Norton Motorcyles Announces First Quarter Results
23 August 1999
Norton 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.