Norton Motorcycles Announces Losses for the 3 and 6 Month Periods
15 November 1999
Norton Motorcycles Announces Losses for the Three and Six Month Periods Ended September 30, 1999
MINNEAPOLIS, Nov. 12 -- Norton Motorcycles, Inc. (Norton or
the Company) (OTC Bulletin Board: NRTN) reported operating results for the
second quarter of its fiscal year.
The Company's unaudited net loss was $913 thousand ($0.13 loss per common
share) for the three months ended September 30, 1999. The Company's unaudited
net loss was $1,520 thousand ($0.24 loss per common share) for the six months
ended September 30, 1999. The losses reflect the development stage nature of
the Company.
Headquartered in Eden Prairie, Minn., Norton Motorcycles is a development-
stage enterprise. Norton has been engaged in the design and development of a
line of high-performance, premium motorcycles and the marketing of motorcycle
products. All of the products are intended to be sold under the famous
"Norton" brand name, which will provide its motorcycles with worldwide appeal
and brand recognition among motorcycle enthusiasts.
Statements used in this Press Release that relate to future plans, events,
financial results or performance are all forward-looking statements as defined
under the Private Securities Litigation Reform Act of 1995. Actual results
may differ materially from those anticipated as a result of various risks and
uncertainties, including, but not limited to: the Company's ability to raise
short-term and long-term capital; the Company's ability to create product and
brand name awareness; the level of consumer acceptance of the Company's
products; the Company's ability to design, develop and market its products on
a cost-effective basis; economic trends; industry competition; the outcome of
existing litigation; as well as various other risks and uncertainties,
including all risks associated with the Company being a development-stage
company with limited assets and no existing revenues. As stated in the
Company's quarterly report being filed with the Securities and Exchange
Commission, the Company may be unable to continue as a going concern. The
Company has no obligation to publicly update or revise any of the
forward-looking statements that may be in this release.
Financial Information
Norton Motorcycles, Inc.
(A Development Stage Enterprise)
Unaudited Statement of Operations
In Thousands, except share and per share data
Six Month Period
Ended September 30
1998 1999
Expenses
Research and development $0 $550
Administration and marketing 641
Stock based compensation 264
Total expenses 0 1,455
Interest expense 65
Loss before taxes 0 (1,520)
Income taxes
Net (loss) 0 (1,520)
Accumulated deficit, beginning of period (296) (296)
Accumulated deficit, end of period ($296) ($1,816)
Weighted average number of shares 999,611 6,401,067
Loss per share $0.00 ($0.24)
Three Month Period
Ended September 30
1998 1999
Expenses
Research and development $0 $304
Administration and marketing 473
Stock based compensation 86
Total expenses 0 863
Interest expense 50
Loss before taxes 0 (913)
Income taxes
Net (loss) 0 ($913)
Weighted average number of shares 999,611 7,067,994
Loss per share $0.00 ($0.13)