Cannondale’s bicycle business achieved pre-tax earnings of $559,000 for the third quarter of fiscal 2001 compared to pre-tax earnings of $2,021,000 for the third quarter of fiscal 2000.
Net sales dropped by $7.67m during the first three months of 2001 compared to the same period last year.
A Cannondale press release blames the softening of the US economy, dodgy weather and lacksadaisical suppliers:
"The reduction in sales was due to dealers' cautious buying patterns relating to the weakening economy, adverse weather conditions, and a delay in delivery of bicycle accessories from vendors, which affected shipments in March.”
Like most globally-active bike companies right now, the Corporation was also adversely affected by currency fluctuations.