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Kingsley Coach Inc. reported revenues of $893,921 for its fiscal first quarter ended Sept. 30, representing a 32% increase over the first quarter of 2003.
The Zimmerman, Minn., coach builder also reported a net loss of $377,490 for the period versus a net loss of $525,057 a year ago.
Ralph Dickenson, CEO of Kingsley Coach, Inc., stated, “During the quarter, we expensed the entire cost of our move to our new facility in Zimmerman. The move cost in excess of $150,000, and shut down our production for an extended period.
“Our estimate is that the downtime delayed approximately $500,000 in sales that would otherwise have been recorded in the quarter.
“The move to Zimmerman, however, positions us well for future growth. The new facility increases our production capacity by 500%. In addition, we invested approximately $200,000 in building improvements, which gives us a state-of-the-art facility from which to grow. We are now positioned for higher margins and rapid growth.”