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Non-Tech : CYCY - Cycle Country Accessories Corporation

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To: jmhollen who started this subject5/16/2003 10:47:56 AM
From: jmhollen   of 29
Cycle Country Achieves 22.9% Revenue Growth in Second Quarter; Company Delivers Impressive Operating Income Profit Versus a Year Ago Loss

MILFORD, Iowa--(BUSINESS WIRE)--May 16, 2003--Cycle Country Accessories Corp. (OTCBB:CYCY), the recognized leader in developing and manufacturing custom-fitting accessories for the all-terrain vehicle (ATV), announced second quarter revenues of $2,732,562 for the three-month period ended March 31, 2003. This represents a 22.9% increase compared with revenues of $2,223,399 during the corresponding fiscal period in 2002. The double-digit increase during the second quarter is mainly attributable to an increase in sales volume from the Company's market leading Snowplow Blade products. The Company received late season orders from their distributors for Cycle Country's popular snowplow blades and related winter-season products through the end of April 2003 in comparison to last year's similar product shipments ending in early January 2002.

The 22.9% revenue jump of $509,163 for the Company's second quarter was also augmented by steady growth of new product sales to John Deere. Additional revenue increases came from the Company's expanded sales of their Perf-Form oil filter and oil cooler products to their network of distributors covering over 8,000 motorcycle dealers throughout North America. Further positive results are unfolding due to management's aggressive efforts to address seasonality issues, expand into the Lawn & Garden market while strengthening the market-leading position of their current ATV accessory products.

The Company delivered positive operating income of $74,884 verses a loss of $9,773 in the same period during 2002. However, additional expense was incurred from the expanded number of production personnel in the Wheel Cover division to incorporate the clear coat process, which was developed to meet the demands of their approximate 90% worldwide market share. Also impacting the second quarter's operating profits was the reconfiguration of the Company's snowplow blades. As the outright market leader in this product category, the Company decided to increase the durability and standard features even further while maintaining competitive pricing that also includes a lifetime warranty.

While the increased production personnel and product reconfiguration impacted second quarter operating profits, it should strengthen the Company well going forward. The Company anticipates strong sales growth from new and existing products in most categories and all divisional operations to significantly boost profitability throughout the remaining fiscal year ending September 30th.

Mr. Ron Hickman, CEO and president of Cycle Country, stated: "Cycle Country will continue to forge ahead of the competition with focus and determination. Strengthening our market leading positions while quickly establishing solid market success with our new product introductions is of primary importance. Management's commitment to building shareholder value has lead to several courageous but well thought out initiatives over the last twelve months. Our entrance into the lawn & garden market, product manufacturing sales to John Deere, 25% plant expansion, increased production levels, enhanced quality manufacturing and new brand product introductions have positioned the Company for greater profitability and record revenues throughout the remainder of our fiscal year and beyond."

About Cycle Country Accessories Corp.

Cycle Country,, 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 utility ATV equipment 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 throughout 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. Cycle Country has "Preferred Vendor" status with and manufacturers numerous utility vehicle attachments for John Deere & Co.

For the complete 10-QSB filing, go to the company's website at 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 Cycle Country Accessories Corporation Headquarters: 2188 Highway 86 Milford, Iowa 51351 800.841.2222.

This press release does not constitute an offer to sell or the solicitation of any offer to buy any securities of Cycle Country Accessories Corporation, nor shall there be any sale of any such security in any state in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state. Forward looking statements: This press release and other statements by Cycle Country may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act with respect to the outlook for earnings and revenues, other future financial or business performance, strategies and expectations. Forward-looking statements are typically identified by words or phrases such as "believe," "expect," "estimate," "potential," or future/conditional verbs such as "will," "should" and "could."

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