Excelsior-Henderson Motorcycle Manufacturing Company Announces Q4 Results
2 March 1998
Excelsior-Henderson Motorcycle Manufacturing Company Announces Fourth Quarter and Annual 1997 Results
BELLE PLAINE, Minn., March 2 -- Excelsior-Henderson
Motorcycle Manufacturing Company today announced financial
results for the fourth quarter and year ended January 3, 1998.
The Company reported a net loss for the fourth quarter of 1997 of
$2,328,827 or $.18 per share compared to a net loss of $650,012 or $.11 per
share for the fourth quarter of 1996. For the fiscal years ended January 3,
1998 and December 31, 1996, net losses were $5,872,731 or $.65 per share and
$2,511,531 or $.43 per share, respectively. Excelsior-Henderson is a
development-stage company and recorded no revenue for the fourth quarter or
twelve-month periods of 1997 or 1996.
"1997 was an important year for Excelsior-Henderson," said Dan and Dave
Hanlon, Co-Founders and Co-CEOs. "We achieved our targeted 1997 Milestones
including: a $27.4 million IPO; the financing, construction and occupancy of
our new manufacturing and headquarters building in Belle Plaine, Minn.; the
signing of our first Excelsior-Henderson dealers; the sale of $7.1 million
State of MN equipment financing bonds and the successful staffing of key
engineering, manufacturing, sales and marketing and administrative positions,"
added the Hanlons.
"1998 will be an even more exciting year as we complete the fifth year of
our original five year business plan, culminating with the production and sale
of Excelsior-Henderson Super X Motorcycle Serial #0001 during the fourth
quarter of 1998!," concluded the Hanlons, "...stay tuned as we update you as
to our progress!"
Excelsior-Henderson Motorcycle Manufacturing Company is a
development-stage company which plans to manufacture, market, and sell premium
heavyweight cruisers and touring motorcycles with a brand that evokes an
authentic American motorcycling heritage and lifestyle.
EXCELSIOR-HENDERSON MOTORCYCLE MANUFACTURING COMPANY
(A Development Stage Company)
Financial Statements - Condensed
December 31, January 3,
Balance Sheets 1996 1998
ASSETS
CURRENT ASSETS:
Cash and short-term investments $9,421,593 $24,249,191
Other current assets 9,119 113,497
Total current assets 9,430,712 24,362,688
PROPERTY AND EQUIPMENT, net 229,082 13,353,897
INTELLECTUAL PROPERTY, to be amortized 135,384 200,545
RESTRICTED CASH -- 7,275,569
DEPOSITS AND OTHER ASSETS 228,222 2,992,768
$10,023,400 $48,185,467
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES $392,073 $3,258,636
LONG-TERM OBLIGATIONS -- 13,738,615
STOCKHOLDERS' EQUITY:
Invested capital 13,767,115 41,196,735
Deficit accumulated during the
development stage (4,135,788) (10,008,519)
Total stockholders' equity 9,631,327 31,188,216
$10,023,400 $48,185,467
Three Months Ended Year Ended
December 3l, January 3, December 31, January 3,
Statements of Operations 1996 1998 1996 1998
PREOPERATING EXPENSES:
General and
administrative $82,134 $1,009,623 $716,154 $2,180,848
Research and
development 352,899 1,115,636 1,271,276 2,648,964
Marketing 333,957 382,110 694,239 1,673,680
Total preoperating
expenses 768,990 2,507,369 2,681,669 6,503,492
INTEREST INCOME, net 118,978 178,542 170,138 630,761
NET LOSS $(650,012) $(2,328,827) $(2,511,531) $(5,872,731)
NET LOSS PER SHARE $(0.11) $(0.18) $(0.43) $(0.65)
WEIGHTED AVERAGE
SHARES O/S 5,870,231 13,024,785 5,859,977 9,073,839
SOURCE Excelsior-Henderson Motorcycle Manufacturing Company
