Wednesday, October 25, 2000
BETHEL, Conn.,USA – After previous rumors about poor results, Cannondale Corporation showed a 1% increase in net sales (to $36,687,000, including
$1.5 mn in motorcycle sales) for the three months ending September 30, 2000. The net loss was $1,627,000 compared to a net loss of $1,485,000 in the same period last year. The bicycle side showed a profit with pre-tax earnings of $1,4167,000 compared to a pre-tax loss of $480,000. Bicycles and cycle-related products in the U.S. market increased 7.4%. European bicycle shipments increased .3 percent. The net loss per share was 22 cents for the comparable quarter of 20 cents for the same period last year. Cannondale has changed its reporting structure so that now net sales and selling, general and administrative have been included in the net sales category. The company says that production and shipments of its MX400 motorcycle are on hold until component testing is completed.(WJ)
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