Hirsch International Corp, the leading provider of advanced embroidery, screen-printing and textile laser systems and services to the North American decorated apparel marketplace reported a net loss for the 2007 third quarter of $119,000 or $(0.01) per share which included the impact of $218,000 or $0.02 per share of non-cash charges associated with the vesting of equity-based compensation arising from the issuance of stock option awards.
This compares to net income of $424,000 or $0.05 per share from the prior-year quarter which included $82,000 of non cash compensation. Hirsch has changed its fiscal year end from January 28th to December 31st, thus the nine months ended September 30, 2007 are compared with the eight months ended September 30, 2006.
“This was a disappointing and frustrating quarter, even in light of the overall weakness in capital goods markets. Importantly, most of our customers remain busy, however their concern over the potential slowdown in the economy has continued to impact their near term capital spending decisions. On the brighter side, we are selling “start-up” systems in record numbers; our transformation from an embroidery equipment company to a decorated apparel equipment company is nearly complete; and the markets' acceptance of our new screen-print and textile laser product lines is exceptionally positive.”
“Year to date, MHM screen-printing represents over 8% of our sales. As planned, we continue to improve our market presence and are over half-way complete in building out the infrastructure needed to support our new product lines. This year we have grown our field staffing by over 15% and are introducing new Web-based technologies to help us better support and connect to our staff and extensive customer base,” said Paul Gallagher, President and CEO.
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