Ducati Profits........Or Not

From a press release issued by Ducati:


Bologna, Italy - Ducati Motor Holding S.p.A. (NYSE: DMH and Borsa Italiana S.p.A: DMH), a leading manufacturer of high performance motorcycles, today announced bottom line results for 2003 and confirmed consolidated results down to earnings before tax, as previously reported, on February 13, 2004.

In brief, 2003 revenues were Euro 388.2 million, down 1.9% excluding forex effects, (or down 6.0% including forex effects) versus 2002. Gross margin was 34.7% versus 39.6% last year, due to forex effects and a negative bike mix. EBITDA was Euro 45.1 million, up 6.0% excluding forex effects (or down 13.9% including forex effects), representing 11.6% of revenues versus Euro 52.3 million or 12.7% of revenues in 2002. Sales, General and Administrative Costs represented 23.5% of revenues, down from 25.3% last year, reflecting a reduction of Euro 13.1 million. At EBT level, the result was a break even versus a gain of Euro 8.5 million in 2002 due to a lower EBITDA and increased depreciation which more than offset a reduction in financial charges. Net profit for 2003 was break-even, as well.

Ducati Motor Holding S.p.A., as a stand-alone company, registered a net loss of Euro 5.4 million at December 31, 2003. As stated by the Company in the past, no dividend distribution is planned.
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George Obradovich
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