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Execute Sports quarterly sales drop, cuts loss

19
Aug '06
Sportswear maker Execute Sports Inc reported financial results for the quarter ended June 30, 2006.

Todd Pitcher, President, said that, "We are pleased to see the strengthening of our gross margins on a quarter over quarter, and year over year basis, increasing by approximately 50%. Our sales results in the water sports line were slightly lower for the period due primarily to changes in shipping and ordering charges from a key customer and don't reflect a decrease in sales quantities, and we expect to see vest, wetsuit and rash guard sales over the next season accelerate as we move from test orders to more material orders from several new key accounts that we gained this past season."

Sales for the three months ended June 30, 2006 and 2005 were $506,990 and $580,498, respectively, representing a $73,508 or 12.7% decrease, while sales for the six months ended June 30, 2006 and 2005 were $1,102,524 and $1,258,893, respectively, representing a $156,369, or 12.4% decrease on a year over year basis.

Gross margin for the three months ended June 30, 2006 and 2005 was $152,898, or 30.2% and $119,574, or 20.6%, respectively. Gross margin for the six months ended June 30, 2006 and 2005 was $270,490, or 24.5% and $378,663, or 30.1%, respectively.

Net loss for the three months ended June 30, 2006 and 2005 was $1,037,323 and $2,514,601, respectively. Net loss for the six months ended June 30, 2006 and 2005 was $1,861,944 and $2,518,983, respectively. The net loss decreased for the three and six month periods by $1,477,278 and $657,039, respectively.


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