Despite Corbin Motors’ bankruptcy in late March, gross sales for
Corbin Pacific increased by 55 percent over last year.
Corbin Pacific’s increase of net sales
– or the profit earned after expenses were figured – came to 33
percent, according to Mike Hanagan, founder and president of Corbin
Pacific.
The 35-year-old Hollister-based company, which produces
motorcycle seats and accessories, announced its 2002-03 sales
increases Monday for the fiscal year ending Sept. 30. Though
Hanagan did not release dollar amounts because it is a
privately-held company.
Despite Corbin Motors’ bankruptcy in late March, gross sales for Corbin Pacific increased by 55 percent over last year.
Corbin Pacific’s increase of net sales – or the profit earned after expenses were figured – came to 33 percent, according to Mike Hanagan, founder and president of Corbin Pacific.
The 35-year-old Hollister-based company, which produces motorcycle seats and accessories, announced its 2002-03 sales increases Monday for the fiscal year ending Sept. 30. Though Hanagan did not release dollar amounts because it is a privately-held company.
The positive news comes on the heels of an otherwise rocky year for the Hanagan family, which headed both companies before the electric car maker Corbin Motors permanently closed its doors six months ago.
He attributed this year’s sales increase for Corbin Pacific to faster production and the 100th anniversary of Harley-Davidson. Corbin Pacific also completed a “whopping sale” right before the fiscal year’s close, Hanagan said.
The company normally experiences gross sales increases of about 12 percent to 18 percent, Hanagan said.
“We had a new approach to fill orders faster,” he said. “We worked harder, longer hours to get the job done faster.”
Corbin Pacific, which held a custom chrome show in Morgan Hill this past weekend, produces an array of motorcycle saddles, accessories and novelty furniture. Corbin Pacific is also the long-standing primary sponsor of the Hollister Independence Rally.
After the bankruptcy filed by Corbin Motors in late March is finalized within the next eight months, that company will dissolve as a corporate entity. Corbin Motors – which produced the environmentally-friendly, three-wheeled Sparrow and Merlin Roadster cars – was founded in 1999.
In the end, investors lost about $11 million, while the Hanagans lost about $4.5 million and owe creditors $3 million.
“Well, this (Corbin Pacific’s success) feels good,” Hanagan said. “We can use something that feels good around here.”
Corbin Pacific employs 225 people and maintains a $9 million a year payroll.
“A thousand people depend on us,” he said. “It’s our job to keep that going as the world continues to change.”
