ANDOVER, Minn., May 12, 2004 (PRIMEZONE) -- Kingsley Coach, Inc., (OTCBB:KNGS) is pleased to report revenue for its third quarter ended 3/31/2004 was $1,105,000, an increase of 136% from the $467,997 reported for the year-ago quarter ended 3/31/2003.
"We have believed for many years that with even modest financial backing, our Company would grow significantly. During the recent quarter we received $337,000 in new capital. This capital, combined with our new manufacturing operations, new financial controls, and the great effort by the new Kingsley Team within the last three months, resulted in a dramatic increase in our revenues," said Ralph Dickenson, CEO of Kingsley Coach.
Mr. Dickenson added, "The introduction of our new standard coaches, as well as the new efficiency of our operations, has sparked considerable interest in our products. Our backlog at 3/31/2004 was more than double the backlog at 12/31/2003, and it is growing at a substantial rate. We are very pleased that the recent organizational and personnel additions have worked so well. We predict an accelerating rate of growth over the balance of this year. The reception of our standardized "Kruiser" line of coaches has been exceptional, and we are currently on display at the 64th annual Bike Week through May 16th in Myrtle Beach, South Carolina."
About Kingsley Coach: Kingsley manufactures standard and custom motor homes, and special use coaches. A Kingsley Coach is mounted on a class 8 or 7 semi-truck chassis, powered by top-name truck tractors such as Freightliner (NYSE:DCX), Volvo (Nasdaq:VOLVY) and Peterbuilt (Nasdaq:PCAR). It has an automatic transmission, a heavily reinforced body, a 500,000 mile guarantee, and ultimate quality. It offers its owner great comfort, safety, and high-performance including the new Sirius Satellite Systems (Nasdaq:SIRI). Kingsley recently expanded its product line to include medical, communications, entertainment, and various business-use coaches. RV owners refer to the Kingsley coach as "The Most Extraordinary Home on the Road."
Forward-Looking Statements: Certain information contained in this news release may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. While these statements are made to convey the Company's progress, business opportunities and growth prospects, readers are cautioned that such forward-looking statements represent managements' opinion. Actual Company results may differ materially from those described. The Company's operations and business prospects are always subject to risk and uncertainties.