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Dahon Revenues Increase 24% in 2002
Bicycle Sales and Patent Royalties Provide
Big Boost.
DUARTE, California — January 27, 2003 —
Dahon California, Inc., the world leader in folding bicycles,
today announced that 2002 gross revenues increased by 24% relative
to the year ago period. Strong sales of complete bicycles and
increased revenues from patent royalties contributed to the
growth. Unit volumes of complete bicycles increased by 33%,
with growth in all major markets. "2002 was a very difficult
year for us and our friends in the industry," stated Dr.
David Hon, Dahon president. "But one trend we are happy
to see is the return of the bicycle as a transportation tool.
We've had many New Yorkers, and also customers from other cities,
tell us that they bought a Dahon so that they could feel more
secure and self-sufficient. With a bicycle, there's always a
transportation option, even in the face of natural disasters,
labor strikes, or worse."
Dahon recorded strong sales of complete bicycles in all of its
major markets. In particular, medium and high priced folding
bikes saw a healthy jump in sales. Demand for Dahon's super
light weight bikes was particularly strong. Sales were also
boosted by strong growth in the China market.
"In 2002 we saw a clear preference for quality over price,"
continued Hon. "As the market for folding bicycles matures,
consumers and dealers are realizing that since folding bicycles
are often used on a daily basis it is usually worthwhile to
spend a few dollars more for quality and durability."
Dahon's 2002 revenues were also boosted by patent royalty payments
from companies in China, Taiwan, and Japan. Many Dahon patents
have been widely infringed upon by manufacturers in Asia. In
2002, Dahon also won a long-standing legal battle with the founder's
of Neobike, with the accused found guilty and sentenced to five
months in prison.
"Despite our good results in 2002, we expect even stronger
growth in 2003", continued Hon. "We're off to our
best start ever and our hope is that the global economy can
quickly return to stable and steady growth."
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