Cycle Country Accessories Corp Announces Very Positive 1st Quarter Results
MILFORD, Iowa--Cycle Country (AMEX:ATC), a leading supplier of ATV accessories, Plastic Wheel Covers, Golf Car Accessories, Oil Filters and Contract Manufacturing services announces Earnings of $0.11 per share on Total Revenue of $5.0M for its recently completed Q1, 2008. This compares to the first quarter of FY2007 EPS of $0.05 on Total Revenue of $4.7M.
Total Revenue for the ATV Accessories segment grew to $4.2M ($3.8M in FY07) while Plastic Wheel Covers and Contract Manufacturing each maintained their respective Revenue at approximately $0.4M. Net Income increased by nearly 100% to $734.6K in the current quarter as compared to $368.6K in the same quarter of FY07. By Segment, Operating Profit increased by 24%; 35% and 33% for the ATV Accessories; Plastic Wheel Covers; and Contract Manufacturing, respectively. The company attributes the strong results to the introduction of new products (over 80 in the past 12 months); a focus on a reduction of costs, (as realized with the investments made in a new ERP system in October of 2006), and the amount, breath and frequency of snow in the Snow Belt.
“Our Sales efforts with our valued Distributors are paying off,” stated Randy Kempf, CCAC President & CEO, “as the Distributors now include in their extensive catalogs our full line of new and existing products that cover all seasons, not just snow plows.”
The company, as previously reported, will be presenting their new products at the International PowerSports Dealer Exposition being held in Indianapolis, IN from February 16th thru February 18th, 2008. This show is the largest ATV show in North America. They will also be releasing their new full line catalog which has increased in page count by over 50% from that of last year.
Cycle Country also reminds its shareholders and other interested parties that they will be hosting a conference call on Friday, February 15th at 11:00 am (EST), to discuss these results. The conference call can be accessed by dialing toll-free 1-866-762-9439, or internationally at 1-480-629-9039, or through the Internet by going to this link: http://viavid.net/dce.aspx?sid=00004B45
The replay of the conference call can be heard until February 23, 2008 by using the same Internet link above or by dialing toll free 1-800-406-7325, or internationally at 1-303-590-3030. The replay pin code is 3841265.
About Cycle Country Accessories Corporation
Cycle Country, with over 50% of the worldwide market in several product categories, is the industry leader in the design and manufacturing of custom-fitting accessories for virtually every brand of utility all-terrain vehicles (ATV's). Cycle Country also produces accessories for the lawn and garden market through its subsidiary, Weekend Warrior and makes high performance oil filters for the motor sports industry through its wholly owned subsidiary, Perf-Form. In April of 2005, Cycle Country acquired Simonsen Iron Works, now operating as Cycle Country, Spencer, providing metal fabrication.
www.cyclecountry.com
www.perf-form.com
This press release does not constitute an offer to sell or the solicitation of any offer to buy any securities of Cycle Country Accessories Corporation, nor shall there be any sale of any such security in any state in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state. Forward looking statements: This press release and other statements by Cycle Country may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act with respect to the outlook for earnings and revenues, other future financial or business performance, strategies and expectations. Forward-looking statements are typically identified by words or phrases such as "believe," "expect," "estimate," "potential," or future/conditional verbs such as "will," "should," and "could."