Giant Motorsports Posts 3Q Revenue of $26.3 Million

Powersports retailer Giant Motorsports, Inc. (BULLETIN BOARD: GMOS) said revenues for its third quarter of 2004, ended Sept. 30, were $26.3 million, up 107% from the $12.7 million reported for the quarter ending September 30, 2003. Gross margin for the quarter was $3.2 million, or 12.3% of sales, compared to $1.2 million, or 10.0% of sales, for the comparable quarter in 2003.
Giant Motorsports has two wholly-owned subsidiaries, W.W. Cycles (operating as Andrews Cycles) in Salem, Ohio, and Chicago Cycles, which it purchased on April 30, 2004.
Giant Motorsports’ revenues for the first nine months of 2004 were $60.3 million, an increase of 62% compared to the $37.3 million reported for the nine months ended September 30, 2003. Operating margin for the nine months was $1.7 million, or 2.8% of sales, compared to $590,776, or 1.0% of sales, for the same period last year.
Earnings before interest, taxes, depreciation and amortization (EBITDA) also increased in both the third quarter and nine-month periods of 2004. For the quarter ended September 30, 2004, EBITDA reached $529,236 compared to $199,204 for the quarter ended September 30, 2003, an increase of 166%. The Company reported EBITDA of $1.3 million for the nine months ended September 30, 2004, as compared to $454,483 for the same period last year, an increase of 181%.