Cycle Country Accessories Corp. Reports Preliminary Unaudited Fiscal 2010 First And Second Quarter Financial Results, Announces Retirement Of Alan Bailey And Other Personnel Changes
Cycle Country Accessories Corp. (AMEX:ATC)(“Cycle Country”) reported on a preliminary, unaudited basis that it experienced a net loss of ($.05) per diluted share for the second quarter of fiscal 2010, compared to ($.13) per diluted share for the prior year period. Net income for the second quarter of fiscal 2010 was ($288,471), compared to the prior year’s second quarter net income of ($799,560). Sales for the quarter increased 45 percent to $2,337,402, compared to last year’s second quarter sales of $1,611,252.
The Company also reported on a preliminary, unaudited basis that it experienced a net profit of $.04 per diluted share for the first quarter of fiscal 2010, compared to ($.03) per diluted share for the prior year period. Net income for the first quarter of fiscal 2010 was $227,277, compared to the prior year’s first quarter net loss of $187,894. Sales for the quarter decreased 4 percent to $4,153,248, compared to last year’s first quarter sales of $4,333,615.
The Company also announced two organizational changes. Mr. Alan Bailey, the Vice President of Engineering and a former member of the Company’s Board of Directors, retired from the Company effective April 30, 2010. In addition, Mr. Phil Kohrs, most recently the Vice President of Manufacturing, has accepted the new position of Vice President of Business Development for the Company’s Imdyne division, where he will be responsible for the sales of contract manufacturing services.
Jeffrey Tetzlaff, Chief Executive Officer of Cycle Country commented, ”The extraordinary legal and reporting costs associated with the January 2010 announcement of misappropriated funds by the former Chairman of the Board resulted in the net loss reflected for the second quarter. Without these extraordinary expenses, both the first and second quarter would have shown positive results.” He added, “On the positive side, lower product costs resulting from improvements in purchasing, inventory control and manufacturing processes are beginning to take effect, and are reflected in higher sustainable product margins and a significant upturn in sales volume for the second quarter.”
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