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  1. #1
    shot shot's Avatar
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    Ingersoll-Rand Endures Kryptonite's $10 Million Hit

    Ingersoll-Rand Endures Kryptonite's $10 Million Hit

    OCTOBER 25, 2004 -- MONTVALE, NJ --Kryptonite delivered a $10 million hit in unanticipated costs in the third quarter to the Security and Safety division of parent company Ingersoll-Rand. Despite the setback, Ingersoll-Rand enjoyed an overall 15 percent increase in third quarter revenue to $2.4 billion.

    Kryptonite's financial drubbing began in early September after Internet video clips demonstrated the apparent ease in cracking its tubular locks with the shells of ballpoint pens. Kryptonite launched replacement programs for consumers and retailers, and accelerated retail delivery of new product.

    Those moves, however, hit the security division's operating margin.

    "Operating margins of 16.5 percent (in the third quarter) declined compared to 2003, reflecting approximately $10 million of estimated costs related to Kryptonite cylindrical bicycle locks," the company reported Oct. 21 in a filing with the Security and Exchange Commission. Its operating margin in 2003 for the same period was 21.2 percent.

    Lock company Schlage is another IR Security and Safety property.

    The division also experienced a 14 percent drop in operating income in the third quarter from $88.5 million a year ago to $76.4 million this quarter. Still, the company's security and safety division posted an 11 percent increase in overall revenue to $463.4 million compared to $417.4 million last year.

    The company, founded in 1871, is organized in Bermuda with corporate offices in Montvale, New Jersey. It has about 42,000 employees worldwide and a current market capitalization of approximately $11 billion with annual sales of more than $9 billion. The company trades on the New York Stock Exchange under the symbol IR.

  2. #2
    cxmagazine dot com pitboss's Avatar
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    And the savings are passed on to the customer!
    WHERE IS MY ****ING LOCK?????
    Deathlap - cyclocross, training, beer,...escape hatch

  3. #3
    idée fixée iamjberube's Avatar
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    mid october my ass...

  4. #4
    Senior Member
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    Bermuda? Tax haven? Or did I forget that Bermuda is such a pearl of industry.

  5. #5
    the way we get by skitbraviking's Avatar
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    I got my return ticket via email and mine are off to them. Anybody else have any results yet?
    "I can't go on, I'll go on..." —S. Beckett

    "Ta det lungnt." —Dungen

    blah blah blah...

  6. #6
    dances with bicycle 46x17's Avatar
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    Nothing here yet and I contacted them the first day the video came out. What did you bribe them with?
    Life can only be understood backwards; but it must be lived forwards.
    -- Soren Kierkegaard

  7. #7
    Senior Member
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    Det noot yeet. (Nope, not yet) SBV, you gotta teach me the crazy language.

  8. #8
    Beausage is Beautiful Fugazi Dave's Avatar
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    Still waiting on my return slip.

  9. #9
    All Things Go s2sxiii's Avatar
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    still waiting as well., and i contacted them the first day. Sucks.
    NO! It is the FARGATE! It is not some other kind of gate from a movie or TV show that I've never seen! Notice that it has a wheelchair and a pink mohawk? We're not getting sued!

  10. #10
    consistent inconsistency habitus's Avatar
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    i read somewhere (maybe on bikeforums; who knows) that they're sending slips out to people in the order that they registered their keys. i don't know if this is actually the way they're doing it, though.
    every scar has a story

  11. #11
    Senior Member TimArchy's Avatar
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    I'm glad I'm not the only one still waiting. I was worried. glad to know others are in the same s**t-house as me.

    tim
    Quote Originally Posted by Josh Frank
    I will derive power from their cries of despair. My crank a speedy dervish, spinning and spinning through the darkest night that anyone with the audacity to try and suck my wheel will ever see...

  12. #12
    Retrogrouch in Training bostontrevor's Avatar
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    Ditto here, but I'm patiently waiting. I just bought a new lock. I figure at the rate I'm accumulating bikes I need the "extra" lock anyhow.

  13. #13
    Retrogrouch in Training bostontrevor's Avatar
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    Speak of the devil!

    "This notice alerts you KRYPTONITE/PREMIER PACKAGING has sent you an electronic
    UPS Return Label."

  14. #14
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    nothing here

  15. #15
    cab horn
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    I couldn't give a bigger crap what sort of financial difficulty (if it in fact is) that they're having over the episode.

  16. #16
    無くなった HereNT's Avatar
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    Quote Originally Posted by bostontrevor
    Speak of the devil!

    "This notice alerts you KRYPTONITE/PREMIER PACKAGING has sent you an electronic
    UPS Return Label."
    Wow, that's what I was about to post... In my inbox when I woke up today.

  17. #17
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    So, do we send the whole lock or just the barrel?

  18. #18
    無くなった HereNT's Avatar
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    Just the barrel.

  19. #19
    I Voted for the Green M&M South Fulcrum's Avatar
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    Quote Originally Posted by HereNT
    Just the barrel.
    Really? I haven't heard that. I just got my label tonight. I thought there was something said that they were going to go ahead and send you a new lock and take a credit card number, blah blah blah.

    More beer now...

    and then pie.
    Well at least I'm housebroken.

  20. #20
    無くなった HereNT's Avatar
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    From their first email:

    If you have a Kryptonite lock that has a tubular cylinder (a round key
    cylinder) you are eligible for a Kryptonite non-tubular cylinder lock
    exchange. The steps you take to participate in the exchange are:
    1. Provide the information listed below to Kryptonite.
    2. Return your current tubular cylinder Kryptonite lock to us (postage
    paid).

    3. Kryptonite will send you your new non-tubular cylinder lock.

    I assumed that meant just the cylinder...

  21. #21
    Retrogrouch in Training bostontrevor's Avatar
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    From my mail:

    "To exchange your Kryptonite lock: Put your lock(s) and at least 1 working key into a box. Attach the UPS return tag and drop off at a UPS location"

    The message has changed substantially from when Krypto first broke their silence on this whole shebang. I would go with the latest word.

    (and GO SOX!!)

  22. #22
    as you wish, skeletor. ephemeralskin's Avatar
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    wait what do yo mean in the order the keys were registered? i never registered **** with either of my locks.....

    'Fun means something that makes you feel good. Someone who likes movies might watch a movie for fun. Games are also a way to have fun. Most people like to have fun. [citation needed]' -simple.wikipedia.

    ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

  23. #23
    fast retro grouch
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    I just got this:

    "We have begun sending UPS call-tags to participants for their use in
    returning their Kryptonite tubular cylinder locks,
    and we are preparing to send their replacement locks to them.
    This is being done on a first-registered, first-served basis.
    If you've not yet received a call tag from us, you should be receiving one soon."

    I read it to mean the order in which people registered for replacement. I never registered my keys either. Haven't gotten the call tag yet, though.

  24. #24
    You need a new bike supcom's Avatar
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    Quote Originally Posted by HereNT
    From their first email:

    If you have a Kryptonite lock that has a tubular cylinder (a round key
    cylinder) you are eligible for a Kryptonite non-tubular cylinder lock
    exchange. The steps you take to participate in the exchange are:
    1. Provide the information listed below to Kryptonite.
    2. Return your current tubular cylinder Kryptonite lock to us (postage
    paid).

    3. Kryptonite will send you your new non-tubular cylinder lock.

    I assumed that meant just the cylinder...
    The cylinder is not the crossbar of a Ulock. The cylinder is the part of the lock that receives the key and has the pins. Send the whole lock. Kryptonite is paying the shipping cost.

  25. #25
    I Voted for the Green M&M South Fulcrum's Avatar
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    Quote Originally Posted by FixinInTraffic
    I read it to mean the order in which people registered for replacement. I never registered my keys either. Haven't gotten the call tag yet, though.
    Agreed, I got my UPS thing yesterday and I never registered my keys.
    Well at least I'm housebroken.

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