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Cannondale Annual Results
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Business New Haven
8/20/2001
By: BNH
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BETHEL - Cannondale Corp. (NASDAQ: BIKE) has announced results for its fourth quarter and fiscal year ended June 30. For the three months ended June 30 net sales were $42,781,000, compared to $44,057,000 for the same period last year. The loss for the fourth quarter, prior to the recognition of $2,041,000 to record a valuation allowance for net deferred tax assets, was $728,000, compared to the loss before extraordinary item of $699,000 recorded during the same period a year ago.
For the fiscal year, net sales were $146,791,000, including approximately $5.3 million of motorsports shipments, compared to net sales of $162,450,000 recorded for the same period last year. The loss for fiscal 2001, prior to an extraordinary loss of $552,000 relating to the write-off of deferred financing costs resulting from the early repayment of approximately $12 million of long-term debt, and the recognition of $12,931,000 to record a valuation allowance for net deferred tax assets, as noted above, was $6,836,000 compared to the loss before extraordinary item of $2,292,000 recorded during the prior-year period.
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