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Next Inc returns high Q3 sales, executes largest single order

08
Oct '05
Next Inc an emerging leader in the sportswear and promotional products industry, announced its fiscal third quarter results for the three months ended August 31, 2005.

Net sales increased 39.4 percent to $8,449,548 for the three months ended August 31, 2005, from $6,059,394 for the three months ended August 31, 2004. Gross profit (after cost of sales) was up 21 percent to $2,183,472 for the quarter compared to the prior year of $1,799,892.

Operating income was up 48.9 percent to $350,510 compared to $235,431 for the same quarter in 2004, however net income was down by 5.7 percent to $103,444 for the quarter compared to net income of $109,673 in the prior year primarily due to higher interest cost.

For nine months ended August 31, 2005, net sales increased 29.6 percent to $17,863,143 from $13,780,929 for the same period in 2004. Gross profit (after cost of sales) was up 15 percent to $4,877,892 compared to the prior year of $4,246,020. Operating income was up 63 percent to $442,186 in 2005, compared to $270,830 in 2004. The Company had net income of $20,529 compared to a net loss of $318,666 in the prior year, which contained a one-time charge.

Charles L. Thompson, the Company's CFO, stated, "The third quarter saw a substantial increase in sales, however their gross profit margins were lower than last year. The apparel embargo with China prevented them from taking advantage of their best sourcing options, which resulted in lost opportunity cost. Also, they received the largest order in Company history, for a major customer which comprised 45 percent of total sales for the quarter.


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