Third quarter 2013 sales increased 21.6% over the same period in 2012, and sales for the first nine months of 2013 increased 22% over the same period in 2012.
Net income for the first nine months of 2013 increased to $2.2 million, nearly 3.5 times higher than the same period in 2012.
Third Quarter and Nine Month 2013 Financial Results
"We are pleased to deliver another outstanding quarterly increase in revenue and a significant increase in net earnings for the quarter and year to date," said Lonnie Schnell, Talon's CEO. "The momentum that we have achieved in the last six consecutive quarters comes from growing our position with major worldwide specialty retailers, obtaining new brand nominations, and extending our reach into new markets."
Sales for the quarter ended September 30, 2013 were $13.7 million, reflecting a 21.6% increase over the same period in 2012. Third quarter 2013 sales included Zipper sales of $7.9 million, up 37.4% from the third quarter of 2012, and Trim sales of $5.8 million, up 5.0% from the same period in 2012.
Sales of the Company's advanced stretch technology, TekFit, albeit modest at only $26,000, more than doubled over the same period last year on increased retail interest, extensive sampling and new test market orders.
Sales for the nine months ended September 30, 2013 were $40.5 million, an increase of 22.0% from the same period in 2012. Zipper sales for the nine months ended September 30, 2013 were $23.2 million, up 35.7% over the same period in 2012, while Trim sales for the same period in 2013 were $17.3 million, up 7.2% from 2012. TekFit sales for the nine months ended September 30, 2013 were $41,000 as compared to $15,000 for the same period in 2012.
Sales growth in each of Talon's segments reflects a deeper penetration of its products into the major retail branded customers that the Company serves, and to new specialty apparel customers now adopting Talon products.
Customers choose Talon because of the innovative solutions offered to meet all apparel challenges, for extraordinary levels of customer service, and the ability to work with a superior, single-source partner for all apparel accessory needs.
Gross profit for the third quarter of 2013 was $4.6 million, or 33.4% of sales, as compared to $3.7 million, or 32.3% of sales, for the same quarter in 2012. Gross profit for the first nine months of 2013 was $13.3 million, or 32.9% of sales, as compared to $10.8 million, or 32.5% of sales, for the same period in 2012. The increase in gross profit was primarily attributable to greater overall sales volumes.
Operating expenses for the third quarter of 2013 were $3.6 million, or 26.6% of sales, as compared to $3.3 million, or 29.0% of sales, in the third quarter of 2012.
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