| To: jmhollen who started this subject | 2/15/2002 9:39:32 AM | | From: jmhollen | | | | Cycle Country Accessories Corp. Goes Public Today As An Industry Leader With 20 Years Of Profitability
MILFORD, Iowa, Feb 4, 2002 (BUSINESS WIRE) -- Cycle Country Accessories Corp. (OTCBB:CYCY): After 20 years of sustained profitability and as the recognized leader in the development and manufacturing of high quality accessories for the all-terrain vehicle (ATV), the Company is pleased to announce the initial public trading of Cycle Country common stock today. The shares will initially trade on the NASD OTC Bulletin Board under the stock symbol "CYCY". The Company has a total of 3,625,000 shares outstanding.
About Cycle Country Accessories Corp.
Cycle Country, cyclecountry.com, with over 50% of the worldwide market, is the industry leader in the design, engineering and manufacturing of custom-fitting accessories for the all-terrain vehicle (ATV). Since 1981, Cycle Country has developed an extensive line of branded products of mowers, plows, spreaders, sprayers, three-point hitches, winch kits and many other utility equipment items along with an expanding line of accessories for the recreational user. The Company's accessories custom-fit virtually every brand of ATV on the market including all models from Honda, Polaris, Yamaha, Kawasaki, Suzuki, Arctic Cat, Bombardier and many other less major brands. Cycle Country's ATV accessory products are distributed throughout the United States and Canada by a group of 16 distributors who sell Cycle Country products to essentially all ATV and motorcycle dealers in North America.
Since first establishing global expansion in 1996, Cycle Country has developed strategic arrangements with 19 international distributors that sell Cycle Country products in Asia, Europe, Central and South America. Current international distribution agreements are in effect in 35 countries.
Additionally, Cycle Country dominates the golf car wheel cover market worldwide. The Company provides approximately 90% of all wheel covers sold to golf car manufacturers. Sales to the golf car OEMs are made directly by the Company's sales force. Cycle Country also sells their wheel covers to golf courses and golf car dealers through a network of golf equipment distributors. This allows the Company to achieve approximately 80% of the after-market wheel cover sales market. Cycle Country also subcontracts the manufacturing of many original equipment product and product components for local and national vendors.
Complete financials are available from the Company's SB-2/A filing listed on sec.gov or the Company's web site cyclecountry.com under the heading "Investor Relations." For further information, e-mail to IR@cyclecountry.com. Please direct any financial questions to Scott Gibson, Managing Principal at Veritas Capital Group via e-mail to CYCY@veritascap.com or call 407.562.1900 from 9am until 5pm (EST).
Cycle Country Accessories Corp. - 2188 Highway 86 - Milford, Iowa 51351 - 800-841-2222
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| To: jmhollen who wrote (1) | 2/15/2002 9:40:38 AM | | From: jmhollen | | | | Cycle Country Sponsors Motocross Legend And Indy Racer Jeff Ward And Signs Him To A Multi-Year Contract As Company Spokesperson
MILFORD, Iowa, Feb 14, 2002 (BUSINESS WIRE) -- Cycle Country Accessories Corp. (OTCBB:CYCY), the recognized leader in the development and manufacturing of high quality accessories for the all-terrain vehicle (ATV), is pleased to announce the signing of a multi-year agreement with Jeff Ward, known worldwide for his legendary achievements in Motocross and fast tracking a name for himself in the world of Indy racing. Cycle Country has now become an official race sponsor for Jeff Ward with full exposure of the Cycle Country corporate name and logos during all Indy Racing League (IRL) events featuring Jeff Ward. Additionally, Mr. Ward will actively represent Cycle Country as their national spokesperson both on and off the IRL tour. This weekend Saturday February 16th, Jeff Ward will be representing the Company at the largest annual National ATV Industry Convention in Indianapolis, Indiana.
Speaking about the long-term agreement with Cycle Country, Jeff Ward said: "I have been a big fan of Cycle Country's accessory products for some time. And with personally knowing a number of individuals connected to the Company, it is indeed a pleasure to do business with a great company and valued friends." Cycle Country President Ron Hickman commented: "Jeff Ward is one of the most recognizable and respected Indy race car drivers in the world. However, when you also note that he was one of the most successful riders in Motocross history coupled with the fact that we deal with literally every motorcycle dealer in North America, it is truly an honor for Cycle Country to be associated with this racing legend."
About Jeff Ward
Turning professional in Motocross in 1977, Jeff Ward retired in 1992 after posting 20 career Supercross wins and 54 career national Motocross victories. Named AMA "Sportsman of the Year" in 1992 and "Athlete of the Year" in 1990, Mr. Ward won the AMA National 500cc Motocross Championship in 1989 to become the first rider to win every major AMA National title. Jeff Ward enjoyed one of the most prolific racing careers in Motocross history. Immediately after retiring from Motocross, Mr. Ward began his Indy Racing League career and quickly surpassed $3 million in IRL career earnings by 2000. Racing fans everywhere can get the latest update on Jeff Ward by visiting his official web site at jeffward.com.
About Cycle Country Accessories Corp.
Cycle Country, cyclecountry.com, with over 50% of the worldwide market, is the industry leader in the design, engineering and manufacturing of custom fitting accessories for the all-terrain vehicle (ATV). Since 1981, Cycle Country has developed an extensive line of branded products of mowers, plows, spreaders, sprayers, hitches and many other utility equipment items along with accessories for the recreational user. The Company's accessories custom fit virtually every brand of ATV on the market including all models from Honda, Polaris, Yamaha, Kawasaki, Suzuki, Arctic Cat and Bombardier. Cycle Country's ATV accessory products are distributed throughout the U.S.A. and Canada 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 strategic arrangements with 19 international distributors that sell Cycle Country products in Asia, Europe, Central and South America. Current distribution agreements are in effect in 35 countries. 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.
For further information, visit Cycle Country's website at cyclecountry.com or e-mail to IR@cyclecountry.com. Please direct any financial questions to Scott Gibson, Managing Principal at Veritas Capital Group via CYCY@veritascap.com or call 407.562.1900 from 9A.M. until 5P.M. (EST). Cycle Country Corporate Headquarters: 2188 Highway 86 - Milford, Iowa 51351 - 1-800-841-2222
CONTACT: Veritas Capital Group, Heathrow, Fla. Scott Gibson, 407/562-1900 CYCY@veritascap.com
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| To: jmhollen who started this subject | 2/19/2002 1:51:49 PM | | From: jmhollen | | | | Cycle Country Announces Record Revenues With Sales Up 22.4% During the 1st Quarter Of 2002
MILFORD, Iowa, Feb 19, 2002 (BUSINESS WIRE) -- Cycle Country Accessories Corp. (OTCBB:CYCY), the recognized leader in the development and manufacturing of high quality accessories for the all-terrain vehicle (ATV), announces record revenues of $5,064,472 for the first quarter ending December 31, 2001. This represents a 22.4% increase compared with record revenues of $4,136,145 for the first quarter of the previous year. Gross profit for the first quarter ending 12/31/01 totaled $1,538,451 verses $1,269,605 for the comparable quarter in 2000. The Company reported net income from operations of $593,777 compared to $493,828 for the same quarter last year. Net income before taxes totaled $533,885 as compared to $533,346 for the corresponding period ending December 31, 2000.
Cycle Country President, Ron Hickman stated: "Significant to note is that all profit and net income numbers increased, although the Company incurred the substantial one time expenses of going public and other extraordinary items from increased new product development and a greater ramp-up of the sales and marketing force." Mr. Hickman continued; "Going forward, we are committed to strong growth and will continue to expand marketing efforts for our established ATV accessory products along with some brand new products while developing several exciting new markets."
About Cycle Country Accessories Corp.: Cycle Country (http://www.cyclecountry.com), with over 50% of the worldwide market, is the industry leader in the design, engineering and manufacturing of custom fitting accessories for the all-terrain vehicle (ATV). Since 1981, Cycle Country has developed an extensive line of branded products of mowers, plows, spreaders, sprayers, three-point hitches, winch kits and many other utility equipment items along with an expanding line of accessories for recreational use. The Company's accessories custom fit virtually all brands of ATV's on the market today including all models from Honda, Polaris, Yamaha, Kawasaki, Suzuki, Arctic Cat and Bombardier. Cycle Country ATV accessory products are distributed throughout the U.S.A. and Canada by a group of 16 distributors who sell Cycle Country products to essentially every ATV and motorcycle dealer in North America.
Additionally, Cycle Country dominates the manufacturing of wheel covers for original equipment manufacturers (OEM's) with approximately 90% of the worldwide market and 80% of after-market wheel cover sales, respectively. The Company has strategic arrangements with 19 international distributors providing product sales in Asia, Europe, Central and South America. Current international distribution agreements are in effect in 35 countries. Cycle Country also subcontracts the manufacturing of many original equipment product and product components for local, regional and national vendors.
Complete financials from the Cycle Country 10-Q filing is posted on sec.gov or on the Company's website at cyclecountry.com under the heading "Investor Relations." For further information, e-mail to IR@cyclecountry.com. Please direct any financial questions to Scott Gibson, Managing Principal at Veritas Capital Group via e-mail to CYCY@veritascap.com or call 407.562.1900 from 9 am to 5 pm (EST). Cycle Country Corporate Headquarters - 2188 Hwy. 86 - Milford, IA 51351 - 800-841-2222
CONTACT: Veritas Capital Group, Heathrow, Fla. Financial contact: Scott Gibson, 407/562-1900 email: CYCY@veritascap.com
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| To: jmhollen who started this subject | 3/29/2002 12:33:36 AM | | From: jmhollen | | | | Cycle Country Accessories Corp. Signs Purchase Agreement To Acquire Perf-form Products, Inc.
MILFORD, Iowa, Feb 20, 2002 (BUSINESS WIRE) -- Cycle Country Accessories Corp. (OTCBB:CYCY), the recognized leader in the development and manufacturing of high quality accessories for the all-terrain vehicle (ATV), announced today that the Company has entered into a definitive purchase agreement to acquire Perf-form Products, Inc. The purchase is subject to certain closing conditions, including inventory evaluation of Perf-form. The Company anticipates the purchase to be completed before the end of Cycle Country's second quarter on March 31, 2002.
Perf-form Products, Inc. had revenues of approximately $538,000 for 2001 with profitable operating results. It is expected that the positive effect on earnings for Cycle Country will be approximately $.02 to $.03 cents per share fully diluted. Perf-form's products are complimentary to those of Cycle Country and are available in many motorcycle and ATV shops and dealers across the country. Both Cycle Country and Perf-form's products are sold through most of the same distributors.
In light of this announcement, Ronald Hickman, President of Cycle Country, stated: "We are very enthusiastic about the synergies between our two companies. The long-standing reputation and quality of Perf-form's motorcycle and ATV oil filter products make this acquisition a natural fit. We have received resounding positive feedback from our distributors and have identified numerous compatibilities for further growth together. Additionally, we fully expect to capitalize on Cycle Country's strong distribution network to maximize earnings from Perf-form's historically profitable company."
Perf-form Products founder Doug Koelfgen said: "Everyone agrees with the significant opportunity offered by joining the Cycle Country family of products. We have worked hard over the last 15 years to make high quality replacement oil filters for motorcycle and ATV dealers throughout much of the country. By utilizing Cycle Country's vast distribution channels, we are extremely excited about making our products available to consumers worldwide."
About Perf-form Products
Perf-form Products, Inc., perf-form.com, headquartered in Big Lake, Minnesota, has been in the business of designing and manufacturing premium quality motorcycle and ATV oil filters since 1981. The Company's largest product line is a chrome replacement filter for Harley-Davidson Motorcycles along with manufacturing oil filters for other popular makes including Honda, Kawasaki, Suzuki, Yamaha and additional major brands of cycles now available. Perf-form Products' existence has been predicated on producing the best motorcycle and ATV oil filters in the world. By using premium quality materials including prime Tin-Plated steel end cups, special high temperature plastisol and Microglass / Synthetic enhanced saturated filter media, Perf-form oil filter products prolong engine life and performance for the most discriminating motorcycle and ATV enthusiast. The high performance Perf-form product features cannot be found in any other motorcycle/ATV oil filters on the market. About Cycle Country Accessories Corp.
Cycle Country, cyclecountry.com, with over 50% of the worldwide market, is the industry leader in the design, engineering and manufacturing of custom fitting accessories for the all-terrain vehicle (ATV). Since 1981, Cycle Country has developed an extensive line of branded products of mowers, plows, spreaders, sprayers, hitches and many other utility equipment items along with accessories for the recreational user. The Company's accessories custom fit virtually every brand of ATV on the market including all models from Honda, Polaris, Yamaha, Kawasaki, Suzuki, Arctic Cat and Bombardier. Cycle Country's ATV accessory products are distributed throughout the U.S.A. and Canada 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 strategic arrangements with 19 international distributors that sell Cycle Country products in Asia, Europe, Central and South America. Current distribution agreements are in effect in 35 countries. 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.
For further information, visit Cycle Country's website at cyclecountry.com or e-mail toIR@cyclecountry.com. Please direct any financial questions to Scott Gibson, Managing Principal at Veritas Capital Group via CYCY@veritascap.com or call 407/562-1900 from 9A.M. until 5P.M. (EST). Cycle Country Corporate Headquarters: 2188 Highway 86, Milford, Iowa 51351, 1-800/841-2222
CONTACT: Veritas Capital Group, Heathrow, Fla. Financial contact: Scott Gibson, 407/562-1900 email: CYCY@veritascap.com
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| To: jmhollen who started this subject | 3/29/2002 12:35:03 AM | | From: jmhollen | | | | Cycle Country Accessories Secures Double-Digit Earnings Growth By Acquiring Perf-form Products, Inc.
MILFORD, Iowa, Mar 27, 2002 (BUSINESS WIRE) -- Cycle Country Accessories Corp. (OTCBB:CYCY), the recognized leader in the development and manufacturing of high quality accessories for the all-terrain vehicle (ATV), announced today that the Company has finalized the purchase agreement terms to acquire Perf-form Products, Inc. Perf-form's motorcycle and ATV oil filter products generated revenues of approximately $538,000 for calendar year 2001. It is expected that the positive effect on earnings for Cycle Country will be approximately $ .03 cents per fully diluted share. Cycle Country anticipates reflecting the acquisition value in the next 10-QSB filing for the Company's second quarter ending March 31, 2002.
Ronald Hickman, President of Cycle Country, stated: "Cycle Country's relationship with essentially all motorcycle dealers in North America will provide considerably greater exposure for Perf-form's premium products. Further, our Company's growing distribution in 35 foreign countries will provide an additional platform for significant growth. With Perf-form's long-standing reputation for quality products, we fully expect to capitalize on our strong distribution network to maximize earnings from this historically profitable company."
Doug Koelfgen, Founder of Perf-form Products said: "Everyone agrees with the significant opportunity offered by joining the Cycle Country family of products. We have worked hard over the last 20 years to make high quality replacement oil filters for motorcycle and ATV dealers throughout much of the country. By utilizing Cycle Country's vast distribution channels, we are extremely excited about making our high-end products available to consumers worldwide."
About Perf-form Products
Perf-form Products, Inc., perf-form.com, headquartered in Big Lake, Minnesota, has been in the business of designing and manufacturing premium quality motorcycle and ATV oil filters since 1981. The Company's largest product line is a chrome replacement filter for Harley-Davidson Motorcycles. The Company also manufactures oil filters for other popular makes including Honda, Kawasaki, Suzuki, Yamaha and several other major brands. Perf-form Products' existence has been predicated on producing the best motorcycle and ATV oil filters in the world. By using premium quality materials, the Company's oil filter products prolong engine life and performance for the most discriminating motorcycle and ATV enthusiast. The high performance Perf-form product features cannot be found in any other motorcycle/ATV oil filters on the market.
About Cycle Country Accessories Corp.
Cycle Country, cyclecountry.com, with over 50% of the worldwide market, is the industry leader in the design, engineering and manufacturing of custom fitting accessories for the all-terrain vehicle (ATV). Since 1981, Cycle Country has developed an extensive line of branded products of mowers, plows, spreaders, sprayers, hitches and many other utility equipment items along with accessories for the recreational user. The Company's accessories custom fit virtually every brand of ATV on the market including all models from Honda, Polaris, Yamaha, Kawasaki, Suzuki, Arctic Cat and Bombardier. Cycle Country's ATV accessory products are distributed throughout the U.S.A. and Canada 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 strategic arrangements with 19 international distributors that sell Cycle Country products in Asia, Europe, Central and South America. Current distribution agreements are in effect in 35 countries. 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.
For further information, visit Cycle Country's website at cyclecountry.com or e-mail to IR@cyclecountry.com. Please direct any financial questions to Scott Gibson, Managing Principal at Veritas Capital Group via e-mail to CYCY@veritascap.com or phone 407.562.1900 from 9 a.m.until 5p.m. (EST). Cycle Country Accessories Corp.'s headquarters is located at 2188 Highway 86 - Milford, Iowa 51351 - 800-841-2222.
CONTACT: Financial: Veritas Capital Group, Heathrow, Fla. Scott Gibson 407/562-1900 9 a.m. - 5 p.m. (EST) e-mail: CYCY@veritascap.com or Cycle Country Accessories Corporation 800/841-2222 e-mail: IR@cyclecountry.com cyclecountry.com
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| To: jmhollen who started this subject | 5/1/2002 2:13:19 PM | | From: jmhollen | | | | Record All-Terrain Vehicle - ATV - Sales In U.S. Deliver Double-Digit Growth Again
Cycle Country States Strong ATV Sales Trend Has Continued Over Nine Of The Last Ten Years
MILFORD, Iowa, Apr 30, 2002 (BUSINESS WIRE) -- Cycle Country Accessories Corp. (OTCBB: CYCY), the recognized leader in the development and manufacturing of custom-fitting accessories for the utility all-terrain vehicle (ATV), announced today that ATV industry figures for U.S. ATV unit sales during 2001 showed an 12.4% increase with total ATV sales exceeding 700,000 units as noted by ATV Magazine. This growth followed a 19.2% increase in 2000, the year in which total ATV sales surpassed total motorcycle sales for the first time.
In an issue of the highly regarded industry publication for motorcycle & ATV dealers, Dealernews Magazine, a feature article noted: "ATV's may represent the largest untapped, money-making opportunity for dealerships. First, 50% of the average dealership's sales come from ATV's. Second, ATV's have more room for accessories than motorcycles. Third, most ATV's are used for multiple activities which require multiple accessories." Additionally, ATV's are a year-round product unlike the seasonality of snowmobiles, personal watercraft and motorcycles.
Cycle Country President, Ronald Hickman stated: "Historically, ATV sales have continued growing through economic cycles in large part because of the work-related applications inherent to Utility ATVs. Undoubtedly, this has helped sustain our industry growth during slower economic periods as is evidenced by Cycle Country's 15% earnings growth for fiscal 2001 and 22.4% revenue growth during the first quarter of 2002. We continue to expect our annual earnings to grow at a double-digit rate."
About Cycle Country Accessories Corp.
Cycle Country, cyclecountry.com, with over 50% of the worldwide market, 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 mowers, plows, spreaders, sprayers, hitches and many other utility equipment items along with accessories for the recreational user. The Company's accessories custom fit virtually every brand of ATV on the market including all models from Honda, Polaris, Yamaha, Kawasaki, Suzuki, Arctic Cat and Bombardier. Cycle Country's ATV accessory products are distributed throughout the U.S.A. and Canada 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 strategic arrangements with 19 international distributors that sell Cycle Country products in Asia, Europe, Central and South America. Current distribution agreements are in effect in 35 countries. 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. With the recently announced acquisition, Cycle Country also sells premium high performance oil filters for motorcycles and ATVs throughout the U.S. under the brand name Perf-form Products.
For further information, visit Cycle Country's website at cyclecountry.com or e-mail to IR@cyclecountry.com.
Please direct any financial questions to Scott Gibson, Managing Principal at Veritas Capital Group via e-mail to CYCY@veritascap.com or phone 407.772.7719 from 9a.m.until 5p.m. (EST). Cycle Country Accessories Corporation
Headquarters: 2188 Highway 86 - Milford, Iowa 51351 - (800) 841-2222. |
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| To: jmhollen who started this subject | 5/9/2002 2:34:02 PM | | From: jmhollen | | | | Cycle Country Receives Outstanding Business Performance Award Along With American Honda, Harley-Davidson, and Polaris Industries
MILFORD, Ia., May 9, 2002 (BUSINESS WIRE) -- Cycle Country Accessories Corp. (OTCBB:CYCY), the recognized leader in developing and manufacturing custom-fitting accessories for the utility all-terrain vehicle (ATV), is pleased to announce that Mr. Ron Hickman, president of Cycle Country, has been selected as one of the "Top Five Powersports Industry Leaders for 2001." Ehlert's Powersports Business Magazine bestows this prestigious award annually. The five notable corporate leaders were selected for their outstanding business performance and industry leadership during 2001.
The recipients for this honor include Jeff Bleustein, chairman and CEO of Harley-Davidson Motorcycle Company (HDI), Ray Black, vice president for American Honda Motor Company (HMC), Roger Marshall, founder and CEO of Marshall Distributing, Inc., Tom Tiller, president and CEO of Polaris Industries, Inc. (PII) and Ron Hickman, president of Cycle Country Accessories Corporation (CYCY).
Mr. Hickman joined Cycle Country as general manager in 1996 while accepting all corporate financial responsibilities as well. Concurrently, he sold his CPA firm, which had handled the Company's books for over 15 years. This career move was the first step in assuming the leadership at Cycle Country from founders, Jim and Jan Danbom. Ron Hickman officially became president of the Company on August 1, 2001.
Acknowledging this coveted industry leadership award, Ron Hickman stated: "It is certainly humbling to be included with this select group of top corporate leaders. My congratulations go out to Ray Blank, vice president of American Honda for receiving the highest honor of `2001 Executive of the Year.' The other award recipients are truly icons of industry representing corporate achievement at the highest level. I sincerely believe that Cycle Country's emerging global recognition will continue to propel us to the next level of corporate success and beyond."
About Cycle Country Accessories Corp.
Cycle Country, cyclecountry.com, with over 50% of the worldwide market, 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 mowers, plows, spreaders, sprayers, hitches and many other utility equipment items along with accessories for the recreational user. The Company's accessories custom fit virtually every brand of ATV on the market. Cycle Country's ATV accessories are distributed throughout the U.S. and Canada 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 strategic arrangements with 19 international distributors that have sold Cycle Country products in 40 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. Through a recent acquisition, Cycle Country also sells premium oil filters for motorcycles and ATVs throughout the U.S. under the brand name Perf-form Products.
For further information, visit Cycle Country's website at cyclecountry.com or e-mail to IR@cyclecountry.com. Please direct any financial questions to Scott Gibson, Managing Principal at Veritas Capital Group via e-mail to CYCY@veritascap.com or phone 407/772-7719 from 9am until 5pm (EST). Cycle Country Accessories Corporation Headquarters: 2188 Highway 86, Milford, Iowa 51351, 800/841-2222.
CONTACT: Veritas Capital Group, Heathrow, Fla. Scott Gibson, 407/772-7719 CYCY@veritascap.com |
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| To: jmhollen who started this subject | 5/16/2002 1:15:36 PM | | From: jmhollen | | | | Cycle Country Generates Over $7 Million in Revenues for the First Six Months of Fiscal 2002
MILFORD, Ia., May 16, 2002 (BUSINESS WIRE) -- Cycle Country Accessories Corp. (OTCBB:CYCY), the recognized leader in developing and manufacturing custom-fitted accessories for the all-terrain vehicle (ATV), announces revenues of $7,034,823 for the six-month period ending March 31, 2002. This represents a 5.8% decrease compared with record revenues of $7,447,973 for the same period in 2001. Gross profit for the first and second quarter totaled $1,992,772 verses $2,152,095 for the comparable period in 2001. The Company reported net income from operations of $584,004 compared to $882,465 for the corresponding period last year.
The seasonality of one of Cycle Country's most popular products, the snowplow blade, was significantly impacted due to one of the mildest winters on record. Additionally, during the second quarter of last year the Company had unusually high sales of blade products as their distributors ordered late in the quarter to achieve rebate program goals. This did not occur in the second quarter of this year since most distributors had already achieved rebate program incentive levels. This bodes well for the Company's next two quarters since less product needs to be sold at retail before dealer ordering begins in earnest during the summer and fall.
The Company foresees the selling, general and administrative expenses to remain consistent or to decrease slightly as a percent of revenues during the remainder of fiscal 2002 ending September 30, 2002. This will be achieved from the increased production of new and existing products from the current manufacturing capacity available at their operating facilities in Iowa.
The president of Cycle Country, Ron Hickman stated: "Even though the company experienced decreased sales from the seasonal plow business, sales from new product introductions nearly bridged the gap." Mr. Hickman continued: "Going forward, we anticipate our revenues to increase during the third and fourth quarters, because product inventories within our distribution network are relatively low, which historically leads to increased orders and sales activity. Other key factors contributing to our projection of increased revenues for the remainder of fiscal 2002 include the early success of our new product introductions and the re-engineering of our mainstay products. Additionally, the successful completion of acquiring Perf-Form Products and their premium motorcycle and ATV oil filters should begin to have a positive impact to earnings from our substantially greater distribution channels throughout North America."
On a final note, Mr. Hickman added: "We will continue to address the seasonality of any of our products by continuing our new product expansion efforts while developing several exciting new markets including the lucrative Lawn & Garden category. Cycle Country will record its twenty first year of sustained profitability and our projection for double-digit earnings growth again for 2002 is very much anticipated."
About Cycle Country Accessories Corp.
Cycle Country, cyclecountry.com, with over 50% of the worldwide market, 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 mowers, plows, spreaders, sprayers, hitches and many other utility equipment items along with accessories for the recreational user. The Company's accessories custom fit virtually every brand of ATV on the market. Cycle Country's ATV accessories are distributed throughout the U.S. and Canada 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 strategic arrangements with 19 international distributors that have sold Cycle Country products in 40 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. Through a recent acquisition, Cycle Country also sells high-performance premium oil filters for motorcycles and ATVs throughout the U.S. under the brand name Perf-form Products.
For further information, visit Cycle Country's website at cyclecountry.com or e-mail to IR@cyclecountry.com. Please direct any financial questions to Scott Gibson at Veritas Capital Group via e-mail to CYCY@veritascap.com or phone 407/772-7719 from 9am until 5pm (EST). 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: Veritas Capital Group, Heathrow, Fla. Scott Gibson, 407/772-7719 CYCY@veritascap.com |
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| To: jmhollen who started this subject | 5/29/2002 4:46:35 PM | | From: jmhollen | | | | Cycle Country Signs Purchase Agreement With Weekend Warrior Inc. to Shortly Conclude Their Second Acquisition Since March 2002
MILFORD, Iowa, May 28, 2002 (BUSINESS WIRE) -- Cycle Country Accessories Corp. (OTCBB:CYCY), the recognized leader in the development and manufacturing of high quality accessories for the all-terrain vehicle (ATV), announced today that the Company has entered into a definitive purchase agreement to acquire Weekend Warrior, Inc. The purchase is subject to certain closing conditions, including inventory evaluation of Weekend Warrior. The Company anticipates the acquisition to be completed before the end of Cycle Country's third quarter on June 30, 2002.
Since 1992, Weekend Warrior, Inc., headquartered in Lubbock, Texas, has designed and manufactured a full line of heavy-duty agricultural equipment for Utility ATV's and Garden Tractors. The Company's established farming plow models require no three point hitches for easy hook-up to all ATV and Tractor makes. These renowned quality products with the well-recognized Weekend Warrior brand name, will further Cycle Country's new product development in the Lawn & Garden industry. Additionally, Weekend Warrior's products will allow the attachment of many of Cycle Country's existing products to Lawn & Garden vehicles.
In making this announcement, Ronald Hickman, President of Cycle Country, stated: "The management team at Cycle Country is committed to building greater shareholder value through product and market expansion. As such, we will continue to seek established profitable companies with compatible product lines providing new markets and new product sector opportunities. This timely acquisition will strengthen Cycle Country's entrance into the lucrative Lawn & Garden market. Weekend Warrior's long-standing reputation for quality and strong brand recognition reflects two of our key consideration parameters. We believe we can fully capitalize on our strong distribution channels to enhance this already profitable division and further both companies new product growth and market share."
Weekend Warrior, Inc. founder Donald Pigg, said: "All of us at Weekend Warrior are very excited about the chance to join Cycle Country. We have worked diligently over the last 10 years to make premium products and to establish Weekend Warrior as a respected name in the industry. With Cycle Country's immense distribution network, it is extremely gratifying to have the opportunity to see our products available to consumers worldwide."
About Cycle Country Accessories Corp.
Cycle Country, cyclecountry.com, with over 50% of the worldwide market, is the industry leader in the design, engineering and manufacturing of custom fitting accessories for the utility all-terrain vehicle. Since 1981, Cycle Country has developed an extensive line of branded products of mowers, plows, spreaders, sprayers, hitches and other utility equipment items along with accessories for the recreational user. The Company's accessories custom fit virtually every brand of ATV on the market including all models from Honda, Yamaha, Polaris, Kawasaki, Suzuki, Arctic Cat and Bombardier. Cycle Country's products are distributed by 16 distributors who sell their products to virtually all ATV and motorcycle dealers in North America.
The Company has also developed arrangements with 19 international distributors that have sold Cycle Country products in 40 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. Through a recent acquisition, Cycle Country also sells premium oil filters for motorcycles and ATVs throughout the U.S. under the brand name Perf-form Products.
For further information, visit Cycle Country's website at cyclecountry.com or e-mail to IR@cyclecountry.com. Please direct any financial questions to Scott Gibson at Veritas Capital Group via CYCY@veritascap.com or call 407.772.7723 from 9am until 5pm (EST). Cycle Country Accessories headquarters: 2188 Highway 86, Milford, Iowa 51351, 800/841-2222
CONTACT: Veritas Capital Group, Heathrow, Fla. Scott Gibson, 407/772-7723 CYCY@veritascap.com |
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| To: jmhollen who started this subject | 5/31/2002 10:45:40 AM | | From: jmhollen | | | | Corporate Profile for Cycle Country Accessories Corp., dated May 31, 2002
May 31, 2002 (BUSINESS WIRE) -- The following Corporate Profile is available for inclusion in your files. News releases for this client are distributed by Business Wire and also become part of the leading databases and online services, including all of the leading Internet-based services.
Published Date: May 31, 2002 Company
Name: Cycle Country Accessories Corp.
Address: 2188 Hwy. 86 Milford, Iowa, 51351
Main Telephone Number: 800/841-2222
Internet Home Page Address (URL) cyclecountry.com
Chief Executive Officer: Ronald Hickman
Chief Financial Officer: David Davis
Investor Relations Contact: Scott Gibson
Business number: 407/772-7723
E-mail address: cycy@veritascap.com
Public Relations Contact: Scott Gibson
Business number: 407/772-7723
E-mail address: cycy@veritascap.com
Industry: Misc. Capital Goods
Trading Symbol/ Exchange: CYCY/OTCBB
Market Makers:
ALEX/ALPS/ALWC/BLOW/FLTT/FRAN/GVRC/HILL/IFSC/ISRC
LTCO/MHMY/MLNJ/NITE/PGON/PRGM/PUGS/SCHB/STRE/VFIN
WIEN/WSEI
Company Description: Cycle Country Accessories Corp., cyclecountry.com, with over 50% of the worldwide market, is the industry leader in the design, engineering and manufacturing of high quality, custom fitting accessories for the utility all-terrain vehicle (ATV). Since 1981, Cycle Country has developed an extensive line of branded products of mowers, plows, spreaders, sprayers, hitches and other utility equipment items along with accessories for the recreational user. The Company's accessories custom fit virtually every brand of ATV on the market including all models from Honda, Yamaha, Polaris, Kawasaki, Suzuki, Arctic Cat and Bombardier. Cycle Country's products are distributed by 16 distributors who sell their products to virtually all ATV and motorcycle dealers in North America.
The Company has also developed arrangements with 19 international distributors that have sold Cycle Country products in 40 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. Through a recent acquisition, Cycle Country also sells premium oil filters for motorcycles and ATVs throughout the U.S. under the brand name Perf-form Products.
CONTACT: Cycle Country Accessories Corp |
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