Giant Motorsports 2Q Sales Up 57%
August 19, 2005
Filed under Uncategorized
Giant Motorsports Inc. reported net sales for its second quarter ended June 30, 2005, were $35.8 million, up from $22.7 million for the same period in 2004. Second quarter net income was $1.09 million, or $0.10 per diluted share, compared to net income of $206,119, or $0.02 per diluted share, for the second quarter 2004.
Based in Salem, Ohio, Giant has two wholly owned subsidiaries, W.W. Cycles in Salem, doing business as Andrews Cycles; and Chicago Cycle, Inc., dba Chicago Cycles. The company acquired its Chicago store in May 2004 then moved it to a new 95,000 sq. ft. facility in April 2005.
The sales results reflect both the acquisition of Chicago Cycle, Inc. and the response to the new store location, Giant President Greg Haehn said in a prepared statement.
"Our strong sales results reflect the overwhelming customer acceptance of our new super-store environment,” he said. "Our new flagship superstore in Chicago continues to impress customers; and as we fine tune the merchandise mix with 800 motorcycles on display and enhance the showroom's visual impact; we see exciting growth opportunities and anticipate even stronger financial results in the future.”
Giant Motorsports is a multi-brand retailer for motorcycles, ATVs, utility vehicles and scooters. Andrews Cycles carries Yamaha, Honda, Kawasaki, Suzuki, Polaris and Lehman Trikes; Chicago Cycle carries Ducati, Honda, Suzuki and Yamaha.
Giant officials say they are attempting to leverage revenue and earnings growth through accretive acquisitions in new regions, through internal growth, and through utilization of rollup and consolidation strategies in the powersports national dealer environment.