KIT Announces Results for Fiscal 1999
15 December 1999
KIT Announces Results for Fiscal 1999
LONG BEACH, Calif., Dec. 14 -- KIT Manufacturing Company
(Amex: KIT) reported a net loss of $11,000, or $0.01 per share, for the
current fiscal quarter in comparison to a net loss of $329,000, or $0.30 per
share, for the same period in 1998. Year-to-date net income was reported at
$373,000, or $0.34 per share, compared to a net loss of $357,000, or $0.32 per
share, for the twelve months ended October 31, 1998.
Net sales, company-wide, rose 14 percent from the comparable quarter in
the prior fiscal year. Manufactured housing sales reflected less than a
1 percent increase, while recreational vehicles posted a 27 percent increase
in sales in comparison to the fourth quarter in fiscal 1998.
According to Dan Pocapalia, KIT's Chairman of the Board and Chief
Executive Officer, "The significant RV sales increase was a result of
increasing demand from our dealer body for our model year 2000 travel trailers
as a result of increasing retail activity. Recent reports from our dealer
body regarding the new 2000 model year RV products have been extremely
favorable in regards to competitive value and retail movement. The relatively
unchanged results for manufactured housing sales can be attributed to the
increasing competitive pressures in the marketplace."
KIT Manufacturing Company
Condensed Statements of Income
Three Months Ended Twelve Months Ended
October 31 October 31
(Unaudited) 1999 1998 1999 1998
Sales $18,012,000 $15,052,000 $63,251,000 $61,030,000
Costs and
expenses 18,135,000 15,465,000 62,679,000 61,502,000
Income (loss) before
income taxes (123,000) (413,000) 572,000 (472,000)
Provision (benefit)
for income taxes (112,000) (84,000) 199,000 (115,000)
Net income (loss) $(11,000) $(329,000) $373,000 $(357,000)
Net income (loss)
per share-basic
and diluted $(0.01) $(0.30) $0.34 $(0.32)
Shares outstanding-
basic and diluted 1,110,934 1,110,934 1,110,934 1,110,934