Home / Knowledge / News / Apparel/Garments / 2010 marks a very significant inflection point for Ironclad
2010 marks a very significant inflection point for Ironclad
07
Mar '11
Ironclad Performance Wear Corporation, the recognized leader in high-performance task-specific work gloves and apparel, announced financial results for the fourth quarter and fiscal year ended December 31, 2010.

Fourth Quarter 2010 Results

The Company reported net sales for the fourth quarter of 2010 of $5.70 million, an increase of 28.7% percent from the fourth quarter 2009 of $4.43 million.

Gross profit increased 19.7% to $2.04 million, or 35.7% of net sales, compared to $1.70 million, or 38.4% of net sales in the fourth quarter of 2009.

Operating expenses as a percent of net sales decreased to 24.4%, or $1.39 million, compared to 36.5% of net sales, or $1.62 million during the same period last year.

Net income from operations increased 662% to $647,692 compared to $84,970 during the same period in 2009. This continuing improvement in net income from operations reflects the increasing financial strength and discipline of the Company, and its ability to execute consistently on its business plan.

"As evidenced by Ironclad's financial results, the fourth quarter was exceptional on all fronts – sales, margins and profitability," said Scott Jarus, Chairman and CEO of Ironclad. "Several new opportunities came to fruition during the quarter, including the introduction of Ironclad's Snap-on branded gloves in Costco and two national automotive parts stores. We also saw significant sales growth with our existing customer base across all market segments, industrial and retail/consumer."

Fiscal 2010 Year-End Results

Full-year net sales for 2010 were $15.0 million, representing a 10.1% increase from the 2009 net sales of $13.6 million.

Gross profit increased 14.6% to $5.9 million, or 39.5% of net sales in 2010, compared to $5.2 million, or 37.9% of net sales for full-year 2009.

Operating expenses as a percent of net sales decreased to 36.3%, or $5.4 million, compared to 42.4% of net sales, or $5.8 million for full-year 2009.

Net Income from operations increased 179% to $479,169 compared to a net loss from operations of $609,037 for fiscal year 2009.

Net Income for 2010 increased to $365,577, representing more than a $1 million improvement when compared to a net loss of $709,742 in the prior year. As a result, the Company had positive earnings per share of $0.01.

Mr. Jarus added, "As I expressed last year at this time, 2010 marked a very significant inflection point for Ironclad. The Company took advantage of many new opportunities which, when combined with a strong business discipline, enabled us to exceed expectations on every level. The foundation established in 2010 provides an excellent launching point for exceptional performance in 2011 and beyond."

Guidance for 2011

Ironclad expects that its Net Sales for 2011 will increase by 10% to 12%, EBITDA, including non-cash stock option expense (Earnings Before Interest, Taxes, Depreciation, Amortization and ASC 718 stock option expense) will grow, and earnings per share will marginally increase. This guidance is based upon organic growth only, and does not contemplate any acquisition opportunities which, if identified and concluded, are expected to be accretive to this 2011 guidance on both a Net Sales and Net Income basis.


Must ReadView All

Textiles | On 22nd Jun 2017

Zund unveils cradle feeder roll-feed system for fabrics

Zund Systemtechnik AG, Switzerland’s textile machinery firm that...

Textiles | On 22nd Jun 2017

Hpfabrics opening production facility in Forsyth County

Hpfabrics, manufacturer of raw fabrics, is opening a new production...

Courtesy: Napapijri

Apparel/Garments | On 22nd Jun 2017

Napapijri's Superlight Parka is free of fur and down

Napapijri has introduced the new Superlight Parka, a new lightweight...

Interviews View All

Manfred Mentges
Sedo Treepoint GmbH

We see a higher demand in colour management systems, as customers see big...

Amit Jain
Shingora Textiles Ltd

‘In terms of fabric, the fastest growing category for us is a blend of...

Marazban F Velati
Sutlej Textiles & Industries limited

No training can be effective till the candidate believes in it.

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

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 ...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

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

news category


Related Categories:
June 2017

June 2017

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

SUBSCRIBE


Browse Our Archives

GO


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