Friday, August 23, 2002
BETHEL/CT, USA (August 15) - Cannondale reported a 16% higher $1.4 million (€ 1.43 million) profit in its bicycle division over its fiscal year 2001/02, which ended on June 30, 2002. Its bicycle sales fell 5% to $134.6 million for the year. Late deliveries of suppliers were held responsible for fallen sales. Bike margins climbed from 32% to 34%. Cannondale's motor sports division was the big profit maker with with $22 million reported for the year. Its costs increased $11.5 million to achieve $9.5 million sales. However, Cannondale succeeded in diminishing its losses from $20.3 million to $15.4 million (FN)
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