SALEM, Ohio, Aug. 17 /PRNewswire-FirstCall/ -- Giant Motorsports, Inc. (OTCBulletinBoard:GMOS) (the 'Company') a leading retailer of Motorcycles, ATV's and powersports accessories announced its financial results on Tuesday for the quarter ended June 30, 2007. Giant is continuing to fine tune its solid business model and corporate management structure for the consolidation of the Motorcycle industry resulting in a big box retail strategy.
Total revenue for the three months ended June 30, 2007 was $35,307,000 which represented a decrease of $4,063,000 (10.3%) from the $39,307,000 reported for the three months ended June 30, 2006; however, Giant was able to effectively reduce costs and increase gross margin for the same period to produce income from operations of $2,427,000 for three months ended June 30, 2007 versus $2,017,000 for the same period ended June 30, 2006. The selling, general and administrative expenses for the three months ended June 30, 2007 were $3,780,000, a decrease of $201,366 (5.1%) from $3,982,000 for the same period in 2006.
"We had income from operations for the three months ended June 30, 2007 of $2,427,000, as compared to $2,018,000 for the same period in 2006, which reflects an increase in income of $408,957 (20.3%). This increase in income from operations has been achieved through better sales execution and a keen focus on expenses," said Giant Motorsports, COO Greg Haehn.
The Company is expected to release year to date comparative information for 2007 versus 2006 shortly.
See the numbers and read the entire quarterly report which was filed with the SEC at: http://sec.gov/Archives/edgar/data/1204947/000114420407042924/v084211_10q.htm
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.
Source: Giant Motorsports, Inc.