Thursday, December 19, 2002
BETHEL/CT, USA (December 12) - Cannondale closed down its motorcycle production plant at Bedford, Pennsylvania, temporarily, due to poor sales in its motor-sports division. According to Associated Press 80% of the 625 workers at Cannondale have been sent home until at least mid-January. At the New York Stock Exchange more than 230,000 shares were traded at $0.97 from $1.11 on average. Cannondale's bleeder is its loss-suffering motorsports division, which has swallowed most of the bike maker's cash. In the past quarter, which ended on September 30, Cannondale reported $8.4 million net loss, after $15.4 million loss for its last fiscal year, which ended on June 30, 2002. In terms of sales its motorbikes reached $22 million versus $134 million from its bicycles. The only successful motorbike is Cannondale's quad/ATV, but they are hardly available.(FN)
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