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Gloves manufacturer Ironclad sustains sales growth
17
May '08
Ironclad Performance Wear Corporation, a leader in high-performance gloves and apparel, reported financial results for the first quarter ended March 31, 2008.

Net sales for the first quarter of 2008 were $1,851,103, essentially flat when compared to $1,849,932 from the corresponding period in 2007.

Gross profit for the first quarter of 2008 was $793,997, a decrease of approximately 14% versus $924,552 from the corresponding period in 2007. The decrease in gross profit for the quarter was due in large part to an increase in accruals for product returns of 4.5% (primarily from one customer), and a change in the product and customer sales mix that resulted in lower average selling prices of approximately 2.4%.

However, these were offset by a 0.9% benefit from relocating apparel production to overseas factories. In the first quarter of 2007 the Company benefited from a one time special purchase of inventory that increased gross profit by 1%.

"Despite a challenging economic environment and rising raw material costs, primarily from petroleum, we're pleased that we continued to achieve sales growth for the tenth consecutive quarter," said Ed Jaeger, President and CEO of Ironclad.

Operating expenses for the first quarter of 2008 were $1,919,189, a decrease of 8.8% versus $2,105,297 from the first quarter of 2007. The improvement in operating expenses was primarily related to increased operating efficiencies within SG&A, as well as lower legal and accounting costs.

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