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Tag-It Pacific Inc declares Q2 financial results

23
Aug '05
California based fashion apparel retailer Tag-It Pacific Inc announced financial results for the Company's second quarter and six-month period ended June 30, 2005. The Company also announced a strategic restructuring initiative, including a reduction in its workforce and the elimination of less profitable, inventory-intensive functions of the business, which is expected to reduce its current operating costs by approximately 25 percent to 30 percent, or $5 to $6 million, on an annualized basis.

For the quarter, the Company reported revenue of $18.5 million, a 23.8 percent increase compared to the $14.9 million reported for the second quarter of last year and up 41.5 percent sequentially from the $13.1 million reported for the Company's first fiscal quarter. Cost of goods sold were $16.5 million, up 49.6 percent compared to the $11.0 million reported for the same quarter last year. Gross profit was $2.0 million, or 10.7 percent of sales, compared to gross profit of $3.9 million, or 26.1 percent of sales, for the second quarter last year.

The decrease in gross profit as a percentage of net sales was due to an increase in the Company's inventory obsolescence reserve of $1.55 million, and additional charges associated with unabsorbed overhead costs incurred in the Company's Talon manufacturing facility in North Carolina.

Total operating expenses were $11.7 million, inclusive of an increase of $6.4 million in the reserve for doubtful accounts recorded in the second quarter, the hiring of additional employees for the expansion of the Company's Asian operation and additional legal costs related to Tag-It's litigation with Pro-Fit Holdings Limited.


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