Cannondale loses $3m in Q3

For the three months ended March 31, 2001 Cannondale’s net sales were $32.6m compared to $40.3m recorded for the same period last year. The Cannondale motorbike contributed $1.7m…
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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.

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