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Ironclad to see significant sales growth in domestic apparel line

28
Feb '08
Ironclad Performance Wear Corporation a leader in high-performance gloves and apparel, provided unaudited preliminary net sales estimates for the fourth quarter and fiscal year ending December 31, 2007; and net sales guidance for fiscal year ending December 31, 2008.

The company expects to report net sales for the fourth quarter of 2007 of approximately $5.2 million, an increase of 35.3% percent from the fourth quarter 2006 of $3.9 million.

The full-year net sales for 2007 is expected to be approximately $13.1 million, representing a 36.7% increase from the 2006 net sales of $9.6 million. The company expects to report a net loss for 2007 of approximately $3.5 - 4 million.

"During 2007, Ironclad was successful in diversifying its sales channel to include significant penetration into the industrial market," said Ed Jaeger, President and CEO of Ironclad.

"Combined with continued strength in the sale of our core glove line, we have been able to cushion any impact by the downturn in the construction & DIY markets, which now accounts for only 30% of our sales, while maintaining a healthy growth rate."

In addition to the preview of 2007 financials, Ironclad released its revenue guidance for 2008, indicating that management expects Net Sales to be in the range of $15.7 million to $17.6 million, representing an increase of 20% - 34% over expected net sales in 2007. In addition to continued net sales growth, the company plans to achievepositive cash flow and profitability in 2008.


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