GT Bicycles Inc.: The Santa Ana bicycle...

GT Bicycles Inc.: The Santa Ana bicycle maker said Thursday its first quarter profit plunged 63.6% to $800,000, or 8 cents a share, from $2.2 million, or 22 cents a share, for the same period last year. Revenue rose 4.7% to $51.2 million from $48.9 million.

The company said its profit was affected by a previously announced slump in domestic sales of its mountain bikes and by the costs of moving into a new manufacturing and headquarters facility.

GT officials said sales of its higher-profit bicycles for the juvenile market, as well as sales of parts and accessories, exceeded sales in the first quarter of 1996. International sales also grew and accounted for 41.4% of first-quarter revenue, versus 34.3% a year earlier.