Revenues from Ducati motorcycles for the period increased 22.1% to Euro 80.0 million and represented 79.8% of total revenues. Motorcycle-related products, including spare parts, technical accessories and apparel, increased 23.5% to Euro 18.8 million over the comparable period in the previous year.

Gross margin was 35.9% of revenues including forex effects (or 37.2% excluding forex effects) versus 36.9% in the same period a year ago, due to the negative foreign exchange impact more than offsetting margin improvements, the company said. Sales costs represented 19.1% of sales versus 21.4% in the period last year.

EBITDA was Euro 12.3 million, up 37.6% including forex (or up 54.8% excluding forex) representing 12.3% of revenues, versus 11.0% in the period of the previous year.

Pre-tax profit of the Ducati Group was Euro 800,000 in the first quarter of 2004, compared with a loss of Euro 6.2 million in the first quarter of 2003, including the impact of a one-off Euro 3.5 million restructuring charge.

Unofficial Ducati worldwide registrations, a measure of retail sales, were up 11% versus the first quarter of last year, in a market growing 3%, Ducati said, reporting registrations up 39% in the U.S., 26% in Italy, 13% in non-subsidiary country and 8% in the UK. Decreases in registrations were recorded in the Benelux Countries, down 2%; in France, down 7%; in Germany, down 10%; and in Japan, down 18%.

"The year started well but we cannot be complacent," said Enrico D'Onofrio, Ducati Chief Financial Officer. "2004 remains a year of consolidation and we have to work hard to reach our targets of sales growth, return to profitability and net debt improvement."