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Ironclad gross profit up; will see growth in OEM & new biz
12
May '11
Ironclad Performance Wear Corporation, a leader in high-performance task-specific work gloves and apparel for industrial workers, professional craftsmen and consumers, announced today financial results for the first quarter ended March 31, 2011.

First Quarter 2011 Results

The Company reported net sales for the first quarter of 2011 of $3.40 million, an increase of 36.8% percent from the first quarter 2010 of $2.48 million.

Gross profit increased 27.6% to $1.4 million, or 40.5% of sales, compared to $1.1 million, or 43.4% of sales in the first quarter of 2010.

Operating expenses as a percent of sales decreased to 45.1%, or $1.53 million, compared to 57.6% of sales, or $1.43 million during the same period last year.

Net loss from operations decreased 55.4% to ($156,479) compared to ($351,068) during the same period in 2010.

Net loss decreased $115,644 to ($258,037) in the first quarter 2010, a 30.9% decrease, compared to ($373,681) in the same period last year.

"Our success in the first quarter was driven by increased sales and distribution across both our industrial safety and retail channels," said Scott Jarus, Chairman and CEO of Ironclad. "In addition, our expansion into the Automotive and Outdoor Sporting Goods markets has been very successful, both for our Ironclad-branded gloves as well as our co-branded gloves under the Snap-on and Realtree labels. From a cash and inventory perspective, Ironclad continues to leverage its healthy balance sheet as we build product for deliveries in the third and fourth quarters of this year".

Guidance for 2011

We continue to expect that Ironclad will see growth in our core, OEM and new business channels. As a result, we believe Net Sales will increase by 10 to 12% over 2010's level, and EBITDA, including non-cash stock option expenses (Earnings Before Interest, Taxes, Depreciation, Amortization and ASC 718) will be positive. Ironclad's expected marginal increase in earnings per share is tempered by the fact that there is a legislated deferral of the Company's net operating loss carry-forward, or "NOL", by California – the Company's home State. This means that Ironclad will be paying State income taxes on its profits during 2011, and will be using the deferred NOL in future years. This does not affect the use of Ironclad's NOL for federal income tax purposes.

Ironclad Performance Wear Corporation


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