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

GT Bicycles Inc.: The Santa Ana bicycle company said net income for the second quarter was $284,000, or 3 cents a share, which included one-time relocation expenses of $433,000. Net income for the second quarter of 1996 totaled $2.2 million, or 22 cents a share. Sales gained 15%, to $50.8 million from $44.1 million. For the six-month period, net income was $1.1 million, or 11 cents a share, compared with net income of $4.4 million, or 45 cents a share,, for the first half of 1996. Sales rose 10% to $101.9 million from $93 million.