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Cannondale: Annual Bicycle Profits up

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BETHEL/CT, USA (August 15) – Cannondale Corp. reported a 16% higher $9.55 million (€ 9.85 million) pre-tax income in its bicycle division over its fiscal year 2001/02, which ended on June 30, 2002. The increase came from stronger bicycle margins to 33.8% from 31.8% in 2001. Its bicycle net sales fell 5% to $134.6 million […]

BETHEL/CT, USA (August 15) – Cannondale Corp. reported a 16% higher $9.55 million (€ 9.85 million) pre-tax income in its bicycle division over its fiscal year 2001/02, which ended on June 30, 2002. The increase came from stronger bicycle margins to 33.8% from 31.8% in 2001. Its bicycle net sales fell 5% to $134.6 million for the year. Late deliveries of suppliers were held responsible for fallen sales.
Cannondale’s motor sports division reported $22 million net sales for the year, although its pre-tax loss further widened to $27.1 million from $21.5 million in 2001. Overall, Cannondale succeeded in diminishing its losses from $20.3 million to $15.4 million. Overall net sales climbed 7% to $156.6 million. (FN)

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