American Quantum Cycles Reports Improved Results for Q1 FY'00
6 October 1999
American Quantum Cycles Reports Improved Results for Q1 FY'00
MELBOURNE, Fla.--Oct. 6, 1999--American Quantum Cycles (AMEX:AFV), a manufacturer of high performance motorcycles, has recently released its Q1 report for FY 2000.American Quantum's fiscal year begins in May 1 and the Quarterly report covered the months of May, June and July. American Quantum reported improvement over the same Quarter a year ago in a number of financial measures: sales increased 105% ($343k in FY'00 vs. $168k in FY `99), operating expenses decreased 53% ($581k in FY'00 vs. $1,232k in FY'99), net interest expense decreased 93% ($34k in FY'00 vs. $506k in FY'99) and net loss decreased by over $1 million or 65% ($642k in FY'00 vs. $1,845k in FY'99). "The dramatic reduction in quarterly loss is also due to a significant decrease in capital expenses resulting from the completion of heavy investments in infrastructure development such as factory facility improvements, Internet software development and motorcycle product development," stated CEO Rich Hagen. "We accomplished this improvement one and one half months before the closing of our recent secondary offering ($8.5 mill)," Hagen continued, "now, with the proceeds of the secondary and the resulting rampup in production, we will be in an excellent position to perform to the goals of our business plan for FY'00.
About American Quantum Cycles
American Quantum Cycles manufactures American-made, high performance, custom-made, cruisers and touring style motorcycles with state-of-the-art engines utilizing a patented four-valve head for greater power and lower pollutant emissions. Using a PC-based kiosk Intranet/Extranet system installed in dealer showrooms, customers can select a precise motorcycle design with options tailored to their requirements. For more information visit the Company's Web site at www.quantumcycles.com.
This release contains forward-looking statements that are subject to risks and uncertainties. Although American Quantum Cycles believes that the expectations reflected in its forward looking statements are reasonable, actual results could differ materially from those expectations. Important cautionary statements and risk factors that would affect actual results are discussed in materials filed by American Quantum Cycles with the Securities and Exchange Commission.