| 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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| From: jmhollen | 5/10/2005 4:24:39 PM | | | | | | Perf-Form to Supply New Product for Yamaha V-Star; Remote Oil Filter to Provide Increased Revenue Potential to Product Line
5/10/2005 7:00:03 AM
MILFORD, Iowa, May 10, 2005 (BUSINESS WIRE) -- Perf-Form, a wholly owned subsidiary of Cycle Country Accessories Corp. (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 new product for Yamaha's top selling motorcycle, the V-Star 1100.
The cruiser style Yamaha V-Star 1100 has not had a design change since its inception. The current design has the oil filter placed behind the exhaust, creating a need to remove the exhaust before an oil change can take place. Perf-Form has developed a remote filter assembly that is designed to save time and money as well as wear and tear on the machine.
"This is a win-win deal for Perf-Form and its customers," said Ron Hickman, President and CEO of Cycle Country. "The customer can buy a remote filter, and change the price of an oil change from $100 to about $20. Once installed, the exhaust will never have to be removed to change the oil."
Additionally, the remote filter has been shown to drop the operating temperature by up to 25 degrees. Perf-Form has also used the best in materials for the remote system including CNC billet Aluminum, and SS braided lines, which allows for a match with today's custom design and look.
Mr. Hickman added that he is confident the new product will result in huge sales for Perf-Form, which will directly benefit shareholders. "A lot of V-Star's have been sold in the last seven years," stated Mr. Hickman. "Yamaha will continue to offer the V-Star in the future, and this product will add tremendous potential to the V-Star line of products."
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 Todd Doom 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 the 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 Corporation
Magellan Financial Media Group, LLC
Todd Doom, 317-867-2839
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| From: jmhollen | 5/16/2005 11:27:12 AM | | | | | | Cycle Country Announces 2nd Quarter Earnings Results; Company reiterates $.40 cents 2005 EPS Guidance and Projects 25% EPS increase for 2006, Conference Call Scheduled for 10:00 am EDT, Tuesday, May 17th
5/16/2005 11:22:01 AM
MILFORD, Iowa, May 16, 2005 (BUSINESS WIRE) -- Cycle Country Accessories Corporation (ATC), the industry leader in the design and manufacturing of custom-fitting accessories for utility all-terrain vehicles, today announced preliminary results for second quarter fiscal 2005. The complete filing is available at www.SEC.gov.
Revenues for the three months ended March 31, 2005 decreased from $5,381,420 to $2,809,226, or by 47.8%. Cost of goods sold also saw a decrease by 49.1% from $3,912,365 to $1,991,754. Gross profit as a percentage of revenue was up for the second quarter to 29.1% compared to 27.3% in second quarter ended March 31, 2004. The increase in gross profit as a percentage of revenue, according to management, is attributed to the implementation of price increases on products, that due to increased raw material or other input costs, had fallen below standard gross profit levels.
Meanwhile, gross profits in dollars decreased by 44.4% in the second quarter ended March 31, 2005 from $1,469,055 to $817,472. Sales to U.S. distributors and OEM customers during the second quarter of 2005 also decreased compared to the second quarter of 2004 by 52.7%. The decrease in revenues is due to a much milder and shorter winter season this year, which reduced the demand for many of Cycle Country products.
According to Ron Hickman, President and CEO of Cycle Country Accessories Corporation, "Results for the second quarter of fiscal 2005 did not equal the results for the second quarter of fiscal 2004, but current second quarter results did meet our baseline growth projections. We remain confident in our earlier projections of 40 cents per share for fiscal year 2005, and are forecasting 50 cents a share for fiscal 2006." He went on to say that he expects to see stronger results for the third and fourth quarters of fiscal 2005 as distributors and OEM customers anticipate ordering product more steadily, and at levels equal to what they ordered during the last two quarters of fiscal 2004. In anticipation of these ordering expectations, management has built up inventory during this second quarter in order to fulfill the third and fourth quarters to level out production runs, and avoid costly overtime labor.
Cycle Country projects the completed acquisition of their largest supplier will provide additional profits, and cost reductions by combining operations. Additional benefits of the acquisition include an increase to company revenues, gross profits, and a return on investment for shareholders in the latter half of fiscal 2005. The merger along with other efforts to better utilize staff members, and reduction in expenses are helping to improve performance and future growth. New products for the Yamaha V-Star along with providing products at various auto part stores also hold promise for the company and shareholders.
Additionally, Cycle Country continues to focus on containing costs and reducing expenses while maintaining a consistent level of administrative support. To accomplish these goals as well as meet revenue goals, the company plans to expand their OEM business as well as continue developing new products, and strengthening their position in current markets with new and current product lines.
Conference call:
The company will have a conference call at 10:00 am EDT, Tuesday May 17, 2005 to answer investor questions. Conference call information to be addressed in a later release.
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 Theresia Whitfield at Magellan Financial Media Group, LLC, 317-867-2839.
SOURCE: Cycle Country Accessories Corporation
Magellan Financial Media Group, LLC
Theresia Whitfield, 317-867-2839
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| From: jmhollen | 5/16/2005 7:32:52 PM | | | | | | Cycle Country Discusses 2nd Quarter Earnings; Company Reiterates $.40 Cents 2005 EPS Guidance and Projects 25% EPS Increase for 2006 - 5/16/2005 7:09:01 PM
MILFORD, Iowa, May 16, 2005 (BUSINESS WIRE) -- Cycle Country Accessories Corporation (ATC), the industry leader in the design and manufacturing of custom-fitting accessories for utility all-terrain vehicles, today announced preliminary results for second quarter fiscal 2005. The complete filing is available at www.SEC.gov. A conference call has been scheduled for tomorrow, Tuesday, May 17th at 10:00 am EDT.
Participants may dial into 1-800-683-1575 or for international callers 1-973-935-2106. When prompted, listeners must enter the conference ID number 6079976.
The telephonic replay of the conference call will be available until May 24th. To access the conference replay, participants will dial into 1-877-519-4471, international at 1-973-341-3080. When prompted, they must enter the conference ID number 6079976. A link to the conference call will also be available on Cycle Country's website.
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 Theresia Whitfield at Magellan Financial Media Group, LLC (317) 867-2839.
SOURCE: Cycle Country Accessories Corporation
Magellan Financial Media Group, LLC
Theresia Whitfield, 317-867-2839
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| From: jmhollen | 6/15/2005 12:34:39 PM | | | | | | Cycle Country Focuses on Building Dealer Relationships; Road Trip Builds Value in Long Term Relationships - 6/15/2005 7:00:02 AM
MILFORD, Iowa, Jun 15, 2005 (BUSINESS WIRE) -- Cycle Country Accessories Corporation (ATC), the industry leader in the design and manufacturing of custom-fitting accessories for utility all-terrain vehicles, today announced that it has embarked on a vigorous and extensive relationship building campaign with dealers of all Cycle Country Accessories products.
One of Cycle Country's dedicated sales representatives has been visiting some of the more than 10,000 Cycle Country dealers, including those that qualify for the Elite Dealer Program, across the United States. By the end of July, six weeks on the road will equate to more than 100 visits with dealers with the goal of building relationships, which creates for more satisfied customers.
"Relationships are what drive business," said Cycle Country President and CEO, Ron Hickman. "Without our dealers, we wouldn't be as successful as we are, and we place a high value on our relationships with all of our dealers. We're not making a sales call. We're building value. We're seeing how we can be of better service to our dealers and ultimately our customers."
Mr. Hickman noted that each of the dealers visited to date have expressed gratitude for the visits, and tremendous satisfaction with all Cycle Country products. Most agreed that Cycle Country's efforts to get product to dealers in a timelier and efficient manner has made a strong difference in satisfaction with Cycle Country.
Cycle Country currently has more than 200 Elite Dealers across the country. To qualify for the Elite program, dealers must purchase 20 or more snowplows on one purchase order.
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 Theresia Whitfield, Communications Director at Magellan Financial Media Group, LLC (317) 867-2839.
SOURCE: Cycle Country Accessories Corporation
Magellan Financial Media Group, LLC
Theresia Whitfield, 317-867-2839
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| From: jmhollen | 6/21/2005 3:14:40 PM | | | | | | Cycle Country Accessories Subsidiary to Produce Aviation Products; Partnership established with Challenger Aviation - 6/21/2005 7:00:06 AM
MILFORD, Iowa, Jun 21, 2005 (BUSINESS WIRE) -- Perf Form, a wholly owned subsidiary of Cycle Country Accessories Corporation (ATC), the industry leader in the design and manufacturing of custom-fitting accessories for utility all-terrain vehicles, today announced it will soon receive the first of many new orders from Challenger Aviation for oil filters and oil coolers.
The products were designed specifically for use in the aviation industry. The coolers have gone through rigorous testing by an independent lab verifying their strength, and to ensure they will exceed FAA standards. Ron Hickman, President and CEO of Cycle Country said both systems significantly passed all tests qualifying them for use in the aviation industry.
"We feel this new relationship with Challenger Aviation opens up a new market for both products," explained Hickman. "It is exciting to see our premium line of 'made in the USA' filters and coolers being used in this industry."
The two products will initially be used on Rotax, four cylinders, 65 - 100 H.P. engines, which are used in the sports aircraft market.
"Challenger Aviation provides only high quality aftermarket accessories that exceed the O.E.M. specifications," stated Chuck Rocco, President of Challenger Aviation. "We felt the Perf-form filters and coolers are a great fit for our product line."
Hickman expects a significant rise in filter and cooler sales throughout the remainder of 2005. The new product will be released later this summer at the Oshkosh Air Show in Wisconsin.
About Challenger Aviation
Chuck Rocco founded Challenger Aviation Products, Inc., in Ohio, in 1999 for the purpose of developing a line of high quality aircraft filters. All Challenger air filters are manufactured under FAA/PMA certification.
To learn more, visit www.challengeraviation.com.
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 Investor Relations. Direct any financial questions to Theresia Whitfield, Magellan Financial Media Group (317) 867-2839.
SOURCE: Cycle Country Accessories Corporation
Magellan Financial Media Group
Theresia Whitfield, 317-867-2839
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| From: jmhollen | 7/13/2005 11:39:46 AM | | | | | | Cycle Country Expecting Strong Fourth Quarter; Company Seeing Increase in Purchase Orders - 7/13/2005 11:36:01 AM
MILFORD, Iowa, Jul 13, 2005 (BUSINESS WIRE) -- Cycle Country Accessories Corporation (ATC), the industry leader in the design and manufacturing of custom-fitting accessories for utility all-terrain vehicles, today announced it is seeing a rise in purchase orders from distributors.
Cycle Country Accessories President and CEO, Ron Hickman believes the increase in purchase orders is a good indication the company is back on track, as orders continue to grow. "We had an excellent fourth quarter in 2004, and all indications are that 2005 will produce an excellent fourth quarter as well," said Hickman.
Hickman went on to say, "We have ramped up manufacturing and assembly so as to meet the increase in purchase orders. We currently have deliveries scheduled out as far as the end of August."
The management team at Cycle Country Accessories anticipated the increase in order expectations and subsequently built up inventory during second quarter 2005 in order to fulfill third and fourth quarter orders. Their efforts have leveled out production runs, avoided costly overtime labor, and will ensure orders are delivered on time.
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 Theresia Whitfield at Magellan Financial Media Group, LLC (317) 867-2839.
SOURCE: Cycle Country Accessories Corporation
Magellan Financial Media Group, LLC
Theresia Whitfield, 317-867-2839
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