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

GT Bicycles Inc.: The Santa Ana designer and manufacturer of bicycles posted 1996 net income of $11.6 million, or $1.17 a share, which included net life insurance proceeds of $1.3 million received after the death of the former president and chief executive, Richard Long. The company posted a net loss of $284,000, or 4 cents a share, for 1995, which included a one-time charge of $6.8 million. Sales increased 23% to a record $208.4 million from $168.9 million. Net income for the fourth quarter totaled $3.5 million, or 35 cents a share, contrasted with a net loss of $1.5 million, or 17 cents a share, for the fourth quarter of 1995. Sales rose 29% to $63 million from $48.9 million.