Cycle Country 2Q Revenue Up 25%
May 23, 2006
Filed under Uncategorized
Cycle Country Accessories Corp., the Milford, Iowa-based manufacturer of products for ATVs, garden tractors and golf cars, said net income was $141,612, or .08 cents per share, for the second quarter ended March 31, 2006, a rebound from a loss of $3,914, or .10 cents per share for the six months ended March 31, 2005.
These figures are based on fully diluted shares of 7,256,303 as of March 31, 2006, compared to 5,317,459 shares as of March 31, 2005.
Cycle Country total revenue for the quarter was $3,499,657, up 25 percent from revenue of $2,809,226 during the same period last year. Gross profit was $1,409,351, up 72 percent from $817,472 during the same period last year.
"Weekend Warrior and Plastic Wheel Covers continue to lead the way in growth, experiencing year to date increases of nearly 285 percent and 21 percent, respectively," said Dave Davis, Cycle Country Accessories Corporation Chief Financial Officer. "Contract Manufacturing, a new segment for us since the acquisition and merger with Simonsen Iron Works, has also been performing well, generating $853,000 in revenue so far this year."
While the ATV accessories business segment experienced sluggish sales during the company's first quarter, the second quarter saw positive results, Davis said. Management believes that this segment is back on track to generate decent growth over the remainder of the year.
Cycle Country also ended the second quarter by replacing its CEO. As previously reported, John Gault, a Cycle Country board member, replaced Ron Hickman.
“John will hold the CEO position until a suitable candidate is found,” said Jim Danbom, chairman of the Cycle Country Board of Directors.