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Jun. 2, 2008 – Finance Digest

June 2, 2008
Filed under Features

Piaggio sales drop for first quarter
Piaggio SpA first-quarter results fell from a year earlier, depressed by weak European and American sales and the impact of foreign exchange, Thomson Financial reported May 7.
Net profit was 3.2 million euros ($4.9 million), compared to 9.7 million euros ($14.9 million) in the 2007 first quarter. Sales came in at 363.9 million euros ($560.2 million), down 7.7 percent.
“Sales were influenced by the lower impact of the five-year BMW order (for engines), 11 million euro ($16.9 million) down from first quarter 2007,” the company said in a statement.
Sales also were depressed “by the appreciation of the euro against the dollar, the Indian rupee and sterling, with a negative impact on sales for about 4 million euro ($6.2 million),” Piaggio said.
European and American sales were down 10 percent, excluding the BMW effect, and up 12.1 percent in India and up 41.5 percent in Asia Pacific, the company reported.
In the first quarter, unit sales fell to 150,600, from 159,800 in the first three months of 2007, the company said.


Cycle Country’s second-quarter revenue increases
Cycle Country, an Iowa-based manufacturer of various ATV products, announced its total revenue increased 40 percent in the second quarter, which ended March 31.
The company’s total revenue increased from $2.7 million to $3.9 million. Part of the increase was because of a 77 percent growth in ATV accessories and a 95 percent increase in contract manufacturing.
A significant portion of the ATV accessories increase was because of a boost in snowplow blade sales as well as a raise in sales to OEM customers. The increase in contract manufacturing was due to an increase in orders, mainly from current customers.


UTI revenue and enrollment slips in second quarter
Universal Technical Institute (UTI) posted decreased revenue, profits and enrollment for the second quarter of its 2008 fiscal year, according to a May 6 press release from the company.
Net revenues for the quarter were $88.2 million, a 3.8 percent decrease from the previous-year period. Net income for the past period was $1.9 million compared to $6.1 million for the quarter in 2007.
The decrease in net revenue primarily relates to a decline in average undergraduate student enrollment, partially offset by higher tuition prices.
Operating income for the second quarter was $2.3 million, compared with $9.5 million for the same period a year ago. The decrease reflects increased professional and contract services costs, occupancy costs, advertising costs and bad debt expense. These higher costs were partially offset by a decrease in compensation and benefits.
“Our financial results reflect the accumulation of several quarters of insufficient student contracts and starts,” said Kimberly McWaters, UTI president and CEO. “This shortfall negatively impacted our average student population, revenue and income.”
Average undergraduate full-time student enrollment for the second quarter was 15,092, a decrease from the 16,389 who were enrolled during the same period in 2007. End of period undergraduate full-time student enrollment was 14,637 in this year’s second quarter, down compared to 16,026 enrolled at the end of the 2007 quarter.
Lower starts were the primary contributor to declines in the second-quarter full-time student enrollment statistics, the company said.


BikeBandit.com named Top 500 E-retailer
BikeBandit.com has been ranked as one of the top 500 e-retailers based on annual sales on the Internet Retailer Top 500 Guide, according to a May 14 press release from the company.
BikeBandit.com upheld its status as the top motorcycle OEM and aftermarket parts, apparel and accessories e-retailer in the guide.
From billion dollar companies like Amazon.com and Staples, the 500 companies that made the 2008 Top 500 list account for nearly 70 percent of the $200 billion e-retailing industry in the United States.
BikeBandit.com has more than 8 million products available online.
The company currently carries OEM and aftermarket parts, accessories, tools, tires, chemicals and manuals from more than 580 brands and have online parts diagrams available from 12 powersports manufacturers dating back to 1941.


Brembo reports sales increase for its first quarter
Brembo, a manufacturer of premium brake systems, announced a 19.6 percent increase in sales in its first quarter compared to the previous year period, according to Reuters.
Earnings before interest, tax, depreciation and amortisation rose to $61.85 million. The net profit went up 24.7 percent to about $24.5 million. Revenue rose 19.1 percent to an estimated $427 million.
The company says its strongest revenue growth came from commercial vehicles and motorcycles.

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