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My Vintage Baby CFO pleased with third quarter results
21 Jan '09
3 min read
My Vintage Baby Inc a public children's apparel company, announced its financial results for the nine months ended September 30, 2008.
Third Quarter Highlights: Gross sales increased 32.8% from $848,647 to $1,127,355 from the nine months ended September 30, 2007 vs. September 30, 2008, and related margins increased 94% from $279,677 to $543,258 for the same periods. This represents a gross margin percent increase from clothing and accessories of 32% to 48% year over year. Operating and overhead expenses decreased slightly from $900,363 to $827,380 from 2007 to 2008 for the nine months reported. Net loss attributable to common stockholders decreased to $389,670 compared to a loss of $676,240 or 42% year over year.
“We are very pleased with our third quarter results, which mark another quarter of strong gross profit growth and demonstrate a measurable improvement in profitability,” commented CFO Jeff Welsh.
In addition to a stronger income statement, the Company has reduced debt resulting in a stronger balance sheet. Current and long term Liabilities decreased 27% from $806,033 to $588,842 for the nine months ended September 30, 2007 vs. September 30, 2008. Long term loans, exclusive of officer loans, decreased 15% from $215,805 to $182,674 year over year.
The 2009 spring and summer confirmed orders of $400,000 will begin shipping in early February. Shipping of these confirmed orders should be completed within 45 days, with the majority shipping in February. Most of the retailers carrying MVBY are on credit card payment terms, so this shipment coming in will create immediate revenue. MVBY's current business model is quite efficient with the collection of receivables being on a very short timetable.
The Company continues to find other avenues to sell their product, such as selling exclusive items via our website directly to consumers, in order to help minimize the impact of the overall retail slowdown. A line of maternity tee's was advertised in the December/January issue of Pregnancy Magazine directing consumers to our website for the purchase of these exclusive items including diaper bags and children's clothing. These exclusive online sales do not compete with our existing customers. The impact of the Company's website sales is unknown due to the very recent launch of the online store in October 2008.
My Vintage Baby is recognized as “a piece of yesterday for the hip child of today.” Its garments are designed with both new and vintage reproduction materials, each with its own nostalgic yet stylish look. The vision is to make each garment as unique as the children who wear them.
Third Quarter Highlights: Gross sales increased 32.8% from $848,647 to $1,127,355 from the nine months ended September 30, 2007 vs. September 30, 2008, and related margins increased 94% from $279,677 to $543,258 for the same periods. This represents a gross margin percent increase from clothing and accessories of 32% to 48% year over year. Operating and overhead expenses decreased slightly from $900,363 to $827,380 from 2007 to 2008 for the nine months reported. Net loss attributable to common stockholders decreased to $389,670 compared to a loss of $676,240 or 42% year over year.
“We are very pleased with our third quarter results, which mark another quarter of strong gross profit growth and demonstrate a measurable improvement in profitability,” commented CFO Jeff Welsh.
In addition to a stronger income statement, the Company has reduced debt resulting in a stronger balance sheet. Current and long term Liabilities decreased 27% from $806,033 to $588,842 for the nine months ended September 30, 2007 vs. September 30, 2008. Long term loans, exclusive of officer loans, decreased 15% from $215,805 to $182,674 year over year.
The 2009 spring and summer confirmed orders of $400,000 will begin shipping in early February. Shipping of these confirmed orders should be completed within 45 days, with the majority shipping in February. Most of the retailers carrying MVBY are on credit card payment terms, so this shipment coming in will create immediate revenue. MVBY's current business model is quite efficient with the collection of receivables being on a very short timetable.
The Company continues to find other avenues to sell their product, such as selling exclusive items via our website directly to consumers, in order to help minimize the impact of the overall retail slowdown. A line of maternity tee's was advertised in the December/January issue of Pregnancy Magazine directing consumers to our website for the purchase of these exclusive items including diaper bags and children's clothing. These exclusive online sales do not compete with our existing customers. The impact of the Company's website sales is unknown due to the very recent launch of the online store in October 2008.
My Vintage Baby is recognized as “a piece of yesterday for the hip child of today.” Its garments are designed with both new and vintage reproduction materials, each with its own nostalgic yet stylish look. The vision is to make each garment as unique as the children who wear them.
My Vintage Baby Inc
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