CYCLE COUNTRY ACCESSORIES CORP

CIK:0001157758|SEC Filings

Earnings (loss) Per Share

3 Months Ended

Mar. 31, 2012

Note 5. Earnings (Loss) Per Share:

There were no common stock equivalents for the three and six months ended March 31, 2012 or 2011.

The following is a reconciliation of the numerators and denominators of the basic and diluted EPS computations:

	For the three months ended								For the three months ended
	March 31, 2012 (Unaudited)								March 31, 2011 (Unaudited)

				Weighted								Weighted
	Net Income (Loss)			Average Shares		Per share			Net Loss			Average Shares		Per share
	(numerator)			(denominator)		amount			(numerator)			(denominator)		amount
Basic and Diluted EPS
Loss from continuing operations	$	(600,055	)		7,090,662	$	(0.08	)	$	(230,982	)		6,990,662	$	(0.03	)

Income (Loss) from discontinued operations	$	1,185			7,090,662	$	0.00		$	(1,120,729	)		6,990,662	$	(0.16	)


	For the six months ended								For the six months ended
	March 31, 2012 (Unaudited)								March 31, 2011 (Unaudited)

				Weighted								Weighted
	Net Income (Loss)			Average Shares		Per share			Net Loss			Average Shares		Per share
	(numerator)			(denominator)		amount			(numerator)			(denominator)		amount
Basic and Diluted EPS
Loss from continuing operations	$	(645,336	)		7,090,662	$	(0.09	)	$	(359,717	)		7,518,567	$	(0.05	)

Income (Loss) from discontinued operations	$	1,709,571			7,090,662	$	0.24		$	(1,301,073	)		7,518,567	$	(0.17	)

Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)	6 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Cash Flows from Operating Activities:
Net Income (Loss)	$ 1,064,235	$ (1,660,790)
Adjustments to reconcile net loss from continuing operations to net cash provided by (used for) operating activities:
Depreciation	297,052	361,025
Bad debt reserve	(6,454)	60,000
Share-based compensation	117,438	90,736
(Gain) loss on sale of assets	(2,233,506)
Deferred income taxes	999,000	(820,000)
Change in:
Accounts receivable, net	82,130	1,500,055
Inventories	192,494	1,090,158
Income tax receivable	40,240	12,999
Prepaid expenses and other	375,154	(81,825)
Other assets	1,338	119,888
Accounts payable	(612,350)	1,055,537
Accrued expenses	(299,806)	112,316
Net cash provided by (used for) operating activities	16,695	1,963,340
Cash Flows from Investing Activities:
Proceeds from sale of PP&E	97,902	5,338
Purchase of property, plant and equipment	25,000	(78,664)
Net cash used for investing activities in continuing operations	122,902	(73,326)
Cash Flows from Financing Activities:
Change in disbursements in excess of bank balances	(39,106)	(148,315)
Payments on bank notes payable	(380,003)	(451,113)
Bank line of credit, net	280,343	(1,171,695)
Net cash used for financing activities	(138,766)	(1,771,123)
Net increase (decrease) in cash and cash equivalents	(8,899)	118,891
Cash and cash equivalents, beginning of period	25,185	28,939
Cash and cash equivalents, end of period	$ 16,286	$ 147,830

Condensed Consolidated Balance Sheet (USD $)	Mar. 31, 2012	Sep. 30, 2011
Current Assets
Cash and cash equivalents	$ 16,286	$ 25,185
Accounts receivable, net	774,411	850,087
Inventories	563,739	799,205
Income taxes receivable		2,120
Deferred income taxes	326,000	625,000
Prepaid expenses and other	49,572	424,726
Assets held for sale	448,910	1,320,338
Total current assets	2,178,918	4,046,661
Property, plant and equipment, net	8,301,401	8,581,158
Other assets	141	1,479
Total assets	10,480,460	12,629,298
Current Liabilities:
Disbursements in excess of bank balances	69,651	108,757
Accounts payable	1,206,555	1,818,906
Accrued expenses	990,281	1,251,966
Bank line of credit	930,400	3,643,600
Current portion of notes payable	287,367	441,718
Total current liabilities	3,484,284	7,264,947
Long-Term Liabilities:
Notes payable, less current portion	1,783,729	2,033,545
Deferred income taxes	824,000	124,000
Total long term liabilities	2,607,729	2,157,545
Total liabilities	6,091,983	9,422,492
Stockholders' Equity:
Common stock, $.0001 par value; 100,000,000 shares authorized; 7,090,662 shares issued and outstanding, respectively	709	709
Additional paid-in capital	12,636,252	12,518,814
Accumulated deficit	(8,248,484)	(9,312,717)
Total stockholders' equity	4,388,477	3,206,806
Total liabilities and stockholders' equity	$ 10,480,460	$ 12,629,298