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Panglobal Brands continues to increase revenue
02 Feb '09
3 min read
Panglobal Brands Inc will again record its best quarterly sales revenue in the history of the Company, growing 12% over September 30, 2008. Sales revenue for the three months ended December 31, 2008 totaled $6,300,000 versus sales revenue of $5,535,000 for the prior three months ended September 30, 2008 and $120,000 for the prior year three months ended December 31, 2007. The company exited development stage status on January 1, 2008 and sales revenue for the nine month period ending September 30, 2008 totaled $13,820,000, net of returns and allowances.. The Company's fiscal year end is September 30; however, sales for the calendar year January-December, 2008 totaled $20,100,000 versus $395,000 for the calendar year of 2007.
Panglobal Brands Inc. currently has a sales order backlog totaling $8,800,000 for deliveries to retail stores. Our Scrapbook brand accounts for $2,700,000 of that total and our SoSik brand and our contemporary divisions account for the balance of $4,900,000. Most of the order backlog is intended to be shipped during the five months to May, 2009.
Panglobal Brands acquired the Scrapbook label in June. Scrapbook sales contributed approximately $2,000,000 toward the revenue for the quarter ended September 30, 2008 and grew 35% to $2,700,000 for the quarter ended December 31, 2008. The Scrapbook label is aimed at junior (teen and early 20's) contemporary markets and is known for its mix and match prints and comfortable knit fabrics.
We now manage our business in three segments-Sosik, Scrapbook, and Contemporary labels. Our SoSik junior business continues to be our largest division with sales of $3,200,000 for the quarter ended December 31, 2008. We continue to have strong customer relationships in that segment with Charlotte Russe, Ross, The Buckle and Forever 21 and have recently added JC Penney as a customer. Under the SoSik label, we design and market junior denim, t-shirts, dresses and sportswear.
On January 16, 2009 we entered into a revolving loan agreement for the amount of $1,000,000 bearing interest at 9% per annum and repayable on or before July 31, 2009. The loan is convertible into units each comprising one share and one half share purchase warrant.
“We have continued to grow our business during very difficult economic times.. We constantly look for ways to work to cut overheads and look for suppliers who will give us the product margins and quality that we demand. This new financing gives us comfort that we can work through the potentially difficult economy ahead. Our products continue to sell well in the retailers we service,” said Stephen Soller, Chief Executive Officer of Panglobal Brands Inc.
Panglobal Brands Inc. currently has a sales order backlog totaling $8,800,000 for deliveries to retail stores. Our Scrapbook brand accounts for $2,700,000 of that total and our SoSik brand and our contemporary divisions account for the balance of $4,900,000. Most of the order backlog is intended to be shipped during the five months to May, 2009.
Panglobal Brands acquired the Scrapbook label in June. Scrapbook sales contributed approximately $2,000,000 toward the revenue for the quarter ended September 30, 2008 and grew 35% to $2,700,000 for the quarter ended December 31, 2008. The Scrapbook label is aimed at junior (teen and early 20's) contemporary markets and is known for its mix and match prints and comfortable knit fabrics.
We now manage our business in three segments-Sosik, Scrapbook, and Contemporary labels. Our SoSik junior business continues to be our largest division with sales of $3,200,000 for the quarter ended December 31, 2008. We continue to have strong customer relationships in that segment with Charlotte Russe, Ross, The Buckle and Forever 21 and have recently added JC Penney as a customer. Under the SoSik label, we design and market junior denim, t-shirts, dresses and sportswear.
On January 16, 2009 we entered into a revolving loan agreement for the amount of $1,000,000 bearing interest at 9% per annum and repayable on or before July 31, 2009. The loan is convertible into units each comprising one share and one half share purchase warrant.
“We have continued to grow our business during very difficult economic times.. We constantly look for ways to work to cut overheads and look for suppliers who will give us the product margins and quality that we demand. This new financing gives us comfort that we can work through the potentially difficult economy ahead. Our products continue to sell well in the retailers we service,” said Stephen Soller, Chief Executive Officer of Panglobal Brands Inc.
Panglobal Brands Inc
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