American Quantum Cycles Reports Improved Results for Q3 FY'00
9 March 2000
American Quantum Cycles Reports Improved Results for Q3 FY'00
MELBOURNE, Fla.--March 9, 2000--American Quantum Cycles (AMEX:AFV), a manufacturer of high performance motorcycles, released its Q3 report for FY 2000. American Quantum's fiscal year begins in May 1 and the Quarterly report covered the months of November, December and January. American Quantum reported improvement over the same Quarter a year ago in a number of financial measures: sales increased 231% ($904,983 in FY'00 vs. $391,376 in FY `99), operating expenses only increased 150% in the same time frame ($1,582,911 in FY'00 vs. $1,020,708 in FY'99), net interest expense decreased 60% ($22,625 in FY'00 vs. $56,335 in FY'99) and net loss decreased by 16% ($579,385 in FY'00 vs. $685,667 in FY'99). A comparison of the cumulative financial results over the first three Quarters of FY 2000 when compared with the cumulative results over the same time period for the FY 1999 shows a greater rate of improvement: sales increased 214% ($1,850,685 in FY'00 vs. $865,399 in FY'99), operating expenses were roughly the same ($3,720,499 in FY'00 vs. $3,642,460 in FY'99), net interest expense decreased 88% ($77,512 in FY'00 vs. $625,418 in FY'99) and net loss decreased 45% ($1,879,561 in FY'00 vs. $3,400,788 in FY'99).Richard Hagen, Chairman and CEO, stated "these third Quarter results reflect strong growth in sales over the second Quarter of this fiscal year ($905k in Q3 vs. $605k in Q2) in spite of the fact that Q3 overlaps with the off-season in the motorcycle industry (due to cold weather in the mid-west and northeast). More importantly, our backorders are strong and continue to increase ($9.5 mill) and in combination with our 61 Dealers, we are poised for significantly stronger sales growth in Q4 (February, March and April of 2000), and the new fiscal year beginning May 1, 2000.
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.quantumcycle.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.