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Next Inc announces Q3 earnings

30
Sep '08
Next Inc announced its fiscal third quarter earnings for the three and six-month periods ended August 29, 2008. The Company will file its Form 10-Q for the quarter on or before Monday, October 13, 2008.

Net sales increased 25% to $7,323,686 for the three months ended August 29, 2008, compared to $5,858,225 for the three months ended August 31, 2007. The Company earned $212,406, or $0.01 per share for the third quarter of 2008 compared to prior year earnings of $203,408 or $0.01 per share for the same period. There were no special, one-time credits associated with either quarter's results.

For the nine months ended August 29, 2008, net sales increased to $11,981,853, compared to $11,641,458 for the nine months ended August 31, 2007. The Company's loss narrowed to $682,805, or $0.03 per share for the year-to-date of 2008 compared to the prior year's loss of $758,193, or $0.04 per share for the same period.

Mr. David Cole, the Company's CFO, stated, "The quarter's gross operating margins were down slightly this year over last year primarily due to sales mix changes which were not totally offset by improvements in manufacturing operations costs. There was also a continuing customer realignment that affected our commission expense and we incurred higher financing expenses. All of these issues were more than offset by lower general and administrative expenses during the quarter, which resulted in higher earnings.”

Cole continued, “With current customer commitments, we anticipate our inventories should begin to drop over the balance of the year and our cash position will benefit directly. We've already experienced better cash flow from operations this quarter which will help as we begin the process of refinancing our revolving line of credit. We have already commenced this process with encouraging results. We expect to announce a new revolving line of credit in the next month.”

Mr. Robert Budd, the Company's CEO, stated, “We are pleased to report a 25% increase in year over year third quarter sales along with a profitable quarter. Despite these results, we continue to believe that economic factors impacting the retail apparel segment continue to play a material role in our results.

Our focus on working towards improving our sales volumes are now beginning to yield tangible results, putting us on par with last year on a year-to-date basis. We continue to be pleased with the trend of improvements in quarter over quarter earnings arising from our diligent focus on maximizing operational efficiencies. We will continue to review new opportunities to diversify sales into new distribution channels, and improve existing ones.”

Next Inc


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