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Ironclad to expand glove & apparel sales

04
Apr '08

Ironclad Performance Wear Corporation, a leader in high-performance gloves and apparel, announced the final audited results for fourth quarter and fiscal year ending December 31, 2007, and net sales guidance for fiscal year ending December 31, 2008.

The reported net sales for the fourth quarter of 2007 of approximately $5.3 million, an increase of 35.5% percent from the fourth quarter 2006 of $3.9 million. Full-year net sales for 2007 was approximately $13 million, representing a 36.2% increase from the 2006 net sales of $9.6 million. The reported a net loss for 2007 of approximately $3.9 million, compared to a net loss of $4.4 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 approximately 30% of our sales, while maintaining a healthy growth rate."

In addition to the 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 achieve positive cash flow and profitability in 2008.

Mr. Jaeger concluded, "We expect to see significant sales growth in our domestic U.S. apparel line, leveraging the early traction we experienced in 2007; as well as growth in our international presence, where we are expanding both our glove and apparel sales. We are also penetrating new retail chains and introducing several new glove styles, including a highly anticipated cut-resistant glove for the industrial market."

Ironclad Performance Wear Corporation

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