Glow Plug
01-29-2003, 02:43 PM
sorry if this has been posted already just though i would share
" Cannondale Corporation announced results for the first quarter of fiscal 2002, the period ended September 29, 2001. For the three months ended September 29, 2001, net sales were $34,154,000 compared to the $36,687,000 recorded for the same period last year. Included in the above sales amounts are motorsports sales of approximately $1,115,000 for the first quarter of fiscal 2002 and approximately $1,539,000 for the first quarter of fiscal 2001. The sales shortfall for the first quarter of fiscal 2002 compared to the same period last year is primarily attributable to the delay in receipt of parts from suppliers and a slowdown in consumer demand. In addition, motorsports shipments were interrupted due to the availability of parts. The net loss for the first quarter of fiscal 2002 was $4,123,000 compared to the net loss of $1,627,000 recorded during the prior-year quarter. The Company's bicycle business continued to be profitable for the first quarter of fiscal 2002 with pre-tax income of $2,997,000, a 112% increase over the bicycle business pre-tax income of $1,416,000 for the first quarter of fiscal 2001. Bicycle margins increased to 33.5% for the first quarter of fiscal 2002 from 32.9% for the prior year as a result of more favorable product mix and cost reductions.
Cannondale's sponsored athletes enjoyed continued success at race venues around the world. In triathlon, Joanna Zeiger won the 19th annual Mrs. T's Chicago Triathlon. Zeiger's key move came during the bike leg of the race, where she outpaced seven-time race winner Michellie Jones. Cadel Evans, who normally competes for the Volvo/Cannondale mountain bike racing team, took to the road in the first quarter and won the three-stage Tour do Brixia in Italy.
In mountain biking, Anne-Caroline Chausson of Volvo/Cannondale continued her domination of the women's downhill event, wrapping up her fifth World Cup Series title, her ninth consecutive Downhill World Championships title, and her second consecutive Dual World Championship title. Chausson's Volvo/Cannondale teammate Tinker Juarez was also earning valuable exposure for the Company in the first quarter. The 40-year-old Juarez, a two-time U.S. Olympian, won his fourth U.S. National Champion's title in August. Three days later it was announced that Juarez had been accepted for induction into the Mountain Bike Hall Of Fame.
The Company's motorsports division was equally active in the first quarter. In August Cannondale began shipping the first motorcycle from its 2002 product line, the X440S. The debut of the X440S followed the first shipments of Cannondale's Cannibal, the first ATV (All-Terrain Vehicle) from the Company's 2002 line, by less than 90 days. A total of four motorcycle models and four ATV models comprise Cannondale's line.
In September Cannondale and Nac's Racing, the number-one distributor of high-performance ATV parts, announced they would co-sponsor the Nac's/Cannondale ATV Racing Team in 2002. The team combines the first factory-level sponsorship from an ATV manufacturer with one of the most prestigious names in ATV racing. The new squad will compete at all GNC and GNCC events in the coming year.
Finally, Cannondale hosted a number of its motorsports dealers at the company's factory in Bedford, Pennsylvania for a preview of their 2002 product line, test ride sessions on the new models, and tours of the plant. The dealers came away very impressed with the new models and Cannondale's commitment to the motorsports industry.
Typical of the dealers' reactions were those of Terry Mealer, a three-time GNCC Super Senior A Champion and the head technician at Cycle Specialty in Fayetteville, Georgia. After spending three hours on various 2002 Cannondale models at the factory test track, Mealer concluded Cannondale had "improved 100% for 2002. This year I can't wait for the magazines to review the 2002 product. This company is here to stay!"
" Cannondale Corporation announced results for the first quarter of fiscal 2002, the period ended September 29, 2001. For the three months ended September 29, 2001, net sales were $34,154,000 compared to the $36,687,000 recorded for the same period last year. Included in the above sales amounts are motorsports sales of approximately $1,115,000 for the first quarter of fiscal 2002 and approximately $1,539,000 for the first quarter of fiscal 2001. The sales shortfall for the first quarter of fiscal 2002 compared to the same period last year is primarily attributable to the delay in receipt of parts from suppliers and a slowdown in consumer demand. In addition, motorsports shipments were interrupted due to the availability of parts. The net loss for the first quarter of fiscal 2002 was $4,123,000 compared to the net loss of $1,627,000 recorded during the prior-year quarter. The Company's bicycle business continued to be profitable for the first quarter of fiscal 2002 with pre-tax income of $2,997,000, a 112% increase over the bicycle business pre-tax income of $1,416,000 for the first quarter of fiscal 2001. Bicycle margins increased to 33.5% for the first quarter of fiscal 2002 from 32.9% for the prior year as a result of more favorable product mix and cost reductions.
Cannondale's sponsored athletes enjoyed continued success at race venues around the world. In triathlon, Joanna Zeiger won the 19th annual Mrs. T's Chicago Triathlon. Zeiger's key move came during the bike leg of the race, where she outpaced seven-time race winner Michellie Jones. Cadel Evans, who normally competes for the Volvo/Cannondale mountain bike racing team, took to the road in the first quarter and won the three-stage Tour do Brixia in Italy.
In mountain biking, Anne-Caroline Chausson of Volvo/Cannondale continued her domination of the women's downhill event, wrapping up her fifth World Cup Series title, her ninth consecutive Downhill World Championships title, and her second consecutive Dual World Championship title. Chausson's Volvo/Cannondale teammate Tinker Juarez was also earning valuable exposure for the Company in the first quarter. The 40-year-old Juarez, a two-time U.S. Olympian, won his fourth U.S. National Champion's title in August. Three days later it was announced that Juarez had been accepted for induction into the Mountain Bike Hall Of Fame.
The Company's motorsports division was equally active in the first quarter. In August Cannondale began shipping the first motorcycle from its 2002 product line, the X440S. The debut of the X440S followed the first shipments of Cannondale's Cannibal, the first ATV (All-Terrain Vehicle) from the Company's 2002 line, by less than 90 days. A total of four motorcycle models and four ATV models comprise Cannondale's line.
In September Cannondale and Nac's Racing, the number-one distributor of high-performance ATV parts, announced they would co-sponsor the Nac's/Cannondale ATV Racing Team in 2002. The team combines the first factory-level sponsorship from an ATV manufacturer with one of the most prestigious names in ATV racing. The new squad will compete at all GNC and GNCC events in the coming year.
Finally, Cannondale hosted a number of its motorsports dealers at the company's factory in Bedford, Pennsylvania for a preview of their 2002 product line, test ride sessions on the new models, and tours of the plant. The dealers came away very impressed with the new models and Cannondale's commitment to the motorsports industry.
Typical of the dealers' reactions were those of Terry Mealer, a three-time GNCC Super Senior A Champion and the head technician at Cycle Specialty in Fayetteville, Georgia. After spending three hours on various 2002 Cannondale models at the factory test track, Mealer concluded Cannondale had "improved 100% for 2002. This year I can't wait for the magazines to review the 2002 product. This company is here to stay!"