Norton Motorcyles Announces First Quarter Results
23 August 1999Norton Motorcyles Announces First Quarter Results
MINNEAPOLIS, Aug. 20 -- Norton Motorcycles, Inc. (Norton or the Company) (OTC Bulletin Board: NRTN) reported operating results for the first quarter of its fiscal year. The Company also announced that its internet WebSite had been substantially upgraded. The Company reported an un-audited net loss of $ 607 thousand ($0.10 loss per common share) for the quarter ended June 30, 1999. The loss reflects the development stage nature of the Company. During the quarter, Norton's motorcycle research and development program progressed. The focus of the program is currently on the Nemesis, Norton's V-8 engine performance motorcycle, and the Nirvana, a V-twin engine cruiser. The Nemesis is being road tested and working prototypes of the V-twin engine are being produced. Financial information Norton Motorcycles, Inc. (A Development Stage Enterprise) Un-audited Statement of Operations In Thousands, except share and per share data Three Month Period Ended June 30 1998 1999 Expenses Research and development $0 $246 Administration and marketing 168 Stock based compensation 178 Total expenses 0 592 Interest expense 15 Loss before taxes 0 (607) Income taxes Net (loss) 0 (607) Weighted average number of shares 999,611 5,829,080 Loss per share $0.00 ($0.10) BACKGROUND Headquartered in Eden Prairie, Minn., Norton Motorcycles, a development stage enterprise, will market a line of motorcycles and motorcycle products throughout the world. Norton is presently engaged in the design and development of a line of high-performance, premium motorcycles and the marketing of motorcycle products. All of the products will be sold under the famous "Norton" brand name, which will provide its motorcycles with worldwide appeal and brand recognition among motorcycle enthusiasts. Additional information is contained in the company's Internet web site at http://www.nortonmotorcycles.com Information provided herein by the Company may contain "forward-looking" information. These cautionary statements are made with the objective of obtaining the benefits of safe harbor provisions of applicable legislation. The Company cautions investors that any forward looking statements made by the Company are not guarantees of future performance and that the actual results may differ materially from those in the forward looking statements as a result of various risk factors including but not limited to the development stage nature of the Company.