Home / Knowledge / News / Apparel/Garments / 2009 represents an inflection point for Ironclad – Mr. Jarus
2009 represents an inflection point for Ironclad – Mr. Jarus
08
Mar '10
Ironclad Performance Wear Corporation a leader in high-performance work gloves and apparel for industrial workers, professional craftsmen and consumers, announced financial results for fourth quarter and fiscal year ended December 31, 2009.

Fourth Quarter 2009 Results
The Company reported net sales for the fourth quarter of 2009 of $4.4 million, an increase of 9.3% percent from the fourth quarter 2008 of $4.05 million.

Gross profit increased 18.8% to $1.7 million, or 38.5% of sales, compared to $1.44 million, or 35.4% of sales in the fourth quarter of 2008.

Operating expenses as a percent of sales decreased to 36.6%, or $1.62 million, compared to 39.7% of sales, or $1.61 million during the same period last year.

The net income from operations increased to $84,970 compared to a loss of $170,775 during the same period in 2008. This was the second straight quarter of positive net income from operations in 2009.

"In addition to increasing demand for Ironclad products, the Company continues to successfully execute on the financial plan it developed in early-2009, as evidenced by our achievement of a second profitable quarter for the year," said Scott Jarus, Chairman and CEO of Ironclad. "Despite the lingering global economic downturn, Ironclad has been successful in expanding into new markets and increasing penetration within its existing accounts."

Fiscal 2009 Year-End Results

Full-year net sales for 2009 were $13.6 million, representing a 14.1% increase from the 2008 net sales of $11.9 million.

Gross profit increased 13.8% to $5.2 million, or 38.1% of sales, compared to $4.6 million, or 38.2% of sales for full-year 2008.

Operating expenses as a percent of sales decreased to 42.6%, or $5.8 million, compared to 56.7% of sales, or $6.8 million for full-year 2008.

For the year, Ironclad had a net loss from operations of $609,037 compared to a net loss from operations of $2.2 million for fiscal year 2008. When FAS123r (stock options) of $505,112 and the 2009 employee profit-sharing expenses of $171,757 are removed from this year's number, the Company experienced a positive annual result of $67,832.

Net loss for 2009 declined to $709,742, representing a 71.6% improvement when compared to a net loss of $2.5 million in the prior year. As stated above, all of the losses for 2009 occurred in the first and second quarters, with the third and fourth quarters reporting positive net incomes.

Mr. Jarus added, "2009 represented an inflection point for Ironclad, and its ability to build a successful and sustainable business. Business with existing customers grew in 2009, despite current economic conditions, and we acquired several significant new customers. The Company's cost structure is now in line with its revenues, and we have the ability to leverage our vastly improved financial condition to take advantage of new opportunities."


Must ReadView All

Indian govt approves special package for leather, footwear

Textiles | On 16th Dec 2017

Indian govt approves special package for leather, footwear

The Union Cabinet chaired by PM Narendra Modi has approved a special...

EU parliament resolution calls for Cambodia sanctions

Apparel/Garments | On 16th Dec 2017

EU parliament resolution calls for Cambodia sanctions

Following the ongoing crackdown in Cambodia on the opposition and...

Affordable prices to be hit if US pulls out of NAFTA: NRF

Apparel/Garments | On 16th Dec 2017

Affordable prices to be hit if US pulls out of NAFTA: NRF

US retailers’ ability to offer consumers quality products at...

Interviews View All

Saket Garg
Garg Corporation

The biggest challenge is lack of skilled workforce and competition from...

Top executives
Textile industry

The foremost issue is bridging the skill gap

Ajay Ghariwala
Luthra Group

We are ready to adopt or follow every opportunity

Erik Sy

Manila-based CustomThread is a start-up offering premium custom apparel...

Ravindra Jain, Ashish Baid

Oswal Prints Private Limited has been manufacturing and exporting ethnic...

C Dhandayuthapani

MAG Solvics Private Limited was established in 1991 to design and develop...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

December 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
69.6%
No
12.0%
Skip
18.5%

Total Votes: 92

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
62.0%
No
30.4%
Skip
7.6%

Total Votes: 92

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.0%
No
9.8%
Skip
3.3%

Total Votes: 92

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
81.5%
No
8.7%
Skip
9.8%

Total Votes: 92


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search