Analyst Recomendation
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RESEARCH REPORT
Cycle Country Accessories Corp.
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Research Report available for Cycle Country Accessories Corp.
Please send an email to cycy_research-report@excite.com with
CYCYREPORT in the subject line to receive the complete report.
mailto:cycy_research-report@excite.com?subject=CYCYREPORT
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HIGHLIGHTS:
**Cycle Country Announces Record Revenues With Sales Up 22.4%
During the 1st Quarter Of 2002**
Symbol: CYCY
Recent Price (02/28/02) $3.10
Market Capitalization $17.44M
Shares Outstanding 5.625M
Float 3.327M
Daily Volume 19.1K
Delayed Quote: quote.yahoo.com/q?s=CYCY.OB&d=t
Target: 12/31/02 - $10.23
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Cycle Country Accessories Corp. has been in business since 1982.
The Company went public on August 28, 2001 and had its stock begin
publicly trading on February 4, 2002 under the symbol CYCY.
CYCY has made money for 20 straight years with recent after-tax
profits of over $1,000,000. The Company business plan calls
for earnings growth at 15% per year.
* Some important points that have contributed to the success of CYCY:
- For 20 years CYCY has been manufacturing a complete line of branded ATV
accessories; winning numerous ATV Accessory awards.
- The products custom fit essentially all ATV models from Honda, Yamaha,
Kawasaki, Suzuki, Polaris, Arctic Cat and Bombardier.
- The Company designs, engineers and assembles all accessory products at it's
headquarters; offering the most comprehensive product warranty in the industry.
- In 1995 the Company decided to extend its marketing efforts outside the
United States and has since built distribution in over 40 countries.
- In 1997 Cycle Country received the "Small Business Exporter of the Year"
award for the state of Iowa.
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* Price Analysis - Target: 12/31/02 - $10.23:
- Cycle Country opened at $5.00 and closed its first day of trading at $5.25
- If all warrants are exercised, total shares outstanding will be 5.625 million;
based on 2001 EPS of $0.29 fully diluted using conservative Recreational Products
Industry P/E (30.69) provides a current valuation of $8.90
- Continuing to increase revenues at the same rate for 2002
(15%, as targeted) would derive a target price of $10.23
- If all warrants are issued, the Company will be out of debt and save
approximately $700,000 in interest raising the projected EPS for 2002
to $.36 and yielding a target price of $11.05.
It is not very often that the average investor gets an opportunity
like Cycle Country. Cycle Country is a different breed, a company that
is not going to have to wait several years to see if it can turn a profit;
it already is.
Note: To meet the suggested target prices, the Company would have to trade
at approximately the Recreational Products Industry multiples and the Company
would have to achieve earnings and revenue estimates provided by management.
A divergence either up or down from the projections could materially affect
the target prices.
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Research Report available for Cycle Country Accessories Corp.
Please send an email to cycy_research-report@excite.com with
CYCYREPORT in the subject line to receive the complete report.
mailto:cycy_research-report@excite.com?subject=CYCYREPORT
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