| From: jmhollen | 8/15/2006 9:49:35 AM | | | | | | Cycle Country Announces Third Quarter Results; Three of Four Operating Divisions Increase by Nearly Double Digits
MILFORD, Iowa, Aug 15, 2006 (BUSINESS WIRE) -- Cycle Country Accessories Corp. (AMEX: ATC), the recognized leader in developing and manufacturing a variety of products for the all terrain vehicle (ATV), garden tractors, and golf cars, today announced its earnings of .0 cents per share for the three months ending June 30, 2006 versus .01 cents per share for the three months ending June 30, 2005. These figures are based on fully diluted shares of 7,287,508 as of June 30, 2006 compared to 5,954,771 shares as of June 30, 2005.
On a nine month comparison, earnings declined from .10 cents per share for the period ending June 30, 2005 to .07 cents for the same period ending June 30, 2006. These figures are based on fully diluted shares of 7,266,758 as of June 30, 2006 compared to 5,537,137 shares as of June 30, 2005.
Total revenue declined by just over 7% from $3,314,465 to $3,082,136 for the third quarter. On a year to date basis, revenue increased by 2.9% from $11,747,430 to $12,083,302. Gross profit increased by 24.2% from $948,313 to $1,178,027, (for a gross profit margin of 38.2% for the third quarter), and increased 40.5% from $3,423,300 to $4,808,776, year to date, (for a gross profit margin of 39.8%).
John Gault, Interim CEO stated, "We grew our revenue in dramatic fashion in three of our four divisions for both the three and nine month comparisons. Our contract manufacturing segment increased 67.2% and 335.5% respectively, Weekend Warrior increased 28% and 225.5%, and our Plastic Wheel Covers division rounded out the double digit increases of 32% and 24.8%."
He went on to say, "We continue to position ourselves with these divisions as a company that is becoming less and less reliant on the cyclical nature of the ATV accessories market. We are proud of these results and continue to work in a diligent fashion to make certain that Cycle Country Accessories Corporation experiences a 26th consecutive year of profitability."
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). Cycle Country also produces accessories for the lawn and garden market through its subsidiary, Weekend Warrior and makes high performance oil filters for the motorsports industry through its wholly owned subsidiary, Perf-Form. In April of 2005, Cycle Country acquired Simonsen Iron Works, now operating as Cycle Country, Spencer, providing metal fabrication.
cyclecountry.com
perf-form.com
SOURCE: Cycle Country Accessories Corp.
CONTACT: Magellan Financial Media Group Mark Gilbert, 317-867-2839 mgilbert@thinksmallcaps.com
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| From: jmhollen | 9/18/2006 9:09:28 AM | | | | | | Cycle Country Announces New CEO; Randy Kempf Steps Into Permanent Role
MILFORD, Iowa, Sep 18, 2006 (BUSINESS WIRE) -- Cycle Country Accessories Corp. (AMEX: ATC), the recognized leader in developing and manufacturing a variety of products for the all terrain vehicle (ATV), garden tractors, and golf cars, today announced it has hired Randy J. Kempf as the company's new CEO. Kempf begins his permanent duties today.
Kempf is a driven executive with over 20 years of profit and loss and management experience in marketing, sales, manufacturing and engineering. He holds an MBA from the University of Iowa and a BS in Electrical Engineering Technology from Purdue University.
Kempf most recently worked for Wessels Company, a Greenwood, Indiana manufacturer of HVAC Pressure Vessels where he held the role of Senior Vice President of Operations. He made improvements in supply chain management, implemented lean manufacturing processes, and instituted policy changes that led to a more motivated workforce. He also developed numerous capital improvement and cost reduction programs resulting in improved efficiency and increased throughput.
Prior to joining Wessels, Kempf worked as President and COO of Contacts, Metal and Welding, Inc. This Indianapolis, Indiana-based company is a manufacturer of high current electrical contacts, Tungsten base metal alloys, and resistance welding consumables serving the automotive, transportation, utility, die casting, medical, military and metals industries. In this role, Kempf established a strong management team with whom he increased both sales and profitability in the post 9/11 economy. His focus on understanding and serving the market needs led to the development of new products, improved manufacturing processes and a strong marketing program establishing the company as a leader in its various markets.
Kempf also held upper-level management positions at companies such as E-Lite Technologies, Inc, Molex, Inc., Brush Wellman, Inc. and Rockwell International, Inc. (Collins Radio). He has also had five articles published in various national trade magazines and has four US patents.
In his new duties with Cycle Country, Kempf will work as a creative, bottom line and people-oriented executive who will seek to gain results while building a successful team focused on growth and profitability.
"We are pleased to announce Randy's appointment as our new CEO," stated Jim Danbom, Cycle Country Accessories Corporation's Board Chairman. "We believe in Randy's strong experience, and the vision he has for our future. We stand united in that vision, and believe he is the person to take us on the path to a bright and successful tomorrow. We look forward to working with such a skilled, polished professional."
Danbom also provided appreciation to John Gault, who acted as interim CEO since last March.
"John was the perfect person to take the helm while we vigorously searched for a permanent addition to our team," said Danbom. "John provided strategic leadership and support for the company as a whole as well as to the Board while we continued our search."
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). Cycle Country also produces accessories for the lawn and garden market through its subsidiary, Weekend Warrior and makes high performance oil filters for the motorsports industry through its wholly owned subsidiary, Perf-Form. In April of 2005, Cycle Country acquired Simonsen Iron Works, now operating as Cycle Country, Spencer, providing metal fabrication.
cyclecountry.com
perf-form.com
SOURCE: Cycle Country Accessories Corp.
CONTACT: Magellan Financial Media Group Chad Renbarger, 317-867-2839 crenbarger@thinksmallcaps.com or Mark Gilbert, 317-867-2839 mgilbert@thinksmallcaps.com www.thinksmallcaps.com
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