Denim apparel Co Blue Holdings reports strong Q2 sales
09 Aug '05
3 min read
High-end fashion jeans and denim apparel company Blue Holdings Inc announced its financial results for the second quarter ended June 30, 2005. A conference call supplementing the information contained in this release is scheduled for today, Monday, August 8, at 10:00 a.m., Eastern Daylight Time (EDT).
Second Quarter Results Net sales for the three months ended June 30, 2005, totaled $4.4 million. Gross profit for the period was $2.4 million, or 53 percent of total sales, and net income after provision for taxes was $0.53 million, or $0.02 per share. General and administrative expenses for the period totaled $1.1 million and included $0.48 million in expenses relating to the exchange transaction with Antik Denim. Selling & distribution expenses were $0.5 million.
Six Month Results Net Sales for the six months ended June 30, 2005 totaled $8.8 million. Gross profit for the period was $4.5 million, or 50.4 percent of total sales. Net income for the period, after provision for taxes, was $1.7 million, or $0.07 per share.
General and Administrative expenses were $1.7 million including $0.48 million in expenses relating to the exchange transaction. Selling and distribution expenses totaled $1 million.
According to the Company's Chairman, Chief Executive Officer and President, Paul Guez: " The continuing effort to improve gross margin by diversifying the production sources and locations has paid off in the form of better gross margins, but the process of getting new factories and vendors up to speed caused a slow down of the deliveries in the second quarter. They have orders in the third quarter close to $10 million which they expect to translate into higher revenue in the quarter."