Bikers Dream Reports 76 Percent Increase in Revenue; Record First-Quarter Profit
19 May 1999
Bikers Dream Reports 76 Percent Increase in Revenue; Record First-Quarter ProfitMIRA LOMA, Calif.--May 18, 1999--Bikers Dream Inc. Tuesday reported record first-quarter results for the period ended March 31, 1999.
Revenues for the quarter increased 76 percent to $8,762,728, compared with revenues of $4,992,789 reported for the first quarter of 1998. Gross profit increased 204 percent to $2,195,667, from $720,365 reported for the comparable 1998 quarter.
The company reported net income of $117,711, or $0.02 per share, compared with a net loss of $630,840, or $(0.25) per share for the first quarter of 1998. (Per-share data reflects the 1-for-5 reverse stock split which became effective Feb. 5, 1998).
The increased revenues were primarily attributable to an increase in the number of motorcycles manufactured and sold by the company's motorcycle division, which totaled 466, more than double the amount from the prior period.
Herm Rosenman, chairman and CEO, said: "We are gratified that, for the first time in the company's history, we achieved profitability in the first quarter, a period that historically has been slower than other quarters. We also ended the quarter with a record backlog of dealer orders."
The company's Form 10QSB, together with the limited review report for the first quarter of 1999, prepared by the company's independent auditing firm, will be filed on or before May 24, 1999.
Bikers Dream is a manufacturer, distributor and retailer of quality-built American heavyweight cruiser motorcycles. Corporate headquarters and manufacturing operations are located in Mira Loma.
Certain matters discussed herein are "forward-looking" statements intended to qualify for the safe harbors from liability in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to certain risks and uncertainties, which could cause actual results to differ materially from those anticipated as of the date hereof. Specific factors that might cause such a difference might include, but not be limited to, those referenced by the company's 10KSB for the year ended Dec. 31, 1998. The forward-looking statements contained herein are only made as of the date hereof and the company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
Bikers Dream Inc. Financial Highlights 1998 1997 Revenue $ 8,762,728 $ 4,992,789 Cost of Goods Sold 6,567,061 4,272,424 Gross Profits 2,195,667 720,365 SG&A 1,687,766 1,118,646 Depreciation & Amortization 168,482 130,633 Total Expenses 1,856,248 1,249,279 Operating Income (loss) 339,419 (528,914) Interest Expense 221,708 101,926 Total Other Income 221,708 101,926 Net Income before Taxes 117,711 (630,840) Taxes -- -- Net Income 117,711 (630,840) Basic EPS $ 0.02 $ (0.25) Basic Shares 5,152,737 2,538,844 Diluted EPS $ 0.02 $ (0.25) Diluted Shares 5,246,071 2,538,844