May 24, 1996
GT Bicycles Inc. said it has signed a three-year lease agreement for a satellite distribution facility in Jacksonville, Fla. The 40,000-square-foot facility, scheduled to begin operations July 1, will support the the company's Riteway South Central distribution center based in St. Louis. GT Bicycles sells a broad range of leading brand parts and accessories and its own GT bicycles through four Riteway distribution centers throughout the U.S.
May 8, 1998
GT Bicycles Inc., the Santa Ana-based designer and manufacturer of bicycles, reported net income for the first quarter of $83,000, or 1 cent a share. That compares with net income of $816,000, or 8 cents a share, for the 1997 first quarter, which included one-time relocation expenses. Sales were flat at $51.2 million.
October 14, 1997
GT Bicycles Inc. said Monday it expects net income to slump for the third quarter because of manufacturing difficulties, delays caused by the company's relocation and lower demand for parts and accessories. The company said it will earn $600,000 to $800,000, or 6 to 8 cents a share, for the three months, compared to $3.6 million, or 37 cents a share, a year ago. Sales should increase to $56.2 million from $52.4 million, the company said.
September 30, 1998 |
GT Bicycles Inc. said Tuesday that its shareholders have approved the company's acquisition by the makers of Schwinn bicycles, a $79-million deal that creates one of the world's largest bicycle manufacturers. Santa Ana-based GT is being purchased by Schwinn Holdings Corp., a division of Questor Partners Fund LP. The transaction should close today. Schwinn is buying all 9.9 million shares of GT's stock for $8 a share. Questor has commitments to finance the acquisition.
March 26, 1998 |
GT Bicycles Inc. said Wednesday that it has begun producing a half-hour television show on bicycling for the Fox Sports Network. "Crank," which airs nationally on Mondays at 5 p.m., covers BMX and freestyle cycling and riders. "We believe this is an ideal way to foster . . . enthusiasm for this type of riding and to reinforce GT's leadership position in these categories," said Michael Haynes, GT's chief executive.
August 11, 1998 |
GT Bicycles Inc. said Monday that its proposed acquisition by the makers of Schwinn bicycles has cleared antitrust hurdles. The $78.6-million transaction, which would create one of the world's largest bicycle manufacturers, is expected to be completed later this quarter, pending shareholder approval and a review of proxy materials by the Securities and Exchange Commission. Santa Ana-based GT would by acquired by Schwinn Holdings Corp., a unit of Questor Partners Fund LP.