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Spinrite Income Fund Q1 disappoints

May '06
Craft yarn maker Spinrite Income Fund announced its financial results for the thirteen-week period ended April 1st 2006.

"The challenges that we faced late in 2005 continued to adversely affect our results in the first quarter of 2006," said Dario Margve, President and CEO. "High retail inventory levels and a decline in consumer demand for fancy yarn negatively impacted sales during the first quarter."

"We anticipate these factors will likely persist for the remainder of the year," continued Margve. "However, we are making progress with our efforts to address these difficult issues and we continue to believe that our diverse product offerings and multi-brand strategy position Spinrite well for increasing US market share over the long term."

The Fund has provided certain supplemental unaudited financial information for the period ended April 2nd 2005 for comparison purposes. This comparable period of 2005 includes financial information of Spinrite Limited Partnership prior to the Fund's acquisition of Spinrite Limited Partnership on February 8th 2005.

Effective January 1st 2006, the Fund announced a change in accounting policy with the mandatory adoption of EIC-156, "Accounting by a vendor for consideration given to a customer".

As a result, certain rebates and discounts given to customers are now being deducted to arrive at revenue for the Fund. Previously, these rebates and discounts were included in cost of sales. Prior to this accounting policy change, revenue for the period ended April 2nd 2005 was reported as $40.5 million. Under the new policy, $2.5 million has been reclassified from cost of sales to yield adjusted revenue of $38.0 million for that period.

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