Kingsley Coach Reports Results for Quarter Ending December 31, 2000
MIDDLEBURG, Pa.--Feb. 14, 2001--The Kingsley Coach, Inc. (OTC-BB:KNGS) announced today its operating results for the quarter ended December 31, 2000.The Company reported sales for the three months ended December 31, 2000 of $1,292,424, as compared to $954,362 for the three months ended December 31, 1999. Sales for the six month period ended December 31, 2000 were $2,687,731 as compared to $2,230,842 for the similar period in the prior year.
The Company reported a profit for the three and six month periods, respectively, ended December 31, 2000 of $2,793 and $17,005; this compares to losses for the three and six month periods, respectively, ended December 31, 1999 of $(41,374) and $(20,706).
The sales for the six months ended December 31, 2000 represent the Company's largest recorded sales in any consecutive six-month period in its five-year history and compares to $2,810,632 and $2,046,121 for the entire years of 1999 and 1998.
Terry Watkins, Kingsley's Chief Executive Officer, stated, "The Company's operating results in the first half of this fiscal year ending June 30, 2001 are very close to what we expected, and we believe it substantially illustrates that Kingsley has developed to the point to where it can sustain profitable operations."
Mr. Watkins explained that for the Company to take advantage of its product's exciting market potential, it is imperative that Kingsley expand production, saying, "Our management is committing its full efforts to securing the requisite financing capital to permit more rapid, albeit controlled, production increases."
He further added, "We remain very excited about Kingsley's future." Kingsley Coach is a manufacturer of a unique, high quality, motorcoach on a heavy duty truck chassis. The unique design of the Kingsley Coach, with the engine in front, provides for several advantages over traditional rear engine units, including safety, durability, flexibility, and ease of service.
The Kingsley product line is designed for both recreational and commercial use and is produced in conjunction with a manufacturing alliance at the Thor America plant in Middleburg, PA with Thor America, Inc., a Thor Industries company, one of the largest RV manufacturers in the USA.
Mr. Watkins noted that, "Sustaining operating profitability allows Kingsley's management to focus on the Company's capital-raising strategy for the long-term future. The incredible market potential for the Kingsley Coach vehicle is evident by the reception the product receives at RV events such as the Tampa Florida RV Super Show, recently attended by Kingsley. We are confident about our marketing plan, and we have no concerns about our product. The last piece of the puzzle is bringing in the financing capital necessary to increase production levels."
For Information, Contact: Investor Relations Department: Tel: 570/837-7114; Fax: 570/837-7214. Kingsley's website is at www.kingsleycoach.com.
NOTE: This press release contains forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current plans and expectations of Kingsley and involve risks and uncertainties that could cause actual future activities and results of operations to be materially different from those set forth in the forward looking statements.
Important factors that could cause actual results to differ include, among others: the market strength of our competition; our ability to obtain requisite financing; and the difficulties faced in developing a national marketing network.