Titan Announces Record Sales and Profits
6 April 1999
Titan Announces Record Sales and ProfitsPHOENIX--April 5, 1999--Titan Motorcycle Co. of America announced record sales and profits for the 1998 fiscal year.
Sales increased 113% to $27.9 million as compared to $13.1 million for 1997.
The company showed its first-ever full-year profit of $237,000 or $0.01 per share as compared to a loss of $1,673,743 in 1997.
"We are pleased to reach another milestone for Titan with year-to-year sales growth more than doubling and the achievement of our first-ever full year of profitability" commented CEO Frank Keery.
Keery indicated, "Operating results are even more significant when viewed in the context of the continuing major investments made throughout 1998. Most notable were the preparations for full commercialization of the new Phoenix line of motorcycles introduced in early 1999."
"The fact that our sales continue their exceptional growth is impressive, especially in the light of a number of new entrants into this market such as Excelsior-Henderson and Indian Motorcycle. Titan continues to be recognized as a leading major force in the industry, as evidenced by the working agreements with prestigious companies like Shelby American, Inc. It is this caliber of working relationship that keeps Titan ahead of the pack," said Keery.
Founded in 1994, Titan Motorcycle Co. of America is a premier designer, manufacturer and distributor of high-end, American-made, V-twin engine motorcycles marketed under various Titan trademarks. Titan's unique, hand-built configurations, including the Gecko(TM), Roadrunner(TM), and Sidewinder(TM) represent the finest available in custom-designed, volume-produced, performance motorcycles.
Manufactured at the company's corporate headquarters and manufacturing facility, and available with a variety of customized options and design, Titan large displacement motorcycles are sold through a network of over 90 domestic and international dealers.
NOTE: Any statements released by Titan Motorcycle Co. of America that are forward-looking are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Editors and investors are cautioned that forward-looking statements invoke risk and uncertainties that may affect the company's business prospects and performance. These include, but are not limited to, economic, competitive, governmental, technological and other factors discussed in the statements and in the company's filings with the Securities and Exchange Commission.