Interest expense decreased slightly in 2008 versus the same period of 2007, due to slightly reduced borrowings on our credit line, while interest income decreased by 85.5% in the first quarter of 2008 as a result of seasonally lower cash balances on the Company's Balance Sheet as compared to the first quarter of 2007.
The Company's net loss decreased by 2.0% to $1,151,860 in the first quarter of 2008 compared with $1,175,585 during the same period of 2007, primarily due to a reduction in operating expenses.
"We continue to focus our efforts at managing our operating expenses, particularly as they track to our sales," said Tom Kreig, Ironclad's Interim Chief Financial Officer. "We remain committed to achieving profitability in 2008."
In April of 2008, the Company completed a $1.4 million private placement to facilitate an expansion in its product production and marketing efforts.
In addition, the Company is looking to expand its working-capital facility, which it believes will provide added production and manufacturer pricing flexibility.
Ironclad Performance Wear Corporation
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