October 4, 1996
Boyds Wheels Inc., Boyd Coddington's publicly traded custom automobile wheel and motorcycle parts manufacturer, said it has signed a licensing deal with auto electronics and audio equipment maker Orion Industries for a line of products to be marketed in Japan under the Boyds name. Phoenix-based Orion will handle research, development and manufacturing during the yearlong agreement. Boyds Wheels is the marketer. The company said it has received about $230,000 in initial orders.
December 31, 1996
Boyds Wheels Inc. said it has acquired its sister company, Hot Rods By Boyd, for about $750,000 in stock. Hot Rods By Boyd, a custom car designer and builder, was owned by Boyds Wheels Chairman and Chief Executive Boyd Coddington and his wife. Boyds Wheels, which went public in September 1995, was granted the option to purchase Hot Rods By Boyd at the time of the initial public offering. Hot Rods By Boyd reported net sales of $1.6 million and a profit of $328,000 in 1995.
November 4, 1997 |
Financially ailing Boyds Wheels Inc. said that company founder Boyd Coddington has resigned as chairman and chief executive. The renowned hot-rod designer and builder will remain a member of the Stanton-based company's board of directors and serve as a design and marketing consultant under a long-term agreement. Gardiner S. Dutton, a recent addition to the Boyds Wheels board and a long-time manufacturing industry executive, has been appointed interim chairman and chief executive.
November 15, 1997 |
Boyds Wheels Inc. fulfilled President David Asher's earlier warning of a poor third quarter on Friday, reporting a loss of $2.1 million, or 55 cents a share, for the period, including a charge of $465,000 to account for a bad debt from the bankruptcy of a major customer. A year earlier, the ailing custom-auto wheel and accessories maker posted a profit of $568,000, or 14 cents a share. Revenue for the three months ended Sept. 30 fell to $4.8 million from $7.6 million.
May 4, 1997 |
Boyds Wheels Inc. expects to report a first-quarter loss of about $1.5 million as a result of facilities expansion and lower-than-expected sales. In the first quarter ended March 31, 1996, the company earned $360,000, or 14 cents a share, on sales of $5.3 million. Boyds Wheels said orders in the first quarter rose 30% from last year, but the company said it expects to ship a large portion of these orders in the second quarter.
April 6, 1999 |
The rescue of bankrupt custom wheel maker Boyds Wheels Inc. was quietly completed Friday as an 80% stake in the Stanton manufacturing company was transferred to Arizona-based Automotive Performance Group, or APG. The previously announced deal gives APG control of Boyds and its car design and construction subsidiary, Hot Rods by Boyds. In return, APG has said it will pump $2 million into resurrecting Boyds and will pay about $950,000 in administrative claims relating to the bankruptcy.