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PRESS RELEASE ARCHIVE For Current News Headlines, Click Here. 04/15/2005 3:54PM Giant Motorsports Revenue for '04 Year-End Increases 74% Over Year-End '03 SALEM, Ohio, April 15 /PRNewswire-FirstCall/ -- Giant Motorsports, Inc. (OTC Bulletin Board: GMOS), implementing a national roll up strategy with a "big box" destination business model in the motorcycle and powersports industry, today announced record financial results for its year ended December 31, 2004. Revenue for the year was $79.9 million compared with $46 million in 2003 representing an increase of $33.9 million. "This 74% increase, which includes sales results from our acquisition of Chicago Cycles, validates our big box strategy and demonstrates the effectiveness of our business model," said Greg Haehn, President of Giant Motorsports. Earnings before interest, taxes, depreciation and amortization (EBITDA) also increased to $2.37 million for the year ended 2004 versus $934,000 for year ended 2003, an increase of 153%. "We are extremely pleased with our year end results for 2004. Our management team is fully committed to growth -- in revenues, earnings and shareholder value -- and we plan to further maximize the operating and financial performance by achieving specific efficiencies. By consolidating functions within the Company, we feel we can reduce overall expenses, simplify management and create economies of scale, which the 2004 year end results have shown," said, Mr. Haehn Giant Motorsports believes that its "big-box" business strategy has made the Company one of the nation's leading sellers of powersports products, including motorcycles, scooters and all terrain vehicles. About Giant Motorsports, Inc. Giant Motorsports is a destination retailer for motorcycles, all-terrain- vehicles (ATVs) and motor scooters. Through implementation of a business strategy based on a regional "big-box" retailer model, Giant believes it has become a leading multi-brand motorsports retailer in the United States. The Company is attempting to leverage revenue and earnings growth through accretive acquisitions in new regions, through internal growth, and through utilization of rollup and consolidation strategies in the fragmented powersports national dealer environment. The Company has two wholly-owned subsidiaries, W.W. Cycles dba Andrews Cycles and Chicago Cycles. More information is located at http://www.giantcorporate.com , http://www.andrewscycles.com or http://www.chicagocycle.com . Cautionary Statement Regarding Forward-Looking Statements Certain statements included in this press release may constitute forward- looking statements. Actual results could differ materially from such statements expressed or implied herein as a result of a variety of factors including, but not limited to: sales of its motorcycle and powersports products; the implementation and expansion of Giant Motorsports business strategies; competition and the timing of projects and trends in future operating performance, as well as other factors expressed from time to time in Giant's periodic filings with the Securities and Exchange Commission (the "SEC"). As a result, this press release should be read in conjunction with Giant's periodic filings with the SEC. The forward-looking statements contained herein are made only as of the date of this press release, and Giant undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances. Giant Motorsports Reports Record First Quarter Results Quarterly Revenue Grows 16.7% Leading to 59.7% Increase
in Pre-Tax Income The 2004 first quarter results include $141,000 in professional fees, versus $2,465 in the 2003 first quarter period. The increase in professional fees was a result of higher legal and accounting fees as a result of the Company becoming a publicly traded entity. The first quarter results do not include the acquisition of King's Motorsports, Inc. ["Chicago Cycle Center"], a privately-held retailer of Honda, Yamaha, Suzuki and Ducati motorcycles, ATVs and related powersports products, that was completed subsequent to the end of the quarter. "We are excited by the strength of our first quarter results," said Greg Haehn, President of Giant Motorsports. "Our solid growth in sales of powersports products is a testament to our marketing strategy as the dominant provider in the Ohio market. Our acquisition of Chicago Cycle Center has positioned us for outstanding financial performance throughout the year. With Chicago's 9.2 million consumers, we are excited about the growth opportunities this market will provide. In addition, the development of our finance subsidiary will further increase our margins and generate significant revenues by offering in-house financing. We expect our second quarter to be even stronger and have never been better positioned for growth." Giant Motorsports, Inc. through its wholly owned subsidiaries, W.W.Cycles dba Andrews Cycles and Chicago Cycle, is one of the largest multi-brand retailers of motorcycles, ATVs, scooters and personal watercraft powersport products in the United States. The company's products and services consist primarily of the sale and servicing of new and used motorcycles, all-terrain vehicles ("ATV's"), scooters and personal watercraft. In addition, the company sells parts and accessories, extended service contracts, aftermarket motorcycle products and maintenance and repair services. More information is located at www.andrewscycles.com and www.chicagocycle.com . The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Certain of the statements contained herein, which are not historical facts, are forward-looking statements with respect to events, the occurrence of which involve risks and uncertainties. These forward-looking statements may be impacted, either positively or negatively, by various factors. Information concerning potential factors that could affect the Company is detailed from time to time in the Company's reports filed with the Securities and Exchange Commission. Giant Motorsports, Inc. Completes Chicago Acquisition SALEM, Ohio, May 3, 2004 /PRNewswire-FirstCall via COMTEX/ -- Giant Motorsports, Inc. ( GMOS ) announced today the completion of its acquisition of King's Motorsports, Inc. ["Chicago Cycle Center"], a privately-held retailer of Honda, Yamaha, Suzuki and Ducati motorcycles, ATVs and related powersport products. Chicago Cycle will operate as a wholly-owned subsidiary of Giant, whose other subsidiary is Andrews Cycles. Chicago Cycle operates from a 30,000 square foot facility and is one of the largest volume dealers in the Midwest. Andrews Cycles, one of the 10 largest powersport retailers in the United States, is a $46 million retail superstore in Northern Ohio selling Honda, Suzuki, Yamaha and Kawasaki products. Andrews reported audited sales increased 17.9%, to a record $46 million for the year ended December 31, 2003. Unaudited sales for Chicago Cycle were $38 million for the year ended December 31, 2003. "Our first 100 days as a public company have resulted in two acquisitions and demonstrated our abilities to create operating scale necessary to achieve synergies in operating systems and improve fixed-cost absorption. By expanding our business through internal efficiencies and external acquisitions, we look forward to creating significant economic value for our shareholders," said Greg Haehn, President. Giant Motorsports, Inc. through its wholly owned subsidiaries, W.W.Cycles dba Andrews Cycles and Chicago Cycle, is one of the largest multi-brand retailers of motorcycles, ATVs, scooters and personal watercraft powersport products in the United States. The company's products and services consist primarily of the sale and servicing of new and used motorcycles, all-terrain vehicles ("ATV's"), scooters and personal watercraft. In addition, the company sells parts and accessories, extended service contracts, aftermarket motorcycle products and maintenance and repair services. More information is located at www.andrewscycles.com and www.chicagocycle.com . The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Certain of the statements contained herein, which are not historical facts, are forward-looking statements with respect to events, the occurrence of which involve risks and uncertainties. These forward-looking statements may be impacted, either positively or negatively, by various factors. Information concerning potential factors that could affect the Company is detailed from time to time in the Company's reports filed with the Securities and Exchange Commission. American Busing Corp. Changes Name Of Corporation To Giant Motorsports, Inc. SALEM, Ohio, Apr 5, 2004 /PRNewswire-FirstCall via COMTEX/ -- American Busing Corporation (OTC Bulletin Board: ABSC) announced today that it has changed its name to Giant Motorsports, Inc. The Company's shares will begin trading today under the symbol ( GMOS ). The name change will more accurately reflect the current business of the Corporation. Giant Motorsports, Inc., through its wholly owned subsidiary, W.W. Cycles dba Andrews Cycles, is a retail superstore with core brands that include Honda, Suzuki, Yamaha, and Kawasaki. The company's products and services consist primarily of the sale and servicing of new and used motorcycles, all- terrain vehicles ("ATV's"), scooters, and personal watercraft. In addition, the company sells parts and accessories, extended service contracts, aftermarket motorcycle products and maintenance and repair services. Andrews Cycles can be found on the web at www.andrewscycles.com . The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Certain of the statements contained herein, which are not historical facts, are forward-looking statements with respect to events, the occurrence of which involve risks and uncertainties. These forward-looking statements may be impacted, either positively or negatively, by various factors. Information concerning potential factors that could affect the Company is detailed from time to time in the Company's reports filed with the Securities and Exchange Commission. |
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