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Talon Zipper & Trim products sales up
20 Aug '08
5 min read
Operating expenses for the second quarter were $3.9 million, as compared to $3.2 million for the same period in 2007. Operating expenses for the six months ended June 30, 2008 were $7.9 million, as compared to $6.6 million for the same period in 2007.
Cost increases for the second quarter and the six-months were generally associated with employee costs and business expenses in connection with the company's growth and expansion, as well as increases in professional and legal fees, and stock-based compensation charges. For the first six-months of 2008, operating expenses also included charges of $724,000 associated with the severance of former executives.
The net income for the second quarter of 2008 was $598,000 or $0.03 per share as compared to a net income of $490,000 or $0.02 per share for the same period in 2007. For the six-months ended June 30, 2008 the Company reported a net loss of $1.2 million or a loss of $0.06 per share, as compared to a net loss of $305,000, or a net loss of $0.02 per share for the six months ended June 30, 2007.
The net income for the second quarter and net loss for the first six months of 2008 includes net interest expense of $643,000 and $1,193,000, respectively. The interest expense for 2008 reflects an increase of $377,000 and $702,000, for the second quarter and six months ended June 30, 2008, respectively, as compared to net interest expense for the same periods in 2007.
The increase in interest costs is primarily associated with the Bluefin Capital debt facility entered into in June 2007. Non-cash charges for the second quarter and first six months of 2008 associated with Talon stock issued in connection with the debt facility represent $308,000 and $554,000 of the interest costs in each of the periods, respectively.
Cash on hand at June 30, 2008 was $3.7 million as compared with $2.9 million at December 31, 2007. Cash provided by operating activities for the six months ended June 30, 2008 was $1.2 million as compared to $1.7 million in the same period in 2007.
Cost increases for the second quarter and the six-months were generally associated with employee costs and business expenses in connection with the company's growth and expansion, as well as increases in professional and legal fees, and stock-based compensation charges. For the first six-months of 2008, operating expenses also included charges of $724,000 associated with the severance of former executives.
The net income for the second quarter of 2008 was $598,000 or $0.03 per share as compared to a net income of $490,000 or $0.02 per share for the same period in 2007. For the six-months ended June 30, 2008 the Company reported a net loss of $1.2 million or a loss of $0.06 per share, as compared to a net loss of $305,000, or a net loss of $0.02 per share for the six months ended June 30, 2007.
The net income for the second quarter and net loss for the first six months of 2008 includes net interest expense of $643,000 and $1,193,000, respectively. The interest expense for 2008 reflects an increase of $377,000 and $702,000, for the second quarter and six months ended June 30, 2008, respectively, as compared to net interest expense for the same periods in 2007.
The increase in interest costs is primarily associated with the Bluefin Capital debt facility entered into in June 2007. Non-cash charges for the second quarter and first six months of 2008 associated with Talon stock issued in connection with the debt facility represent $308,000 and $554,000 of the interest costs in each of the periods, respectively.
Cash on hand at June 30, 2008 was $3.7 million as compared with $2.9 million at December 31, 2007. Cash provided by operating activities for the six months ended June 30, 2008 was $1.2 million as compared to $1.7 million in the same period in 2007.
Talon International Inc
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