This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

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.”

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
ATC $0.37 0.00%
AAPL $128.46 0.00%
FB $78.97 0.00%
GOOG $558.40 0.00%
TSLA $203.34 0.00%

Markets

DOW 18,132.70 -81.72 -0.45%
S&P 500 2,104.50 -6.24 -0.30%
NASDAQ 4,963.5270 -24.3630 -0.49%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs