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Non-Tech : CYCY - Cycle Country Accessories Corporation

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To: jmhollen who started this subject3/21/2003 12:17:08 PM
From: jmhollen   of 29
 
Cycle Country's Revenues Increase Over 10% For January & February 2003

MILFORD, Iowa--(BUSINESS WIRE)--March 20, 2003--Cycle Country Accessories Corp. (OTCBB:CYCY), the recognized leader in developing and manufacturing custom-fitting accessories for the all-terrain vehicle (ATV), is pleased to announce that the combined revenues for January and February 2003 totaled $1,723,426 compared to sales of $1,565,613 for the same two months last year. This represents an increase of 10.1% and does not factor in additional revenues from their wholly owned subsidiary Perf-form, Inc., acquired in March of 2002.


Although much of the increase can be attributed to greater sales of the Company's market leading snowplow blades from several winter storms that blanketed large areas of the Midwest and Northeast, this notable increase also reflects positive growth numbers from many of Cycle Country's ATV accessory products. Additionally, revenue numbers from Perf-form oil filters alone are already on pace to add 3% in revenue during fiscal 2003 from total 2002 revenues of $13.4 million.

Through the first 5-months of fiscal 2003 ending September 30th, management' s revenue projections remain on track. After meeting their revenue estimates of $4.4 million for the 1st quarter ended December 31, 2002, the Company remains confident in achieving 2nd quarter estimates of $2.6 million. The management of Cycle Country has projected total 2003 revenues of $15.6 million and earnings of $0.32 per share.

Developments in other key areas continue to show positive results. The Company's recently completed 28,000 square foot plant addition and subsequent move of Perf-form into the newly expanded facilities, has significantly increased manufacturing capacity for Perf-form while providing greater production efficiencies. Cycle Country's 16 distributors reaching over 8,000 motorcycle and ATV dealerships throughout North America, continue to increase their distribution orders from the Company's expanded production of a full line of oil filter products for most metric motorcycle and ATV makes. This is in addition to increased sales from Cycle Country's far greater distribution coverage for the popular Harley-Davidson replacement filters.

The CEO of Cycle Country, Mr. Ron Hickman, stated: "Our commitment last year to address seasonality issues, expand into new markets and strengthen current product sales has begun to positively impact the Company's revenue and earnings numbers. While increased production and sales of Perf-form will continue to fuel some of the Company's growth this year, our wholly owned subsidiary Weekend Warrior's heavy-duty garden tractor equipment is just now reaching the marketplace. We have also experienced new revenue growth during the first two quarters of fiscal 2003 from our October production start of 9 different lawn & garden attachments for John Deere's utility vehicles. Management fully expects strong growth momentum to continue throughout the two remaining fiscal quarters. In fact, further developments should come to light shortly that will reinforce expanded product availability coverage and Cycle Country's entrance into a whole new industry segment."

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 to essentially all ATV and motorcycle dealers in North America.

The Company has 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 worldwide. The Company sells high-performance premium oil filters for motorcycles and ATVs throughout the U.S. under the brand name Perf-form Products. They also manufacture heavy-duty garden equipment attachments for garden tractors, ATVs and other utility vehicles within the Lawn & Garden industry under their brand name Weekend Warrior. Cycle Country has "Preferred Manufacturing Vendor" status with John Deere and currently manufactures 9 heavy-duty equipment products for John Deere utility vehicles.

For the latest SEC filings or past news releases, 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: 2188 Highway 86 - Milford, Iowa 51351 - 800.841.2222.

CONTACT: Heritage First Capital & Equity Research Group, LLC
Heathrow, Fla.
Scott A-B Gibson, 407/444-5959
24 hr: 407/620-1930
CYCY@heritagefirstcapital.com
heritagefirstcapital.com

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