Kingsley Coach Reports Results for Six Months Ended June 30,2000
19 October 2000
Kingsley Coach Reports Financial Results for Six Months Ended June 30,2000
MIDDLEBURG Pa.--Oct. 18, 2000--The Kingsley Coach Inc. (OTC-BB:KNGS) announced today its operating results for the six-month transition period ended June 30, 2000.Sales for the six month period in 2000 increased by 95% over the similar period in 1999, $1,129,976 in 2000 versus $579,790 in 1999. The Company reported a Net Loss of $(580,569), or $(0.07) per share, for the six months ended June 30, 2000 as compared to a Net Loss of $(478,287), or $(0.08) per share, for the six months ended June 30, 1999.
The Company's Gross Margin, as a percent of sales, was 38% for the six months ended June 30, 2000, a significant increase from the 14% reported for the six months ended June 30, 1999 and the 31% reported for the year ended December 31, 1999.
Terry Watkins, Kingsley's Chief Executive Officer, stated, "We were anticipating a loss since the Company was finishing its development stage regarding its Kingsley Coach product. We completed design and development of three separate standard models during this six month period, and our research and development costs were still high. With our development phase being over, our research and development costs will decrease substantially as a percent of sales. Additionally, we are pleased with the continued improvement in our margins. When these improved situations are factored in with our plans to increase production and sales, it clearly demonstrates the Company's capacity for future profits." Mr. Watkins added that although one can never be satisfied with losses, "the achievements in this six months, in the areas of design and productivity, allow us to be very pleased about the prospects of the future. We are clearly in a favorable position to take advantage of the opportunities in this market."