PRESTON, Wash., Feb. 29 /PRNewswire/ -- RIDE, INC., (Nasdaq: RIDE), a leading manufacturer and worldwide marketer of snowboards and relatedproducts, today released financial highlights for the quarter and yearended December 31, 1995. Revenues for the fourth quarter of 1995 increased 104% to $25,691,000 from $12,623,000 in the fourth quarter of 1994. Revenuesfor the year ended December 31, 1995 increased 195% to $74,850,000, from $25,349,000 in 1994. Net income for the fourth quarter increased 68% in 1995 to $1,872,000 ($0.16 per share, fully diluted) from $1,113,000 ($0.13 per share, fully diluted) in the fourth quarter of 1994. Net income for the year ended December 31, 1995 increased 219% to $5,955,000 ($0.57 per share, fully diluted) from $1,866,000 ($0.27 per share, fully diluted) for the year ended December 31, 1994. "We are very pleased with the company's financial performance in 1995," said Ride chairman Roger Madison. "We believe that Ride's results for 1995 reflect continued strong growth in the world snowboard market and Ride's increasing share of that market," he added. "The excellent response that we have received for our 1996-97 product line indicates to us that our acquisitions and emphasis on research and development in 1995 were well placed," commented James Salter, Ride chief executive officer. "We look forward to another successful year in 1996," he concluded. RIDE, INC. Financial Highlights (in thousands, except per share data) Income statement Quarter ended Year ended data(a): 31-Dec-95 31-Dec-94 31-Dec-95 31-Dec-94 Net sales $25,691 $12,623 $74,850 $25,349 Cost of goods sold 19,007 9,088 54,988 18,398 Gross profit 6,684 3,535 19,862 6,951 Selling, general and administrative expenses 3,914 1,741 10,868 4,022 Operating income 2,770 1,794 8,994 2,929 Interest income, net 112 18 388 71 Income before income taxes 2,882 1,812 9,382 3,000 Income tax expense 1,010 699 3,427 1,134 Net income $1,872 $1,113 $5,955 $1,866 Earnings per share: Primary $0.16 $0.13 $0.60 $0.29 Fully diluted $0.16 $0.13 $0.57 $0.27 Weighted average common shares outstanding: Primary 11,514 8,223 9,932 6,409 Fully diluted 11,808 8,434 10,455 6,828 (a) The above results reflect the Company's August 18, 1994 acquisition of C.A.S. Sports International, Inc., its September 1, 1995 acquisition of Thermal Snowboards, Inc., and 5150 Snowboards, Inc. and its October 20, 1995 acquisition of SMP Clothing, Inc. from their respective acquisition dates. Balance sheet data: As of As of 31-Dec-95 31-Dec-94 Accounts receivable, net $13,556 $4,893 Inventories: Finished goods $2,812 $900 Raw materials and work in process $1,597 $13 Total inventories $4,409 $913 Working capital $26,104 $7,663 Total assets $57,599 $15,718 Long-term debt - - Total shareholders' equity $46,495 $11,524 CO: Ride, Inc. ST: Washington IN: LEI SU: ERN