MILFORD, Iowa, Feb. 17, 2004 (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, announced preliminary net income for January 2004 increased 872% to $176,016 versus $18,110 for 2003. Driven by sales from snowplow blades and OEM products, Cycle Country is poised to continue to outpace last year's results.
Sales for January totaled $2.0 million, up 82% from $1.1 million from the same period last year. Sales and Net Income for January exceeded the board-approved budget by 48% and 66% respectively. For the four months ending January 31, 2004, Cycle Country reported $8.1 million in sales, an increase of 40% compared to $5.8 million over the same period last year. Net income for the four months ending January 31, 2004 of $580,127 represents a 174% increase over net income of $211,389 for the previous four months ending January 31, 2003.
"We continue to benefit from the strength of our reputation for quality with our signature product, snowplow blades, and that reputation for quality is also allowing us to grow and expand our OEM business," said Mr. Ron Hickman, CEO and President of Cycle Country Accessories. "I am encouraged by our continued growth as our ability to capitalize on strategic moves in sales, marketing, and the engineering of innovative products continue to provide the foundations for current and future opportunities."
Four-wheel ATVs have grown five-fold in sales over the last ten years as reported by the Wall Street Journal. They went on to report that 70% of the riding is for "family recreational activities," according to the ATV manufacturers group. Add-on accessories Cycle Country makes for the ATV not only make short work of chores, they are also useful for the nation's growing number of outdoor enthusiasts.
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 Todd Doom at Magellan Financial Media Group, LLC. (317) 867-2839.
Cycle Country Accessories Corp: 2188 Hwy. 86, Milford, Iowa 51351, (800) 841-2222.
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.''