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August 22, 2006 - 8:00 AM EST
SALEM, Ohio, Aug. 22 /PRNewswire-FirstCall/ -- Giant Motorsports, Inc. (OTC Bulletin Board: GMOS) (the 'Company'), an operator of retail power sport superstores in the Midwestern United States, today announced its operating results for the second quarter and first half of 2006.
For the three months ended June 30, 2006, sales increased 10% to $38.0 million, compared with $34.7 million in the second quarter of 2006. Finance, insurance and extended service revenues rose 21% to $1.4 million, versus $1.2 million in the quarter ended June 30, 2005. Total revenues were up 10% to a second quarter record of $39.4 million, compared with $35.8 million in the prior-year period.
Pretax income increased 37% to $1,730,956 in the second quarter of 2006, compared with $1,263,191 in the prior-year period. Net income attributable to common shareholders increased to $1,143,956 in the most recent quarter, compared with $1,090,191 in the three months ended June 30, 2005. The Company earned $0.11 per basic share ($0.07 per diluted share) in the second quarter of 2006, versus $0.10 per basic and diluted share in the year-earlier quarter. The weighted average number of basic shares outstanding totaled 10,862,160 in the second quarter of 2006, compared with 10,428,297 in the second quarter of 2005. The weighted average number of diluted shares outstanding totaled 17,537,160 in the three months ended June 30, 2006, versus 11,428,297 in the corresponding period of the previous year.
'Higher retail sales of motorcycles and other power sport products at our two superstores more than offset a reduction in sales of our products to other dealers and distributors, thereby allowing our gross profit margin to widen to 15.2% in the second quarter of 2006, from 12.9% in the year-earlier quarter,' stated Greg Haehn, President and Chief Operating Officer of Giant Motorsports, Inc. 'I am very pleased to report that income from operations improved 34% and our pretax income rose 37% from last year's second quarter. The percentage gain in net income was more modest, reflecting an effective income tax rate of approximately 34% in the most recent quarter, which was up substantially from an approximate 14% effective tax rate in the second quarter of 2005.'
'Our goal is to become one of the largest dealers of power sports vehicles in the United States through internal growth and selective acquisitions,' continued Haehn, 'and I am pleased that we were able to significantly improve our operating performance during the most recent quarter. Sales at both locations benefited from larger facilities and an expansion in store hours. Increases in cable TV and print advertising have positively impacted our retail sales, which generate higher gross profit margins than wholesale transactions, and we expect the resultant shift in sales mix to have a positive effect on operating profitability during the remainder of 2006.'
For the six months ended June 30, 2006, sales increased modestly to $55.8 million, compared with $55.1 million in the corresponding period of the prior year. Finance, insurance and extended service revenues rose 38% to $2.0 million, versus $1.5 million in the first half of 2005. Total revenues increased 2% to $57.8 million, compared with $56.5 million in the prior-year period.
Pretax income increased 9% to $789,804 in the first half of 2006, compared with $724,981 in the prior-year period. Net income attributable to common shareholders declined to $237,282, after the payment of $126,722 in preferred dividends, in the six months ended June 30, 2006, compared with $551,981 (no preferred dividends) in the six months ended June 30, 2005. The Company earned $0.02 per basic share ($0.01 per diluted share) in the first half of 2006, versus $0.05 per basic and diluted share in the year-earlier period. The weighted average number of basic shares outstanding totaled 10,698,476 in the six months ended June 30, 2006, compared with 10,426,657 in the first half of 2005. The weighted average number of diluted shares outstanding totaled 17,323,476 in the six months ended June 30, 2006, versus 11,408,314 in the corresponding period of the previous year.
About Giant Motorsports, Inc.
Giant Motorsports, Inc. is a retailer of new and used motorcycles, all- terrain vehicles (ATVs), scooters, parts and accessories, extended service contracts, and aftermarket motorcycle products. The Company's two superstores, which are located in Chicago, Illinois and Salem, Ohio, also include service departments and arrange financing for customers. The Chicago store operates under the name 'Chicago Cycle' and the Salem store operates under the name 'Andrews Cycles'.
The Company is headquartered in Salem, Ohio, and its common stock is listed on the OTC Bulletin Board under the symbol 'GMOS'.
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. These forward-looking statements are based largely on the expectations or forecasts of future events, can be affected by inaccurate assumptions, and are subject to various business risks and known and unknown uncertainties, a number of which are beyond the control of management. Therefore, actual results could differ materially from the forward-looking statements contained in this press release. A wide variety of factors that may cause actual results to differ from the forward-looking statements include, but are not limited to, the following: sales of the Company's motorcycle and power sports products; the implementation and expansion of the Company's business strategies; competition and the timing of projects and trends in future operating performance, and other risks discussed in the Company's periodic report filings with the Securities and Exchange Commission. These cautionary statements should not be construed as exhaustive or as any admission as to the adequacy of the Company's disclosures. The Company cannot always predict or determine after the fact what factors would cause actual results to differ materially from those indicated by the forward-looking statements or other statements. The reader should consider statements that include the words 'believes,' 'expects,' 'anticipates,' 'intends,' 'estimates,' 'plans,' 'projects,' or other expressions that are predictions of or indicate future events or trends, to be uncertain and forward-looking. The Company does not undertake to publicly update or revise forward-looking statements, whether as a result of new information, future events or otherwise.
SALEM, Ohio, June 13 /PRNewswire-FirstCall/ -- Giant Motorsports, Inc. (OTC Bulletin Board: GMOS), which is implementing a strategy with a 'big box' destination business model in the motorcycle and powersports industry, today announced the addition of the Kawasaki brand to the Company's Chicago store, which will reinforce its dominant position within a geographic market that comprises over 9.2 million consumers.
The retail superstore in Chicago, which operates under the name 'Chicago Cycle,' generated approximately $40 million in sales last year. With the addition of the Kawasaki brand, management estimates that brands now carried by the Chicago Cycle store account for approximately 70% of the market for motorcycles, ATVs and scooters. The store now carries all of the major Japanese brands, including Honda, Yamaha, Suzuki, and Kawasaki, along with the popular Ducati brand from Italy.
'The relocation of our Chicago store to a new 95,000-square-foot facility in April 2005 has allowed us to pursue strategic opportunities that should continue to increase our market share,' stated Greg Haehn, President of Giant Motorsports, Inc. 'Kawasaki has a long tradition of fast sport bikes with their popular Ninja(R) line. A lot of excitement has surrounded the recent introduction of the Ninja(R) ZX(TM)-14, which is one of the fastest super sport bikes available in the U.S. market.'
'We continue to refine our powersports 'superstore' concept and expect our two stores in Ohio and Illinois to generate over $100 million in retail sales during the current year,' concluded Haehn.
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 Cycle.
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.
November 22, 2005 - 1:26 PM EST
SALEM, Ohio, Nov. 22 /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, published record earnings for its third quarter ended September 30, 2005. Net income (before taxes) for the quarter was $565.7k, up 6.9 percent in comparison to the third quarter of 2004. Nine month earnings (before taxes) total $1.290 million, up 10.5% for the same period in 2004. Revenue for period ended September 30, 2005 was $83.8 million up from $60.2 million for nine months ended 2004.
'We are pleased with our financial performance for the third quarter. Although the consumer has been hit with high gas prices and increasing interest rates, we see continuing enthusiasm for motorcycles, scooters and all terrain vehicles,' said Greg Haehn, President of Giant Motorsports, Inc. 'During the same period we completed the sale of approximately $2.8 million in convertible Preferred Stock which has reinforced our balance sheet, provided us the ability to move forward with our business plan to acquire additional brands and moved us closer to listing on a national exchange,' said Mr. Haehn.
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 Cycle, Inc. dba Chicago Cycles.
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.
October 25, 2005 - 1:57 PM EST
SALEM, Ohio, Oct. 25 /PRNewswire-FirstCall/ -- Giant Motorsports, Inc (OTC Bulletin Board: GMOS), implementing the destination retailer business model in the motorcycle and powersports industry, announced today preliminary record sales performance for the 9-month period ended September 30, 2005 of approximately $81 million compared to $60.3 million in sales for the 9-month period ended September 30, 2004. This represents sales growth of 35% over last year's same period.
'With the issues facing consumers today, record high fuel prices and increasing interest rates, we are very pleased with our nine month sales results,' said Greg Haehn, President.
'Our management team continues to be committed to growing our business in revenues, earnings and shareholder value,' said Mr. Haehn.
About Giant Motorsports, Inc:
Giant Motorsports is a destination retailer for motorcycles, all-terrain- vehicles (ATV'S) 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. With over 170,000 square feet of retail floor space, Giant offers consumers all of the Japanese brands including Honda, Suzuki, Yamaha and Kawasaki as well as Ducati and Polaris. The company is attempting to leverage revenue and earnings growth through internal growth, the development of a consumer finance division, accretive acquisitions in new regions and through consolidation strategies in the fragmented powersports national market.
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.
September 15, 2005 - 8:00 AM EST
SALEM, Ohio, Sept. 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, announced today the completion of a 40,000 square foot addition to its Salem Ohio powersports store. 'With the addition of this new space we will now have a 75,000 square foot facility. This new state-of-the-art superstore will provide our customers with an unprecedented selection of motorcycles, all-terrain-vehicles (ATV) and scooters,' said President, Greg Haehn. The recent Salem expansion combined with the new Chicago facility (95,000 square feet) equals a total of 170,000 square feet of retail space.
'In 1998, we began testing our destination model in our Salem Ohio store. We renovated and expanded the showroom enabling us to display a wider selection of inventory of bikes, ATV's and more parts and accessories. Sales grew from $7.8 million in 1998 to sales of $46 million in 2003 which validated our business model and led us to the acquisition of Chicago Cycle. In order to maintain the Salem store's growth rate, last year we decided to add 40,000 square feet to the existing facility, creating one of the largest powersports dealerships in Ohio,' stated Mr. Haehn.
'The recent expansions of the Salem, Ohio and Chicago stores demonstrate our strong commitment to our business model. We maintain our continued enthusiasm for the future of the powersports industry,' said Mr. Haehn.
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 Cycle, Inc dba Chicago Cycles.
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.
04/15/2005 3:54PM
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.
5/14/2004 9:00:00 AM
Quarterly Revenue Grows 16.7% Leading to 59.7% Increase
in Pre-Tax Income
SALEM, Ohio, May 14, 2004 /PRNewswire-FirstCall via COMTEX/
-- Giant Motorsports, Inc. ( GMOS ) announced today record financial
results for its first quarter ended March 31, 2004. The Company
reported revenue of $11.2 million, a 16.7% increase versus $9.59
million during the same period one year earlier. The Company reported
pre-tax income of $297,259, a 59.7% increase over the $186,140 reported
for the first quarter of 2003.
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.
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5/3/2004 11:08:00 AM
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.
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4/5/2004 10:27:00 AM
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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