Cycle Country Accessories Corp. has reported decreased sales and increased net losses for is fiscal fourth quarter and for the year.
Cycle Country on Tuesday reported a fourth quarter net loss of $2.3 million, compared to a loss of $1.4 million in the year-ago quarter. Sales for the fourth quarter of 2011 dropped 33.8 percent to $2.3 million.
For the year, Cycle Country’s net loss was reported at $4.2 million, compared to $2.0 million for the 2010 fiscal year. Annual sales decreased 11.4 percent to $10.6 million. Included in the annual net loss are non-recurring expenses of $2.6 million, comprised mostly of charges to impair inventory and fixed assets due to Cycle Country’s divestiture of its AVT Accessories and Perf-Form Oil lines.
Cycle Country reported that despite divesting those lines, it will continue to operate its metal manufacturing plant for OEM and other contract clients.Click here for reuse options!
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