Cycle Country 2Q Revenue Drops 47.8%
Cycle Country Accessories Corporation, Milford, Iowa, says revenue for its second quarter ended March 31, 2005, was $2,809,226, a decrease of 47.8% from revenue of $5,381,420 for the same period last year. The company says sales to U.S. distributors and OEMs dropped 52.7% from similar sales posted for the second quarter of 2004. Net earnings were not released.
Net income for the second quarter was $14,305 compared to $465,013 for the same period last year. For the six month period that ended March 31, 2005, net income was $546,406, down from $869,123 for the same period last year.
“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,” said Ron Hickman, President and CEO of Cycle Country Accessories Corporation.
Cycle Country projects the completed acquisition of their largest supplier, Simonsen Iron Works of Spencer, Iowa, will provide additional profits, and Hickman said he is confident in earlier basic net income projections of 40 cents per share for fiscal year 2005.
Simonsen's services include laser and plasma cutting, turret punching, tube bending, CNC machining, powder coating and more.
Shares of Cycle Country plummeted $1.10, or 22.5%, to $3.80 on Monday after the company reported its results.
Goldsmith Named President and CEO of Coats Intl. Ltd.
Coates International Ltd. (CIL) announced the appointment of Mark D. Goldsmith as President and CEO of Coates Motorcycle Company Ltd.
In the securities business for 40 years, Goldsmith began his career at Frederick S. Todman & Co. He was vice president of MKI Securities Inc.; treasurer & CFO of Muller & Company, Inc.; president of Adolph, Komorsky & Co., Inc.; CFO of MH Meyerson & Co., Inc.; and managing director of Chapman Spira & Carson LLC. Goldsmith also was a charter member of the Internal Auditors Association; member of the Accounting Association of the SIA; and director of the National Investment Bankers Association.
CIL was founded in 1988 to research, patent and manufacture technology associated with a spherical rotary valve system for internal combustion engines. This technology was developed over a period of 15 years by George J. Coates, who is the President and Chairman of the Board of CIL. Coates has secured numerous United States patents and foreign patents for innovations related to the spherical rotary valve internal combustion engine.
For more information about Coats, visit www.coatsengine.com.