Mr. David Horowitz, President and CEO of Priva Inc announced the results for the first Quarter 2007 ended March 31, 2007. Net sales were $2,413,412, a decrease of 37% compared with $3,820,214 for the same period ended March 31, 2006. The decrease in sales was directly attributable to the sale of Priva (USA) Inc. on January, 16, 2007.
Gross profit amounted to $577,729, or 23.9% of sales compared with $849,539 or 22.2% of sales for the 1st Quarter of 2006. Priva Inc. reported a consolidated loss of $157,538, or $0.01 per share on a diluted basis for the Quarter ended March 31, 2007 compared with a loss of $45,190, or $0.003 per share on a fully diluted basis for the same period in 1st Quarter 2006.
Although we are purchasing more of our goods offshore in U.S. dollars the weakening of the U.S. dollar against the Canadian dollar has had a negative impact on our profit margins. A full copy of the Financial Statements can be viewed on SEDAR.
"We continued to suffer from some of the consequences of the sale of the acquisition and as such have had losses this first Quarter of 2007. We are working on restructuring the existing business, but while doing so, it may take some time before we return to profitability", stated David Horowitz.
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