Cycle Country reports Q4, annual results
January 17, 2012
Filed under News
Cycle Country Accessories Corp. has reported decreased sales and increased net losses for is fiscal fourth quarter and for the year.
Cycle Country on Tuesday reported a fourth quarter net loss of $2.3 million, compared to a loss of $1.4 million in the year-ago quarter. Sales for the fourth quarter of 2011 dropped 33.8 percent to $2.3 million.
For the year, Cycle Country’s net loss was reported at $4.2 million, compared to $2.0 million for the 2010 fiscal year. Annual sales decreased 11.4 percent to $10.6 million. Included in the annual net loss are non-recurring expenses of $2.6 million, comprised mostly of charges to impair inventory and fixed assets due to Cycle Country’s divestiture of its AVT Accessories and Perf-Form Oil lines.
Cycle Country reported that despite divesting those lines, it will continue to operate its metal manufacturing plant for OEM and other contract clients.