Kingsley Coach Reports Financial Results for 1999 with 39% Increase in Sales
20 April 2000
Kingsley Coach Reports Financial Results for 1999 with 39% Increase in Sales
MIDDLEBURG, Pa.--April 19, 2000--The Kingsley Coach Inc. (OTC BB:KNGS) announced today its operating results for the year ended December 31, 1999.Sales for 1999 increased by 39% over 1998, $2,810,632 in 1999 versus $2,046,121 in 1998. The Company reported a minimal Net Loss of $(1,518), or $(0.01) per share, in 1999 versus a Net Loss of ($585,691), or $(0.16) per share in 1998. The Company reported a Net Loss from Operations of $(424,602) in 1999, an improvement from 1998's $(498,863).
Terry Watkins, Kingsley's Chief Executive Officer, stated, "Net Cash Provided by Operating Activities was $111,992 for 1999, an improvement from 1998 of nearly one-half million dollars. As a result, Kingsley has managed to get through its development phase without incurring substantial debt or otherwise leveraging its future. Our balance sheet is healthy. This allows our management team to focus on aggressive marketing and production programs."
Mr. Watkins further said " Operating results in 1999 clearly illustrate Kingsley's profit potential for the future." Mr. Watkins cited the following: " The Company was still in product development stages during 1999. Subsequently, production output, in terms of units, remained low, and Kingsley incurred development expenses of approximately $800,000 in 1999. When this is factored with a significant increase in Gross Margin, as a percent of sales, from 13% in 1998 to 32% in 1999, it demonstrates ability to be profitable even at very low sales levels."
Mr. Watkins noted that the development phase is nearly over. "With Kingsley's soon-to-be-announced introduction of two standard RV models, the Company will be in a favorable position to take advantage of the current opportunities in the RV market as well as continue its progress into specialized applications markets and this bodes well for future operating results with production scheduled to significantly increase in July 2000."
Kingsley Coach is a manufacturer of unique, high quality, motorcoaches on a heavy-duty truck chassis. The unique design of the Kingsley Coach, with the engine in front, provides for several advantages over traditional rear engine units, including safety, durability, flexibility, and ease of service.
The Kingsley product line is designed for both recreational and commercial use and is produced in conjunction with a strategic manufacturing alliance at the Thor America plant in Middleburg, PA in conjunction with Thor America, Inc., a Thor Industries company, the second largest RV manufacturer in the USA.
NOTE: This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. These statements are based on the current plans and
expectations of Kingsley and involve risks and uncertainties that
could cause actual future activities and results of operations to
be materially different from those set forth in the forward
looking statements.
Important factors that could cause actual results to differ
include, among others, risks associated with acquisitions, changes
in government regulations, competition, and risks of operations
and growth projections.