MILFORD, Iowa, March 16, 2004 (PRIMEZONE) -- Cycle Country Accessories Corp. (AMEX:ATC), the outright leader in developing and manufacturing select custom-fitting accessories for the all-terrain vehicle (ATV) and other diversified industry products, announced February sales exceeded the board approved budget by 90% or $1,822,059 compared to $961,296. The extraordinary results are being contributed by the company's sales of over $1,000,000 in snowplow blades, up 241% compared to February of 2003. Cycle Country's impressive growth rate continues to surpass last year's actual results.
Sales for February of $1.8 million are a 138% increase from the same period last year. Net Income outperformed last year's actual results by $130,372. For the five months ending February 29, 2004, Cycle Country reported $9.9 million in sales, an increase of 50% compared to $6.6 million over the same period last year. Net Income for the five months ending February 29, 2004 increased 226% compared to the prior year actual results.
"Our products are designed and manufactured for quality and that basic principle is the foundation for the success we are enjoying now," said Mr. Ron Hickman, CEO and President of Cycle Country Accessories. "Our original product is our best selling product because we have invested in it over the years to perfect and innovate it for optimal performance."
Cycle Country anticipates continued success throughout the year. Standard and Poor's is reporting top-line growth for those companies focusing on reinvigorating core brands and developing innovative line extensions to keep "old" toys "new" . With it's new blade angling kit, Cycle Country is poised to do just that. A.G. Edwards continues to report a solid ATV industry with an average industry growth rate of 5% -- 7% for the next several years.
Cycle Country, http://www.cyclecountry.com, with over 50% of the worldwide market in several product categories, is the industry leader in the design, engineering and manufacturing of custom-fitting accessories for the utility all-terrain vehicle (ATV).
Since 1981, Cycle Country has developed an extensive line of branded products of snowplows, lawnmowers, spreaders, sprayers, hitches and many other utility equipment items along with recreational accessories. The Company's products custom fit virtually every brand of ATV on the market, which are distributed to essentially all ATV and motorcycle dealers in North America.
The Company has 16 domestic and 19 international distributors that sell Cycle Country products in 37 countries throughout North America, Asia, Europe, Central and South America. Additionally, Cycle Country dominates the golf car wheel cover market by manufacturing approximately 90% of all wheel covers sold to original equipment manufacturers worldwide. The Company sells high-performance premium oil filters for motorcycles and ATVs throughout the U.S. under the brand name Perf-form Products. They also manufacture heavy-duty garden equipment attachments for garden tractors, ATVs and other utility vehicles within the Lawn & Garden industry under their brand name Weekend Warrior.
For the latest SEC filings or past news releases, go to the company's website at http://www.cyclecountry.com and click on the Investor Relations heading. Please direct any financial questions to Todd Doom at Magellan Financial Media Group, LLC. (317) 867-2839.
Cycle Country Accessories Corp: 2188 Hwy. 86, Milford, Iowa 51351, (800) 841-2222.
Forward looking statements: This press release and other statements by Cycle Country may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act with respect to the outlook for earnings and revenues, other future financial or business performance, strategies and expectations. Forward-looking statements are typically identified by words or phrases such as ``believe,'' ``expect,'' ``estimate,'' ``potential,'' or future/conditional verbs such as ``will,'' ``should'' and ``could.''