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Huffy Earnings Up 62.5% in First Quarter

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DAYTON, OH/USA (18 April 2000)–Huffy Corporation announced first quarter earnings of US$1.3 million, up 62.5% from the US$800,000 recorded for the same period in 1999. According to the company, the earnings exclude charges for the bicycle reorganization, refinancing and “extraordinary costs associated with extinguishment of debt.” Nevertheless, net earnings for the first quarter, including the […]

DAYTON, OH/USA (18 April 2000)–Huffy Corporation announced first quarter earnings of US$1.3 million, up 62.5% from the US$800,000 recorded for the same period in 1999. According to the company, the earnings exclude charges for the bicycle reorganization, refinancing and “extraordinary costs associated with extinguishment of debt.” Nevertheless, net earnings for the first quarter, including the non-operating charges mentioned above, were a loss of US$1.1 million. During the same period in 1999 Huffy’s net earnings came to US$2.2 million. The lower net result can be attributed to Huffy paying off US$900,000 in debt and US$160,000 in reorganization and refinancing. “We are particularly pleased that Huffy Bicycle Company had an excellent first quarter,” said Don Graber, chairman, president and CEO. “Huffy Bicycle Company posted strong sales for the quarter, although we do not anticipate the continued sales growth experienced in past years.”
Huffy has been struggling in the face of intense competition from importers of low-priced bikes from China and is in the process of stopping all production in the United States and relying on imports itself to remain viable. (WJ)

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