This Day On The Street
Continue to site
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

Cycle Country Announces Preliminary, Unaudited Fiscal 2011 Fourth Quarter And Full Year Results, Restatement Of Prior Financial Results

The Company has also sold its Perf-Form segment that manufactured and marketed oil filters. Further, it discontinued manufacturing of its PlazCo segment and has outsourced the manufacturing of that segment’s wheel covers and other products for the aftermarket and OEM golf industry. In doing so, the Company incurred charges of approximately $250,000 in inventory, goodwill and other intangible asset impairment for the full year of fiscal 2011 for these segments, in addition to the charges noted above for the ATV Accessories segment.

The Company also announced that it has discovered an error in the way it accounted for certain equity compensation grants, which will require it to amend its previously-filed Annual Report on Form 10-K for the fiscal year ended September 30, 2010, and its Quarterly Reports on Form 10-Q for the first, second and third quarters of fiscal 2011. The error, which related to a non-cash compensation expense, caused the Company to understate the number of shares that were to have been issued and outstanding, having the effect of inaccurately reporting the basic and fully-diluted earnings per share for those periods.

Amending these previously-filed SEC reports will cause a delay in filing the Company’s Annual Report on Form 10-K for the year ended September 30, 2011. The Company expects to file its 2011 Form 10-K by February 14, 2012.

Preliminary, Unaudited Results for the Quarter and Year ended September 30, 2011.

 

For the three months ended September 30,

 

 

For the year ended September 30,

2011

2010 2011 2010

STATEMENT OF OPERATIONS

Sales $ 2,268,651 $ 3,429,231 $ 10,588,190 $ 11,944,460
Cost of goods sold 1,777,745 3,118,106 8,838,851 9,353,775
Inventory adjustments   1,514,461     592,784     1,995,379     592,784  
Gross profit (1,023,555 ) (281,659 ) (246,040 ) 1,997,901
 
Sales, general & admin 1,321,827 1,715,855 4,997,010 4,759,661
Goodwill impairment - - 110,186 -
Fraud expense - - - 134,774
Loss on sale of assets   107,390     (11,230 )   127,452     94,556  
Operating expense 1,429,217 1,704,625 5,234,648 4,988,991
 
Other expense   (56,010 )   (132,925 )   (128,785 )   (142,813 )
Net loss pre tax $ (2,508,782 ) $ (2,119,209 ) $ (5,609,473 ) $ (3,133,903 )
 
Net loss $ (2,272,682 ) $ (1,379,171 ) $ (4,200,422 ) $ (2,023,903 )
 
BALANCE SHEET
Total current assets $ 3,335,774 $ 6,528,444
Net fixed and intangible assets 9,238,648 10,190,581
Other assets   1,521     7,413  
Total assets $ 12,575,943 $ 16,726,438
 
Total current liabilities $ 7,261,525 $ 5,565,895
Long term liabilities   2,426,545     4,065,279  
Total liabilities $ 9,688,070 $ 9,631,174
 
Net worth $ 2,887,873   $ 7,095,264  
 




2 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
Only $9.95
14-Days Free
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
SYM TRADE IT LAST %CHG

Markets

DOW 18,041.54 -190.48 -1.04%
S&P 500 2,104.20 -21.86 -1.03%
NASDAQ 5,032.7510 -56.6110 -1.11%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs