Lehman Trikes, the Spearfish, S.D. trike manufacturer, reported vastly improved revenue in its recent second-quarter report.
The manufacturer, which has a relationship with Harley-Davidson, reported revenue of
$10.5 million for its second quarter, which ended May 31. That sales total is a nearly 58 percent increase over the year-ago period.
For its first six months, Lehman Trikes has sales of $16.9 million, a 51 percent rise over its first half of 2008.
The company’s net income also has risen dramatically. Net income for its first six months is more than $600,000 compared to $157,000 a year ago.
In its recently published 2008 annual report, Lehman Trikes CEO Dan Patterson said the company has “continuously improved our cash management, inventory levels and production processes. We are now better equipped to handle increased production volumes while maintaining lower inventory levels.”
Lehman builds trikes for Harley-Davidson and Victory as well as offers trike conversion kits for some Honda and Suzuki models.
GE’s financial services sales decrease in 2q
GE’s financial services revenues fell 29 percent in its second quarter compared to a year ago, the company reported.
Overall, GE’s sales fell 17 percent year over year for its second quarter, which ended June 30. GE’s earnings from continuing operations was $2.9 billlion, down 47 percent from the 2008 second quarter.
“We are executing through the recession by aggressively controlling costs and driving working capital improvements while continuing to invest for future growth,” GE CEO Jeff Immelt said in a press release. “At the same time, we are actively maintaining our backlog, focusing on higher-margin services and continuing to run our financial services business for safety and soundness.”
Ducati offers new retail financing program
In conjunction with Freedom Road Financial, Ducati has launched a new retail-financing program, which will include a 6.75 percent finance rate for all Ducati models, reported the company.
The program, called FORZA Ducati, will run until Oct. 31, and it applies to new bikes that are being registered for the first time. The financing terms are up to 48 months.
In addition to the financing, Ducati customers can choose between trade-in allowances or a year of “Full Factory Support” on select models.
The Trade-in Allowance program assists owners of older Ducatis and other manufacturers’ models in obtaining one of Ducati’s latest motorcycles. This allowance is available for Hypermotard, Monster 1100 and 848 Superbike models.
The “Full Factory Support” service promotion covers the costs for the first year of regularly scheduled maintenance updates on 2008 and 2009 Ducati models.
Dover reports declining sales, earnings in 2Q
Dover Corp., which includes aftermarket manufacturers Wiseco and Warn among others, saw its second-quarter revenue decrease by
31 percent over the year-ago quarter.
The revenue decrease — total sales accounted for $1.4 billion — was driven by a decline in core business revenue of 29 percent, a negative impact of foreign exchange of 3 percent and a 1 percent increase from net acquisitions, Dover reported.
Earnings also fell significantly. Dover reported earnings of $100.9 million to $186.9 million for the year-ago period.
“Despite tepid market conditions, we continued to execute on our objectives of delivering double-digit margins and focusing on cash flow,” Dover’s CEO Robert Livingston said in a press release. “I am pleased that we achieved 11 percent-plus operating margins and generated free cash flow of $165.5 million in the quarter.”
Though the company has seen some recent stability, Livingston did not expect a significant turnaround in its second half.
“Though quarterly order rates stabilized across most of our businesses, we still do not anticipate a meaningful second-half recovery in the majority of our end-markets and distribution channels, resulting in a full-year decrease in revenue of 24-26 percent,” Livingston said.
Assurant adds former Wal-Mart executive to board
Assurant Inc., a provider of specialty insurance and insurance-related products and services, announced the appointment of Lawrence Jackson, former chief executive officer of Wal-Mart Stores’ global procurement division, to its board of directors.
“Lawrence Jackson is a highly respected executive who brings nearly 30 years of management experience to the Assurant board of directors,” Robert Pollock, Assurant’s chief executive officer, said in a press release. “His senior leadership roles with some of the world’s biggest and best known consumer-based companies make him a valued new advisor, as we continue to build upon our diversified, specialty insurance strategy.”
Jackson, 55, currently serves as senior advisor with New Mountain Capital, LLC, a private equity fund based in New York.
Advanstar’s credit rating downgraded
Advanstar Communications, which holds Dealer Expo, had its corporate credit rating recently lowered to “CCC” from “B-” by Standard & Poor’s Rating Services, according to published reports.
The ratings service said in its announcement that Advanstar’s outlook is negative, according to the report on BtoBonline.com.
“The rating actions reflect Advanstar’s weak operating performance, thin interest coverage and modest liquidity,” Standard & Poor’s credit analyst Tulip Lim said in a statement. Standard & Poor’s also said the weak economy has reduced ad pages in the company’s magazines and square footage sold at its MAGIC apparel trade shows.
Arvinmeritor announces new vice president
ArvinMeritor Inc. has appointed Kevin Nowlan as its vice president and treasurer.
In this role, Nowlan will assume responsibility for the company’s global capital market and treasury activities. He will report directly to Jay Craig, senior vice president and chief financial officer.
“Kevin brings extensive experience and financial insight to this position,” Craig said in a press release.
Nowlan was previously vice president and assistant treasurer at ArvinMeritor. He has been with the company since 2007. Prior to joining ArvinMeritor, Nowlan held a series of senior level financial positions with the GM Treasurer’s Office and GMAC Financial Services in New York and Michigan.
VisionMenu releases Private Label Software Package
VisionMenu Inc. announced the release of a private label version of Menu to any agent that provides services to powersports dealerships.
The private label option will allow agents to bring a menu, desking or reporting tool to their dealers with their own Web design and logo.
The VisionMenu Pro platform, the company said, helps dealers sell more units, increase F&I product sales and gives them the analytics they need to evaluate profitability.
“We have always thought agents could better position their company’s services and products with their own menu identity,” Ron Martin, president of VisionMenu Inc., said in a press release.