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Tag-It Pacific Q1 net profit drop
17 May '07
4 min read
Tag-It Pacific Inc brand owner of Talon zippers and a full service outsourced trim management supplier for manufacturers of fashion apparel, announced financial results for the Company's first quarter ended March 31, 2007.
For the three months ended March 31, 2007, the Company reported a net loss of $795,000, or $0.04 per share, as compared to a net loss for the same period in 2006 of $729,000, or $0.04 per share.
“The first quarter is seasonally our lowest operating period, and is also impacted by numerous costs associated with the previous year-end closing, SEC filings, and both domestic and foreign audits that occur during this quarter,” commented Stephen Forte, the Company's CEO.
“Our first quarter was also significantly impacted by the decline of our Tekfit business compared to 2006, as we now must rebuild sales of this product line after the expiration in late 2006 of an exclusive contract for the product,” Mr. Forte continued.
Sales for the three months ended March 31, 2007 were $9,090,000, compared to sales of $10,638,000 for the three months ended March 31, 2006. The net sales decrease was principally the result of lower sales of the Tekfit product compared to the same period in 2006.
Sales of Talon and Trim products within Asia increased 11% over the same period 2006. Sales of the Tekfit product for the three months ended March 31, 2007 were approximately $1.5 million less than sales for the same period in 2006. In October 2006 the Company's supply contract with an exclusive customer for the TekFit waistband product expired and sales to this customer declined sharply as the contract deliveries neared conclusion.
For the three months ended March 31, 2007, the Company reported a net loss of $795,000, or $0.04 per share, as compared to a net loss for the same period in 2006 of $729,000, or $0.04 per share.
“The first quarter is seasonally our lowest operating period, and is also impacted by numerous costs associated with the previous year-end closing, SEC filings, and both domestic and foreign audits that occur during this quarter,” commented Stephen Forte, the Company's CEO.
“Our first quarter was also significantly impacted by the decline of our Tekfit business compared to 2006, as we now must rebuild sales of this product line after the expiration in late 2006 of an exclusive contract for the product,” Mr. Forte continued.
Sales for the three months ended March 31, 2007 were $9,090,000, compared to sales of $10,638,000 for the three months ended March 31, 2006. The net sales decrease was principally the result of lower sales of the Tekfit product compared to the same period in 2006.
Sales of Talon and Trim products within Asia increased 11% over the same period 2006. Sales of the Tekfit product for the three months ended March 31, 2007 were approximately $1.5 million less than sales for the same period in 2006. In October 2006 the Company's supply contract with an exclusive customer for the TekFit waistband product expired and sales to this customer declined sharply as the contract deliveries neared conclusion.
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