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Talon zipper product sales soar for Q4 2007

17
Apr '08
Talon International Inc reported financial results for the fourth quarter and year ended December 31, 2007.

Financial Results:
Sales for the full year 2007 totaled $40.5 million, a decline of $8.3 million from 2006. Sales for the fourth quarter 2007 were $8.9 million, a decrease of $1.6 million from the same period in 2006.

The decline in sales for both the quarter and the year was primarily attributable to a decrease in waistband product sales following the expiration in late 2006 of an exclusive sales contract. Waistband product sales for the full year 2007 were $682,000, as compared to $9.3 million in 2006. There were no sales of waistband products in the fourth quarter 2007, as compared to $1.4 million for the same period in 2006.

For the full year 2007 a net loss of $4.9 million or ($0.24) per share was reported, as compared to net income of $309,000 or $0.02 per share in 2006. For the fourth quarter, net loss of $0.9 million was reported, as compared to net income of $45,000 in 2006.

"Fiscal year 2007 was a year of significant change and challenges for the company," said Lonnie Schnell, who was appointed Talon's CEO in February 2008. "The overall financial results for the year were disappointing, as several aspects of our business did not develop at the rate anticipated.

We also absorbed several unexpected non-recurring charges. However, our overall business strategy remains sound; our products are superior; and our long-term growth opportunities are substantial."


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