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Cycle Country Announces Auditor Change
MILFORD, Iowa, Jan. 21, 2004 (PRIMEZONE) -- Cycle Country Accessories Corp. (AMEX:ATC), the recognized leader in developing and manufacturing custom-fitted accessories for the all-terrain vehicle (ATV), announced today that it has retained Henjes, Conner, Williams, and Grimsley, L.L.P as its independent auditors, effective immediately. Henjes, Conner, Williams, and Grimsley, L.L.P replaces Tedder, James, Worden & Associates, P.A. who has served as the company's independent auditors since Cycle Country went public in 2002.
The change in independent auditors was recommended by the company's Audit Committee and approved by its Board of Directors.
This decision was not the result of any disagreement between the company and Tedder, James, Worden & Associates, P.A. on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures.
About Cycle Country Accessories Corp.
Cycle Country, http://www.cyclecountry.com, with over 50% of the worldwide market in several product categories, is the industry leader in the design, engineering and manufacturing of custom-fitting accessories for the utility all-terrain vehicle (ATV).
Since 1981, Cycle Country has developed an extensive line of branded products of snowplows, lawnmowers, spreaders, sprayers, hitches and many other utility equipment items along with recreational accessories. The Company's products custom fit virtually every brand of ATV on the market, which are distributed to essentially all ATV and motorcycle dealers in North America.
The Company has 19 international distributors that sell Cycle Country products in 35 countries throughout Asia, Europe, Central and South America. Additionally, Cycle Country dominates the golf car wheel cover market by manufacturing approximately 90% of all wheel covers sold to original equipment manufacturers worldwide. The Company sells high-performance premium oil filters for motorcycles and ATVs throughout the U.S. under the brand name Perf-form Products. They also manufacture heavy-duty garden equipment attachments for garden tractors, ATVs and other utility vehicles within the Lawn & Garden industry under their brand name Weekend Warrior.
For the latest SEC filings or past news releases, go to the company's website at http://www.cyclecountry.com and click on the Investor Relations heading. Please direct any financial questions to David Finke at Magellan Financial Media Group, LLC. (317) 867-2839. Cycle Country Accessories Corp: 2188 Hwy. 86, Milford, Iowa 51351, 800.841.2222.
CONTACT:
Cycle Country Accessories Corp.
Magellan Financial Media Group, LLC.
David Finke
(317) 867-2839
Cycle Country Reviews Fiscal Year 2003 and Looks Ahead to 2004
MILFORD, Iowa, Jan. 20, 2004 (PRIMEZONE) -- Cycle Country Accessories Corp. (AMEX:ATC), the recognized leader in developing and manufacturing custom-fitted accessories for the all-terrain vehicle (ATV), reviewed their 2003 fiscal year and managements expectations for 2004 in their conference call on January 15th. Investment professionals and the general public heard Mr. Ron Hickman, CEO and President, review current operations and the initiatives and goals for fiscal 2004. The conference call reiterated Cycle Country management's determination to continue grow in their target markets while improving their margins.
Strategic initiatives in the 2003 fiscal year provided the growth and infrastructure for Cycle Country to reach 2004 goals. The Company has been producing at full capacity for snow blades since September 15 and there is still a significant backlog of 35-50 days on snow product, while there was no backlog last year. The orders being filled in the first quarter of 2004 are indicating that it should be one of the best quarters in the history of the company.
A conscious decision to increase penetration in the Original Equipment Manufacturer or OEM market has had a very positive effect on the company's operating revenues. "OEM revenues grew over twenty percent last year and we anticipate that revenues will more than double this year," said Mr. Ron Hickman. "OEM's are an important part of our business as they will reduce the seasonality of our revenues and balance out our production schedule."
Management spoke of the strength of the balance sheet as well as the strategic positioning of cash. The board of directors has approved the fiscal 2004 budget that targets earnings per share at $.32 or $.29 on a fully diluted basis. Mr. Ron Hickman went on to say "After review of the preliminary results for the first quarter our management team feels very comfortable with those estimates."
ViaVid will provide the rebroadcast of this web cast until February 16th. To listen to the rebroadcast, please go to http://www.viavid.com and click on the "Events" heading at the top of the page. Then scroll down and click-on Cycle Country Accessories Corp. Simply fill in the registration form with your e-mail address and click "Register" to access the conference call.
About Cycle Country Accessories Corp.
Cycle Country, http://www.cyclecountry.com, with over 50% of the worldwide market in several product categories, is the industry leader in the design, engineering and manufacturing of custom-fitting accessories for the utility all-terrain vehicle (ATV).
Since 1981, Cycle Country has developed an extensive line of branded products of snowplows, lawnmowers, spreaders, sprayers, hitches and many other utility equipment items along with recreational accessories. The Company's products custom fit virtually every brand of ATV on the market, which are distributed to essentially all ATV and motorcycle dealers in North America.
The Company has 19 international distributors that sell Cycle Country products in 35 countries throughout Asia, Europe, Central and South America. Additionally, Cycle Country dominates the golf car wheel cover market by manufacturing approximately 90% of all wheel covers sold to original equipment manufacturers worldwide. The Company sells high-performance premium oil filters for motorcycles and ATVs throughout the U.S. under the brand name Perf-form Products. They also manufacture heavy-duty garden equipment attachments for garden tractors, ATVs and other utility vehicles within the Lawn & Garden industry under their brand name Weekend Warrior.
For the latest SEC filings or past news releases, go to the company's website at http://www.cyclecountry.com and click on the Investor Relations heading. Please direct any financial questions to David Finke at Magellan Financial Media Group, LLC. (317) 867-2839. Cycle Country Accessories Corp.: 2188 Hwy. 86, Milford, Iowa 51351, 800.841.2222.
CONTACT:
David Finke at Magellan Financial Media Group, LLC.
(317) 867-2839
Cycle Country Accessories Corp.
800.841.2222.
Cycle Country Accessories Selected as Accessories Provider by Powerhouse Equipment
MILFORD, Iowa, Dec. 2, 2003 (PRIMEZONE) -- Cycle Country Accessories Corp. (AMEX:ATC), the outright leader in developing and manufacturing select custom-fitting accessories for the all-terrain vehicle (ATV) and other diversified industry products, is pleased to announce that they have been selected as an accessories provider for the Prodigy and Prowler compact utility loaders developed and distributed by Powerhouse Equipment.
Initially, Cycle Country will manufacture as an Original Equipment Manufacturer (OEM) for Powerhouse Equipment custom designed V-Plows for snow removal and grading. As the agreement expands, it is expected that Cycle Country will continue to develop products for the Prodigy and Prowler based upon Cycle Country's existing product line.
"The landscapers and snow removal contractors that are our core customers want high quality attachments to help them provide their services more efficiently and effectively," stated Ken Lawson of Powerhouse Equipment. "Our ability to work with Cycle Country, the world leader in utility snowplows, allows our customers the opportunity to have the best products available."
"We are excited about our expansion into the compact utility loader market," said Mr. Ron Hickman, CEO and President of Cycle Country. "Working with market leaders such as Powerhouse allows for a much larger audience for our products."
Powerhouse compact utility loaders are widely used in the lawn and garden industry. Dealers can be located through www.powerhouseequipment.com, while the Prodigy and Prowler are available at rental outlets such as Home Depot nationwide.
About Cycle Country Accessories Corp.
Cycle Country, www.cyclecountry.com, with over 50% of the worldwide market in several product categories, is the industry leader in the design, engineering and manufacturing of custom-fitting accessories for the utility all-terrain vehicle (ATV).
Since 1981, Cycle Country has developed an extensive line of branded products of snowplows, lawnmowers, spreaders, sprayers, hitches and many other utility equipment items along with recreational accessories. The Company's products custom fit virtually every brand of ATV on the market, which are distributed to essentially all ATV and motorcycle dealers in North America.
The Company has 19 international distributors that sell Cycle Country products in 35 countries throughout Asia, Europe, Central and South America. Additionally, Cycle Country dominates the golf car wheel cover market by manufacturing approximately 90% of all wheel covers sold to original equipment manufacturers worldwide. The Company sells high-performance premium oil filters for motorcycles and ATVs throughout the U.S. under the brand name Perf-form Products. They also manufacture heavy-duty garden equipment attachments for garden tractors, ATVs and other utility vehicles within the Lawn & Garden industry under their brand name Weekend Warrior.
For the latest SEC filings or past news releases, go to the company's website at www.cyclecountry.com and click on the Investor Relations heading. Please direct any financial questions to Todd Doom at Modern Media, LLC. (317) 413-7990.
Cycle Country Accessories Corp: 2188 Hwy. 86, Milford, Iowa 51351, 800.841.2222.
This press release does not constitute an offer to sell or the solicitation of any offer to buy any securities of Cycle Country Accessories Corporation, nor shall there be any sale of any such security in any state in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state. Forward looking statements: This press release and other statements by Cycle Country may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act with respect to the outlook for earnings and revenues, other future financial or business performance, strategies and expectations. Forward-looking statements are typically identified by words or phrases such as "believe," "expect," "estimate," "potential," or future/conditional verbs such as "will," "should" and "could."
CONTACT: Modern Media, LLC
Todd Doom
(317) 413-7990
Cycle Country Sees Revenue Growth of 12.5% in October; Increasing demand for snowplows and OEM attachments continue to drive growth
MILFORD, Iowa, Nov. 11, 2003 (PRIMEZONE) -- Cycle Country Accessories Corp. (AMEX:ATC), the outright leader in developing and manufacturing select custom-fitting accessories for the all-terrain vehicle (ATV) and other diversified industry products, is pleased to announce revenues for October were $2,241,000 versus $1,988,000 for 2002, an increase of over 12.5%. Rising demand for the company's industry-leading snowplows as well as Original Equipment Manufacturers (OEM) accessories produced in concert with new product introductions were catalysts for ATC's record October.
Cycle Country's increasing sales of snowplow blades are following industry trends of expanding growth in the ATV market. According to a Powersports Business survey, ATV sales are projected to grow 8.5% this year. The blades, along with the ATC's other custom fitting accessories, are a natural add-on when someone purchases an ATV.
Working with their OEM partners, Cycle Country has also been able to design and manufacture their accessories to be available when one of the partners launches a new product line. This is extremely important for these manufacturers, as they have a full line of additional products to sell to customers who are excited about the introduction of the new products.
"We, along with our OEM partners, are committed to producing the highest quality accessories on the market." says Ron Hickman, President and CEO of Cycle Country, "Our engineering and manufacturing ability is recognized by the industry. Our OEM relationships are able to make our equipment available to an ever-growing audience through their dealer network. "
About Cycle Country Accessories Corp.
Cycle Country, www.cyclecountry.com, with over 50% of the worldwide market in several product categories, is the industry leader in the design, engineering and manufacturing of custom-fitting accessories for the utility all-terrain vehicle (ATV).
Since 1981, Cycle Country has developed an extensive line of branded products of snowplows, lawnmowers, spreaders, sprayers, hitches and many other utility equipment items along with recreational accessories. The Company's products custom fit virtually every brand of ATV on the market, which are distributed to essentially all ATV and motorcycle dealers in North America.
The Company has 19 international distributors that sell Cycle Country products in 35 countries throughout Asia, Europe, Central and South America. Additionally, Cycle Country dominates the golf car wheel cover market by manufacturing approximately 90% of all wheel covers sold to original equipment manufacturers worldwide. The Company sells high-performance premium oil filters for motorcycles and ATVs throughout the U.S. under the brand name Perf-form Products. They also manufacture heavy-duty garden equipment attachments for garden tractors, ATVs and other utility vehicles within the Lawn & Garden industry under their brand name Weekend Warrior.
For the latest SEC filings or past news releases, go to the company's website at www.cyclecountry.com and click on the Investor Relations heading. Please direct any financial questions to Todd Doom at Modern Media, LLC. (317)413-7990.
Cycle Country Accessories Corp: 2188 Hwy. 86, Milford, Iowa 51351, 800.841.2222
Cycle Country Contracts with AFS Logistics; Improved efficiencies to cut inbound/outbound freight costs by over 20 percent
MILFORD, Iowa, Nov. 4, 2003 (PRIMEZONE) -- Cycle Country Accessories Corp. (AMEX:ATC), the outright leader in developing and manufacturing select custom-fitting accessories for the all-terrain vehicle (ATV) and other diversified industry products, has contracted with AFS Logistics to implement a logistics management program to more efficiently ship the company's products. The program will leverage AFS Logistics' buying power for partial load shipments that are currently handled by common carriers.
Increasing demand for Cycle Country's industry-leading snowplows and other ATV attachments gave the company the scale necessary to benefit from professional logistics planners. The agreement should allow for the most efficient use of its own trucking fleet, while reducing the impact of small-order shipments. In addition to streamlining and reducing costs on the company's outbound shipments, the AFS contract will also result in inbound freight cost reductions which are expected to lower input costs.
"We continue to be focused on maximizing shareholder value along with customer satisfaction," says Ron Hickman, President and CEO of Cycle Country. "Working with AFS will allow us to ship the high volume of products that full production demands, while keeping our freight cost to a minimum, without compromising service to our customers."
About Cycle Country Accessories Corporation:
Cycle Country, www.cyclecountry.com , with over 50% of the worldwide market in several product categories, is the industry leader in the design, engineering and manufacturing of custom-fitting accessories for the utility all-terrain vehicle (ATV).
Since 1981, Cycle Country has developed an extensive line of branded products of snowplows, lawnmowers, spreaders, sprayers, hitches and many other utility equipment items along with recreational accessories. The Company's products custom fit virtually every brand of ATV on the market, which are distributed to essentially all ATV and motorcycle dealers in North America.
The Company has 19 international distributors that sell Cycle Country products in 35 countries throughout Asia, Europe, Central and South America. Additionally, Cycle Country dominates the golf car wheel cover market by manufacturing approximately 90% of all wheel covers sold to original equipment manufacturers worldwide. The Company sells high-performance premium oil filters for motorcycles and ATVs throughout the U.S. under the brand name Perf-form Products. They also manufacture heavy-duty garden equipment attachments for garden tractors, ATVs and other utility vehicles within the Lawn & Garden industry under their brand name Weekend Warrior.
For the latest SEC filings or past news releases, go to the company's website at www.cyclecountry.com and click on the Investor Relations heading. Please direct any financial questions to Todd Doom at Modern Media, LLC. (317) 413-7990.
Cycle Country Accessories Corp: 2188 Hwy. 86 -- Milford, Iowa 51351 -- 800.841.2222
Snowplow Blade Demand has Cycle Country Producing at Full Capacity
MILFORD, Iowa, Oct 28, 2003 /PRNewswire-FirstCall via COMTEX/ -- Cycle Country Accessories Corp. (Amex: ATC), the outright leader in developing and manufacturing select custom-fitting accessories for the all-terrain vehicle (ATV) and other diversified industry products, is increasing production due to the increasing demand for its industry leading snowplows. ATC has increased snow plow production by ten to twelve percent over last year while continuing production of its other lines of ATV accessories. Cycle Country is on pace for a record quarter, as the current order backlog is over twenty-five percent higher than last year.
Recent initiatives of management to increase the durability and the product features of their snowplow blades have been well received by the company's dealers and distributors. The manufacturing plant in Milford, Iowa, where an expansion of 28,000 square feet was completed earlier this year, has been running at full capacity since mid-September. ATC has been successful in expanding relationships with current distributors, marketing to the ever- growing Custom Utility Vehicle (CUV) market, and developing relationships with OEM lawn and garden manufacturers. Through these relationships, Cycle Country has been able to deliver its custom designed and produced snowplow blades to meet the demands of their toughest customer, the independent dealer.
"Our orders reflect the continued belief that we are providing a superior product," says Ron Hickman, President and CEO of Cycle Country. "We continue to be the only manufacturer that stands behind our snow plow blades with a lifetime warranty. Our product improvements have distanced ourselves from the competition and we are seeing the results in our customers' orders."
A recent AG Edwards survey reports that ATV sales were up 11 percent in 3Q03. The increase of orders for additional accessories has reflected that trend. With ATV owners realizing the utility of these vehicles, demand for Cycle Country's snowplows and other ATV attachments has materially increased.
About Cycle Country Accessories Corp.
Cycle Country, www.cyclecountry.com , with over 50% of the worldwide market in several product categories, is the industry leader in the design, engineering and manufacturing of custom-fitting accessories for the utility all-terrain vehicle (ATV).
Since 1981, Cycle Country has developed an extensive line of branded products of snowplows, lawnmowers, spreaders, sprayers, hitches and many other utility equipment items along with recreational accessories. The Company's products custom fit virtually every brand of ATV on the market, which are distributed to essentially all ATV and motorcycle dealers in North America.
The Company has 19 international distributors that sell Cycle Country products in 35 countries throughout Asia, Europe, Central and South America. Additionally, Cycle Country dominates the golf car wheel cover market by manufacturing approximately 90% of all wheel covers sold to original equipment manufacturers worldwide. The Company sells high-performance premium oil filters for motorcycles and ATVs throughout the U.S. under the brand name Perf-form Products. They also manufacture heavy-duty garden equipment attachments for garden tractors, ATVs and other utility vehicles within the Lawn & Garden industry under their brand name Weekend Warrior.
For the latest SEC filings or past news releases, go to the company's website at www.cyclecountry.com and click on the Investor Relations heading. Please direct any financial questions to Todd Doom at Modern Media, LLC. (317) 413-7990.
Cycle Country Accessories Corp: 2188 Hwy. 86 -- Milford, Iowa 51351 -- 800.841.2222.
SOURCE Cycle Country Accessories Corp.
Todd Doom of Modern Media, LLC, +1-317-413-7990
http://www.cyclecountry.com
Cycle Country Targets OEM Market for Increased Sales and Profits
MILFORD, Iowa, Oct. 21 /PRNewswire-FirstCall/ -- Cycle Country Accessories Corp. (Amex: ATC), the outright leader in developing and manufacturing select custom-fitting accessories for the all-terrain vehicle (ATV) and other diversified industry products, is continuing to expand its relationships with Original Equipment Manufacturers (OEM's). Following last Tuesday's announcement with Vialink, ATC now has contracts with three OEM's and is in negotiations with at least three other manufacturers to provide Cycle Country designed products as accessories to new and existing product lines. These agreements leverage ATC's expertise in the design and building of products with the extensive dealer networks in place with the OEM manufacturers.
"We have carefully selected OEM business that is generally outside our core ATV accessories market so as not to interfere with the great job our dedicated group of distributors and dealers do for us year in and year out", stated Ron Hickman, President and CEO. "Our growing OEM business will enhance our product lines by allowing us to reach new markets."
OEM business has been steadily increasing over the last few years for Cycle Country. From 6% of total sales for fiscal year 2001 to 8% of total sales for fiscal year 2003, OEM sales have increased from $770,000 to just over $1.1 million, respectively. Cycle Country currently manufactures 34 products for its OEM customers, up from just 9 products a year ago. The increase in OEM business is projected to continue through the next fiscal year and reach sales levels almost double that of fiscal 2003 as business from new OEM's is added and current OEM customers expand the products manufactured for them by Cycle Country Accessories Corp.
About Cycle Country Accessories Corp.
Cycle Country, www.cyclecountry.com, with over 50% of the worldwide market in several product categories, is the industry leader in the design, engineering and manufacturing of custom-fitting accessories for the utility all-terrain vehicle (ATV).
Since 1981, Cycle Country has developed an extensive line of branded products of snowplows, lawnmowers, spreaders, sprayers, hitches and many other utility equipment items along with recreational accessories. The Company's products custom fit virtually every brand of ATV on the market, which are distributed to essentially all ATV and motorcycle dealers in North America.
The Company has 19 international distributors that sell Cycle Country products in 35 countries throughout Asia, Europe, Central and South America. Additionally, Cycle Country dominates the golf car wheel cover market by manufacturing approximately 90% of all wheel covers sold to original equipment manufacturers worldwide. The Company sells high-performance premium oil filters for motorcycles and ATVs throughout the U.S. under the brand name Perf-form Products. They also manufacture heavy-duty garden equipment attachments for garden tractors, ATVs and other utility vehicles within the Lawn & Garden industry under their brand name Weekend Warrior.
For the latest SEC filings or past news releases, go to the company's website at www.cyclecountry.com and click on the Investor Relations heading. Please direct any financial questions to Todd Doom at Modern Media, LLC. (317)413-7990.
SOURCE Cycle Country Accessories Corp.
CONTACT: Todd Doom at Modern Media, LLC, +1-317-413-7990, for Cycle
Country Accessories Corp.
Web site: http://www.cyclecountry.com
Cycle Country Accessories' Subsidiary Weekend Warrior Selected by Vialink as Primary Accessory Provider for New Yerf-Dog CUV
MILFORD, Iowa, Oct. 16 /PRNewswire-FirstCall/ -- Cycle Country Accessories Corp. (Amex: ATC), the outright leader in developing and manufacturing select custom-fitting accessories for the all-terrain vehicle (ATV) and other diversified industry products, is pleased to announce that it has reached a distribution agreement with Vialink Corp., the sole provider of accessories for the Yerf-Dog Custom Utility Vehicle (CUV). Cycle Country will manufacture the accessories under its Weekend Warrior brand name and will be sold through Vialink's distribution subsidiary, kartaccessories.com. The agreement calls for Cycle Country to supply a variety of products, including a front mounted blade, a 2000 pound winch, an electric bed lift, a gun rack, and a spot light, with the expectation of adding more products in the future.
Vialink Corp. will be displaying the Yerf-Dog CUV October 18-20 at the EXPO 2003 tradeshow in Louisville, Kentucky. This tradeshow, targeted at professionals in the lawn and garden industry, is one of the largest trade shows in the country. "We are excited to make the Weekend Warrior brand of accessories available for the Yerf-Dog CUV," stated Vialink President Steve Shankin. "Weekend Warrior's high-quality, American made products are the perfect complement to the utility vehicles and will make the Yerf-Dog CUV's much more versatile and useful for the owners."
Mr. Ron Hickman, CEO and President of Cycle Country, stated: "We are excited to be selected by Vialink as the Primary Accessory Provider for the Yerf-Dog CUV. We have developed a full line of accessories that will accentuate the usefulness and quality of this excellent utility vehicle."
Vialink accessories are distributed to national retail outlets and can be seen on their website, www.kartaccessories.com .
Yerf-Dog vehicles and products are distributed by Flexible-Flyer and are widely available in retail outlets such as Sam's Club.
About Cycle Country Accessories Corp.
Cycle Country, www.cyclecountry.com, with over 50% of the worldwide market in several product categories, is the industry leader in the design, engineering and manufacturing of custom-fitting accessories for the utility all-terrain vehicle (ATV).
Since 1981, Cycle Country has developed an extensive line of branded products of snowplows, lawnmowers, spreaders, sprayers, hitches and many other utility equipment items along with recreational accessories. The Company's products custom fit virtually every brand of ATV on the market, which are distributed to essentially all ATV and motorcycle dealers in North America.
The Company has 19 international distributors that sell Cycle Country products in 35 countries throughout Asia, Europe, Central and South America. Additionally, Cycle Country dominates the golf car wheel cover market by manufacturing approximately 90% of all wheel covers sold to original equipment manufacturers worldwide. The Company sells high-performance premium oil filters for motorcycles and ATVs throughout the U.S. under the brand name Perf-form Products. They also manufacture heavy-duty garden equipment attachments for garden tractors, ATVs and other utility vehicles within the Lawn & Garden industry under their brand name Weekend Warrior.
For the latest SEC filings or past news releases, go to the company's website at www.cyclecountry.com and click on the Investor Relations heading. Please direct any financial questions to Todd Doom at Modern Media, LLC. (317)413-7990.
Cycle Country Accessories Corp: 2188 Hwy. 86 Milford, Iowa 51351 800.841.2222.
SOURCE Cycle Country Accessories Corp.
CONTACT: Todd Doom of Modern Media, LLC, +1-317-413-7990 /
Web site: http://www.cyclecountry.com
http://www.kartaccessories.com
Cycle Country's North American Product Coverage Expands With More Distributors, Dealers and Retailers in 2003
MILFORD, Iowa--(BUSINESS WIRE)--Sept. 4, 2003-- The Company's Weekend Warrior Lawn & Garden Implements Generate Multiple Magazine Articles From Leading Hunting/Outdoor Writers
Cycle Country Accessories Corp. (AMEX:ATC), the outright leader in developing and manufacturing several custom-fitting accessories for the all-terrain vehicle (ATV), is pleased to announce that the Company has secured two new distributors to further expand from their sixteen established distributors currently servicing over 8,000 dealers throughout North America. AMSOIL, Inc., headquartered in Superior, Wisconsin and the first in synthetic motor oil, now carries a complete line of Cycle Country's Per-Form oil filter products for motorcycles, ATVs and other utility vehicles. Additionally, Gamma Sales, Inc., a relatively new Canadian distributor of Powersports parts and accessories, now carries the entire Cycle Country accessories product line.
Amsoil's extensive distribution in the U.S. and Canada has quickly impacted revenue growth and already represents a solid percentage of the Company's overall sales in this product category. While Gamma's primary distribution focused in eastern Canada, will strengthen the Company's dealer coverage in this growing geographical region.
Significant new retailers selling Weekend Warrior products in 2003 include Cabela's, the world's foremost outfitter of outdoor gear and equipment, Sportsman's Guide, a 26 year-old catalog and Internet company and Gander Mountain, an outdoor retailer with 62 stores located throughout Minnesota, Wisconsin, Michigan, Indiana, Ohio, Iowa, Pennsylvania, Illinois and New York. Some of Gander Mountain's new stores encompass 100,000 square feet of indoor space and feature a complete line of ATVs and ATV accessories.
In other news, the Company's Weekend Warrior lawn and garden custom-fitting attachments are starting to see increasing demand from one of the fasting growing areas in the hunting industry, the food plot business. Just like farmers fattening their livestock with better feed, many of today's hunters are cultivating small plots within their territory to help grow bigger game more quickly. The Company's Weekend Warrior products' with the moniker, "The Original Food Plot People," was recently shipped to many of the leading outdoor/hunting magazine writers in the country.
The response has been tremendous with several magazine articles highlighting or recommending Weekend Warrior's superior implements being featured in the September issue of "Bull Hunting" and "White Tail Journal," respectively. Literally dozens of additional writers for other well-known magazines have committed to future articles about Weekend Warrior products. Television advertising will also further Weekend Warrior's national exposure through the Company's cable television agreement with the Outdoor Channel for broadcast during the year ahead.
Cycle Country CEO and President, Mr. Ron Hickman commented: "We have always put quality first in the products we manufacture. So, our ever-expanding distribution coverage has been a constant throughout the Company's history. However, since entering the lawn and garden market with our Weekend Warrior products and providing oil filters for motorcycles and most utility vehicles with our Per-Form Products, we are once again realizing how valuable our distributors are for insuring the success of our new product introductions. Indeed, having someone with the stature of Amsoil distributing our products, speaks volumes about the benefit of doing business with a respected, recognizable company with a great reputation for quality."
About Cycle Country Accessories Corp.
Cycle Country, http://www.cyclecountry.com, with over 50% of the worldwide market in several product categories, is the industry leader in the design, engineering and manufacturing of custom-fitting accessories for the utility all-terrain vehicle (ATV). Since 1981, Cycle Country has developed an extensive line of branded products of snowplows, lawnmowers, spreaders, sprayers, hitches and many other utility equipment items along with recreational accessories. The Company's products custom fit virtually every brand of ATV on the market, which are distributed to most ATV and motorcycle dealers in North America.
Additionally, Cycle Country dominates the worldwide golf car wheel cover market by manufacturing approximately 90% of all wheel covers sold to OEMs globally. Further, the Company sells premium oil filters for motorcycles and ATVs under the brand name Perf-form Products. They also manufacture heavy-duty garden equipment attachments for garden tractors and other utility vehicles under the brand name Weekend Warrior.
For all news releases and the latest corporate filings simply go to the company's website at http://www.cyclecountry.com and click on the Investor Relations heading. Please direct any financial questions to Scott Gibson at Heritage First Capital & Equity Research Group by calling 407.444.5959 or e-mail ATC@heritagefirstcapital.com.
Cycle Country Accessories Corp: 2188 Hwy. 86 Milford, Iowa 51351 800.841.2222.
CONTACT:
Heritage First Capital & Equity Research Group,
Heathrow, Fla.
Scott Gibson, 407/444-5959
ATC@heritagefirstcapital.com
.
Cycle Country Reports 35% Revenue Growth For Third Quarter; Revenues Increase $799,564 to $3,085,955 For The Period Ended June 30, 2003
MILFORD, Iowa--(BUSINESS WIRE)--Aug. 15, 2003--Cycle Country Accessories Corp. (AMEX:ATC), the outright leader in developing and manufacturing certain custom-fitting accessories for the all-terrain vehicle (ATV), is pleased to report third quarter revenues of $3,085,955 for the three-month period ended June 30, 2003. This represents a 35% increase or $799,564 greater than the revenues of $2,286,391 reported for the corresponding period in 2002. The notable increase during the third quarter is mainly attributable to stronger demand for several core ATV attachment products, as evidenced by increased snowplow blade sales of approximately $480,000 and greater mower unit sales increasing by $103,000; compared to the same period last year. Another contributing factor to higher revenues were the increased sales of OEM (Original Equipment Manufacturer) products of nearly $208,000 and new lawn and garden equipment sales of $106,000 under the Company's wholly owned subsidiary, Weekend Warrior.
Revenues for the nine months ended June 30, 2003 increased $911,356, or 9.8%, to $10,232,570 from $9,321,214 for the comparable months in 2002. Again, the increase in revenues during the nine-month period was primarily because of increased sales of the Company's brand products as well as OEM products. The Company operates three reportable business segments: ATV Accessories, Plastic Wheel Covers and Lawn & Garden. Increased sales of Cycle Country's market leading snowplow blades of approximately $323,000, increased OEM product sales of $533,000, increased sales of Perf-Form premium oil filter products of $257,000, increased sales of mowers of $131,000 and new sales of the Company's Weekend Warrior products of approximately $121,000 account for the majority of the increased revenues over the nine month period.
The decrease in the gross profit margin for the Snowplow Blades is the result of prudent actions taken by the management team to establish a new standard snowplow blade configuration that increases durability and product features. While impacting operating profits over the last three quarters, this has strengthened an important key product category for the Company today and well into the future. Beginning in the current fourth quarter, these margins should also increase as planned pricing increases go into effect for snowplow blades and related ATV products. A decrease in gross profit as a percentage of revenue is primarily the result of an increase in direct labor costs in the Plastic Wheel Cover segment due to additional staffing required to implement a higher quality, improved clear coating process. The Company expects the wheel cover segment margins to increase in the current fourth quarter going forward by reducing material costs as the Company will begin to metalize wheel covers in-house versus outsourcing this process.
Net income of $0.02 per share for the third quarter ended June 30, 2003 versus $0.03 for this period in 2002 was also a reflection of the corporate initiatives stated above along with numerous non-reoccurring expenses and extraordinary items. One such item was a significant amount of approximately $52,500 in registration costs during the third quarter, which was the result of the required registration fee paid to the American Stock Exchange upon the Company's successful approval to have its stock listed for trading on this major exchange commencing June 19, 2003.
Mr. Ron Hickman, CEO and president of Cycle Country, stated: "The first nine months of our fiscal year has set the stage for what we believe will be the best fourth quarter in the Company's history. Redesigned components for several of our top products have re-established our significant share of the market in the snowplow and mower categories. Our profit margins should show noticeable improvements with planned price increases now coming into effect for these new standard products and several other ATV accessories. There are a lot of positive developments going on in the industry right now and Cycle Country is well positioned to take advantage of any appropriate opportunities. With clear indications of the Company's results through the first half of the fourth quarter, our shareholders should expect very impressive revenue and earnings growth for the last quarter and indeed, throughout fiscal 2004 starting October 1st."
For the complete 3rd Quarter 10-QSB filing, go to the company's website at http://www.cyclecountry.com and click on the Investor Relations heading. Please direct any financial questions to Scott Gibson at Heritage First Capital & Equity Research Group by calling 407.444.5959 or via e-mail to CYCY@heritagefirstcapital.com.
About Cycle Country Accessories Corp.
Cycle Country, http://www.cyclecountry.com, with over 50% of the worldwide market in several product categories, is the industry leader in the design, engineering and manufacturing of custom-fitting accessories for the utility all-terrain vehicle (ATV). Since 1981, Cycle Country has developed an extensive line of branded utility ATV equipment accessory products that custom fit virtually every brand of ATV on the market. The products are distributed by a group of 16 distributors who sell their accessories to essentially all ATV and motorcycle dealers throughout North America.
The Company has also developed 19 international distributors that sell Cycle Country products in 35 countries throughout Asia, Europe, Central and South America. Additionally, Cycle Country dominates the golf car wheel cover market by manufacturing approximately 90% of all wheel covers sold to OEM's worldwide. Cycle Country sells premium oil filters and filter coolers for motorcycles and ATVs throughout the U.S. under the brand name Perf-form Products. Cycle Country also manufactures heavy-duty garden equipment attachments for garden tractors, ATVs and other utility vehicles within the Lawn & Garden industry under the brand name Weekend Warrior.
Cycle Country Headquarters: 2188 Highway 86 - Milford, Iowa 51351 - 800.841.2222.
CONTACT:
Heritage First Capital & Equity Research Group,
Heathrow, Fla.
Scott Gibson, 407/444-5959
CYCY@heritagefirstcapital.com
Cycle Country's International ATV Accessory Sales Escalate From Surprising Foreign Demand Of All-Terrain Vehicles
MILFORD, Iowa--(BUSINESS WIRE)--Aug. 5, 2003-- Domestically, Cycle Country Rolls-Out Multiple ATV Accessory Products For Land Pride's New All-Terrain Treker and Runabout Series Vehicles
Cycle Country Accessories Corp. (AMEX:ATC), the outright leader in developing and manufacturing several custom-fitting accessories for the all-terrain vehicle (ATV), is pleased to announce that the Company's international sales of ATV accessories continue to show strong growth. International sales from the ATV accessories division, has exceeded last years revenue numbers by 16% through the first ten fiscal months ended July 31, 2003. One notable contributing factor for this positive increase is greater new ATV unit sales from the leading ATV manufacturers, including Polaris, Honda and Yamaha amongst others.
Recently, Polaris Industries announced that their overall ATV sales grew 24% with sales outside of North America increasing by a stunning 80 percent during the second quarter ended June 30, 2003 compared to the same period last year. The significant ATV sales growth both internationally and domestically, has put Cycle Country and their leading ATV accessories products in an enviable position. The Company offers custom-fitting accessories for literally every ATV make including all Polaris ATV models.
In other news, Cycle Country is continuing to build revenues by establishing additional original equipment manufacturing (OEM) business with strong brand market leaders. As the official accessories manufacturer for Land Pride's brand new product category of utility vehicles, the Company has recently begun shipping truckloads of various all-terrain vehicle accessory products. The newly designed custom-fitting accessories include front and rear racks, brush guards and rear screens for three of Land Pride's models from their All-Terrain Runabout (ATR) and Treker series of off-road utility vehicles.
Cycle Country CEO and President, Mr. Ron Hickman commented: "With well over seventy five percent of the annual all-terrain vehicle sales coming from customers right here in North America, the whole industry has tremendous opportunities for international expansion. Our Company has nineteen foreign distributors in place, selling products in thirty-five countries throughout Europe, Asia and South and Central America. As major ATV manufacturers continue to deliver amazing new unit sales increases overseas, we couldn't ask for a better environment to harness a greater amount of business from our established ATV accessory products. Coupled with significant new OEM business with market leaders like Land Pride, the next fiscal year is shaping up to be our most impressive ever. Cycle Country shareholders should be delighted to know that the current fourth quarter is on track to be the strongest one in the Company's current fiscal year ending September 30, 2003."
About Land Pride
Land Pride (http://www.landpride.com), a division of Great Plains Mfg., Inc. is a recognized manufacturing leader in landscaping equipment throughout North America. Since 1986, Land Pride has become a major U.S. manufacturer with over 25 product groups with manufacturing plants in four communities in Kansas and a fifth location in Chetek, Wisconsin. Headquartered with the parent company in Salina, Kansas; Land Pride has an expanding network of over 1,400 national and international dealers.
About Cycle Country Accessories Corp.
Cycle Country, http://www.cyclecountry.com, with over 50% of the worldwide market in several product categories, is the industry leader in the design, engineering and manufacturing of custom-fitting accessories for the utility all-terrain vehicle (ATV). Since 1981, Cycle Country has developed an extensive line of branded products of snowplows, lawnmowers, spreaders, sprayers, hitches and many other utility equipment items along with recreational accessories. The Company's products custom fit virtually every brand of ATV on the market, which are distributed to essentially all ATV and motorcycle dealers in North America.
Additionally, Cycle Country dominates the worldwide golf car wheel cover market by manufacturing approximately 90% of all wheel covers sold to OEMs globally. Further, the Company sells premium oil filters for motorcycles and ATVs under the brand name Perf-form Products. They also manufacture heavy-duty garden equipment attachments for garden tractors and other utility vehicles under the brand name Weekend Warrior.
For all news releases and the latest corporate filings simply go to the company's website at http://www.cyclecountry.com and click on the Investor Relations heading. Please direct any financial questions to Scott Gibson at Heritage First Capital & Equity Research Group by calling 407-444-5959 or e-mail ATC@heritagefirstcapital.com.
Cycle Country Accessories Corp: 2188 Hwy. 86, Milford, Iowa 51351 Tel. 800/841-2222.
CONTACT:
Heritage First Capital & Equity Research Group,
Heathrow, Fla.
Scott Gibson, 407/444-5959
ATC@heritagefirstcapital.com
American Stock Exchange Lists Common Stock of Cycle Country Accessories Corp.
MILFORD, Iowa, Jun 16, 2003 (BUSINESS WIRE) -- Cycle Country Accessories Corp. (OTCBB:CYCY) the recognized leader in developing and manufacturing custom-fitting accessories for the all-terrain vehicle (ATV), is pleased to announce that the Trading of shares of Cycle Country Accessories Corp. (the company) on the American Stock Exchange (Amex) is expect to begin at the market opening on Thursday June 19, 2003 under the symbol "ATC". The Company has selected Performance Capital Group to be responsible for trading the Company's common stock on the Amex.
Mr. Ron Hickman, President and CEO, stated, "We are quite pleased to join the American Stock Exchange. We chose Amex because of their demonstrated commitment to the success of their listed companies. The unique nature of the auction market provides liquidity, narrower spreads and lower volatility. This listing achieves an important milestone in our strategy for enhancing shareholder value with the stability of a national exchange. It also provides both the visibility and the access that are of paramount importance to large institutional investors."
"We are pleased to welcome Cycle Country Accessories to the growing number of innovative companies listed on the American Stock Exchange," said John McGonegal, vice president of the Amex Equities Group. "In listing at the Amex, Cycle Country will benefit from our personalized services in addition to gaining the increased investor attention and support needed in today's competitive marketplace. We look forward to working with Cycle Country and helping them build long-term shareholder value to increase opportunities for future growth."
Investors holding Cycle Country Accessories Corp stock need take no action, as the stock conversion will occur automatically.
About Cycle Country Accessories Corp.
Cycle Country, http://www.cyclecountry.com, with over 50% of the worldwide market in several product categories, is the industry leader in the design, engineering and manufacturing of custom-fitting accessories for the utility all-terrain vehicle (ATV). Since 1981, Cycle Country has developed an extensive line of branded products of snowplows, lawnmowers, spreaders, sprayers, hitches and many other utility equipment items along with recreational accessories.
The Company's ATV products custom fit virtually every brand of ATV on the market, which are distributed to essentially all ATV and motorcycle dealers in North America. The Company has 19 international distributors that sell Cycle Country products in 35 countries throughout Asia, Europe, Central and South America. Additionally, Cycle Country dominates the golf car wheel cover market by manufacturing approximately 90% of all wheel covers sold to original equipment manufacturers worldwide.
The Company sells high-performance premium oil filters for motorcycles and ATVs throughout the U.S. under the brand name Perf-form Products. They also manufacture heavy-duty garden equipment attachments for garden tractors, ATVs and other utility vehicles within the Lawn & Garden industry under their brand name Weekend Warrior. Cycle Country has "Preferred Manufacturing Vendor" status with John Deere and currently manufactures many equipment products for their utility vehicles.
For the latest SEC filings or past news releases, go to the company's website at http://www.cyclecountry.com and click on the Investor Relations heading. Please direct any financial questions to Scott Gibson at Heritage First Capital & Equity Research Group by calling 407.444.5959 or via e-mail to CYCY@heritagefirstcapital.com. Cycle Country Accessories Corporation operations are located at 2188 Hwy. 86 - Milford, Iowa 51351. The Company's Toll-Free # is 800.841.2222.
This press release does not constitute an offer to sell or the solicitation of any offer to buy any securities of Cycle Country Accessories Corporation, nor shall there be any sale of any such security in any state in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state. Forward looking statements: This press release and other statements by Cycle Country may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act with respect to the outlook for earnings and revenues, other future financial or business performance, strategies and expectations. Forward-looking statements are typically identified by words or phrases such as "believe," "expect," "estimate," "potential," or future/conditional verbs such as "will," "should" and "could."
SOURCE: Cycle Country Accessories Corp.
CONTACT:
Heritage First Capital & Equity Research Group
Heathrow, Fla.
Scott Gibson, 407/444-5959
CYCY@heritagefirstcapital.com
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