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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
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Date of Report (Date of earliest event reported): March 20, 1997
GT BICYCLES, INC.
(Exact name of Registrant as specified in charter)
Delaware 0-26742 04-3210830
(State or other jurisdiction (Commission (I.R.S. employer
of incorporation) file number) identification no.)
3100 West Segerstrom Avenue, Santa Ana, California 92704
(Address of principal executive offices and zip code)
Registrant's telephone number, including area code: (714) 513-7100
Not Applicable
(Former name or former address, if changed, since last report)
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Item 5. Other Events
GT Bicycles (the "Company") announced that it believes that it will not
meet analysts' estimates for sales and net income for the first quarter of 1997,
but based on several factors, believes that it will still be able to meet
analysts' expectations for the full year, despite the apparent first quarter
short fall. The Company expects to report its first quarter results at the end
of April. For the first quarter of 1996, GT Bicycles reported net income of $2.2
million, or 22 cents per share, on sales of $48.9 million.
The statements made in this Current Report on Form 8-K are forward
looking statements that involve risks and uncertainties. As discussed in the
Company's annual report on Form 10-K for the year ended December 31, 1996, the
Company's future operating results are uncertain and may be impacted by the
following factors, among others: cycles of dealer orders, general economic
conditions and changing consumer trends, technological advances and the number
and timing of new product introductions, shipment of products and componentry
from foreign suppliers, the timing of operating and advertising expenditures and
changes in the mix of products ordered by independent bicycle dealers.
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Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(a) Financial Statements of Businesses Acquired.
Not Applicable.
(b) Pro Forma Financial Information.
Not Applicable.
(c) Exhibits.
99.1 Press Release, dated March 20, 1997.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
GT BICYCLES, INC.
Date: April 3, 1997 By: /s/ Charles Cimitile
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Charles Cimitile
Vice President, Finance and
Chief Financial Officer
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EXHIBIT INDEX
Exhibit Number Description
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99.1 Press Release, dated March 20, 1997.
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Exhibit 99.1
NEWS RELEASE
FOR: GT Bicycles, Inc.
CONTACT: Charles Cimitile
Chief Financial Officer
(714) 513-7100
Morgen-Walke Associates, Inc.
John Swenson, David Gennarelli,
Doug Sherk
For Immediate Release (415) 296-7383
David Sasso, Joshua Passman
(212) 850-5600
GT BICYCLES COMMENTS ON FIRST QUARTER 1997 OUTLOOK
SANTA ANA, Calif. (March 20, 1997) - GT Bicycles, Inc. (Nasdaq:
GTBX) today provided a preview for the first quarter ending March 31, 1997.
"Our shipments of mountain bikes to date have not met our expectations,
which leads us to believe we will not meet analysts' estimates for sales and net
income for the first quarter of 1997," said Mike Haynes, President and CEO of GT
Bicycles. "Sales of juvenile bikes and parts and accessories are strong, and we
believe we have an exciting product line for introduction later this year. These
factors lead us to believe that we will still be able to meet analysts'
expectations for the full year, despite the apparent first quarter shortfall."
The Company expects to report its first quarter results at the end of
April. For the first quarter of 1996, GT Bicycles reported net income of $2.2
million, or 22 cents per share, on sales of $48.9 million.
The statements made in this news release are forward looking statements
that involve risks and uncertainties. As discussed in the Company's annual
report on Form 10-K for the year ended December 31, 1995 and the Form 10-Q for
the third quarter ended September 30, 1996, the Company's future operating
results are uncertain and may be impacted by the following factors, among
others: cycles of dealer orders, general economic conditions and changing
consumer trends, technological advances and the number and timing of new product
introductions, shipment of products and componentry from foreign suppliers, the
timing of operating and advertising expenditures and changes in the mix of
products ordered by independent bicycle dealers.
GT Bicycles, Inc. is a leading designer, manufacturer and marketer of
mid-to-premium priced mountain and juvenile BMX bicycles sold under the
Company's GT(R), Powerlite(R), Robinson(R) and Dyno(R) brand names. The
Company's Riteway Products distribution network is a leading distributor of the
Company's bicycles, parts and accessories, as well as parts and accessories of
other manufacturers, to independent bicycle dealers.
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