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Earnings Up Over 200% 10/27/98 Net income for the quarter was $1.5 million on sales of $18.4 million, compared to net income of $0.7 million on sales of $18.2 million for the same period in 1997. Primary earnings per share were $0.12 versus $0.06 for the same period in 1997. On a fully diluted basis, earnings per share were $0.10 versus $0.06 for the comparable period in 1997. The difference is solely attributable to certain conversion rights of the Series A and B preferred shareholders. "While pleased with our results, we believe we could have done better," stated Robert Marcovitch, President and CEO of the company. "However, our order backlog is substantial and we expect continued strong sales through November. These numbers," continued Marcovitch, "reflect the growing strength of out brands, coupled with the cost cutting measures implemented by this new administration. We look forward to meeting our future challenges with the focus and determination that have resulted in the numbers today." Ride will hold a conference call today, Tuesday October 27, 1998, at 1:30 p.m. Pacific Standard Time, to discuss Q1 results. Mr. Marcovitch will chair the teleconference, which can be accessed by calling 800-497-7708. Established in 1992, Ride is headquartered at the foothills of the Cascade Mountains, in Preston, Washington. Ride is a leading manufacturer of contemporary sports equipment, including snowboard equipment, wakeboards, and apparel under the brand names: Ride, Liquid, 5150, Smiley Hats, SMP and FullTilt. This Press Release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Although the Company believes the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore, there can be no assurances that the forward-looking statements contained in this Press Release will prove to be accurate.
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RIDE INC. Financial Highlights (in thousands, except per share data) RESULTS OF OPERATIONS: Quarter Ended September 30, 1998 1997 Net Sales $ 18,382 $ 18,215 Cost of Goods Sold 12,399 12,390 Gross Profit 5,983 5,825 Selling, general and administrative expenses 4,254 4,585 Operating income (loss) 1,729 1,240 Interest income (expense), net (217) (138) Income (loss), before taxes Income tax expense (benefit) -- 441 Net income (loss) $ 1,512 $ 661 Per share: Primary $ 0.12 $ 0.06 Fully Diluted $ 0.10 $ 0.06 Weighted average common shares outstanding Primary 12,619 11,605 Fully Diluted 15,526 11,813 BALANCE SHEET DATA: Sept. 30, 1998 Sept. 30, 1997 Cash and cash equivalents $ 3,977 $ 121 Accounts receivable, net $ 17,124 $ 17,300 Inventories, net $ 9,067 $ 11,065 Working capital $ 155 $ 16,856 Total assets $ 48,858 $ 60,075 Non-current liabilities $ 951 $ 1,186 Total shareholders' equit $ 20,707 $ 41,016 SOURCE Ride Sports CO: Ride Sports ST: Washington IN: SPT SU: ERN 10/27/98 13:49 EST http://www.prnewswire.com To edit your profile, go to keyword NewsProfiles (Keyword to: aol://1722:NewsProfiles). For all of today's news, go to keyword News (Keyword to: aol://1722:News).
