12, 9:56 pm ET
CINCINNATI--Nov. 12, 2002--Pickups Plus, Inc. (OTCBB:PUPS - News), a leading retailer and national franchiser in the $30 billion truck and SUV aftermarket accessories industry, today reported profitability for third quarter of 2002. Revenues for the third quarter 2002 were $638,093 compared to $489,592 for the same quarter a year ago. The revenues for the nine months ending September 30, 2002 were $1,926,785 compared to $1,437,305 for the same period a year ago. This represents a growth of 30.3% and 34.1% respectively. Moreover, the third quarter 2002 represents the first quarterly operating profit for Pickups Plus, Inc. The quarterly profit was $84,236 compared to a loss of $(358,658) for the same quarter a year ago.
Sean Fitzgerald, President, stated, "With the assistance of Professional Management and Consulting Services Group, Inc. in developing and executing its business plan, Pickups Plus has effectively begun to execute its operational turnaround. Increased operating efficiencies, continuing new business momentum and a burgeoning industry environment helped Pickups Plus achieve our first quarterly profit. We are pleased to reach this critical point and hope to continue these positive trends. I am very proud of the efforts put forth by the entire Pickups Plus team to be where we are today. I am similarly gratified to report these earnings to our shareholders on their behalf."
Gary Hoyle, Vice President of Franchise Operations, stated, "We believe that Pickup Plus' future is now, and has never been more promising. We are continuing to bring aboard new franchisees, sign new area development agreements and initiate our dealer network. We are executing our business plan in a timely way and hope to continue announcing growth. The months ahead hold significant promise, and we hope our shareholders will be a continuing part of that future, as we seek to maximize long term value for all our shareholders, both current and future."
With this very important earnings announcement, Sean Fitzgerald and Robert White, President and CFO, both signed the certification of the company's financial records in accordance with the newly enacted Sarbanes-Oxley Act of 2002. "We are very pleased to certify the accuracy of our financial reports in accordance with this higher standard of performance required of today's executive officers," said Robert White.
About Pickups Plus
Pickups Plus is a leading national operator and franchiser of retail stores dedicated to the sale and installation of quality aftermarket accessories for pickup trucks and SUV's. Pickups Plus currently operates four corporate retail stores and has another eight franchise stores throughout seven states. After several years of extensive development and testing of its franchise system, the Company is starting a nationwide expansion in corporate, franchise and dealer locations to become the first national chain in the growing, but highly fragmented industry