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Non-Tech : CYCY - Cycle Country Accessories Corporation

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To: jmhollen who started this subject1/23/2003 10:39:53 AM
From: jmhollen   of 29
 
Cycle Country Announces Earnings Estimates For Fiscal 2003

MILFORD, Iowa--(BUSINESS WIRE)--Jan. 23, 2003--Cycle Country Accessories Corp. (OTCBB:CYCY), the recognized leader in developing and manufacturing custom-fitted accessories for the all-terrain vehicle (ATV), is pleased to announce that management has issued financial projections for Cycle Country's fiscal year ending September 30, 2003.


During a conference call with the financial community and public this past Tuesday January 21st, Mr. Ron Hickman, CEO and President of Cycle Country shared corporate management's revenue and earnings forecast for 2003. For the current fiscal year ending September 30, 2003, management expects total revenue to reach $15,618,310, up from $13,363,552 for 2002. Income from operations is expected to total $2,147,649 as compared to $713,661 for the 2002 fiscal year. Income before provision for income taxes is projected to be $1,962,368 or 12.6% as a percentage of sales in comparison to $486,244 for 2002. Net income is estimated to come in at $1,255,916 or $0.32 earnings per share for fiscal year ending Sept. 30, 2003 as compared to $308,841 for fiscal 2002.

Positively impacting the anticipated financial growth numbers include, the Company's entrance into the lawn & garden market. Specifically, Cycle Country has completed designs for nine (9) new products in conjunction with Deere & Company, to be sold under the brand name John Deere. These products are heavy-duty equipment attachments for lawn & garden tractors and other utility vehicles. The Company has recently attained "Preferred Vendor" status from John Deere and plans to continue this well-established relationship for many years to come. Additionally, Cycle Country's lawn & garden equipment products will be sold throughout North America and some foreign countries, under one of their own brands named Weekend Warrior.

Further earnings growth is projected from their expanded distribution of Perf-form's oil and cooler filter product lines. This division's recent move from Minnesota to the Company's main operations in Milford, Iowa should be completed by month end. They expect to begin production by February 3rd in Cycle Country's new 28,000 square foot addition to their facilities. The Company's sizable expansion to their plant operations should also provide several cost saving efficiencies including reduced labor cost.

Demand for the Company's market leading snowplow sales have already reached record levels and should continue through the harsh winter months in the U.S. and Canada. These developments and the elimination of several extraordinary items and one-time expenses during 2002 should provide the Company with record revenue and earnings for fiscal 2003 ending September 30, 2003.

This week's conference call has been recorded and is available for replay listening through Friday January 31st by calling toll free at 1-800-839-6713 or toll at 402-220-2306 (replay PIN # 5439 395).

The conference call is also available over the Internet and will be rebroadcast until May 1st. To listen to the webcast, please go to viavid.com and click-on the "Events" heading at top of page. Then scroll down and click-on Cycle Country Accessories Corp. Simply fill in the registration form where the only required info is your e-mail address and click "Register" to access the recorded call.

About Cycle Country Accessories Corp.

Cycle Country, cyclecountry.com, with over 50% of the worldwide market in several product categories, is the industry leader in the design, engineering and manufacturing of custom-fitting accessories for the utility all-terrain vehicle (ATV). Since 1981, Cycle Country has developed an extensive line of branded products of snowplows, lawnmowers, spreaders, sprayers, hitches and many other utility equipment items along with recreational accessories. The Company's products custom fit virtually every brand of ATV on the market, which are distributed by a group of 16 distributors who sell their products to essentially all ATV and motorcycle dealers in North America.

The Company has also developed 19 international distributors that sell Cycle Country products in 35 countries throughout Asia, Europe, Central and South America. Additionally, Cycle Country dominates the golf car wheel cover market by manufacturing approximately 90% of all wheel covers sold to original equipment manufacturers (OEM's) worldwide. Cycle Country sells high-performance premium oil filters and oil coolers for motorcycles and ATVs throughout the U.S. under the brand name Perf-form Products. Cycle Country also manufactures heavy-duty garden equipment attachments for Garden Tractors, ATVs and other utility vehicles within the Lawn & Garden industry under the brand name Weekend Warrior.

For the complete 10-KSB filing, go to the company's website at cyclecountry.com and click on the Investor Relations heading. Please direct any financial questions to Scott Gibson at Heritage First Capital & Equity Research Group by calling 407.444.5959 or via e-mail to CYCY@heritagefirstcapital.com. Cycle Country Accessories Corporation Headquarters: 2188 Highway 86 -- Milford, Iowa 51351 -- 800.841.2222.

CONTACT: Heritage First Capital & Equity Research
Group, Heathrow, Fla.
Scott Gibson, 407/444-5959
CYCY@heritagefirstcapital.com

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