ZAPWORLD.COM Reports Record Production, Forecasts Strong Third Quarter
3 October 2000
ZAPWORLD.COM Reports Record Production, Forecasts Strong Third Quarter
SEBASTOPOL, Calif.--Oct. 3, 2000--ZAPWORLD.COM announced today that it has set another production record for the month of August and expects strong third quarter revenues as well as improved earnings compared to third quarter 1999.ZAPWORLD.COM (ZAP) Chief Executive Officer Gary Starr stated: "The electric scooter business continues to significantly exceed our expectations. New products such as our KICK(TM) and the incredible success and popularity of scooters in the marketplace are major contributors to the anticipated strong third quarter."
Starr noted that the management expertise gained by the addition of John Dabels as president has been a key factor in expanding manufacturing. With new production processes, tightened cost controls, and new supplier programs, production levels for the third quarter are expected to hit record levels, producing higher revenues and better third quarter results than projected. In August, ZAPPY(R) production hit a record high of 2,551 scooters and continued growth is expected for the third quarter. "John Dabels and our entire production team are to be commended," said Starr.
Starr said that orders in hand have hit a new reported high of $3.6 million, up $500,000 from the previous record reported last month, setting the stage for a strong fourth quarter. According to Production Manager Jack O'Donnell, ZAP has initiated a second work shift and a seven-day production flow to help meet the demand over the holiday season. Starr expects ZAP to achieve record sales for the year, and the restructuring of its production process will significantly reduce overhead costs while contributing to an improved earnings report for the second half of the year.
ZAP is a publicly owned company with shares trading on the Nasdaq Small Cap market under the symbol ZAPP. To order a ZAP, visit http://www.zapworld.com or call 800/251-4555.
This release contains forward-looking statements reflecting ZAPWORLD.COM'S current expectations as contemplated under the Safe Harbor provisions of the US Private Securities Litigation Reform Law of 1995. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including, without limitation, product development delays, changing environmental regulations, the ability to attract and retain business partners, future levels of government incentives, competition from other electric vehicle manufacturers, competition from other advanced energy transportation technologies, competition from existing energy technologies, evolving markets for electric transportation vehicles, and the ability to provide the capital required for product development and distribution.