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Very solid bottom-line performance - My Vintage
26
May '10
My Vintage Baby Inc announces its financial results for the three months ended March 31, 2010. Gross sales increased from $363,535 to $418,136 for the three months ended March 31, 2009 vs. March 31, 2010, respectively. Related gross profit increased from $173,309 to $246,390 for the same periods. Gross profit as a percent of net sales increased 20% year over year. Operating and overhead expenses increased slightly from $264,641 to $269,681 from 2009 to 2010 for the three months reported.

“We made a significant change to our business model this spring going with a Direct Sales Representative (DSR) organization to sell via in-home trunk shows. We launched the national expansion on December 1, 2009, and now have 180 sales representatives in the US and Canada,” commented CFO Jeff Welsh. Not only has this model increased sales and profit, but it boosts cash flow by generating sales during months that previously had very little sales and cash income. The Company's gross margin is already approaching record highs, in just the first quarter of the new business model.

Projected 2010 Guidance
The Company projects gross sales of $1.6 million for the year ending December 31, 2010. The net loss for the 2010 fiscal year is expected to be approximately $100,000, which is a 75% decrease from 2009 fiscal year, before taxes and one-time expenses. The improvement in net loss is primarily due to increasing gross profits.

“Our new business model has provided us not only higher revenues and improved margins, but also better visibility into our pipeline of revenue opportunities, giving us the confidence to project 68% revenue growth for the year,” commented CEO Jessica Wiswall.

My Vintage Baby Inc

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