| From: jmhollen | 12/29/2004 7:57:20 PM | | | | | | Cycle Country Announces Record Results for 2004; Revenues Grow 48%, Profits Rise to $0.35/share from $0.05/share; Conference Call on January 5th 12/29/2004 4:35:00 PM
MILFORD, Iowa, Dec 29, 2004 (BUSINESS WIRE) -- Cycle Country Accessories Corp. (ATC), the recognized leader in developing and manufacturing a variety of products for all terrain vehicles (ATV), garden tractors and golf carts, is pleased to announce record revenues and profits for fiscal 2004. Revenues for the year ended September 30, 2004 increased 48.8% to $20,665,674 from $13,891,993. Earnings per fully diluted share rose to $0.35 from $0.05 last year
"We are thrilled that we beat expectations so handily, despite a tremendous run on steel prices," said Mr. Ron Hickman, CEO and President of Cycle Country Accessories. "We look forward to discussing our record results for 2004 and our outlook for 2005 on the upcoming conference call."
Cycle Country has scheduled a conference call with the investment community for Wednesday, January 5th at 12:00 p.m. (EST). The purpose for the conference call is to review Cycle Country's fiscal 2004 results that ended September 30th, current operations and projections for fiscal 2005. Management will also address an open dialogue during an open question and answer session.
Conference call information:
Investment professionals and the general public may access the call by dialing toll free at 1-877-407-8289 prior to the start of the phone conference at 12:00 pm. The conference call will be recorded and available for phone replay listening through Friday, January 12th by calling toll free at 1-877-660-6852 or toll at 1-201-612-7415 (account number 3055 and conference ID number 131357).
The conference call will also be broadcast live over the Internet. To listen to the web cast real time, please go to viavid.com and click on the "Events" heading at the top of the page then scroll down and click on Cycle Country Accessories Corp. Simply fill in the registration form where the only required information is your e-mail address and click on "Register" to access the conference call. If you do not have Windows Media Player, it is suggested that you access the site enough in advance to download and install any necessary audio software at no charge. ViaVid will provide the rebroadcast of this web cast until February 5th.
Investors are invited to email questions to be addressed on the call to Dave Davis at ddavis@cyclecountry.com by January 4,2005.
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 and manufacturing of custom-fitting accessories for virtually every brand of utility all-terrain vehicles (ATV's).
To view company information, updates, 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 Todd Doom at Magellan Financial Media Group, LLC. (317) 867-2839.
SOURCE: Cycle Country Accessories Corp.
Magellan Financial Media Group, LLC
Todd Doom, 317-867-2839
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| From: jmhollen | 1/6/2005 11:13:42 AM | | | | | | Cycle Country Speaks about Fiscal Year 2004 and Looks Ahead to 2005;
Earnings Projected at $0.40/Share on Conference Call 1/6/2005 9:01:00 AM
MILFORD, Iowa, Jan 6, 2005 (BUSINESS WIRE) -- Cycle Country Accessories Corp. (ATC), the recognized leader in developing and manufacturing a variety of custom-fitted accessories for all terrain vehicles (ATV), garden tractors and golf carts, reviewed their 2004 fiscal year and managements expectations for 2005 in their conference call on January 5th. Investment professionals and the general public heard Mr. Ron Hickman, CEO and President, review current operations and management's plans for continued growth in 2005. The conference call relayed Cycle Country's plans to grow through strategic acquisitions and organic growth in the lawn and garden sector. Management also provided guidance for fiscal 2005 at $0.40/ share.
The replay of the conference call will be available until January 12th. To access the conference replay, participants will dial into 1-877-660-6853 or 1-201-612-7415. When prompted, they must enter account number 3055 and conference ID number 131357.
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 and manufacturing of custom-fitting accessories for virtually every brand of utility all-terrain vehicles (ATV's).
To view company information, updates, 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 Todd Doom at Magellan Financial Media Group, LLC. (317) 867-2839.
SOURCE: Cycle Country Accessories Corp.
Magellan Financial Media Group, LLC
Todd Doom, 317-867-2839
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| From: jmhollen | 1/11/2005 12:38:06 PM | | | | | | Cycle Country Sees Gross Profit Growth of 18% for the First Two Months of Fiscal 2005; Increasing Demand for Snowplows Continue to Drive Growth 1/11/2005 8:00:00 AM
MILFORD, Iowa, Jan 11, 2005 (BUSINESS WIRE) -- Cycle Country Accessories Corp. (ATC), the outright leader in developing and manufacturing select custom-fitting accessories for the all-terrain vehicle (ATV) and other diversified industry products, is pleased to announce gross profits for the first two months of fiscal 2005 were $1,394000 versus $1,182,000 for fiscal 2004, an increase of 18%. Total revenues for October and November of fiscal 2005 were $4,022,000 compared to $3,829,000 for the same period in fiscal 2004. Gross profit as a percentage of revenue increased 3.8% to 34.7% for the first two months of fiscal 2005 from 30.9% for fiscal 2004.
Cycle Country's increasing sales of snowplow blades and other core products are following industry trends of expanding growth in the ATV market. According to a Motorcycle Industry Council report, ATV sales are projected to grow approximately 5% this year, reaching one million in unit sales. The blades, along with the ATC's other custom fitting accessories, are a natural add-on when someone purchases an ATV.
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 and manufacturing of custom-fitting accessories for virtually every brand of utility all-terrain vehicles (ATV's).
To view company information, updates, 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 Todd Doom at Magellan Financial Media Group, LLC. (317) 867-2839.
SOURCE: Cycle Country Accessories Corp.
Magellan Financial Media Group, LLC
Todd Doom, 317-867-2839
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| From: jmhollen | 1/25/2005 12:32:33 PM | | | | | | Continued Strong ATV Sales Trend Has Industry Analysts Projecting 2005 ATV Unit Sales to Reach 1.1 Million Worldwide 1/25/2005 8:00:00 AM
MILFORD, Iowa, Jan 25, 2005 (BUSINESS WIRE) -- Cycle Country Accessories Corp. (ATC), the outright leader in developing and manufacturing select custom-fitting accessories for the all-terrain vehicle (ATV) and other diversified industry products, announced today that ATV industry analysts project 2005 U.S. ATV sales to exceed 875,000 units and worldwide sales to exceed 1.09 million units, a steady 5% increase over 2004 U.S. and worldwide sales, respectively, as noted by Ehlert Powersports Business. Industry analyst, Tim Condor of A.G. Edwards, goes on to project that "U.S. retail unit ATV growth over the next several years will approximate mid-single digits" as the ATV segment continues to be "the most under-penetrated of the of the three major powersports segments and serves a wider variety of purposes when compared to snowmobiles and watercraft."
"As one of the world's largest manufacturers of ATV accessories, we have the proven know-how and capacity to outfit every major brand of utility ATV out there today, as well as tomorrow," stated Ron Hickman, President and CEO of Cycle Country. "The ATV industry has seen solid growth over the last ten years and so has Cycle Country. We are excited by the projections that the growth will continue for several more years," continued Ron Hickman. "Cycle Country's philosophy of making accessories to fit every major brand of utility all terrain vehicle made means that an ATV owner has the opportunity to increase the functionality of their ATV so that it can do more and work harder."
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 and manufacturing of custom-fitting accessories for virtually every brand of utility all-terrain vehicles (ATV's).
To view company information, updates, 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 Todd Doom at Magellan Financial Media Group, LLC. (317) 867-2839.
SOURCE: Cycle Country Accessories Corp.
Magellan Financial Media Group, LLC
Todd Doom, (317) 867-2839
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| From: jmhollen | 2/14/2005 12:21:51 PM | | | | | | Cycle Country Reports 1st Quarter Results; ATC Continues To Shine
with Gross Margin Increase of 5% and Net Income Up 32% 2/14/2005 8:03:00 AM
MILFORD, Iowa, Feb 14, 2005 (BUSINESS WIRE) -- Cycle Country Accessories Corp. (ATC), the outright leader in developing and manufacturing select custom-fitting accessories for the all-terrain vehicle (ATV) and other diversified industry products, announces that net income increased $127,991 (32%) to $532,101 for the three months ended December 31, 2004. Gross margin as a percentage of revenue increased 5% as cost containment initiatives continue to be implemented.
First quarter highlights:
-- Revenues of $5,623,739 were in line with last year's record level.
-- Net income increased 32% to $532,101.
-- Gross profit as a percent of revenue increased approximately 5% to 29.5%.
-- Gross profit in dollars increased 18.4% to $1,657,515.
-- Increase in the company's cash position of $1,157,000 with no bank debt.
-- Net working capital increased $742,350 to $5,569,689 at
December 31, 2004 from $4,827,339 at September 30, 2004.
-- International sales increased 38% as compared to the first quarter of last year.
-- The Company's signature product, Snowplow Blades, continued to shine as sales increased 3% over last year's first quarter record results.
-- Margins continue to improve as management continues its initiatives to cut/maintain costs and implement price increases where needed.
-- Continuing to see positive impact from management's quality initiative.
"The company is very pleased with the many positive results for this most recent quarter," said Mr. Ron Hickman, CEO and President of Cycle Country Accessories. "We anticipate that revenues, gross profits and net income for each of the remaining quarters of fiscal 2005 will do better than the results of fiscal 2004. We continue to address seasonality issues, expand into new markets, increase products produced for OEM's and strengthen the market-leading positions of our current products to provide strong, positive financial results."
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 and manufacturing of custom-fitting accessories for virtually every brand of utility all-terrain vehicles (ATV's).
To view company information, updates, 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 Todd Doom at Magellan Financial Media Group, LLC. 317-867-2839.
SOURCE: Cycle Country Accessories Corp.
Magellan Financial Media Group, LLC
Todd Doom, 317-867-2839
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| From: jmhollen | 2/16/2005 4:22:27 PM | | | | | | Cycle Country Announces Major Supply Chain Acquisition; Agreement in Principle Reached with the Largest Supplier; Transaction Should be Immediately Accretive to Earnings 2/16/2005 4:05:00 PM
MILFORD, Iowa, Feb 16, 2005 (BUSINESS WIRE) -- Cycle Country Accessories Corp. (ATC), the outright leader in developing and manufacturing select custom-fitting accessories for the all-terrain vehicle (ATV) and other diversified industry products, announces that it has reached an agreement in principle to purchase Simonsen Iron Works, Inc. simonsenironworks.com, the company's largest supplier. Under the terms of the agreement, Cycle Country is to pay $7 million in cash and issue 1.2 million shares of stock to the founders of Simonsen. Updated financial projections will be issued upon the final closing of the transaction.
"We are very pleased to announce this acquisition," said Mr. Ron Hickman, CEO and President of Cycle Country Accessories. "We feel the addition of Simonsen will allow us to continue to drive our gross margins and overall profits. The fact that we have worked with them for years should allow for a seamless transition. As we go through to closing we will be updating our guidance and increasing our estimated earnings."
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 and manufacturing of custom-fitting accessories for virtually every brand of utility all-terrain vehicles (ATV's).
To view company information, updates, 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 David Finke at Magellan Financial Media Group, LLC. (317) 867-2839.
SOURCE: Cycle Country Accessories Corp.
Magellan Financial Media Group, LLC.
David Finke, 317-867-2839
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| From: jmhollen | 3/29/2005 11:48:05 AM | | | | | | Industry Magazine Says Cycle Country Stands Above the Rest, Achieving a Dominating Dealer Endorsement Rating 3/29/2005 7:00:03 AM
MILFORD, Iowa, Mar 29, 2005 (BUSINESS WIRE) -- Cycle Country Accessories Corp. (ATC), the outright leader in developing and manufacturing select custom-fitting accessories for the all-terrain vehicle (ATV) and other diversified products announced the informal survey results from ATV Industry Magazine detailing Cycle Country's superior products. The magazine's "Market Watch" noted that Cycle Country leads "all brands in lawn and garden/farming and ranching accessory products" for reliability, efficiency and price.
More than 220 dealers were contacted by the magazine for this unscientific survey highlighting farm and ranch accessory sales compared to last year's sales. The magazine's assistant editor, Chris Davis, stated "Cycle Country stood out above the rest. We are told that Cycle Country combines an affordable, yet reliable plow for the end users of such products." He went on to quote one dealer who appreciated the affordability of the Cycle Country plow and that the "lever is much easier to use than other plows." Several other dealers mentioned that they were impressed with the Cycle Country brand, putting them at the top of the list of endorsements.
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 and manufacturing of custom-fitting accessories for virtually every brand of utility all-terrain vehicles (ATV's).
To view company information, updates, 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 David Finke at Magellan Financial Media Group, LLC (317) 867-2839.
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."
SOURCE: Cycle Country Accessories Corp.
Magellan Financial Media Group, LLC
David Finke, (317) 867-2839
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| From: jmhollen | 4/12/2005 7:10:47 AM | | | | | | Cycle Country Signs Definitive Agreement with Simonsen Iron Works; Deal to Close by End of April 4/12/2005 7:00:03 AM
MILFORD, Iowa, Apr 12, 2005 (BUSINESS WIRE) -- Cycle Country Accessories (ATC), the industry leader in the design and manufacturing of custom-fitting accessories for utility all-terrain vehicles, has signed a definitive agreement to purchase the assets of Simonsen Iron Works. The transaction will be closed by April 30, 2005. The final consideration that was agreed upon consists of $7 million in cash and $8 million in shares of the company's restricted common stock with a strike price of $6.50. The two companies' combined results will be reflected in the last five months of Cycle Country's Fiscal Year.
"We are buying nearly ten million dollars in hard assets along with Simonsen's proven earning power," said Ron Hickman, President and CEO of Cycle Country. "We invite our shareholders to view their impressive facilities at simonsenironworks.com."
"We have worked with Cycle Country's management since their inception in 1981 and because of that relationship, we have the utmost confidence in their ability to execute a seamless transition and provide strong leadership after the companies come together," stated Simonsen President, Alan Bailey. "We look forward to remaining shareholders in this combined entity."
Simonsen, based in Spencer, Iowa, is a fourth generation family-run business dedicated to developing high quality solutions for custom manufacturing needs since 1906. The services they provide include laser and plasma cutting, turret punching, tube bending, CNC machining, powder coating, and more.
"We anticipate that we will be able to provide updated guidance for the combined companies within a week of the closing of this transaction," Mr. Hickman added. "At that time, we will be increasing our EPS guidance for 2005 and 2006 Fiscal Years. In the future, we expect this to allow for greater efficiencies in our scheduling, purchasing and research and development, which will be of great benefit to our shareholders."
About Cycle Country Accessories Corporation
Cycle Country, with over 50% of the worldwide market in several product categories, is the industry leader in the design and manufacturing of custom-fitting accessories for virtually every brand of utility all-terrain vehicles (ATV's).
To view the company information, updates, the latest SEC filings or past news releases, go to the company's web site at www.cyclecountry.com and click on the Investor Relations heading. Please direct any financial questions to Magellan Financial Group, LLC (317) 867-2839.
SOURCE: Cycle Country Accessories
Magellan Financial Group, LLC
David Finke, 317-867-2839
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| From: jmhollen | 5/2/2005 11:11:21 AM | | | | | | Cycle Country Completes Acquisition of Simonsen Iron Works; Deal Solidifies 25-year Working Relationship - 5/2/2005 7:00:08 AM
MILFORD, Iowa, May 02, 2005 (BUSINESS WIRE) -- Cycle Country Accessories (ATC), the industry leader in the design and manufacturing of custom-fitting accessories for utility all-terrain vehicles, today announced that it has formalized its 25-year working relationship by acquiring the assets of Simonsen Iron Works. The deal was completed at a closing Friday.
"This is a special day for the employees, customers, and communities of Cycle Country and Simonsen Iron Works," said Ron Hickman, President and CEO of Cycle Country Accessories Corporation. "Combining efforts of these two home-town, made-in-America companies will provide a more efficient process and product from which everyone can benefit."
Shareholders will find increased earnings per share through this acquisition through a pronounced effort on growing the Simonsen Iron Works product through Cycle Country. Simonsen Iron Works, based in Spencer, IA, is a fourth generation family-run business dedicated to developing high quality solutions for custom manufacturing needs since 1906. The services they provide include laser and plasma cutting, turret punching, tube bending, CNC machining, powder coating and more.
About Cycle Country Accessories Corporation
Cycle Country, with over 50% of the worldwide market in several product categories, is the industry leader in the design and manufacturing of custom-fitting accessories for virtually every brand of utility all-terrain vehicles (ATV's).
To view the company information, updates, the latest SEC filings or past news releases, go to the company's web site at www.cyclecountry.com and click on the Investor Relations heading. Please direct any financial questions to Magellan Financial Media Group, LLC (317) 867-2839.
SOURCE: Cycle Country Accessories Corporation
Magellan Financial Media Group, LLC
Todd Doom, 317-867-2839
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| From: jmhollen | 5/4/2005 11:17:27 AM | | | | | | Cycle Country to Supply Full Line of Accessories for KYMCO ATV's - 5/4/2005 7:00:03 AM
MILFORD, Iowa, May 04, 2005 (BUSINESS WIRE) -- Cycle Country Accessories (ATC), the industry leader in the design and manufacturing of custom-fitting accessories for utility all-terrain vehicles, announced today that it will provide a full line of accessories for KYMCO ATV's.
Cycle Country's entire line of ATV accessories is now available for the KYMCO MXU 250. KYMCO ATV is releasing several new products through the coming months, including a 300cc shaft drive machine, all of which will be fitted with Cycle Country accessories. These accessories will be marketed through Cycle Country's distribution system, which means that KYMCO dealers can purchase Cycle Country products through any one of 16 North American distributors.
In addition to blade systems, Cycle Country is also providing a rear hitch, winch mount and winch, grab light and thermal grip to KYMCO USA.
"We are impressed with the quality of the KYMCO ATV's," said Ron Hickman, President and CEO of Cycle Country Accessories. "They are expected to be a strong seller in the United States and are already one of the top selling ATV brands in Europe, according to our European distributors."
KYMCO USA, formerly known as STR, Inc., Motorsports Division, is the exclusive distributor of KYMCO brand scooters, motorcycles and ATV's for the United States. KYMCO USA's partnership with KYMCO Taiwan delivers a diverse selection of vehicles in categories from 50cc to 250cc.
About Cycle Country Accessories Corporation
Cycle Country, with over 50% of the worldwide market in several product categories, is the industry leader in the design and manufacturing of custom-fitting accessories for virtually every brand of utility all-terrain vehicles (ATV's).
To view the company information, updates, the latest SEC filings or past news releases, go to the company's web site at www.cyclecountry.com and click on the Investor Relations heading. Please direct any financial questions to Magellan Financial Media Group, LLC (317) 867-2839.
SOURCE: Cycle Country Accessories Corporation
Magellan Financial Media Group, LLC
Todd Doom, 317-867-2839
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