Mr. Kreig continued, "During the quarter, our operating expenses as a percentage of net sales decreased as we benefited from operating efficiencies due to higher sales volume. As we did with the outsourcing of our warehousing facility, we continue to look for ways to contain or reduce costs and achieve efficiencies while we also invest in our sales and marketing initiatives."
Cash at September 30, 2007, was $1.36 million compared to $2.18 million in the prior year period, which partially reflects the net proceeds of $2.0 million from the private placement of 5,250,000 shares in September of 2007.
Inventory and deposits on inventory were $3.66 million at September 30, 2007, compared to $2.94 million in the prior year period, and were increased to support increased sales and a new line of performance apparel. Net working capital at September 30, 2007, was $2.87 million compared to $4.32 million in the prior year period. The Company had $1.95 million outstanding on its line of credit at September 30, 2007, compared to $0.82 million at September 30, 2006.
Ironclad, which created the performance work glove category in 1998, continues to leverage its leadership position in the construction and industrial markets through its expansion into the cross-over action sports and outdoor enthusiast markets. With its focus on innovation, design, advanced material science and durability, Ironclad engineers, manufactures and sells a comprehensive line of task-specific gloves and performance-fabric apparel.
Ironclad Performance Wear Corporation
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