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Hirsch International net income grows to $.22 Cents per share
13 May '08
3 min read
Gallagher continues: “We enter our fortieth year with a solid business model and superior service and customer support. We believe our strong balance sheet, talented management team, and depth of experience in the industry provide us with the strength and agility to continue to seize growth opportunities within the $43 billion decorated apparel business. We remain committed to excellence in all that we do."
Twelve Months:
Revenues were $52.6 million; an increase of $2.7 million or 5.4%. This year, MHM screen-printing has contributed to over $4.7 million or 9% in revenues. Sales for January 2006 were $5.5 million, therefore on a twelve month comparative basis, sales decreased by $2.8 million.
Gross Margins as a percentage of revenues have improved to 37.4% from 35.1%. Operating Expenses were $17.8 million, representing an increase of $1.4 million, primarily due to the timing of expenses associated with the change in fiscal year to a year ending December 31, 2007 as compared to the eleven months ended December 31, 2006.
The Company has increased expenses during the year ended December 31, 2007 as a result of the hiring of additional sales and technical support staff and the inclusion of higher FAS123R non-cash compensation expense. Also included in the current year expenses is the recognition of $450,000 in income associated with the settlement agreement with Sheridan Square Entertainment.
Included in the operating expenses forthe eleven months ended December 31, 2006 is the $1.0 million reserve for the note receivable from Sheridan Square and the recognition of $128,000 in deferred gain associated with the termination of the lease on the Company's former corporate headquarters.
Twelve Months:
Revenues were $52.6 million; an increase of $2.7 million or 5.4%. This year, MHM screen-printing has contributed to over $4.7 million or 9% in revenues. Sales for January 2006 were $5.5 million, therefore on a twelve month comparative basis, sales decreased by $2.8 million.
Gross Margins as a percentage of revenues have improved to 37.4% from 35.1%. Operating Expenses were $17.8 million, representing an increase of $1.4 million, primarily due to the timing of expenses associated with the change in fiscal year to a year ending December 31, 2007 as compared to the eleven months ended December 31, 2006.
The Company has increased expenses during the year ended December 31, 2007 as a result of the hiring of additional sales and technical support staff and the inclusion of higher FAS123R non-cash compensation expense. Also included in the current year expenses is the recognition of $450,000 in income associated with the settlement agreement with Sheridan Square Entertainment.
Included in the operating expenses forthe eleven months ended December 31, 2006 is the $1.0 million reserve for the note receivable from Sheridan Square and the recognition of $128,000 in deferred gain associated with the termination of the lease on the Company's former corporate headquarters.
Hirsch International Corp
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