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Cannondale Bicycle Corp. - Y2KQ2 (Page 1)

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Cannondale Bicycle Corp. - Y2KQ2
CONTACT:
WILLIAM A. LUCA
CHIEF FINANCIAL OFFICER
(203) 749-7000
FOR IMMEDIATE RELEASE
CANNONDALE CORPORATION
ANNOUNCES FINANCIAL RESULTS FOR ITS SECOND
QUARTER OF FISCAL 2000
Bethel, CT (January 31, 2000) - Cannondale Corporation (Nasdaq: BIKE) today announced results for the second quarter and first six
months of fiscal 2000, the period ended January 1, 2000.
For the three months ended January 1, 2000, net sales were $41,150,000, a 14% decrease from the $47,901,000 recorded for the same
period last year. Net income for the second quarter of fiscal 2000 was $654,000, a $1,195,000 reduction from net income of $1,849,000
recorded during the prior-year quarter. The decreased sales and earnings were primarily a result of inventory adjustments in the
European market and the resulting increase in the seasonality of shipments to European retailers.
Diluted earnings per share was 9 cents for the second quarter of fiscal 2000, a decrease of 15 cents compared to diluted earnings per
share of 24 cents recorded for the same period last year.
For the six months ended January 1, 2000, net sales were $77,159,000, a decrease of $12,960,000 or 14% from the $90,119,000 record-
ed for the same period last year. The net loss for the first six months of fiscal 2000 was $831,000, a $3,475,000 reduction from net
income of $2,644,000 recorded during the prior-year period. The decreased sales and earnings were primarily a result of the increas-
ing seasonality of shipments to retailers in the European market, and of component shortages in the first quarter caused by the
September earthquake in Taiwan.
The net loss per share was 11 cents for the first six months of fiscal 2000, a decrease of 45 cents compared to diluted earnings per share
of 34 cents recorded for the same period last year.
Cannondale has begun manufacturing sub-assemblies for its MX400 motorcycle at the Company's motorcycle facility in Bedford,
Pennsylvania, and will begin shipping the MX400 in the third quarter of fiscal 2000 (January through March). Currently, MX400
orders from motor-sport dealers exceed the MX400 sales forecast for fiscal 2000. The Company also plans to unveil several additional
motorized recreational vehicles at next month's motorcycle industry trade show in Indianapolis. These vehicles will use the same
engine featured in the MX400.
Interest in the MX400 continues to be strong among consumers and the press alike, and the new motorcycle was featured recently on
the Speedvision network's "Motorcyclist" show. Dirt Rider magazine editor Ken Faught was interviewed during the "Motorcyclist"
segment on the MX400 and commented on the impact the MX400 is already having on the motorcycle industry. "The Cannondale
MX400 is a monumental bike since it has convinced other manufacturers to rethink their current technology," observed Dirt Rider's
Faught. "Never before have we seen another company come into the market so aggressively that it has other manufacturers concerned."
Dirt Rider magazine named the MX400 its "Bike of the Year" in its May, 1999 issue, and a new Cannondale bicycle was recently
awarded a similar honor. The Company's Jekyll 900 SL, introduced in December of calendar 1999, has been named Mountain Biking
magazine's 2000 "Bike of the Year." Dubbed "a manufacturing masterpiece," "a masterful work of art," and "an outstanding achieve-
ment in lightweight, dual-suspension performance," the Jekyll has a unique frame design that can be adjusted easily to suit the han-
dling preferences of its rider.
The Cannondale Raven with HeadShok Lefty fork has also attracted considerable attention. The Raven/Lefty combination has been
featured in the pages of USA Today, Sports Illustrated, Popular Science, Popular Mechanics, Worth, Men's Fitness, Design News, Stuff,
Outdoor Explorer, and other mainstream magazines in recent months.
This press release contains forward-looking statements, as defined under the Private Securities Litigation Reform Act of 1995. Actual
results may differ materially from those anticipated as a result of various risks and uncertainties, including risks and uncertainties
described in this press release, as well as those detailed from time to time in the Company's periodic reports on Forms 10-K, 10-Q and
8-K filed with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking
statements which speak only as of the date hereof. The Company undertakes no obligation to publish revised forward-looking state-
ments to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Cannondale Corporation is the world's leading manufacturer of high-performance aluminum bicycles. The Company's bicycles and
bicycle accessories, which include clothing, packs and bags, HeadShok suspension forks and CODA components, are marketed under
the Cannondale brand name and "Handmade in USA" logo, and are sold in the U.S. and in more than 60 foreign countries.

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