Giant Motorsports Reports Impressive Third Quarter Results
SALEM, Ohio, Nov. 22, 2005 -- Giant Motorsports Inc. (BULLETIN BOARD: GMOS) , implementing a national roll up strategy with a "big box" destination business model in the motorcycle and powersports industry, published record earnings for its third quarter ended September 30, 2005. Net income (before taxes) for the quarter was $565.7k, up 6.9 percent in comparison to the third quarter of 2004. Nine month earnings (before taxes) total $1.290 million, up 10.5% for the same period in 2004. Revenue for period ended September 30, 2005 was $83.8 million up from $60.2 million for nine months ended 2004.
"We are pleased with our financial performance for the third quarter. Although the consumer has been hit with high gas prices and increasing interest rates, we see continuing enthusiasm for motorcycles, scooters and all terrain vehicles," said Greg Haehn, President of Giant Motorsports, Inc. "During the same period we completed the sale of approximately $2.8 million in convertible Preferred Stock which has reinforced our balance sheet, provided us the ability to move forward with our business plan to acquire additional brands and moved us closer to listing on a national exchange," said Mr. Haehn.
About Giant Motorsports, Inc.
Giant Motorsports is a destination retailer for motorcycles, all-terrain- vehicles (ATVs) and motor scooters. Through implementation of a business strategy based on a regional "big-box" retailer model, Giant believes it has become a leading multi-brand motorsports retailer in the United States. The Company is attempting to leverage revenue and earnings growth through accretive acquisitions in new regions, through internal growth, and through utilization of rollup and consolidation strategies in the fragmented powersports national dealer environment. The Company has two wholly-owned subsidiaries, W.W. Cycles dba Andrews Cycles and Chicago Cycle, Inc. dba Chicago Cycles. More information is located at http://www.giantcorporate.com/ or http://www.andrewscycles.com/ http://www.chicagocycle.com/.