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Lower rate of sales increase in the trim sales, Talon
16 Aug '10
5 min read
General and administrative expenses for the quarter ended June 30, 2010 were $1.9 million or 12.4% of sales, as compared to $2.0 million or 16.0% of sales for the same period in 2009. The lower expenses in 2010 are attributable to a net of a gain of $275,000 on the sale of a note receivable, partially offset by increased employee expenses associated with the higher sales volumes. General and administrative expenses for the six months ended June 30, 2010 were $3.8 million, the same as for the same period in 2009.
Income from operations for the quarter ended June 30, 2010 was $1.7 million as compared to $0.8 million for the same period in 2009. For the six months ended June 30, 2010 the income from operations was $1.5 million as compared to $0.3 million for the same period in 2009. "The improvements in operating income are very encouraging and evidence our quality revenue growth coupled with our continued focus on cost controls," noted Mr. Schnell.
The net income for the quarter ended June 30, 2010 was $647,000 or $0.03 per share compared to net income of $75,000 or $0.01 per share for the same period in 2009. For the six months ended June 30, 2010 the Company reported a net loss of $201,000 or a net loss of $0.01 per share as compared to a net loss of $1.1 million or a net loss of $0.05 per share for the same period in 2009.
As previously reported, subsequent to the end of the second quarter, on July 30, 2010, the Company entered into an agreement with its principal lender that resulted in the elimination of $16.7 million in debt in exchange for shares of Series B preferred stock issued by the Company. The Company's report on SEC form 8-K filed on August 5, 2010 should be read in conjunction with this earnings release to obtain a full understanding of the Company's operations and financial position.
Talon International, Inc is a global apparel accessory company offering a wide array of apparel component products and services around the world. Talon International's common stock is traded on the OTC Bulletin Board (OTCBB) as operated by the National Association of Security Dealers. Founded in the early 1980's in Los Angeles, CA, (formerly as Tag-It Pacific, Inc.) where we are still headquartered, Talon International has grown into a global company, with facilities from Hong Kong to New York.
Income from operations for the quarter ended June 30, 2010 was $1.7 million as compared to $0.8 million for the same period in 2009. For the six months ended June 30, 2010 the income from operations was $1.5 million as compared to $0.3 million for the same period in 2009. "The improvements in operating income are very encouraging and evidence our quality revenue growth coupled with our continued focus on cost controls," noted Mr. Schnell.
The net income for the quarter ended June 30, 2010 was $647,000 or $0.03 per share compared to net income of $75,000 or $0.01 per share for the same period in 2009. For the six months ended June 30, 2010 the Company reported a net loss of $201,000 or a net loss of $0.01 per share as compared to a net loss of $1.1 million or a net loss of $0.05 per share for the same period in 2009.
As previously reported, subsequent to the end of the second quarter, on July 30, 2010, the Company entered into an agreement with its principal lender that resulted in the elimination of $16.7 million in debt in exchange for shares of Series B preferred stock issued by the Company. The Company's report on SEC form 8-K filed on August 5, 2010 should be read in conjunction with this earnings release to obtain a full understanding of the Company's operations and financial position.
Talon International, Inc is a global apparel accessory company offering a wide array of apparel component products and services around the world. Talon International's common stock is traded on the OTC Bulletin Board (OTCBB) as operated by the National Association of Security Dealers. Founded in the early 1980's in Los Angeles, CA, (formerly as Tag-It Pacific, Inc.) where we are still headquartered, Talon International has grown into a global company, with facilities from Hong Kong to New York.
Talon International Inc
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