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PR: Ride, INC. Year End Numbers |
PR: Morrow Snowboards' Year End Numbers (2-20-97) The SOL Stock Index (2-18-97) |
PRESTON, Wash., March 3 /PRNewswire/ -- Ride, Inc. (Nasdaq: RIDE), a leading manufacturer and worldwide marketer of snowboards and related products, today released financial results for the quarter and year ended December 31, 1996. Sales for the fourth quarter were $14.1 million compared to $25.7 million for the same period in 1995. Pro-forma 1996 sales without the C.A.S. Sports close-out and brokered O.E.M. businesses sold on October 11, 1996 amounted to $13.9 million compared to pro-forma sales of $15.2 million in 1995. Sales for the year ending December 31, 1996 were a record $75.7 million compared to $74.9 million for the same period in 1995. Pro-forma 1996 sales without the C.A.S. Sports closeout and brokered O.E.M. businesses increased by 11% to $60.5 million from pro-forma sales of $54.7 million in 1995. The net loss for the quarter was $8.5 million ($0.80 loss per share) compared to net income of $1.9 million ($0.16 income per share) for the same period in 1995. The fourth quarter 1996 pro-forma net loss was $8.7 million ($0.81 loss per share) compared to fourth quarter 1995 pro-forma income of $1.3 million ($0.11 per share). The net loss for the year ending December 31, 1996 was $5.5 million ($0.52 loss per share) compared with net income of $6.0 million ($0.57 income per share) in 1995. The year ending December 31, 1996 pro-forma net loss was $6.2 million ($0.58 loss per share) compared to 1995 pro-forma net income of $5.2 million ($0.42 income per share). As previously announced, fourth quarter results included non-recurring charges of $9.0 million for inventory write-downs ($6.5 million) and restructuring charges ($2.5 million) plus $680,000 in management transition expenses. "Consumer demand for Ride's products continues to be strong however the excess inventories and discounting throughout the snowboard industry pushed down margins and the demand for close-out and reorder sales in the fourth quarter," said Scott Stewart, chief financial officer. Also included in the fourth quarter results is a gain of $482,000 on the October 11, 1996 sale of the closeout and brokered O.E.M. business segments of the Company's C.A.S. Sports subsidiary. "Retailer demand at preseason industry trade shows for Ride's 1997-98 branded products has been very encouraging," said Robert Hall, president and chief executive officer. "We continue to see strong growth in the worldwide snowboard industry at the retail level and rapid brand consolidation as smaller competitors lose market share to more dominant players. Ride is well positioned as the # 2 supplier of snowboards and related accessories in the world's fastest growing sport to benefit from these changes in the industry."
RIDE, INC.
Financial Highlights
(in thousands, except per share data)
INCOME STATEMENT DATA (a):
Three Months Ended Year Ended
December 31, December 31,
1996 1995 1996 1995
Net sales $14,122 $25,691 $75,728 $74,850
Cost of sales 12,429 19,007 55,141 54,988
Inventory
writedown 6,500 -- 6,500 --
Cost of sales 18,929 19,007 61,641 54,988
Gross profit (loss) (4,807) 6,684 14,087 19,862
Selling, general and
administrative
expenses 5,717 3,914 19,487 10,868
Restructuring
charges 2,500 -- 2,500 --
Management
transition expenses 680 -- 1,000 --
Operating expenses 8,897 3,914 22,987 10,868
Operating income
(loss) (13,704) 2,770 (8,900) 8,994
Interest income
(expense) (75) 112 65 388
Gain on sale
of subsidiary 482 -- 482 --
Income (loss)
before taxes (13,297) 2,882 (8,353) 9,382
Income tax expense
(benefit) (4,737) 1,010 (2,863) 3,427
Net income
(loss) $(8,560) $1,872 $(5,490) $5,955
Per share:
Primary $(0.80) $0.16 $(0.52) $0.60
Fully Diluted $(0.80) $0.16 $(0.52) $0.57
Weighted average common
shares outstanding:
Primary 10,731 11,514 10,614 9,932
Fully Diluted 10,731 11,808 10,614 10,455
(a) The above results reflect the Company's October 11, 1996 disposition of C.A.S Sports International, Inc., its September 1, 1995 acquisition of Thermal Snowboards, Inc., and its October 20, 1995 acquisition of SMP Clothing, Inc. from their respective disposition/acquisition dates.
BALANCE SHEET DATA:
As of December 3l, 1996 1995
Cash and cash equivalents $3,232 $14,271
Accounts receivable, net $14,193 $13,556
Inventories:
Finished Goods $4,221 $2,812
Raw materials and work in process 1,765 1,597
Total inventories $5,986 $4,409
Working capital $20,803 $26,104
Total assets $50,655 $57,599
Long term debt $694 --
Total shareholder's equity $42,309 $46,495
PRO-FORMA INCOME STATEMENT DATA
PRO-FORMA INCOME STATEMENT DATA Three Months Ended Year
December 31, Ended December 31,
1996 1995 1996 1995
Net sales $13,922 $15,216 $60,463 $54,709
Net income (loss) $(8,693) $1,261 $(6,173) $5,167
Earnings (loss)
per share $(0.81) $0.11 $(0.58) $0.49
Ride, with headquarters in Preston, Washington, was established in 1992. Today, Ride, Inc. is a leading designer, manufacturer and marketer of snowboard equipment and young men's apparel for mountain and street under the brand names Ride, Liquid, 5150, Preston, Cappel and SMP Clothing. Ride's snowboard products have become today's industry standard for performance and functional design. * Denotes a forward looking statement. To the extent that this press release discusses financial projections, information or expectations about the Company's products or markets, or otherwise makes statements about the future, such statements are forward looking and are subject to a number of risks and uncertainties that could cause actual results to differ materially from the statements made. These factors include the timely availability and acceptance of new products, the Company's dependence on outside manufacturers, the management of growth and other risks detailed in the Company's reports on Forms 1O-K and 1O-Q, including the Form 1O-K filed for the year ended December 31, 1995. |
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