ORANGE COUNTY EARNINGS

GT Bicycles Inc.: The Santa Ana designer and manufacturer of bicycles said net income for the fourth quarter dropped 60% to $1.4 million, or 14 cents a share, from $3.5 million, or 35 cents a share, for the 1996 fourth quarter. Sales declined 8% to $57.8 million from $63 million. For 1997, net income fell to $3.2 million, or 32 cents a share, from $11.6 million, or $1.17 a share, for 1996. Sales were up 4% to a record $216.2 million from $208.4 million.