The Colonel's International, Inc. Reports Results Fiscal Quarter Results
20 November 1997
The Colonel's International, Inc. Reports Results For Fiscal Quarter Ended September 30, 1997
MILAN, Mich., Nov. 20 -- The Colonel's International, Inc.
("the Company") today reported results for the fiscal quarter
ended September 30, 1997. Net income for the three months ended September 30,
1997 was $1,689,000, or $0.07 per share, up from $308,000, or $0.01 per share,
during the same period in 1996. Net income for the nine months ended
September 30, 1997 grew to $3,400,000, or $0.14 per share, up from $1,940,000,
or $0.08 per share, during the same period in 1996.
Net sales for the third fiscal quarter of 1997 rose 16 percent to
$12,987,000, up from $11,211,000 recorded for the same quarter in 1996. Net
sales for nine months ended September 30, 1997 are up 18% over the previous
year, reporting $35,044,000 in 1997, compared to $29,655,000 for the same
period in 1996.
The Colonel's Truck Accessories, Inc. announced earlier in the year the
acquisition of Truckware, a wholesale/retail truck accessories outlet store in
Los Angeles, California. The store sells bedliners, caps, tonneau covers,
trailer hitches, bug shields, tool boxes, running boards, sun visors, custom
bumpers, and other aftermarket accessories. During the three months ended
September 30, 1997, The Colonel's Truck Accessories, Inc. announced the
opening of a second Truckware store based in Charlotte, North Carolina. Other
Truckware outlet stores will be opened in the future. Also during the third
quarter, The Colonel's Truck Accessories, Inc. announced the acquisition of
Horizon Coach, a manufacturer of truck caps, sport tops and tonneau covers,
also based in Los Angeles, California.
John Carpenter, President of The Colonel's Truck Accessories, Inc., stated
"We are excited about the performance and growth of the company and expect
that the company will continue its growth by strategically locating outlets
and key distributors throughout the country."
Brainerd International Raceway, Inc., held its largest revenue-generating
event during the third quarter. The NHRA Champion Auto Stores drag races are
held each August at the raceway. The four days of practically non-stop drag
racing include multiple race categories including Top Fuel, Funny Car, Pro
Stock, Pro Stock Motorcycle, and snowmobiles. In addition, regional race
enthusiasts can participate in the many bracket races also held during the
event.
Gary Moore, Vice President of Development at Brainerd International
Raceway, Inc., said, "We have made many improvements to the race track over
the past three years, including resurfacing of the track, expansion of the
pits and pit areas, improvements and additions to bathroom facilities,
concessions, and bleachers, and because of demand, added more family camping
areas. It's a very exciting weekend."
The Company also recently announced a stock equity change with its
majority stockholders, Donald and Patsy Williamson, whereby the Williamsons
will sell stock back to the Company, reducing their ownership position from
approximately 97% to 82%. This sale, subject to the approval of the Company's
primary lender, will reduce the total outstanding shares from 24,177,805 to
3,360,725. The Company expects to obtain this approval by year-end. Had this
transaction been approved prior to September 30, 1997, earnings per share for
the three months ended September 30, 1997 would have been reflected at $0.50
per share. Likewise, earnings per share for the nine months ended September
30, 1997 would have reflected $1.01 per share, compared to $0.58 per share for
the same period in 1996.
The Colonel's International, Inc. has three wholly owned subsidiaries.
The Colonel's, Inc., based in Milan, Michigan, manufactures and distributes
aftermarket bumpers and facias. The Colonel's Truck Accessories, Inc., based
in Owosso, Michigan, manufactures and distributes truck accessory parts.
Brainerd International Raceway, Inc., located in Brainerd, Minnesota, operates
a motor sports facility and holds drag races and other events during the
summer months.
This news release includes certain statements that may be considered
forward-looking under the Private Securities Litigation Reform Act of 1995.
These statements are subject to a number of important risks and uncertainties
that could cause the contemplated transactions not to occur.
SOURCE The Colonel's International, Inc.